By using our extensive “Statistical Toolbox” we often perform studies and specialized analyses that require higher order statistical capabilities. These studies require very careful design and execution to maximize the effectiveness of these techniques.
Conjoint analysis is a model and technique used to assess the different values individuals place on the product attributes presented to them in a given purchase situation. For example, if a consumer decides to buy a chocolate confectionary there are a couple of distinct attributes involved:
- High or low purchase price
- Nuts or no nuts
- Type of chocolate
- Size of bar
- Brand
A conjoint study usually involves showing the consumer numerous product profiles and asking them the degree to which they prefer options for each of them. Statistics are then used to work out the contribution each product attribute is making to the overall likeability.
Conjoint analysis is often used to find optimal price points, and the optimal combinations to use for the sale (either product features, or bundling multiple products and services together).
Moreover, we provide you with an interactive simulator that is easy to use, should you wish to conduct “what if” scenarios of your own.
How Can Conjoint Help You?
Increasing size or adding features can make a product more attractive. But how much are consumers really ready to pay for the extras?
Get Results You Can Use
- See how market share changes for different feature combinations
- Look at attribute importance to see what really matters to consumers
- See how consumers trade off brand and size, or packaging and price
- Find the price/size sweet spot
- We provide a customized simulator for modelling different scenarios
- Input internal data to improve financial optimization
Method Highlights
- Our tools allow design flexibility
- Target respondents to match your market and category definitions
- Cost efficient on-line interview – 12-15 minutes
- Our custom stimuli make the survey visually interesting and engaging
Applications
- Consumer packaged goods
- Food service menu items
- Financial services
- Telecommunications
- Education
Examples
