Market Research » 10 Business Uses for Conjoint Analysis

10 Business Uses for Conjoint Analysis

10 Business uses for conjoint analysis

Try conjoint analysis to optimize product offerings and gain market advantages over the competition

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Ten Business Applications for Conjoint Analysis

 

Conjoint Analysis, also called Discrete Choice Modeling is a research method and statistical technique used by researchers and marketers worldwide.

 

Use conjoint studies to examine choices made by decision-makers based on various available features, pricing, and brands.

 

Conjoint surveys are ideal for new product development, advertising/promotion, and pricing particularly when paired with your customer and market segmentation data.

 

Businesses can use Conjoint Analysis to effectively optimize their offerings and gain distinct competitive advantages in battleground markets.

 

 

 

Here are 10 ways you can use Conjoint Analysis in your business…

 

1. Design new products

2. Optimize a product with conjoint analysis to eliminate less important features for cost reduction while not losing sales

3. Develop a suite of services and pricing geared to specific customer segments

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4. Create line extensions

5. Replace traditional concept tests with a conjoint analysis

6. Develop a market simulator to project share of preference among buyers

7. Estimate the size of the market using conjoint analysis

8. Project profitability based on product configurations

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9. Conduct price sensitivity analyses

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10. Using conjoint analysis you can identify weaknesses in competitors’ offerings

Do any of these applications for trying Conjoint Analysis seem like a good reason for contacting a Market Research Expert to discuss your specific ideas and business goals?

Just click the Contact Us button on the Menu or at the bottom of the page…

 

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Bart Borkosky is Chief Research Officer at OvationMR and posts regularly on research topics like conjoint analysis, customer experience, and other methodologies on The Standard Ovation.

OvationMR is a global provider of first-party data for those seeking solutions that require information for informed business decisions.

OvationMR is a leader in delivering insights and reliable results across a variety of industry sectors around the globe consistently for market research professionals and management consultants.

Visit: https://www.ovationmr.com.

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