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
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
9. Conduct price sensitivity analyses
10. Using conjoint analysis you can identify weaknesses in competitors’ offerings
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