Common Business Applications for Conjoint Analysis
Choice-Based Conjoint also called Discrete Choice Modeling is a research method and statistical analysis technique used by market researchers and marketers worldwide to help simplify the process of making complex choices given a large number of correlated variables also known as trade-offs.
Use adaptive conjoint analysis to examine choices made by decision-makers based on various available product feature sets, pricing, and brands.
Conjoint surveys are ideal for new product design and development, advertising/promotion, and pricing particularly when paired with your customer and market segments to help determine consumer preference.
Businesses can use Conjoint Studies 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. Confidently create and launch new products with proven experimental design tools
2. Optimize a product with conjoint analysis to eliminate less important product attributes 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 share using conjoint analysis
8. Project profitability based on product configurations
9. Conduct price sensitivity analyses
10. Enhance marketing efforts by using conjoint to 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?
Leveraging our analytical experience, OvationMR Audiences, and Decipher, SPSS, and Sawtooth Software, you’re in the driver’s seat from start to finish when it comes to visualization, or running what if simulations.
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