Market Research » 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

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

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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 share using conjoint analysis

8. Project profitability based on product configurations

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9. Conduct price sensitivity analyses

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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.   

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

 

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Bart Borkosky

Bart Borkosky

Author

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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