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Conjoint Analysis is a statistics-based marketing research technique used to understand customers’ preferences and choices.

It is likely the most powerful marketing research technique in use today because it delivers a lot of practical insights in a variety of areas. 

In general, asking questions about pricing and other attributes directly to customers fails to yield reliable results because buyers will instinctively choose the best features and lowest pricing, which is an unrealistic combination.

 

In a Conjoint Analysis study, we present a variety of product and service configurations to existing and potential customers and let them select their preferred choice. We can then derive, through statistical analysis, the importance of each attribute and understand exactly what options work best. 

Here's a 2-min overview of Conjoint Analysis.  

 

These are some questions that we answer through our research:

  • What product and service attributes or features are most important to customers?

  • How can we develop product/service tiers in order to better serve the market?

  • What is the most effective way to pare-down or upgrade a product or service to attract more customers?

  • What hidden opportunities exist to design products and services that are more desirable?

  • What new feature or improvement will be most effective in terms of attracting new customers?

  • What attributes should be prioritized in our efforts to differentiate and innovate?

  • What is the impact of pricing on their buying decision?

  • What is the ideal price point for customers in each segment?

  • What new features or services would allow us to increase our prices or gain market share?

  • What is the right sales message to each prospect?

  • What product claim, packaging or advertisement is best received by potential buyers?

  • What is the value of my brand compared to my competitors?

  • What can be done to improve our brand equity?

  • How do the customer demographics, behavioral and geographic details affect the customer's decision making?

  • What is the best way to segment customers in order to provide distinct offerings?

  • ​How can we create segmentation fences to allow for safe price differentiation?

  • What do customers perceive as our strengths and weaknesses when compared to competitors?

  • ​What are the strengths and weaknesses of our competitors?

  • What changes can be made to overcome the competitive challenges?

  • What innovations developed by competitors can undermine our value proposition?

To learn more how MarketPrax can design a custom Conjoint Analysis study for your organization, please reach out to schedule a free initial consultation. 

Product Development
Pricing
Sales/Marketing
Customer Segmentation
Competition
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