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MAKING AND STRATEGIC DEVELOPMENT

Decision making and strategic development requires knowledge about client profiles, responses and their preferences for a service or product. Collecting and analysing correct and useful data about your clients and the market is often a difficult process, whereby data is biased easily. The Decision Group can help you to make better bussiness decisions on this area and has developed a specific tool: Conjoint Analysis.

WHAT IS CONJOINT ANALYSIS?

Conjoint Analysis is a multivariate research technique that is used for measuring, analyzing and predicting customers responses to new products/services and to new features of existing products/services.

Conjoint Analysis is growing in popularity and it can be used for:

  • Determination of the relative importance of attributes in the consumer choice process.
  • Estimation of market share of brands.
  • Determination of the composition of the most-preferred brand.
  • Segmentation of the market based on similarity of preferences.

HOW DOES IT WORK?

Conjoint Analysis is based on the idea that consumers value of a product/service based on the value of different individual characteristics (attributes) of that product/service. Choices made in a (online) survey result in the valuation of relative importance of the attributes. Consumers have to make a optimal trade offs in the different characteristics.

The surveys can provide insights in:

  • Added value of particular products/services in a portfolio.
  • Critical value of cost drivers in a product.
  • Most highly valued attributes/characteristics of a distinct product/service.

HOW TO USE CONJOINT ANALYSIS?

The Decision Group can help you to perform a Conjoint Analysis in your project or decisionmaking process. This Conjoint Analysis can be used as standalone tool and as part of a decision making excellence project. The standalone Conjoint Analysis can be performed including specialized consultant support.  A typical Conjoint Analysis including survey design, analysis of results and a report takes approximately 5-10 dayparts.

MORE INFORMATION

The Decision Group has numerous tools to gain strategic insight, create allignment or help start the strategic dialogue. The Conjoint Analysis is typically part of such a project. For more information on this or the other tools, please contact us by mail or phone.