Conjoint Analysis and Online Surveys
Flexibility in decision 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. It 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 at n.vangorp@thedecisiongroup.nl or give us a call.
