Once the choice is complete
Posted: Mon Jan 06, 2025 4:52 am
First you have to be aware of each of the attributes that distinguish your product or service, break down each of its parts, know each level and then test combinations to discover what customers prefer.
By designing this multi-attribute model it is possible to perform a statistical analysis to calculate the value or utility score of each part of the product or service in terms of its contribution to the customer's decision.
You can create this type of advanced question on the QuestionPro platform . If you have any questions, please ask our online advisors.
Example of Conjoint Analysis
For example, we could describe, among the attributes of a computer, the type of processor, size of the hard disk and the amount of memory. Each of these attributes are divided into levels , for example, the levels of the memory size attribute can be 2GB, 4GB, 8GB.
These attributes and levels can be used to define different products, choosing different levels for different products.
The first step in conducting a conjoint analysis is to create profiles, that is, possible combinations of levels and attributes, to generate a set of options from which respondents are asked to choose one.
different statistical tools can be used to analyze which elements of jordan phone number offered product profiles customers choose or prefer and quantify what is driving customer preference.
Each level is given a value in terms of its contribution to the choices that were made and thus shows the relative value of one level compared to another.
The result is detailed insight into how customers make decisions, as well as the data needed to build market models that can predict preferences or estimate market share, or forecast the impact that changes to a product or service might have on the market.
I invite you to read: How to discover the needs and interests of your target audience .
Advantages of conjoint analysis
This type of multi-attribute model allows companies to see where and how to make improvements that help them stand out from the competition, what has the most value for the customer, or how price influences decisions, and thus forecast demand and revenue.
Advantages of conjoint analysis
Another advantage of conjoint analysis is that it allows you to evaluate decisions in terms of Return on Investment (ROI) before going to market.
For example, determining which resources to allocate to the development of new products and in which areas.
Discrete choice-based conjoint models also form the basis of much pricing research and needs-based segmentation. Learn more about the discrete choice model here .
By designing this multi-attribute model it is possible to perform a statistical analysis to calculate the value or utility score of each part of the product or service in terms of its contribution to the customer's decision.
You can create this type of advanced question on the QuestionPro platform . If you have any questions, please ask our online advisors.
Example of Conjoint Analysis
For example, we could describe, among the attributes of a computer, the type of processor, size of the hard disk and the amount of memory. Each of these attributes are divided into levels , for example, the levels of the memory size attribute can be 2GB, 4GB, 8GB.
These attributes and levels can be used to define different products, choosing different levels for different products.
The first step in conducting a conjoint analysis is to create profiles, that is, possible combinations of levels and attributes, to generate a set of options from which respondents are asked to choose one.
different statistical tools can be used to analyze which elements of jordan phone number offered product profiles customers choose or prefer and quantify what is driving customer preference.
Each level is given a value in terms of its contribution to the choices that were made and thus shows the relative value of one level compared to another.
The result is detailed insight into how customers make decisions, as well as the data needed to build market models that can predict preferences or estimate market share, or forecast the impact that changes to a product or service might have on the market.
I invite you to read: How to discover the needs and interests of your target audience .
Advantages of conjoint analysis
This type of multi-attribute model allows companies to see where and how to make improvements that help them stand out from the competition, what has the most value for the customer, or how price influences decisions, and thus forecast demand and revenue.
Advantages of conjoint analysis
Another advantage of conjoint analysis is that it allows you to evaluate decisions in terms of Return on Investment (ROI) before going to market.
For example, determining which resources to allocate to the development of new products and in which areas.
Discrete choice-based conjoint models also form the basis of much pricing research and needs-based segmentation. Learn more about the discrete choice model here .