Sorting the wheat from the chaff
The conjoint analysis is a research method used to determine the relevance of features displaying different characteristics with precise selectivity. It prevents the problem of inflation in claims ("everything is important") as it forces the respondents to weigh their statements. At the same time, the interview form is very similar to real product comparisons due to the assessment of entire product concepts and therefore, particularly valid responses can be expected.
Your Questions
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Which services or product features prompt the greatest benefits from a customer perspective?
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What prices are potential customers willing to pay?
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Where are the product's (strategic) strengths and weaknesses? Where does the product still have room for improvement? To what extent can strengths be exploited to achieve a higher price acceptance?
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Which product is best-suited to the market?
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Which product mix is ideal? How can cannibalization be minimized?
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Which target groups can be identified on the basis of customer preferences?
Our Solution
We have developed our own software for conjoint analyses, the «Conjoint-Analyse-Master (CAM)», providing us with maximum flexibility in tailoring the method to suit your questions. The method permits graded pairs comparisons or HIT-CBC in addition to standard methods such as choice-based conjoint (CBC). Simultaneously, the features and characteristics can be adaptively adjusted to the interviewee's responses. For example, prices can be presented in different currencies or offers like insurance policies can be aligned to suit the interviewee's personal situation (e.g. gender, profession). Furthermore, the interdependencies between the various features (e.g. scope of services and price charged within the framework of conditional pricing) can be taken into account, hence rendering the task as realistic as possible for the respondent.
The interview results can be imported into our web-based simulation software that facilitates the presentation of various "what if?" scenarios. Opportunities and potential to improve products and portfolios are recognized immediately.
Your Results
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We use part-worth utilities to show the services your customers wish for and the product features that are particularly important to your customers.
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The total utility values indicate which product concepts are particularly attractive.
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Share analyses demonstrate the size of the target group that prefers a certain product configuration within the competitive environment.
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Price elasticities can be determined on the basis of sales analyses, thus optimally aligning the pricing to the target group.
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Strategy profiles help you recognize particularly successful product configurations in the competitive environment and those product modifications with the strongest impact.