Last winter, we held a fantastic webinar on "How to Use Conjoint Analysis and MaxDiff to Put Your Best Product Forward." Survey Analytics VP of Client Services Esther LaVielle delighted us all with a very educational high level overview of conjoint analysis, the different models of conjoint, and how to use this technique, specifically in pricing and market share scenarios. Esther put together a great presentation and use case for how choice based conjoint could be applied to doughnuts, specifically to determine which doughnuts will sell at specific times of the day. Continue reading to see the slides from our webinar and what some social and savvy market research experts had to say about how choice based conjoint can be applied outside of pricing.
We were curious to learn other ways that market research experts are applying conjoint analysis, other than determining pricing. After reaching out to some market research experts on Twitter and Linkedin, we have gathered a very unique collaboration of situations where choice based conjoint can be applied aside from it's most popular ways of being used in pricing research.
* These statements are not in any way, shape or form affiliated as a brand endorsement or in association with using choice based conjoint in Survey Analytics.
@InsightsGal @visioncritical @lennyism @JHenning What are some things other than pricing you would consider using choice based conjoint for?
— Survey Analytics (@surveyanalytics) March 27, 2014
Leonard Murphy, Editor-in-chief of the Greenbook Blog:
"Features vs. benefits trade off usually. Packaging too."
Katie Clark, Senior Research Manager at Diversified Communications HQ, Blogger at InsightsGal:
"For us, event features (similar to Lenny's features v benefits tradeoff)"
Andrew Greenville of Vision Critical:
"Message optimization, product feature mix, new product entrants, etc."
How are you applying choice based conjoint in different scenarios and industries? Do you have any tips, tricks or advice on conjoint studies? We would love your input to keep the discussion going!