Gleaning as much information possible from a survey is the ultimate goal of any market researcher. Deducing how an audience will interact with the survey questions presented to them is only half the battle. To get the most out of a market research study, researchers must have the most advanced conjoint analysis available to them while intriguing, captivating and engaging their respondents.
The strength of conjoint analysis lies in its ability read in-between the lines. All consumers are faced with trade-offs during the purchase experience; identifying which trade-offs matter most to them can allow market researchers to make more informed decisions for their company.
But often times surveys can feel forced to participants, making them feel stressed or as if there is a hidden agenda behind the questions. So, we’ve come up with a few helpful tips when building your conjoint analysis project so you get as much useful data as possible from your surveys!
Tip #1. Be Honest
In many cases, those taking the surveys on a website are doing so because they were prompted to, and sense that they are obligated to do so. Whether they are or not, it is important to relay how important this is to the visitors, and how much you really appreciate them taking their time to get you information to make their future experiences that much better.
Tip #2. Discretion
Discrete Choice conjoint analysis provides a number of benefits for market researchers, but at its core, it makes those taking the survey more comfortable with providing honest and insightful responses.
While comfortability is an asset, there still needs to be discernable information that can be analyzed to draw conclusions. Discrete Choice offers market realistic view of a consumer’s decision making process, as well as well as allowing for much more complex statistical modeling to be performed, which often yields better data.
Tip #3. Don't Overwhelm
In many cases, those taking a survey do not want to be doing so. Overwhelming the users will create cognitive stress that they can associate with the site, regardless of how reasonable that may be.
Generally, the number of concepts that you choose also depends upon the number attributes that are being measured. If you have three or less attributes, then including three concepts per task is a safe bet. But if you are gathering information for more than three attributes, it’s best to limit the task to no more than two concepts, so as to not stress out the users.
Tip #4. Know the Strengths of Conjoint Analysis
Conjoint analysis is based on the principle that for any purchase decision, consumers evaluate the different characteristics of a product, and decide what is more important to them. This provides market researchers with valuable information that can go towards the evaluation of new products, their variations against products already offered by the company, or within the existing marketplace.
Using conjoint analysis will ensure that your business can make better-informed decisions based on information from actual customers. Want to learn more about conjoint analysis? Click here for more information or click below to see it in action!