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Conjoint

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Conjoint Analysis to Plan Strategies

Conjoint analysis is a tool that utilizes the latest market research to help businesses determine the aspects of a product or service that a consumer values and weighs them accordingly. The goal is to determine a value for each feature so that a business understands how to develop and market new products. R&S Analytics is a premier market research firm that provides businesses with top of the line conjoint analysis services. Among a vast range of market research and analysis services, you can approach RNS Analytics for our specialized survey analysis and customer analysis services.

An Explanation of Conjoint Analysis

Conjoint analysis is a market research process that is designed to place a value on specific features. It’s generally conducted during the product inception phase. Businesses will always start with a list of potential features and then determine a method of researching customers.

Once all of the research is done, it’s then analyzed using powerful algorithms to figure out which features are most optimal. That way, a business can develop their products and services around this knowledge. In order to ensure the most accurate results, businesses employ the services of an expert research firm like Research Optimus to ensure their results are accurate.

Different Types of Conjoint Analysis

Since there are several different types of conjoint analysis, it’s a good idea to review them in detail.

  1. Choice-Based Conjoint Analysis: This is the most common form of conjoint analysis, and it’s based on the customer choosing their favorite features from a multiple-choice list. This choice is designed to simulate actual shopping behavior, so it is a great way to get a feel for how your target market makes buying decisions.
  2. Adaptive Conjoint Analysis: This type of conjoint analysis adds more depth to the choice-based option by basing these choices on their preferences. The target audience will only be given options based on their preferred features. The advantage is that it makes a survey much more efficient since questions are not being wasted on options with little appeal.
  3. Level Up Conjoint Analysis: This is also known as Hierarchical Bayes Analysis, and it’s a tool used to provide a smart estimation of the utilities from choice data. This type of market research is great for those situations where there is an overwhelming amount of data to collect. So the process is to focus on individual consumer measurements on a metric where there is a lot of variances and then use the sample level averages on metrics where the variance is smaller. In essence, it condenses the levels of data being collected so that it’s easier to see patterns.

Benefits of Conjoint Analysis

  • It provides insight into a number of key features that allow for personalized development.
  • Analyze varying responses at both an individual and aggregate level.
  • Easy way to provide experimental research on the pricing.
  • It can be used with competitive analysis.

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