This technique is generally used to determine best pricing strategy, optimal product portfolio, optimal combination of features in a product, competitive changes.
HOW DOES IT WORK
The best way to explain a Conjoint study is by using an actual example. If we take a packet of crisps, which can have various characteristics like brand, flavour, weight, price. These are called attributes, each attribute can have several options called levels, e.g. variety of flavours, several price points, several weights, and can be a variety of brands. The aim is to arrive at the optimal packet of crisps.
As conjoint is a trade off technique, in a series of questions a respondent is asked to select preferred options out of the choices given on the screen. This is repeated multiple times, until we gather enough information to feed into the analysis. The beauty of conjoint is that we do not have to ask every single combination of options, as these can be modeled later in analysis.
There are variations of conjoint techniques that suit different markets and scenarios, such as menu based conjoint, choice based conjoint and the newest one – adaptive choice based conjoint. Fly can guide you to the best one for your research objectives.
ADVANTAGES OF COMMISSIONING CONJOINT ANALYSIS WITH FLY
Extensive expertise – we have carried out multiple studies and have a dedicated team of experts
Speed – typical conjoint takes only a few days to programme
Cost – with in-house conjoint software and in-house team costs are affordable compared to other solutions on the market
Conjoint Simulator that allows to model all possible combinations (both tested and not tested in research) with main outputs being:
Share of preference for each combination - determines the winning product!