Choice-based conjoint, or CBC, measures the importance of different product attributes on consumers’ choices (i.e. the appeal of color vs. box size) and the ideal level of those attributes (blue might outperform green).
Using CBC, we help you determine which potential configurations of your product will be most successful among your target audience in terms of sales, revenue, and profitability. For example, a specific product configuration of package size, flavor, product claims, and price might not be configured for the broadest appeal, but the highest yield of profit. A combination of CBC modeling and consumer segmentation helps determine how your target audience will react to specific attributes.
Adaptive choice-based conjoint (ACBC) is a discrete choice method used to replicate a consumer's decisions making process when making a purchase. It provides quantifiable effects on sales, profits. and cost based on the tradeoffs consumers make.
ACBC offers powerful features not generally available in standard choice-based conjoint (CBC) analysis, such as...
Cluster analysis is a statistical method used to group similar objects into respective categories. The primary objective of cluster analysis is to classify objects into relatively homogeneous groups based on a set of variables considered. These variables (demographics, psychographics, buying behaviors, attitudes, preferences, etc.) can be chosen according to the market research objectives; which problems are needing to be solved and which hypotheses need to be proven or debunked. Cluster analysis differs from many other statistical methods due to the fact that it’s mostly used when researchers do not have an assumed principle or fact that they are using as the foundation of their research.
This methodology forces respondents to choose which among a number of product attributes or purchase considerations that are most important to them and those that are least important to them. This exercise yields data about the “maximum difference” between two potential product features in terms of importance for that particular respondent. Depending on the number of attributes for the category, respondents generally see three or four at a time. They subsequently repeat that exercise with different combinations a number of times.
Van Westendorp Price Elasticity Modeling is an appropriate approach when you require an approximation of market pricing, but the results from Van Westendorp research tend to skew lower than the market may otherwise tolerate.
The Van Westendorp index is a set of four survey questions that help you steer clear of the worst of the biases inherent in asking about price. It can be used to assess a range of prices at once, rather than just a single one. It can also help you understand the impact any future price changes could have.
The four questions are:
Key Driver Analysis is the examination of the primary motivations of consumers, be they specific product features or retailer attributes. This method takes a deep-dive into correlations between attributes and consumer satisfaction, showing which factors affect consumer behavior the most
This is often using data collected from a questionnaire, which might ask for a customer’s demographics, their level of satisfaction with various aspects of your company’s services as well as their likelihood of recommending your company to others.