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Conjoint analysis can model what your customers will decide before they actually make their choice…


Benefits & Applications

An exercise for every company

In conjoint analysis, consumers are asked to react to a number of hypothetical concepts or service descriptions. When consumers are offered a wide range of choices, they would ideally like to have everything at the easiest level of access, but will inevitably have to ask themselves “What am I willing to do without for something I really want?” Since we can’t have everything, trade-offs are inevitable and we opt for the best compromise.

Determining the optimal balance of trade-offs is where statistics play an important role. Trade-off analysis, or conjoint analysis, is a collection of standard statistical techniques that provides objective insights into consumer preferences. This kind of analysis can work in many ways, including allocating a “worth” to every feature being researched on a common scale to determining the combination of features with the greatest value.

If a company wishes to truly ascertain how consumers will choose products and services, conjoint analysis provides a thorough, accurate and scientific approach to seeing inside customers’ minds.

Benefits for you


 

Conjoint analysis is a scientific form of market research. It considers ‘real life’ scenarios and can accurately predict how consumers will think while considering a purchase or assessing a service. 

Having an insight into knowing what your customers are likely to do when presented with a choice can ensure that your product or service is correctly marketed and, thus, makes you more profitable and efficient.

 

Sector applications


 

The Murray Consultancy has successfully performed conjoint analysis research in the following sectors:

  • Public sector
  • Private sector
  • Retail
  • TV and telephony service providers

Whether it’s a new product launch, a relaunch, a service review or a customer choice study, conjoint analysis will give you actionable answers…

 


The Murray Consultancy and conjoint analysis can take the risk and struggle out of service reviews or product placement…

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