How do we do it?
We firstly define your product attributes (e.g. price, colour, performance, etc.) and then define the range of levels within each attribute (e.g. for Price: £50, £75, £100, £125). We then calculate the number of options combining all the different levels in each attribute. Using specialist software, we will create a fractional sample of all these permutations to design a questionnaire to provide the information to model consumer choice. We then interview between 200 and 400 people who are asked to sort the options into ‘good’ and ‘bad’ piles and then rank each pile by preference.
What do you get at the end?
Data entered into conjoint compliant software ranks the importance of each attribute and the preference for each level within each attribute. This information can then be used to position your product or service in its correct position in the marketplace.
Sound complicated? It’s really very simple. Have a look at a market research project we undertook for home media providers SouthWestern Bell.