In a modern world where your customers are better informed than ever, you need methods to answer the following questions:
- What is the ideal price and what is the expected profit?
- Which product combinations have the greatest market potential?
- How should we react to a new product of our competition?
The benefits of conjoint analyses
A conjoint analysis is especially useful in situations where clients make well-informed decisions. If you have a dedicated customer base that examines the market before contacting you, the conjoint analysis is an important tool. It helps you to find the right price and product combinations.
The procedure is, in its whole simplicity, the following:
- A compilation of different price and product combinations, between which the test person must choose
- Statistical evaluation
- Simulation of market reactions to other alternatives
This may sound simple, but there is a lot to be considered regarding the number of choices and test persons. The more options you have in your product offering, the more test persons you will need.
We make sure that you get a statistically relevant data base which enables you to simulate future market situations.