New product development and design is a major undertaking, even for well-established and experienced companies. Marketing teams rely heavily on customers’ opinions to understand which product features lead to success. But to what extent are customers aware of the features that drive their decisions? As Henry Ford put it, “If I had asked people what they wanted, they would have said faster horses.”
When applied to an online panel, conjoint analysis is a powerful research tool for addressing this problem. By asking participants to choose from different product profiles, carefully designed to properly mix features, conjoint analysis assigns a realistic preference score (utility) for each feature and participant.
Conjoint Analysis offers several benefits over traditional research methods:
Afterwards, utilities can be used to simulate market scenarios with new potential products by means of an automated tool (our market share simulator).
Discover how a new kind of online panel delivers better quality data and cost effectiveness.
At Netquest, we offer an integral conjoint service (experimental design, survey programming, sampling, analysis and simulator creation) for professional researchers.