What does product/service features testing mean?
Are you about to make expensive product feature decisions? Working on your next big product range and you’re uncertain about the features you should invest in? Having a detailed understanding of the value of different product features will help you see which ones are most important to specific buyer segments.
Why is it important to prioritise product/ service features?
In many categories, such as consumer electronics and media, product development is about feature and content optimisation. Development teams want to focus their time and financial resources on the most valuable features while avoiding feature shock or expensive mistakes.
This test uses the MaxDiff method where consumers make quick tradeoffs between 6 - 30 product features. Unlike the Likert scale method, MaxDiff forces respondents to express a strong opinion and mimics people’s subconscious decision-making process.
Choosing which features to invest in or not becomes a key decision in every development project. For example, if a mobile phone manufacturer learns that its most significant target group cares more about battery life than camera quality, it will direct its resources towards battery development instead of improving camera quality.
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When to prioritise product/service features
- Deciding which features or content to include in a product or service.
- Prioritising the product development pipeline.
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Uncover the features your target market values most with MaxDiff
This scientifically rigorous research method helps determine which new flavours, scents or features consumers will be most excited about so you can rank your priorities.
Remove the gap between Qual and Quant with Cambri's proprietary NLP solution
Consumer open-ended responses are a goldmine when it comes to insights. Cambri NLP solution quickly analyses thousands of responses so you can amplify innovation effortlessly.
How does it work?
MaxDiff helps identify consumer segments and why certain consumers are attracted to certain products. It uses an indirect questioning technique to ask respondents to choose their favourite from a subset of attributes and uses statistical modelling to estimate the utility respondents assign to each attribute.
Segmentation helps identify homogeneous segments with unique preferences, as well as understand the interrelationship between needs or drivers. It allows you to uncover the preference of different attributes for a particular segment that may be different from the market as a whole.
TURF is a method that can be used to gain insights about market potential and optimal portfolio strategy given limited resources, as it shows the incremental reach of adding an option to the existing portfolio.
NLP (Natural Language Processing)
Including open-ended questions in a survey can generate thousands of sentences to make sense of. But this isn’t a problem with Cambri’s proprietary NLP solution. In a matter of seconds, you’ll get an understanding of what consumers are talking about, and whether the sentiment is positive, negative or neutral.
Understand what your customers value in your product with Conjoint. Learn how much each feature influences your demand and sales, and estimate what price premium you can charge for improved features.
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