Understand what your customers value in your product with Conjoint.
How much does price influence your demand and sales? What price premium can you charge for improved features?
Conjoint is an advanced and indirect questioning technique used to answer strategic business questions that enable you to discover the best product features and optimise price among the competition.
Stand out from the competition with value
In a Conjoint study, each respondent is shown multiple options with randomised sets of products at different price points. They are then asked which is their most preferred option. Using Conjoint, respondents have to make trade-offs which better reveals their true preferences compared to directly asking about them.
When to use Conjoint
Conjoint helps you understand what consumers value. For example, once you’ve invested time designing a great product, you want to find the right price for it. Or maybe you’d like to find the optimal price for your current product or portfolio? Conjoint lets you test how much more you could charge without losing customers and how many new customers you could gain if you lower your prices. Use Conjoint to learn the price elasticity of your and your competitors’ products.
Benefits and value provided
- Understand market potential before launch.
- Optimise price to increase profits.
- Optimise product features to maximise sales.
- Understand cannibalisation effects of new launches.
- Identify the optimal product configuration for your product(s).
- Forecast the outcome of any "what if" situations.
Discover other options
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.
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.
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.
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.