What is Conjoint Analysis?
Conjoint analysis is the optimal market research approach for measuring the value that consumers place on features of a product or service. This commonly used approach combines real-life scenarios and statistical techniques with the modeling of actual market decisions.
Conjoint analysis provides answers to many critical questions:
- What is the best possible design for a new product?
- What is our value compared to our competitors?
- How can an existing product be improved?
- How important is our brand?
- How much market share can a product hold?
- What is the price sensitivity of the product?
- What is the price value of each feature?
Conjoint Analysis Methods
Conjoint measurement is very flexible and employs tasks that include the evaluation of attributes, the ratings of products, and the selection of preferred products from a choice set. The advanced functionality of Qualtrics allows for the perfect conjoint survey‚ built with the exact look and feel needed to provide respondents with a reliable, easy to understand experience. This means better quality data for you. There are numerous conjoint methodologies available through Qualtrics.
We Can Help
The Qualtrics‚ Conjoint team has the knowledge and experience to assist in or take on any type of conjoint project. The Qualtrics research team has experience in all aspects of business. Clear and thorough reports and “what-if” simulators will assist you in answering your management questions.
To learn more about how Qualtrics can help with your conjoint project, contact us at research@qualtrics.com.