What is conjoint analysis?
Conjoint analysis is a market research technique used to identify consumer preferences and evaluate the product trade-offs they would make. It is a method used across industries to understand the perceived importance and preference for each feature within the product or service.
Conjoint analysis presents a respondent with a combination of choices in a package and analyzes their discrete choices. Their selections are then used as a reference point for the optimal package you should offer.
When is conjoint analysis used?
Conjoint analysis is most frequently used for enhancing product development and feature prioritization. It is also the premiere survey methodology for estimating price sensitivity and how cost influences customers’ purchasing decisions.
Conjoint analysis can also be used outside of product experience, such as to gauge what employee benefits to offer, determining software packaging, and marketing focus.
Ultimately, conjoint analysis can be a great fit for any researchers interested in analyzing trade-offs consumers make or pinpointing optimal packaging.
Steps for Creating a Conjoint Project in Qualtrics
These Getting Started pages will guide you on how to conduct a choice-based conjoint analysis in Qualtrics.