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When a company knows which features its customers value most, it can lean into them in its advertisements, marketing copy, and promotions.

Conjoint Analysis in Sales & MarketingĬonjoint analysis can inform more than just a company’s pricing strategy it can also inform how it markets and sells its offerings. It’s a method of learning what features a customer is willing to pay for and whether they’d be willing to pay more. If the company determines through conjoint analysis that its users highly value one feature above the others, it might choose to place that feature behind a paywall.Īs such, conjoint analysis is an excellent means of understanding what product attributes determine a customer’s willingness to pay.

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When a company understands how its customers value its products or services’ features, it can use the information to develop its pricing strategy.įor example, a software company hoping to take advantage of network effects to scale its business might pursue a “freemium” model wherein its users access its product at no charge. Conjoint Analysis in PricingĬonjoint analysis works by asking users to directly compare different features to determine how they value each one. Most often, conjoint analysis impacts pricing strategy, sales and marketing efforts, and research and development plans.

The insights a company gleans from conjoint analysis of its product features can be leveraged in several ways. It’s possible to combine multiple conjoint analysis types into “hybrid models” to take advantage of the benefits of each. The type of conjoint analysis a company uses is determined by the goals driving its analysis (i.e., what does it hope to learn?) and, potentially, the type of product or service being evaluated.

MaxDiff Conjoint Analysis: This form of analysis presents multiple options to the respondent, which they’re asked to organize on a scale of “best” to “worst” (or “most likely to buy” to “least likely to buy”).

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Full-Profile Conjoint Analysis: This form of analysis presents the respondent with a series of full product descriptions and asks them to select the one they’d be most inclined to buy.

It’s often leveraged in studies where several features or attributes are being evaluated to streamline the process and extract the most valuable insights from each respondent.

Adaptive Conjoint Analysis (ACA): This form of analysis customizes each respondent's survey experience based on their answers to early questions.

Choice-Based Conjoint (CBC) Analysis: This is one of the most common forms of conjoint analysis and is used to identify how a respondent values combinations of features.

Types of Conjoint AnalysisĬonjoint analysis can take various forms. Analyzing the results allows the firm to then assign a value to each one. It’s based on the principle that any product can be broken down into a set of attributes that ultimately impact users’ perceived value of an item or service.Ĭonjoint analysis is typically conducted via a specialized survey that asks consumers to rank the importance of the specific features in question.

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DOWNLOAD NOWĬonjoint analysis is a form of statistical analysis that firms use in market research to understand how customers value different components or features of their products or services.

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Here’s an overview of what conjoint analysis is, why it’s important, and steps you can take to analyze your products or services.įree E-Book: How to Formulate a Successful Business StrategyĪccess your free e-book today. This is where conjoint analysis becomes an essential tool. So, how do businesses go about learning which ones their customers value most? Is it possible to assign a specific value to each feature a product offers? In today’s business environment, most products and services include multiple features and functions by default. This understanding allows for a more informed strategy across the board-from long-term planning to pricing and sales. For a business to run effectively, its leadership needs a firm understanding of the value its products or services bring to consumers.

Real options valuation business analyst resume