Conjoint analysis is one of the most powerful, versatile, and strategically important research techniques available to marketers. This testing technique (condensed from ‘considering attributes jointly’) measures the degree to which customers value product attributes through a process that emulates actual decision making.
Conjoint delivers the following benefits to clients:
- Determine how much each tested attribute is worth to respondents, overall or by audience segment.
- Identify which benefits to include or exclude from a program or service.
- In any segment, find out how much your constituents are willing to pay for their optimum suite of benefits.
- Focus on the best likely ad messages by identifying the most compelling product feature.
- Identify new market opportunities by exploring the potential of product features not currently available.
- Model the potential marketplace demand for a product or service containing specific features and pricing.
In order to measure and report these outcomes, this technique requires that the organization offer the constituent some type of service or benefit in exchange for their support (like a membership, loyalty program or specific deliverable to a beneficiary).
This technique presents a series of choice tests to each research respondent, and through these choices examines how each participant “trades-off” between the available attributes. Every conjoint task is customized to a specific client; there is no one-size-fits-all approach. When complete, Campbell Rinker analyzes the data to determine the most satisfying combinations of product attributes for various respondent segments.
One of the unique aspects of conjoint testing is that each respondent generates the equivalent of an entire survey’s worth of data. This means we typically need just 65-85 responses in any given segment. However, conjoint data can be paired with survey responses for even more robust analysis and modeling results.