Public Workshop & Webinars
Introduction to Conjoint-Based Analysis:
Discovering the Science of Consumer Choice
Event Type: Webinar
Event Timing: May 11, 2023 5:00-6:00PM
Speaker: Bryan O. Gobaco
Event Address: Via Zoom (Mtg ID and Passcode to Follow and Will Be Sent to Your Registered Email)
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Everyone makes choices but how do people actually make one? Answering this question is actually crucial for businesses trying to sell their products or services to a market.
Market research relying on simple rating scales on customer preference and willingness to pay are going to be limited in the extent of insights that they can give. It often fails to bring the depth of information your company needs to successfully develop new products/services or revise existing ones. Such approach is generally over-simplified, unable to unearth the mechanics on how customers make their buying choices in their purchasing journey as well as the trade-offs customers make when faced with a variety of alternative products with different brands, features, benefits and prices. They are not capable of yielding information needed to determine if investments in product/service features will earn a good return in market share and margins. Additionally, the realism of market dynamics is that competitors will react to new products/services you launch or the changes in your offering. And the simplistic market research approach mentioned cannot give you any guidance to counter your competitors’ move.
Conjoint analytics is a technique of real-life simulation approach with the objective of capturing your customers' attitudes and buying behaviors in a competitive market. It is about “getting under the skin of people to specifically see what and how they value” products or services. Its process provides information on consumer perception about certain product/service profile characteristics enabling one to model a person's choice behavior. Doing so enables you to build in your customers' actual decision-making processes and preferences into your product design, marketing and pricing decisions. And it can go to the extent of granting you a glimpse of possible and sensible reaction you can take to your competitor’s strategy and movement.
This webinar will give a high level overview on conjoint analytics along with its types and variants, their uses and challenges. The basic building blocks in executing a conjoint study will also be tackled. We will also preview the kind of analysis and insights the conjoint method can yield and the business decisions these can lead to.