How to Set Up a Brand-Price Trade-Off Study
Setting up a Brand-Price Trade-Off (BPTO) study is as easy as setting up any other conjoint, but it is done in a wizard-like interface. This checklist guide will help guide you through the process and make sure you get the most out of our platform
1. Prepare your inputs
A BPTO study requires several inputs to be prepared to provide sufficient information.
- Prepare a list of SKUs including: competitor SKUs, your current SKUs, your NPD SKUs.
- For each SKU, prepare a name, a packshot of the SKU, and a list of potential prices.
- Create adcepts for your NPDs.
To maximise the value from a BPTO, you should consider the following points when collecting your inputs:
- Include at least 4 competitor/current SKUs that cover 80% of the market. You should consider including particularly salient SKUs such as those from an emerging brand.
- Price points should be on a consistent scale and use the same unit, e.g. "$20.99 per 800g" or "£22.50 per 1 litre".
- Packshot images should be of consistent size and quality.
- Assign at least five potential price points for each SKU (including your current SKUs, current competitor SKUs, and NPDs). These price points should cover all potential prices you want to investigate.
2. Describe your study
- Choose a name that distinguishes your experiment from others you are conducting to avoid confusion.
- Describe the category that your product belongs to, e.g. “Carbonated fruit drinks”.
3. Import SKUs and prices (optional)
- Import your list of SKUs and prices from an Excel sheet. The first column in each row should contain the name of your SKU, with potential prices for that SKU in the other columns
4. Add or modify SKUs
- Add SKUs by name into the study.
- Upload packshot images for each SKU.
- Categorise SKUs into “Current competitor SKUs”, “Your Current SKU”, and “Your NPD SKUs”.
- Add a maximum of 20 SKUs to keep survey design user-friendly.
- Ensure you have at least 4 competitor and current SKUs to present respondents with popular choices available right now.
5. Create adcepts
Adcepts help bring your new products to life by describing your products to respondents. They can be a picture board, a video, or a short description.
- Upload adcepts each NPD to help respondents familiarise themselves with the new products.
- Adjust the minimum view time for your adcepts to ensure respondents considers each proposition carefully.
6. Specify potential prices
Prices in a BPTO study have a few rules that must be followed:
- You need to ensure that there are at least 3 price points per SKU
- Each price point needs to be shown for at least 2 SKUs
- There must be no gap between assigned price points.
To specify prices:
- Add or modify potential prices for each SKU by clicking on the "Add price" button.
- Use the price map to check the distribution of prices assigned to each SKU follows the rules for pricing list above.
Tips to help you follow the pricing rules
- You can extend the price ranges of some SKUs in order for all price points to be shown for at least 2 SKUs.
- You can fill in gaps between price points by ticking all price points in between the original price points.
- You can reduce the number of unique price points by merging some prices. Prices are considered numeric variables in the BPTO model, and prices in between can be simulated later on.
7. Add respondents
BPTO studies typically requires between 100 to 1,000 participants, depending on the number of total SKUs and the overall number of prices. Conjoint.ly offers several options to get participants for your experiments:
- Bring your own respondents to use a list of your customers or leads, or source respondents from elsewhere or integrate with your other survey tool.
- Buy responses from our panel network to target specific respondents by location, demographics, and profiling questions.
- Use a pre-defined panel when you want to target specific respondents (e.g. your company’s own pre-defined audience).
8. Customise your experiment or add profiling questions
Conjoint.ly lets you change question text, add a redirect link, and perform other customisations as optional features:
Ask non-conjoint questions to use for customer segment profiling.
Ask other questions types such as multiple-choice, long text, short text, number, constant-sum.
9. Review, approve, launch
Conjoint.ly manages the response collection process once you have launched your experiment. We will notify you when your survey report is ready.
- Review your experiment settings.
- Agree to Terms & Conditions.
- Pay for your experiment securely.