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Concept tests can quickly distinguish bad ideas from great ones by providing a clear ranking of your concepts. This allows you to focus exclusively on higher ranked ideas, increasing the potential success of your product. Use concept testing to further identify the strengths and weaknesses of your top-ranking ideas and take them to the highest potential.
Monadic testing isolates concepts to maximise response quality and consumer preference towards individual products.
Concept tests gather detailed feedback about consumers’ likes and dislikes about your product idea. This information is vital for adjusting your concept to suit your target audience and avoid costly changes post-launch.
Identifying your audience’s wants and needs also helps you create effective strategies for positioning and marketing similar products in the future.
Effective pricing is the key to a product’s profitability. Regardless of how well your target audience reacts to your product idea, the wrong price can prove disastrous to actual sales once it hits the market.
Finding out how much your audience is willing to pay for your product pre-launch is much easier and cheaper than adjusting the price of an existing product. Forecast demand and create revenue projections by testing how your audience’s acceptance of your new product’s pricing.
Time to insight: 10 hoursDownload case study
Bank Co is a major consumer bank in the US. Given a recent shake-up in competitors’ offerings, Bank Co is considering launching a new credit card boasting travel benefits to attract young professionals who lead a mobile lifestyle and travel for work.
As part of strategy review, the insights team identified the need to check how important membership in lounges would be as part of the credit card package for the target market.
Bank Co performed Generic Conjoint, which included 5 reward features and 4 levels of potential annual fees.
You get agency-quality results at a fraction of the cost and time investment. One powerful end-to-end platform for insights teams for fast and reliable market research.
Our methods are thoroughly tested and rooted in marketing science.
Design your pricing study with our intuitive interface for fully automated experiments
Let Conjoint.ly collect data for you, checking for the quality of responses.
Conjoint.ly will automatically analyse the data and prepare online and Excel reports.
Do you need support in running a pricing or product study? We can help you with agile consumer research and conjoint analysis.
Book a quick call today to talk with the team who specialise in product and pricing research.