Generic Conjoint for attribute importance and willingness to pay
Which product features are worth focusing on? A strong understanding of your customers' needs is key to develop products that truly appeal to consumer preferences. Conjoint analysis explores consumer preference, revealing the relative importance of your products’ features and identify optimal product concepts.
Conjointly offers two types of conjoint studies. The Generic Conjoint, is ideal for studying a single brand or unlabelled products and commodities, to identify consumer preference for different product features. Brand-Specific Conjoint places potential product combinations within a competitive context to discover the impact of feature changes, while also finding the optimal price points for your product range.
These tools make it easy to break down your product by attribute and attribute levels to find out which combination of features is most desired, the relative importance of each feature and which features have the greatest effect on preference for the product.
Identify features with the highest potential
Identifying features with the highest potential for success allows you efficiently allocate resources into product concepts that are set up for success.
Through the MaxDiff analysis tool, you can rank all possible features by consumer preference letting you focus on developing the most preferred features while ruling out the less popular ones. This is especially useful for situations where you want to infer preference for products with very similar alternatives.
The outputs of MaxDiff can be analysed through the TURF analysis tool to discover the combination of products that maximises reach, by ensuring that your product range caters to the largest number of customers as possible.
Which features are requirements, which features are optional?
The Kano Model offers another dimension to prioritise a product’s features by delving deeper into customers’ perceptions and feelings regarding a product’s features. The Kano Model categorises product features as either:
- Must-be features - Hard requirements for your product.
- Attractive features - Unexpected features that consumers will like.
- Performance features - Expected features that drive consumer satisfaction.
- Indifferent features - Features where inclusion has no impact on satisfaction.
Through categorising potential features, you are able to ensure that your product includes the most important features, while not wasting resources on features that consumers are indifferent to.
Simulate the impact of including various features
Conjointly's online simulator offers a detailed insight into the impact of adjusting features of your product range within a realistic competitive context. Simulations show the effect of feature adjustment through valuable metrics such as preference share, revenue, and gross margin. This gives you a clear understanding of the impact of various feature adjustments, to ensure that all adjustments will align with your overall goals.
Simulations also allow you to quickly identify the impact of feature adjustments over your entire product range, to ensure that your adjustments minimise the risk of cannibalisation among your products.
Use segmentation to focus on the needs of your consumers
Segmentation is an invaluable tool in feature selection, helping you identify varying preferences among consumer groups. Through segmentation, you are able to identify underperforming consumer segments and discover why the segment is underperforming. Targeting the needs of these groups will help fuel market expansion as you are able to attract previously uninterested groups.
Segmentation can also be used to investigate which demographic, geographic, and behavioural groups are most interested in your products, allowing you to adjust features that they are most interested in.
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