“What if we include this item in our smartphone product bundle, would that appeal to customers?”
“What if we change the location of our annual conference?”
“How important is it for us to include car rental in the vacation packages we offer?”
Have questions like the above arisen in conversations with your clients? As research and insights professionals, most of us work with clients who are designing new or modifying existing products or services. Our roles are often central to answering those “what if” questions.
If you want to measure the importance of product attributes or are seeking to optimize the configuration of a product or service, conjoint analysis often comes into play.
That’s what makes conjoint analysis so compelling: being able to ask those “what if…” questions prior to going to market.
However, it takes a deft hand to run a conjoint project as it is not as simple as fielding a survey asking the respondents directly about product preferences. Ensuring that the conjoint study is managed and executed well takes some initial training.
In our 90-minute Introduction to Conjoint Analysis class, students learn about defining attributes and attribute levels, interpreting the results, common applications of conjoint (including product optimization, market segmentation and pricing analysis), tools to use for conjoint, and how to plan a conjoint project. A walkthrough of a sample project is also included in this class. What this class does not include is programming; it is intended for the project manager working with an analyst or statistician for the hands-on programming.
Upon completion of this class, you will be able to discuss conjoint analysis with confidence, manage conjoint projects, and know with certainty when conjoint is right for a project and when it isn’t.
If you are hoping to answer clients’ “what if?” questions but need training in how to execute a conjoint project, we look forward to seeing you April 19th at Introduction to Conjoint Analysis.
Register now to reserve your seat in this live instructor-led class in our virtual classroom.