Introduction To Conjoint Analysis For Consumer Product Strategists

We find that not enough consumer product strategists employ conjoint analysis to aid product design and pricing. Conjoint subjects consumers to a simulated purchasing exercise, varying the features and product configurations presented. When the study is completed, consumer product strategists gain actionable insights into product strategy, including which features a product must have and how to price the product or service. We recommend that more consumer product strategists participate in conjoint studies because these studies include both the business goals for the product and situational awareness of product details and competitors. But strategists should partner with market research experts (internal or external) to execute these sophisticated research studies. And they should understand that while conjoint is a powerful tool in the tool kit, to really succeed, it must be followed up with building a total product experience around the product.