WHAT WE DO / SOLUTIONS BY FUNCTION

Consumer Marketing Consumer Choice Modeling

In today’s hyper–competitive marketing scenario, ever changing market dynamics and customer purchasing behavior are posing increasing challenges for managers. Consider some of the key questions that managers face while determining the right marketing strategy:

How do customers make purchasing decisions?
Why do individuals prefer one product or service over another?
What features in a product would customer be willing to make a trade-off at the cost of price?
How would the market share of a product vary with a variation in price?

To be successful, firms need to develop a deep understanding of their customers, their needs and their motivations. Customer Choice modeling, and specifically Conjoint Analysis, helps managers to examine the factors driving customer purchasing behavior, and also measure and predict those factors.

LatentView employs Conjoint Analysis to help you gain a better understanding of customer purchasing behavior and aid them in executing important product development decisions. With this in-depth customer knowledge, you can optimize the right mix of variables for your products and also fine-tune your marketing strategy for entering into an existing competitive market.

Conjoint Analysis Conjoint Analysis is a valuable analytical technique which helps in exploring why customers make specific trade-offs among various product options, and also aids in determining the product features for which they are willing to pay. The underlying approach dealing with conjoint analysis involves breaking down products into their component features or attributes, asking the respondents to rank or rate the combination of these attribute profiles based on the real world scenario, and analyzing these responses to derive the relative weights of specific product features and price points.

LatentView can partner with you to help you across all aspects of Conjoint Analysis study:

Design the complete conjoint research study
Select the products, attributes and levels to be part of the study
Design optimized survey questionnaire considering the business objectives
Administer the survey and gather responses from the selected survey respondents
Analyze the responses to derive customers willingness to pay indicators
Help you translate these insights into effective product strategy