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Why you need to be using Conjoint Analysis
Why you need to be using Conjoint Analysis
Using feedback to drive new product and service offerings
In order to keep up with the rapidly evolving expectations of customers, and to identify ways to differentiate from competitors, companies are constantly evaluating new way to engage and provide service and support to their clients. This involves the evaluation of new digital or online capabilities that promise to make it easier for customers to do business with your brand. However, these enhancements and upgrades are often made without knowing if your customers will truly value the new capabilities, that’s why you should be using Conjoint Analysis.
Since investments in these technology enhancements can be expensive and a drain on resources, it is surprising how often they are pursued without a thorough understanding of what the customers truly value and want. We agree with the authors of Quirk’s Magazine (full article) that Conjoint Analysis is an under-utilized tool that can help guide which investments will provide the greatest return. The results will yield answers to many questions that will help guide you on your journey to new service and support offerings while avoiding costly mistakes.
By forcing respondents to choose between potential service options and capabilities, Conjoint Analysis offers a quantitative look into what customers truly value. The analysis will show what your customers are willing to pay more for, what will keep them loyal and will give them a reason to become a brand advocate. Some of the outputs of this analysis include:
- Prioritization of enhancements
- Predictive response to new capabilities and offerings
- Price and value sensitivity of the new capabilities
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