RED C Conjoint
CONJOINT from RED C is a powerful, statistical modelling tool which enables brand and marketing professionals to fully understand and simulate how consumers prioritise, trade-off and choose between different products and services.
One of the biggest conundrums facing brand and marketing professionals is been how to design products from a combination of features that have high consumer appeal, while providing satisfying return on investment. It is simply not possible to give consumers the best possible product at a low price! The secret to success is to understand how consumers evaluate different product features at different price points so we can develop the optimal products for both the consumer and your business.
Conjoint from RED C provides a comprehensive tool to understand how consumers prioritise and trade-off between different product features. The technique is based on actual consumer choice by presenting the respondents with a number of different, possible real-life scenarios where the respondents choose their preferred product out of a choice set of products at various price points. Based on these choices the conjoint model “learns” how consumers respond to various product and market scenarios and thus allowing you to confidently predict resultant market performance in share, volume and revenue terms across your key business questions.
Key Business Scenarios Conjoint Answers
/ How much can we increase or decrease the price on a product to maximise share and revenue?
/ What is the impact of a fixed price increase or decrease on a product range or portfolio?
/ What is the optimal promotion mechanic to use to maximise short term volume and revenue?
/ What is the impact on share and revenue if a product is de-listed from the market?
/ What is the impact of launching a new product in the market in share and revenue terms?
/ What are the optimal product attribute combinations to create a winning product?
/ What happens when a competitor changes price or launches a new product?
A sample screen of the interactive choice tasks respondents see that feed into the Conjoint model is shown below.
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