Conjoint Analysis identifies the attributes of your product or service that are most important to your customers
Conducting a survey where you ask how important a series of product / service attributes are to your potential customers is all very well but it can result in all the attributes being rated as ‘very important’ because in isolation they probably are very important. However, a product / service proposition never exists in its own bubble, there is almost always a trade off or compromise, for example, price v. quality.
Conjoint Analysis offers greater realism by presenting side-by-side comparisons from which the respondent has to make a choice. This powerful technique is widely used in understanding complex consumer choice scenarios and overcomes the problem of consumers rating everything the same.
This highly effective research tool uses a set of product / service options to evaluate consumers’ choice, i.e. it will determine how people value different attributes (features, functions, benefits, etc) that make up a specific product or service.