4 Great Sources for Using Conjoint in New Product Research
November 21st, 2020
So much has been written about conducting research for new product development. This is not surprising as this is an area of research almost every organization, new or old, has to face day in and day out. As market research consultants, we deal with it all the time and thought it would be beneficial to provide our audience with our own recommendations for some useful sources that explain uses of conjoint analysis. Conjoint analysis is a method most often used when researching new products and conducting pricing research.
Recommendation #1: In 15 Minutes
Understanding Conjoint Analysis in 15 Minutes
This is a relatively brief article from Sawtooth Software, the makers of software used for conjoint, that provides an explanation of the basics of conjoint. The paper uses a specific example of golf balls to make it easy to understand.
Recommendation #2: For Managers
Managerial Overview of Conjoint Analysis
This is another great article by Sawtooth Software, this one explains conjoint as if to the ultimate user’s– the marketing manager. It covers conjoint’s history, the recent developments that made the method more powerful and popular, and its practical use
Recommendation #3: Why, What and How
This one is an article from our own, Rajan Sambandam, who reasons why conjoint should be used for new product development research, differentiates conjoint from other methods and provides a basic explanation how conjoint works and can help.
Recommendation #4: A Video
Our last recommendation is a brief explanation video, for those who prefer to sit back and watch, also from Sawtooth Software. The video comes to life with a user-friendly illustration and a voice-over to demonstrate how conjoint (or discrete choice) works, how it can be useful and why it’s a better method to find the optimal product combination along with its price.
We hope you find the sources useful and if you have any questions, you can always email Rajan Sambandam, our Chief Research Officer.
