Originally published February 2021
When working on launching a new product or service, there are important questions that need to be answered first. Who is going to buy this? What would they be willing to pay? What features are customers expecting this to have? How does it compare to other options already on the market? What market share can we expect to achieve? Etc.
Choice Modeling -- also known as Conjoint Analysis, Tradeoff Analysis, CBC, ACBC, Max-Diff, or other names -- is a family of research methods that are designed to help answer these questions. Using Choice Modeling to simulate real buying options for potential customers, we learn which product/service they would choose, which features & benefits they want, and which they would be willing to live without. Choice Modeling techniques predict market outcomes so decision makers can identify what about the product or service will work and what needs adjusting before launch.
If you need answers to these types of critical questions from potential customers, Advantage Research can recommend an approach that is right for you!
Contact us today to start the conversation.