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Conjoint.ly - Generic Conjoint Analysis

Learn more: https://conjoint.online/products/gene... Generic conjoint is the most common type of discrete choice experiments. Technically known as choice-based generic/unlabelled conjoint design, it is used for: ● Feature selection for new or revamped products. ● Marginal willingness to pay for specific features relative to other features. ● Pricing your product, particularly in commoditised markets, where product characteristics do not vary substantially by brand or SKU. ● Testing branding, packaging and advertising claims. ---------------------------------------------------------------------------------------------------- [Video Transcript]🎥: Hello from Conjoint.ly. Let’s talk about Generic Conjoint Test. This test can help you select product features, packaging and claims and discover marginal willingness to pay for specific features. In this video, we will show you how to use Generic Conjoint Test in three steps, starting with the set-up. 1️⃣ First, imagine you want to find optimal features for a new variety of moisturisers. A moisturiser may be described in terms of attributes such as Bottle shape, flavour, name, and price. Each of these attributes is broken down into levels - for instance levels of the attribute for bottle shape might be S-shape, rectangle, bell-shape, u-shape etc. You can start by specifying the attributes and levels that you would like to test in the experiment, including claims, features, price levels, and pack shot images. Multiple levels of text and images can be easily added with excel spreadsheets and many other formats. Conjoint.ly allows you to customise respondent interface, select your own audience or source panel responses from us, advanced settings (such as prohibitions, set up redirects, run the survey in multiple languages), and insert other question types. 2️⃣ Second, rather than merely asking what respondents like in a product, or what features they find most important, we give respondents choice of several SKUs as well as a “none of the above” option. Each SKU is comprised of a combination of the features and prices you specify in the set-up. Each respondent will be shown approximately a dozen screens with different carefully assembled SKUs to choose from. From respondents’ choices, we build their individual preference profiles in relation to specific features. 3️⃣ Third, Conjoint.ly offers several key outputs of Generic Conjoint: ● Relative importance by attributes shows how important each attribute is relative to the other attributes in customers’ decision-making process. In this example, Price are considered as the most important attribute. You can switch on confidence intervals to see if these differences are statistically significant. ● Relative value by level shows the relative performance of specific levels within each attribute. For example, within the attribute of “Flavour”, “Fragrance free” performs better than others. This output can help you select most preferred features, packs, logos, and claims. ● Marginal willingness to pay can be viewed as a monetary representation of the chart above. It shows amounts of price decreases that are equivalent to upgrades in features. For example, relative to the baseline of “S-shape”, an upgrade to “Bell shape” is equivalent to a price decrease of $0.61. This output is only available if price is included in the test and if consumers prefer lower prices (as is the case in most markets). ● Ranked list of product concepts shows different combinations of features ordered by customers’ preference. ● Share of preference simulation offers “what-if” market scenarios and gets estimates of preference share for different SKUs. If you want to learn more about how to use simulator click on the link below. Conjoint.ly reports are segmentable by consumer characteristics, such as information provided from panel profiling, what they say in response to additional questions, screening questions, and variables that you upload. Raw outputs in Excel including preferences of individual respondents for the different levels can be directly exported. Thank you for watching. Feel free to contact us for a chat about selecting claims, packaging, and other features for your product.