Our March 2011 newsletter focuses on conjoint research, which we consider to be one of the most clever and powerful techniques of survey research. Why? Because it allows us to build working models of decision-making.
Conjoint works by presenting people with scenarios that are more like the real-life trade-offs they always make. For example, instead of just asking a respondent about the importance of price, we ask them to make decisions about price, where price varies based on other attributes that are important to them.
There are several types of conjoint research, including traditional full profile conjoint, partial profile conjoint, adaptive conjoint, and choice-based conjoint. There are also choice-based techniques similar to conjoint, such as MaxDiff analysis. Plus, there are different modes of analysis, including regression and HB (Hierarchical Bayes) estimation. To make the right choice of method, you need to consider sample size, the need for individual-level vs. aggregate analysis, how many factors must be included in the model, and whether pricing is central to the research.
Yikes, that’s a lot. So where do you start? Start here: The ABC’s of CBC: Understanding Conjoint for Market Research. It provides a fundamental understanding of what conjoint is, how it works, and the kinds of questions it can answer.
After that, we would be pleased to help you consider your options, including the option of working with us or going it alone. In fact, here a single conjoint question (no fancy modeling needed!) to help you decide whether we might be of value:
If you find yourself on the right side of the scale, feel free to give us a call.
—Joe Hopper, Ph.D.