Knowing what consumers
From Novemeber 2010 newsletter
Developing new products is as much about anticipating what consumers want as it is about finding novel product formulations and presentations. But understanding what consumers really want – as opposed to what they say they want – provides a challenge. Conjoint analysis is a powerful technique for understanding the trade–offs consumers make between different product attributes. For example, is an ethical consideration more important than brand? Is price more important than a health claim?
We use conjoint analysis to help clients explore the relative importance of their products' attributes in influencing consumer choice. It can be applied to many attributes. And, because it involves examining consumers' choices and not just listening to what they say, it is particularly insightful.
Our expertise has been consolidated through extensive research in this area – assessing the relative significance of brand, price, ethical claims, health claims, quality and geographical designations, organic status and packaging types on products as diverse as eggs, milk and tea. The approach is equally applicable to composite products.
Please get in touch to discuss, in confidence and with no obligation, how this approach can help your products to succeed.
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Contact: Peter Burgess