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Use Case: Utilizing Conjoint Analysis to Optimize Product Development

As a market research company, we understand the importance of data-driven decision-making. This is especially important when making decisions about product design. We believe that Conjoint Analysis can be a powerful tool to help our clients tailor their offerings to meet the evolving needs of their customers, while maintaining profitability. Here’s how we can assist your company using Conjoint Analysis:

Problem Statement:

Your organization is confronted with the task of crafting and pricing health insurance plans that accommodate a diverse customer base, each with distinct preferences and priorities. Your goal is to create plans that not only remain competitive but also align with the needs of your target audience. Furthermore, you aim to discern which plan attributes (e.g., coverage, deductibles, premiums, etc.) carry the most weight in the trade-offs customers are willing to make.

Solution: Conjoint Analysis

The Value:

Conjoint Analysis Software – We use specialized software for designing and analyzing conjoint surveys, ensuring accuracy and efficiency in data collection and analysis. You will be given access to the software and will be able to simulate different scenarios.

 

Market Expertise – Our team are experts in health insurance and conjoint analysis, ensuring the reliability and validity of results.

 

Advanced Techniques – Advanced analytical techniques will be employed for customer segmentation, allowing for precise targeting and plan customization. The conjoint model produces two sets of scores- Attribute Importance Scores and Utility Scores (preference) for individual attribute levels.

 

Visualization Tools – The findings will be presented in a clear and actionable manner, making it easy for your team to make informed decisions.

By leveraging Conjoint Analysis, we can help you gain a competitive edge by offering plans that closely align with customer preferences and optimize your pricing and marketing strategies accordingly. This approach ensures that you not only attract new customers but also retain existing ones in an increasingly competitive market.

 

Find out more about Deft’s Conjoint Analysis offerings.

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