Many brands grapple with the challenges of new product development – what features should we include? How should we price our product?
conjoint can help
A conjoint approach can help. For new product configuration and demand forecasting, we rely on a wide array of conjoint methodologies, from traditional conjoint and choice-based conjoint (discrete choice) to adaptive and menu-based conjoint.
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elevate and forecast
Conjoint can help you design the optimal product; the results of a choice exercise can help you evaluate and forecast your product’s acceptance, including:
- The relative importance of the individual features that make up a product and the tradeoffs consumers are willing to make regarding these features (for example, paying more for a premium brand)
- The appeal of any hypothetical products using “what if” simulators
- Market share, including potential cannibalization or draw from competitors
- Price sensitivity
- Revenue and profit (if costs are input into forecasts)
- Impact of competitive moves, including the best product changes to answer those competitive moves
TURF to maximize reach
We all know that to maximize your product’s reach, you need to appeal to the greatest number of individual consumers. TURF, or Total Unduplicated Reach and Frequency, can help you understand the breadth of interest in your product by removing duplicated interest.