You as a marketer are working on an ad campaign. Your agency just delivered to you 50 potential messages - each communicating slightly different benefits. You are hoping to find the most appealing marketing message for communicating product benefits – out of 30-50 potential messages. Which is the best? But more importantly: which two or three messages would capture the largest reach of customers within the market?
Solution: The statistical approach, called MaxDiff (also called: Best-Worst Scaling) is the appropriate methodology using a survey-based choice experiment. In addition, the study would include a TURF (Total Unreplicated Reach and Frequency) analysis.
You are planning on bringing a new product – or an old product with new features – to market. You've done your research, positioning, planning - and finance now needs your projections: what is the product expected to sell after launch? After the first year? In five years? You would like to understand demand for the new product, and how much share it is likely to command within the competitive landscape.
Solution: A conjoint technique called Discrete Choice Modeling (or Choice-based conjoint) is one of the most accurate ways to understand a product’s “preference share” – which then can be used to forecast potential revenue and profits.
You have a product with several features and a couple of potential pricing schemes (e.g.: monthly subscription, pay per feature, annual fee, etc…) You would like to understand which of the features and what pricing schema are the most optimal combination that maximizes the product's share in the market.
Solution: Here, again, Discrete Choice Modeling will allow us to measure the value (utility) each feature or pricing schema provides to the customer – allowing us to select the most optimal number of features that maximize total value.
Here is an explanation of Discrete Choice (Conjoint)
Pricing is often a major concern: “… are we pricing our product or service at a price that maximizes demand (revenue, profit)?” Especially: “… is there room to increase price without decreasing demand too much?”
Solution: Discrete Choice Modeling, a survey-based experimental design is perfect to simulate market conditions and measure how customers choose among products given varying pricing.
Different benefits of a product tend to appeal to different customer types. One likes the practicality of a car, someone else likes the prestige it offers, yet someone else likes its comfort. How do you, as a marketing manager, create the most appropriate message targeted at the right customer? Can we find distinct and meaningful groups of customers - and respond to their needs?
Solution: Customer segmentation, using the most appropriate methodology: whether it’s choice-based Latent Class or any of the traditional clustering methodologies, we have expertise to find distinct and targetable customer segments.
You, as a brand manager want to understand customers’ perception of brands in the category – and see if there are ways their brand can be differentiated from competitors.
Solution: Perceptual Mapping. Using a survey-based approach and advanced statistical methods, a perceptual map can highlight “perceptual gaps” in the category, unclaimed areas in the consumers’ minds.
A quick explanation of Perceptual Mapping:
Your business likely has a tracker: e.g.: brand tracker or customer sat tracker. Chances are, you'd like to understand which of the many measured attributes is the one that contributes most of brand perception or overall satisfaction, or other KPI. In fact, it is key to understand how much one attribute needs to improve to achieve overall improvement in the KPI.
Solution: We use various regression-based methodologies to measure the relationship between attributes and the KPI. Results are often the applied in a simulator to estimate improvements by changing attributes.
"I worked with Miklos and his team on a couple of high profile projects. I find their quantitative solutions innovative and refreshing and their leadership of projects to be intently focused on ensuring client confidence and satisfaction. I am not only a past client, but plan to be a future one."
Cindy Machles, CEO and Co-founder, Glue Advertising a top 20 NY Ad Agency
"Very impressed by the team's ability to grasp a business issue and turn it into an appropriate market research project - focusing on providing critical customer insights."
Mark Say - Group Head of CRM and Customer Data, Volkswagen UK.
Are you a consultant - maybe a qual researcher - who doesn't always get the RFP because there will be quant parts of it as well? Are you losing out to vendors providing qual and quant under the same project? Partner with us and you'll have a much larger tool set to compete with.
Are you a small research business who is looking for advanced research capabilities? You may know survey analysis, cross-tabbing, etc.. but what about the heavier analytics? We're here to partner with you and give you a lot of great tools to take on any client's needs.
Ad agencies focus on creative and innovative thinking - the right-brain work. Partner with us to be your left-brain resource to help with forecasting, product optimization, pricing, brand positioning and provide you the numbers that will instill confidence from your client.
We understand that setting up discrete choice and other heavily technical statistical models isn't everyone's cup of tea. Choice Based Market Insights (formerly known as Marcy Research) is your go-to partner for analytic expertise. We do the heavy lifting of analytical know-how so you can focus on taking care of your clients. Whether it's customer segmentation, choice-based models (discrete choice, conjoint, etc...) or regression-based driver models - we'll deal with the technical aspects of it - and hand you the solution.
Our purpose is to make you look good. Whether you're a consultant or a research firm with large clients - we bring the analytical expertise and technical knowledge and partner with you so you can impress your clients.
Obviously, it makes no sense for you to staff highly technical people when you only need them a few times a years. That is what we're here for. We know that market research projects have peaks and valleys - and we're here to help with those peaks.
Sign up to hear from us about special market research news.
We love helping consultants and businesses thrive. So contact us, and let's see how we can help you solve your clients' issues, make you look amazing and help you grow your business.
8 East Broadway Suite 700, Salt Lake City, UT 84111
Monday - Friday: 9am - 5pm
Saturday: By appointment