We use advanced market research, data science and analytics combined with decades of experience to provide you with the tools and insights to take on the toughest business challenges.
The foundation of every product and pricing decision should be a thorough understanding of the distinct customer needs. How do different customers value the different benefits you offer? What are the unique and distinct motivators in considering your product and services?
Is your product or service differentiated in a meaningful way? Are there 'white spaces' within the crowded market that your brand can own and claim? Meaningfully differentiated products can charge higher prices and spend less on promotions. Find out how we helped out clients' map out the market and position themselves.
Accurate demand and volume forecasting is the backbone of efficient management. We use various advanced statistical models to be as accurate as possible in forecasting new product or product extension sales volume. Combining choice-based techniques with Bass diffusion models, it's all science - all the way.
When you know which customers value which benefit the most, you need to be able to communicate it to your target with maximum impact. Here is where we shine: we use advanced choice-based techniques to analyze the most impactful messages that maximize total appeal. Efficiency in marketing communication!
Your product is nothing but a solution to a need. Measuring what benefits customers value the most, we help create the right product bundle at the price that maximizes your revenues or profits. We use advanced scientific techniques with a sophisticated market simulator to help optimize the product you bring to market.
Today's marketers need reliable insights to reach customers and improve performance. Measuring the impact of cross-funnel touchpoints will allow you to invest marketing dollars where those dollars make the biggest difference. We measure your marketing eco-system, and deliver a roadmap to increase marketing ROI.
"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
"We learned an immense amount about our own brand, our strengths and our weaknesses as a result of working with Choice Based Market Insights. Their scientific approach is very impressive. One very specific insight we gained was our customers' willingness to pay for different features and service attributes. With this knowledge, we restructured our price points so we are more aligned with what our customers want. We're positioned very well for the future thanks to Choice Based Market Insights.”
Troy Tait, Senior Vice President, Med One Group
"Choice Based Market Insights was very helpful in finding the optimal pricing structure for our complex offering. Their methodical and scientific approach to pricing was new for us, but one we needed as we grow. This time we had data to inform big strategies. They have an obvious expertise in strategic pricing and the skills to make sense of the complexity. We have since done another project with them as a result of our experience."
KC Brothers, Marketing Lead, WEAVE
"As we’ve spent the past year preparing to go to market with a new brand and product offering, we have relied on the team at Choice Based to provide invaluable insights into demand for our solution and into the behavioral and attitudinal drivers of our buyers. I was thrilled to receive a comprehensive report that turned previously held assumptions upside down, replacing them with clear, data-driven guidance about who we should be talking to and how we should be talking to them. This is a process we will repeat annually as we expand our product offering, distribution channels, and market share.”
Bill Brady, CEO, Troomi Wireless
"Vyne Dental delivers a smart and very comprehensive solution for our customers. To say it can be overwhelming to price and bundle the offering optimally is an understatement. We partnered with Choice Based Insights for their expertise in strategy. Miklos and his team were extremely helpful in identifying an optimal marketplace pricing structure. Their technical knowledge is extraordinary - and the level of insight is exactly what we needed."
Brad Royer, VP of Product Management, Vyne Dental
Over the past decades, we've seen it all. We've helped clients succeed and get ahead in virtually every industry: automotive, financial, retail, health care, pharmaceutical, software-as-a-service, transportation and others. As one of the global directors from Bain Consulting said it: "We [Bain Consulting] can do most of the research ourselves, but we come to Choice Based Market Insights with the toughest cases..."
When a provider of trading software reached out to us to help make sense of pricing their offering, the market simulator (see video to the left) predicted approx. 100% potential revenue growth by restructuring their pricing schema. This was in the summer of 2020.
One year later, the company reported "unprecedented year-over-year growth" to their board of directors. Watch the short demonstration of how the market simulator works.
Note: for confidentiality, actual company names were removed.
This slightly technical video shows how a market research project findings completely changed go to market strategy for a game developer. The video shows the "raw" findings and how these raw findings were used to find a target market that is much more interested in the product than the developer's original primary customer. The video is 'mildly technical' to illustrate the numbers and how these numbers then resulted in an "aha" insights.
While conjoint analysis is becoming an increasingly popular tool in marketers tool box, it is definitely more science than art... a lot more. Knowing what to pay attention to when applying conjoint analysis to pricing or product optimization studies can save you a lot of headaches - and embarrassment. This video will keep you from stepping on mines.
This video borders on a bit more technical, but if you manage products and brands - you need to know how market research attempts to replicate the real world purchase process - and decompose it. By decomposing consumers' decision processes, we're able to assign value to product attributes which empowers marketers to optimize what is put in front of any potential customer.
Forecasting is an art - and most of the times it's wrong. However, add a bit of science to it - and you're wrong a lot less. In fact, this video shows how to combine choice-based techniques with the Bass diffusion model to give you an impressive tool to be pretty accurate when time comes to forecast sales for new products or product extensions.
This video walks you through the steps of creating a perceptual map of your products. Perceptual maps can help you position your brand or product more optimally and differentiate among the clutter. Science comes to the rescue again - but perceptual maps can be invaluable for strategic planning.
This video is not for the faint of heart. We're starting to get more technical in this explanation of how to use Naive Bayes approach to classify customers into segments. Especially when those segments were derived from a Latent Class MaxDiff exercise. For those, wanting to learn the steps - enjoy. For those who don't have the stomach, just know - this is the stuff that gets us up and out of bed in the morning. ;)
Miklos Kremser, Founder of Choice Based Market Insights, speaks at a marketing summit on the science behind Pricing Products and Services. The meeting was attended by 300 marketing leaders. Miklos presents regularly at conferences on scientific approaches in market research. Miklos' next presentation will be at the Annual Sawtooth Conference in Orlando, FL. in May, 2022
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Saturday: By appointment