Branding Strategy Insider helps marketing oriented leaders and professionals like you build strong brands. BSI readers know, we regularly answer questions from marketers everywhere. Today we hear from Dan, a senior marketer in St. Louis, Missouri. He writes…
What is your definition of Conjoint Analysis?
Dan, thanks for asking. In conjoint exercises, respondents express their preferences for products described by varying levels of attributes. By observing how respondents evaluate products in response to underlying changes in attribute levels, we can estimate the impact (utility) each attribute level has on overall product preference. Once we learn respondents’ preferences for the various attribute levels, we can predict how buyers might respond to any combination of levels in our study, whether or not that actual product was ever displayed during the interview.
Traditionally used for pricing research, conjoint analysis is very applicable for brand research as well. Respondents rate their buying intent for products comprised of various combinations of attributes (including product, service, sales terms, price and brand attributes). Brand name is one of the attributes. Not only is this an excellent approach to measure the overall equity of your brand name vis-à-vis competitors, but it also allows you to measure the interactions/relationships of your brand name with other attributes. Simulation exercises also allow you to project the impact on share of preference for various attribute combinations (what-if exercises).
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