Survey research gathers the opinions, views, and thoughts about a company’s features, services or products. There are a lot of survey tools to choose from according to the business and research requirements. Do you need something exceptional in surveying peoples’ best choices and preferences? The use of tools like Conjoint Analysis will help you get actionable customer data.
Conjoint Analysis – A Survey Template
With conjoint analysis, respondents are asked to choose the best option over multiple sets of hypothetical products. The conjoint survey tool uses attributes (such as color) and levels (such as blue or green) to display the hypothetical products to respondents. Respondents are then forced to choose the most appealing option. It’s similar to the MaxDiff analysis tool that is related to preference. The result is concluded in the end to evaluate the most liked attribute and levels.
How does the Conjoint Survey work?
It works by going beyond a standard rating and matrix questions. It helps the enterprise utilize the most selected options by the respondents. The respondents pick one of the possibilities containing multiple items, features, and products, and respondents choose the best option according to their demands and needs. With the use of logistic regression, each attribute and level can be scored with how important they are to respondents.
When an enterprise wants to launch new products in the market then they use this survey type. The enterprise creates a survey by making multiple options in columns and various sets in rows containing multiple items, features, and products. In this way, you can make the right combination of size, color, price, flavors, and other attributes, etc.
How Can You Implement Conjoint Analysis?
You can implement a conjoint analysis by visiting online survey platforms and starting with a template. When you want multiple-preference about the products, it will apply. Other survey templates are not suitable for the preference purpose because respondents otherwise select all the options instead of giving the best and the worst choice. There are few different versions of conjoint analysis:
In this questionnaire, the audience is subjected to choice-based questions in which they have to choose one of the essential options between a minimum of three or four options. This methodology helps the enterprise launch new products after getting positive impressions about the products and services.
It’s similar to the MaxDiff survey analysis, which is concerned with preference. The difference is that MaxDiff is the single preference tool, while conjoint survey analysis is the multiple-preference tool. By utilizing this survey tool, people select the best and the worst option from the questionnaire. One can easily detect and finalize the best combination preferred mainly by the audience.
The Importance of Conjoint Surveys
It’s essential to get actionable feedback from a research project about products. Conjoint analysis is one of the few ways to easily collect actionable preference data. If you use rating, matrix, and other tools, respondents mostly choose all the options given in the questionnaire, and you can’t predict which option is the best. It contains multiple concepts with variant features and attributes, providing complete information about the launching products. You can quickly check the budget, quality, and quantity of the products after concluding the results.