Thanks for checking out the slides from our webinar that aired on December 4th 2013 titled How to Use Conjoint and MaxDiff to Put Your Best Product Forward.
How do people develop preferences for products and services? In this presentation you will learn how using Conjoint Analysis/MaxDiff Scaling make products and services better moving forward. Posing these simple questions can validate your market share and maximize your profits without over investing in an idea.
What is Conjoint Analysis?
A statistical technique used in market research to determine how people value different features that make up an individual product or service
Determine what combination of a limited number of attributes is most influential on respondent choice or decision making
What about MaxDiff Scaling?
MaxDiff assumes that respondents evaluate all possible pairs of items within the displayed set and choose the pair that reflects the maximum difference in preference or importance. These are comparative judgments that can be easily performed, even when the number of attributes is not small (up to 30). The task presents respondents with a set of items, usually 3 to 6, and simply asks them to select the most preferred and the least preferred in the set.
Another name for it : Best/Worst Scaling
Respondents can typically handle a number of these evaluations, and may be asked to respond to a series of maxdiff questions to gather more preference data.