Conjoint Analysis is one of the most versatile and strategically important research techniques used by decision makers worldwide. It is a statistical technique applied to determine what products or services people will choose based on the weight people give to various factors and features that make up the entire product.
Brand Equity & Price Elasticity Choice Based Conjoint (CBC) Study for a large financial institution in the United States
This study was initiated to collect consumer opinions regarding one of a number of financial products including consumer opinions of the companies offering these products. Consumers were asked to choose from 4 (four) financial institutions based on 3 (three) attributes.
Our highly experienced Survey programmers worked on five versions and 16 tasks as specified by the client for each product type - namely Money Market Account (MMA), Certificate of Deposit (CD) and Home Equity Line of credit (HELOC).
Once programmed the survey with the choice tasks was tested by the principal statistician dedicated for this project. The team received the approval in the first go and the client provided the approval for launch. The data was collected in a week and sent across to client in SPSS format. The tab plan was provided before the end of field and therefore, we also delivered the final tab sheets with the banners and weights in the next 2 days.
In addition, our statisticians put together a Simulator based on the choice tasks to provide the customer a holistic view of the data.
The client was delighted with the level of service and the quality of output delivered. Our Operations team was also applauded for contributing to their panel management activity which helped the client get out of field faster and ensure success of the entire research effort.
Market Equations maintain a fantastic relationship with the company and their representatives are always eager to provide their references whenever required. Contact us to learn more about our experiences and successes with complex choice based conjoint surveys.
Explore how the Market Equations team can add value to your Conjoint Survey requirements.