Conjoint Analysis is one of the most versatile and strategically important research techniques used by decision makers worldwide.
Case Study : Banking Product Choice Based Conjoint Study
The objective of the survey was to collect respondent opinions regarding one of a number of financial products including opinions of the companies offering these products.
Respondents were asked the following question:
Please select the one option that you would be most likely to choose if these CDs were available to you. You may only select one; either a 12 month CD option or 24 month, but not one of each.
Approach:
- Each respondent is shown their respective products based on their previous selection (in this case there were 3 products (HELOC, MMA and CD)
- Each respondent sees 1 version and a set of 14 tasks.
- Each version has its own set of unique 14 tasks.
A product simulator and price sensitivity report was developed and presented with Title (user information), Input (attributes level setting), elasticities and importance calculation (showing share of preference) etc.
Business Outcome:
The Financial Institution was able to understand consumer choices and preferences on various financial products and their sensitivity towards interest rates for each product based on multiple scenarios.