Self-service conjoint tools allow professionals to predict customer preferences and optimize product and packaging decisions
Image: The new tools allow insights professionals to predict customer preferences. Photo: courtesy of dave G/Freeimages.com.
Qualtrics, the leader in experience management, today announced broad feature enhancements to its groundbreaking Conjoint XM solution, which empowers companies to identify what features are most important to a customer when buying a product or service.
The Qualtrics Conjoint XM solution scientifically identifies preferences that consumers have for different features by automating the testing and analysis of various package combinations. This powerful tool is the latest edition to Qualtrics’ Product Experience (PX) solutions.
“New enhancements to the Qualtrics Conjoint XM Solution allow organizations to take the guesswork out of determining customer preferences, and to make data driven decisions on product, pricing and packaging,” said Kelly Waldher, vice president of Research Core, Qualtrics. “Studies show that 80% of new product launches in the marketplace fail. Qualtrics is dedicated to partnering with enterprises to dramatically improve the chances of achieving product market fit.”
The new features include Willingness to Pay, which calculates and surfaces insights on the amount a customer is willing to pay for a new offering, and Dual Choice Conjoint, which allows companies to more accurately predict the likelihood of purchase for various product configurations.
Conjoint XM Solution now allows organizations to provide a more engaging experience through the use of images as part of the feedback process. Companies can also scale studies globally through the use of translation capabilities that allow for multiple languages to be used during any given study.
Additional enhancements include support for Conditional Pricing, Alternative Specific Design, Anchored Maxdiff and enhanced collaboration workflows.
These enhancements are built on top of existing capabilities including:
Conjoint Solution Workflow – A fully automated, four step workflow to guide users through the entire process of defining, refining, distributing and analyzing a Conjoint study.
Conjoint Configurator – An intuitive and self-serve interface for rapid configuration of attributes, features and levels and creation of Conjoint and Maxdiff surveys in a matter of a few clicks.
Conjoint Simulator – A simulation interface that allows users to predict respondent trade-offs in order to design the most optimal package.
Conjoint Auto-Clustering – With auto-clustering, Qualtrics users can segment populations based on their package preferences – allowing for targeted pricing, planning and marketing.
Source: Company Press Release