Rockbridge offers a full range of capabilities to address product optimization decisions, such as which features to include in a product or which products to offer in a product line. The tool we use in a given situation depends on the decisions to be made with the research. We have extensive experience with full profile conjoint, adaptive conjoint, discrete choice, TURF, and max/diff analysis.
We also offer a proprietary product optimization tool, Product Optimizer™. Its purpose is to help clients optimize the mix of features and price for a product. Product Optimizer™ achieves this by providing:
- Precise measures of the value of individual features
- Ability to equate features with dollar changes in price and purchase intent
- Simulations of how changes affect purchase intent (market potential)
- A benefits segmentation that provides guidance on market niches and/or prototype products
Product Optimizer™ has unique benefits over other approaches that might address similar objectives (those being discrete choice modeling, full profile conjoint analyses, adaptive conjoint analyses, and max/diff). First, Product Optimizer™ allows inclusion of a relatively large set of features for consideration – a typical study has about a dozen and we sometimes include up to 16 or more. Second, it avoids overwhelming respondents in that it only presents them with a limited set of trade-off tasks. A moderate sized study involves asking for ratings of 3 to 5 prototype packages, while a larger one involves 7 to 9.
Product Optimizer™ has some other secondary benefits:
- It is possible to measure the impact of features and prices on more than one dependent variable – for example, it can be used to assess the impact on loyalty, brand image, share of wallet, etc.
- Variables with a metric nature (interval scaled), such as price, quantity, etc., can be modeled as a continuous variable; this allows clients to interpolate – for example, if the price points tested in the study are $5, $10 and $15, it is also possible to gauge the impact of $6, $7, $11, etc.
Rockbridge has used Product Optimizer™ for a range of products and services, particularly in the following sectors:
- Financial services
- Telecommunications services
- Consumer electronics
- Business software
- Web sites
- Multimedia entertainment and television shows
- Travel services.
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