Conjoint analysis is a survey-based statistical technique used in market research that helps determine how people value different attributes (feature, function, benefits) that make up an individual product or service. In the context of veterinary research these could be determining the relative importance of price vs brand (or lack of brand: generics) vs delivery mechanism or levels of support
The technique has huge value when you need to determine the relative value of an attribute in relation to others, or when particular “trade-offs” are made. These trade-offs are critical in determining what is important. Would a veterinarian be willing to trade off the lack of support for a cheaper product? Because once you understand the decisions that are made then you can start to predict possible outcomes. It’s this scenario testing element that makes conjoint invaluable.
Example of some of our recent conjoint projects:
- Determining the relative threat of a new generic product entering the market and best ways to counter the cheaper price.
- Establishing the potential market share that a novel protein could potentially command and what products would it take share from.
- Quantifying the effect that changing a particular molecule would have on sales/prescriptions.