Generic conjoint is the most common type of discrete choice experiments. Technically known as choice-based generic/unlabelled conjoint design, it is used for:
Conjoint.ly estimates how important each attribute is relative to the other attributes in customers’ decision-making process. For example, imagine you are investigating price (specifically $30, $50, or $70 per month) and SMS inclusion (300 messages or Unlimited) for mobile phone plans. If the variation in price sways customers three times as much as variations across SMS inclusions, the relative importance score of price will be thrice as high as that of SMS inclusion.
Each level of each attribute is also scored for its performance in customers’ decision-making. For example, if low price ($30/mo) is seen favourably (relative to the other pricing options), it will show as positive. High price ($70/mo) can be least favourite and will be showing up as negative, while moderate price ($50/mo) can be in the middle showing as either low positive or low negative. The sign of the performance score of each attribute is only relative to the other options respondents faced: $70/mo can be negative when compared with $30/mo and $50/mo, but might show up as positive relative to $90/mo.
For experiments where one of the attributes is price, Conjoint.ly will calculate how much each of the levels is worth to customers. For example, inclusion of unlimited text messages (as opposed to the ‘baseline’ of 300 messages per month) can be shown to be as effective in increasing buyers’ uptake as lowering the price by $14. Thus, marginal willingness to pay is about substitution of a feature for a price change.
People make choices given the current landscape of available options. If you believe that your experiment covers the most important product attributes and common levels, our market simulation tool can predict shares of preference of the different offerings available on the market. One way to use it is to compare two scenarios:
This type of analysis is made easy with our Excel market share simulator.
Conjoint.ly forms the complete list of product constructs using all possible combinations of levels. They are ranked them based on the relative performance of the levels that they combine. This module allows you to find the best product construct that your customers will prefer over others.
Conjoint.ly uses the choices your participants make to understand what segments there are in the market. We still need your judgement regarding how many segments there may be in the market (and you can validate it by reviewing segment profiles: demographic and other data). For each segment, we provide the same detailed analytics as described above.