Our team has been on a mission to provide concrete examples of the benefits of our service Insight Streamer LifeCycle. Designed to follow your product from upstream to downstream, Insight Streamer LifeCycle is a series of micro surveys developed to get the specific answers you need exactly when you need them most.
To fulfill our mission, we’ve embarked on a quarter-long blog series of micro-survey case studies. Each case study focuses on an individual micro survey we performed for one client, gathering essential information as their product moved from development to release, and from evaluation through future product incarnations.
So far we’ve covered both the initial market assessment as well as a conjoint analysis of product attributes. Today we’re taking a second look at conjoint analysis, with a focus on the pricing results of a conjoint study.
As mentioned in part one, conjoint was selected because there were several proposed enhancements to the product. Conjoint was the best way to test which of the proposed features would be important to the audience and which would not influence their decision to purchase. All together there were 40 attribute levels spanning 12 attribute categories, allowing for a robust set of choices without overwhelming the respondent.
One of the attributes tested was pricing. Always a key attribute in any feature examination, conjoint analysis allows us to understand how influential price is on decision making, what an audience is willing to pay, and the optimal price point for the product – the price at which our client stands to both earn the greatest profit and achieve the largest market share.
In this particular case, pricing results showed our client that price, while important, was not the greatest influencing attribute. Function was more important to their audience. In conjunction with this information, results determined that the client had room to increase their price point 12-15% from the product’s earlier edition, which had been a success in its time, but had since become outdated.
Quick Study, Quick Results
The beauty of Insight Streamer LifeCycle is not just in our ability to perform a study quickly, but also to share the results of that study quickly. Data from all Insight Streamer LifeCycle studies are combined into one central EverStream Reporter dashboard for our clients.
When the conjoint was wrapped up, we simply added that data to the already existing dashboard. They were able to access the data within a very short timeframe, helping them to reach the decision-making stage quicker and stay ahead of their competitors.
Follow the Story
To hear more about how our client achieved product success with the help of InsightStreamer Lifecycle, subscribe to our blog. Stay tuned as next time we focus on Pre-Sales Activities!