Conjoint is the Rolls Royce of pricing research used to understand how people choose products and services. It allows us to answer pricing, product development, as well as portfolio questions. The conjoint question presents customers or consumers with a series of product options. Based on their preferences, we can measure price elasticity for the product and specific product features. A powerful simulator tool, that comes with conjoint can determine the pricing scenarios that will lead to the optimum revenue or profit.
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Transactional data analysis
Prioritizing customer feedback over transactional data aids in accurate predictions. Analyzing data correlations using machine learning refines market strategies, but past data has its limitations.
This pricing method presents customers with varying price points for a product and asks their willingness to purchase, resulting in a demand curve that identifies optimal pricing for maximizing sales, revenue, and profit.
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