Conjoint Analysis Software – Choosing the Best Software for Your Needs
Q is the world’s ultimate conjoint analysis software. Although, the term conjoint analysis is sometimes used interchangeably with choice-based conjoint analysis, we will be referring to it as the latter!
Q’s choice-based conjoint analysis software is easy to use when it comes to creating experimental designs, analyzing experimental and real-world data and generating reports. Best of all, if you want to change anything, Q will automatically update everything for you.
Q features for conjoint analysis:
- Models: MNL, latent class, HB, multi-class HB, random parameters logit, covariates
- Experimental designs: random, efficient, priors, partial profile
- Reporting: a full suite of visualizations + export to PowerPoint and Excel
What is conjoint analysis?
Everyone makes thousands of little to big decisions or choices, every day of the week. Usually, most of these decisions involve choosing between brands, services and products. While we may not be consciously aware of it, each and everyone of us’ decision making process is influenced by numerous tiny factors. Product designers, marketers and advertisers, companies and stores need to be able to understand which of these factors are important and what drives consumer behaviors and decisions.
Choice based conjoint analysis is a powerful analytic method which is used to estimate and predict the probability a person will make a particular choice given the different features or attributes of the available options. People often use conjoint analysis to determine price points (the willingness to pay for goods and services) as well as other important pricing, design and marketing decisions. Choice-based conjoint analysis can also be known as conjoint choice modeling, discrete choice analysis and conditional logistic regression or sometimes simply as conjoint analysis. While choice based conjoint analysis can be tricky, it becomes easier when you use the right tools – Displayr’s free choice based conjoint analysis software.
How does conjoint analysis work?
There are two types of choice models. You can model real-world data, or, you can create experiments with a series of hypothetical choice tasks that are designed to show the behavior and preferences of consumers. The latter involves giving respondents a set of questions or choice tasks with the same number of alternatives. Within these alternatives are different attributes and each attribute has different levels. For example, if price is an attribute, different values would be different levels. In choice based conjoint analysis, this set of questions is called a version and respondents are shown multiple versions and asked to select which one they prefer in a given situation.
Why choose to use Q’s conjoint analysis software?
Q is the ultimate analysis platform. Created by experts in the field of choice based conjoint analysis, Q is modern and built to be the easiest to use choice based conjoint analysis tool around. Q uses the most advanced methods to generate the best choice tasks. Oh, and did we mention it’s complete? That means you get to spend less (as in none!) time shuffling between and paying for different products between SPSS, R, Q, and Sawtooth.