There are two types of pricing research – direct questioning and choice experiments. Direct questioning, as used in the Van Westendorp or Gabor Granger tools, is simple but often leads to price estimates that are inaccurate or biased because of two reasons: (1) the lack of competitive environment in the test and (2) the transparency of the questioning purpose leading to tactical responses.
On the other hand, conjoint-based choice experiments require the respondent to choose repeatedly between alternatives including the competitive environment. The price estimates are more accurate and less prone to bias. A major disadvantage however, is that the experiments often feel artificial, lengthy and boring, a significant problem with complex products or a large number of alternatives – like most FMCG categories.
This problem is solved by virtual shelves that make choice experiments very lively and less artificial. More alternatives can be presented in a less tedious way which increases naturalness of the choice task and validity of the results.
The shelf-based conjoint analysis might be the most powerful market research tool developed so far for pricing research. But as with any complex method, it requires expertise and diligence in planning and analysis. The webinar will enable participants to assess and maximise the usefulness of conjoint-based pricing models.
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