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The big brother to concept testing, conjoint analysis provides actionably analysis of consumer preferences that can overwhelm concept testing. The aim of a strong conjoint analysis is to provide product designers, product managers, and marketers data they can use to create products with just the right feature set to drive purchase behavior.
At the heart of conjoint analysis is its ability to predict what consumer segments will value among multiple features (brand, price, color) and levels (Brand: Nike, Reebok, Under Armour; Price: $90, $110, $130; Color: Red, White, Blue) of features. It’s good to understand which brand or color ranks the highest on preference scales, but it is more powerful to understand how much the features and levels are valued by a particular consumer segment. With this information, one can create products that will drive revenue.