The Power of Hybrid Research
Context brings data to life. Preference Analytics specializes in bringing you that context by combining both quantitative and qualitative research methodologies – the "what" as well as the "why."
We can use qualitative interviewing to inform useful questions for a quantitative survey. Or we can dig deeper into quantitative data with in-depth, qualitative questions.
By doing both qualitative and quantitative research, we bring you better insights more efficiently.
Quantitative Research
The data you need to make important decisions shouldn't be clouded by survey bias or leading questions. You're looking for results that reflect what your respondents are actually thinking – and to do it, you'll need quantitative research that eliminates that bias.
Preference Analytics structures surveys that result in more actionable data to help you inform business decisions and make smart moves. We've developed a faster, smarter way to help you answer key questions like:
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What are the reasons why people choose one brand over another brand?
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What keeps customers coming back?
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How do different segments of customers behave with regard to brand choice and
loyalty?
Using MaxDiff and Conjoint methodologies, Preference Analytics can do a thorough, data-driven investigation into what your customers actually want.
MaxDiff
Our MaxDiff analysis allows you to determine how much one item is preferred as well as how to satisfy the most people with the best features.
THE QUESTION
With a lot of potential features and options, it can be difficult to determine what aspects of your product your customers prioritize and by how much.
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What's most important to your customers?
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Where should you allocate resources?
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How much do customers prefer one feature over another?
THE CHALLENGE
Surveys that ask customers to rate importance on a scale don't work with how people naturally make decisions. Respondents may straight-line (where either everything or nothing is important) or have different cultural approaches to using a scale system.
THE SOLUTION
Our MaxDiff experiments capitalize on how people make decisions in the real world. We ask them to select their most- and least-preferred option from a subset of options instead of asking them to sort an entire list. As customers go through the exercise multiple times, a natural prioritization occurs.
This valuable data can then be put to even more use with Conjoint analysis.
Conjoint
Conjoint what-if modeling helps you gain a deeper understanding of your customer's preference and how to create the perfect combination of features, presentation, and price to maximize market share.
THE QUESTION
To understand customer preference, you may have a variety of questions:
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How do people react to a change in your product?
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With multiple products to choose from, which will they pick?
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Which features influence customer decisions?
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How should you optimize your product configuration?
THE CHALLENGE
There are thousands of different combinations to test and learn from. And many concept tests simply ask people to rank or rate features on a scale. That's not a natural action for your customers, and it can lead to respondents ranking everything as important.
THE SOLUTION
We apply a Conjoint research method that gets to the bottom of customer preference with a more realistic, scientific way to test thousands of different options. We simulate a real-life buying decision by showing customers a group of product options, price points, and configurations and asking which one they prefer.
A POWERFUL SIMULATOR
Test thousands of possibilities with a what-if market simulator created from your Conjoint results. Using the scores from each product combination, the simulator can act as virtual consumers voting on potential products and giving you insight into thousands of different options.
With Conjoint, we learn more about which feature has an impact on the buying decision, allowing you to test different combinations and develop a model. This is a great way to validate a hypothesis early on, before committing valuable resources, and to confidently build your business case.
Qualitative Research
Open-ended questions and interviews give your customers the opportunity to share their opinions, attitudes, and perceptions. This information adds valuable color to the stories you tell that support business decisions and reasons to believe in your products and brand.
To make the most of it, you need world-class listeners who take a thoughtful approach to collecting and scrutinizing qualitative data. We can help you explore questions like:
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Why do customers prefer some competitors more strongly over others?
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What kinds of values, aspirations, or struggles do my customers have and why?
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How do customers perceive my brand and what value does it offer them? Why?
Using interviews, focus groups, and ethnographies we bring our deep experience with small businesses, multicultural audiences, and product marketing to ask the right questions and collect meaningful answers.
In-Depth Interviews & Focus Groups
Our seasoned team conducts in-depth interviews and focus groups in person, online or over the phone. We can help you gather the best information possible with questions that get to respondents’ share of heart and share of mind. By observing them in their “daily lives” we’re able to get a more
accurate representation of their behaviors, challenges, and needs.
"Follow Me Home" Ethnographies
We step into your respondents' environment and observe how they really operate with "Follow Me Home" ethnographies. By observing them in their "natural habitat" we're able to get a more accurate representation of their daily behaviors, challenges, and needs.
Strategic Advisory Services
Our deep knowledge of SMBs and diverse markets sets us apart. Combine that with integrated go-to-market expertise and you have streamlined strategic and product marketing services.
Experience That Matters
With more than 20 years of experience, SMBs are our bread and butter. We understand the specific pain points and the daily ins-and-outs of these businesses.
Integrated Go-to-Market Expertise
Our go-to-market services combine our research with plans that are relevant, actionable, and specific to your needs so you can create a product marketing strategy.
Multicultural Markets
As a Latinx-owned company with in-depth multi-cultural knowledge, we are well positioned to generate insights that drive growth strategies, tactics, and activities.
Deep Operating Experience
To build realistic, practical plans for you, we draw upon our go-to-market experiences in the trenches making difficult decisions on marketing plans and messaging.