At some stage during the Product Development cycle, you are likely to need to uncover consumer preferences of your products or services. This may be to fine tune your offer to drive stronger purchase levels and/or differentiate from your competitors to a greater degree. Using choice optimization, you can find out exactly what your target audience is looking for in a product and tailor your offerings to meet their ideal preferences.
Fine-tune your offerings to ensure they truly resonate with your target audience. Toluna’s choice optimization solution uses a template trade-off survey technique to reveal which features, prices, and benefits generate the most favorable combination. This helps you to develop a product that appeals to clients.
Identify the optimum combination of features/attributes within a product/service that will drive the highest demand/purchase
Understand the importance of each feature to your audience
Analyze how changes can impact preference
Optimize attributes to appeal to the largest number of people
Designed by experts, choice optimization provides a standardized, actionable solution that can help save valuable time and money before a product is launched, or even if your product is in-market but not performing. Gathering insights helps ensure products and services have everything consumers need.
Toluna’s choice optimization solution is fully customizable to suit any industry or category. The innovative design allows up to five attributes, each with four sub-levels, to conduct research. Plus, it delivers results at about half the price of a bespoke alternative. This survey platform provides:
Access to Toluna's global influencer panel with over 36 million members in 70 markets
General population reach on gender, age, region, and usage/purchase (entry-level)
Automated design that recommends respondent sample size (typically 500 to 1,000)
Fast turnaround times (approx. one week)
Toluna’s experts can help you interpret data and use it in ways that can improve your product/service components to drive stronger sales. Mix and match different options to see how these changes affect consumer ratings. Our user-friendly toolplatform offers several key components, including:
Preference shares: ‘What if’ scenarios can be tested by switching on or off different combinations of options to see how this impacts consumer preference shares.
Sensitivity analysis: Gauge the impact of a single feature on the preference share as a whole.
Attribute importance: Analyze the importance of each attribute in relation to the rest.
Choice optimization makes it easy to find ways to sharpen offerings to meet demand. Clearly defined attributes are simple to adjust, and integrated filters help achieve detailed results. Using the bar chart, monitor changes in consumer preference at a glance.
Create products that stand out from the competition using Toluna’s choice optimization solution. To find out more about our solutions for new product development, schedule a demo today.
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