Conjoint Analysis / Discrete Choice Modeling
Conjoint analysis and discrete choice modeling market research techniques
are well-established in assessing the potential of pharmaceutical and biotechnology product sales and promotions. They are most frequently used to design new products and services, estimate price sensitivity, segment markets, and develop messaging and competitive strategies. Specific objectives of choice-driven research can include:
- Provide preference share data and inform forecasts
- Provide insight on how product characteristics/ attributes will affect potential uptake
- Guide product development go or no-go decisions
- Guide future clinical trial designs
- Guide pricing strategy
- Align marketing with product development
- Assess the current and future competitive landscape
- Prioritize patient types for optimal uptake
- Guide messaging strategies and prioritization
While the methodologies are familiar and widely-adapted, not every practitioner produces successful outcomes. G & S Research understands the critical success factors that make these projects practical, versatile, and enduring.
Solutions-Focused; Not Methodology-Focused
There are many possible approaches to these types of research: choice-based, adaptive, simulated, hybrids, ratings-based, etc. The most appropriate methodology is based on many factors, including your business objectives, the variety of product and market features present, as well as what you do and do not currently know.
G & S Research is fluent in all of the trade-off, choice-based approaches, and each research engagement is custom-designed. We leverage our experience within your market category to provide additional insights for the optimal study design. And, because your internal team members may have differing or additional objectives and perspectives, we encourage that all participate in upfront discussions.
After pursuing productive dialogue, using solid judgment, and focusing on solutions, we work with you to craft the most appropriate study design that will effectively address the business objectives at hand.
The End in Mind
These studies are typically a sizable investment and time-sensitive. You need to get it right, the first time around. This requires a research partner that understands your business, your therapeutic or disease category, and the respondent base of the research.
G & S Research has the experience and knowledge to insure your design is relevant and practical given your unique circumstances. Your study will be designed with the end in mind so that the outcomes effectively guide both current and future strategic decisions.
Study Design and Implementation Consultation
A successful study also requires a partner that understands what these modeling techniques can and cannot do. As consultants, we work closely with you to prioritize your information needs and focus on how the research outcomes will affect your internal stakeholders and the business strategy as a whole.
We will also consult with you to identify those attributes/ levels which may be less relevant to the market and can therefore be excluded. A key premise behind successful choice-based research is practicality: not too many attributes so that it is overly complicated, but the right level of detail for desired differentiation.
From designing the simulator to planning the roll-out to your internal stakeholders, G & S Research’s consultation is equally strong on the back end of our project. It is, in fact, a wasted investment if nobody reacts to the research outcomes. We provide you with tools that convert the research results to real-world applications and can help you anticipate questions from your team to ensure understanding and adoption.
Exceptional Project Execution
Each stage of your conjoint or choice project must be executed without fault for a successful endeavor. Whether designing a quality data collection instrument or recruiting the appropriate sample, each phase must be expertly and proactively managed. G & S Research will keep you apprised of all activities, so that you’ll be knowledgeable about your project from initiation to completion. Fortified client teams work together to ensure that quality and timeliness are at the forefront of these studies.
Let G & S Research consult with you when you need to understand the drivers of choice on your product, service, or promotional strategy. See why our combination of 100% custom research, stead-fast focus on project outcomes, deep knowledge of choice-based research, and exceptional project management equates to winning outcomes for our clients, time and time again.