Uncovering Customer Preferences and Willingness to Pay with a Conjoint Survey
Challenge
A team at a consulting firm wanted to help their client determine an optimal offer structure for its tax and accounting tool based on customer segment preferences and willingness to pay.
It was important to cast light on the pain points in tax solutions and the preferred feature add-ons of three distinct customer segments.
The GLG Approach
GLG connected the client team with a buyer of tax and accounting tools to discuss the features they find most valuable and to identify the top buyer segments.
After that interview, GLG worked with the client to design and run a conjoint analysis to develop customer segmentation recommendations, rank feature preferences, analyze willingness to pay, and assess customer value. The conjoint survey was fielded to 200 buyers of tax and accounting solutions.
Outcome
The client team gained insight into barriers to purchase and pain points by customer segment. They calculated the optimal premiums to charge for tool features and a range of acceptable price points using the conjoint analysis. The team used this data to provide their client with three offer structure recommendations.
Why GLG?
A client team conducted an expert call and ran a conjoint survey to cast light on customer preferences and willingness to pay for product features and used these insights to recommend offer structures for their tax and accounting tool.
Project Breadth:
One expert call
One survey with 200 respondents
Applied Methodology:
GLG used a suite of advanced choice-based methods to collect high-quality data. We provided a structured framework to derive the right insights from customer data, and we gave precise, quantified answers to our client’s “what-if” questions.
Advanced Analytics Expertise:
Senior experts provided design recommendations and market simulator walkthroughs. GLG brought more than 15 years of choice modeling experience across sectors.
Featured Products
Let us start helping you today.
As the world’s insight network, GLG connects clients to the subject-matter experts who can provide real-world insights to make informed decisions. Our team of professionals work with you to create a tailored approach that identifies, assesses, and answers your questions on your timeline. We bring the power of insight to every great professional decision.