Product Variant Test

What is a Product Variant study?

Product Variant Study helps understand consumers’ preferences in a brand or product variance. PriceBeam’s Product Variant study is based on the popular scientific methodology of Choice-Based Conjoint and scores are calculated using an analysis procedure called the Hierarchical Bayesian multinomial logit model. Gain insight across the overall sample of a market-tested as well as the opportunity of creating key segments such as channels, retailers, specific demographic and more to unlock powerful insight to tailor their pricing strategy accordingly.

Highlight consumer preferences

Product Variant will provide users with key insight highlighting Product Variant preferences, group variance preference score and diagnostics, correlation between the variances as well as a TURF Analysis which uses “Consumer Reach” as a key component. Consumer Reach is the percentage of respondents that prefer a particular combination of product variances. The overall goal is to assess which product variant offers the best combination of attributes that maximize customer appeal, sales potential, and profitability.

Innovation Teams:

Product Variant is a useful tool for product innovators as it provides a systematic investigation of consumer preferences.

Marketing Teams:

Marketing teams benefit from a Product Variant study as they will be able to uncover consumer preferences using a scoring system to understand the overall best combination.