Ranking Analysis MaxDiff
PriceBeam's Ranking Analysis, based on the industry-standard method of MaxDiff, can help quantify the answers to such questions. Ranking Analysis is a powerful research technique used to measure the preference or importance of various attributes, features, or items. In new product development, it can be used to identify the most valued features, refine concepts, and optimize marketing messages.
PriceBeam Ranking Analysis is part of the PriceBeam RGM360 Solution
Challenges it solves
Identifying key features
By presenting respondents with a series of sets containing various product features, Ranking Analysis can be used to identify the most valued features that should be included in a new product. This information can help prioritize development efforts and allocate resources effectively.
Refining product concepts
Ranking Analysis can be used to test different product concepts or prototypes by asking respondents to evaluate the best and worst attributes of each concept. The results can help identify which elements of the concepts are most appealing and which need improvement, allowing for informed modifications and refinements.
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Optimizing marketing messages
Ranking Analysis can also be used to identify the most persuasive marketing messages by asking respondents to evaluate a series of potential messages. This information can be used to craft marketing campaigns that resonate with the target audience and drive product adoption.
Segment customers
By examining the preference scores generated through MaxDiff analysis, marketers can identify distinct customer segments with varying preferences or priorities. This information can be used to tailor product offerings or marketing messages to different segments, improving the overall effectiveness of marketing efforts.
Advantages of Ranking Lab/MaxDiff
MaxDiff offers several advantages over traditional rating scales, such as Likert scales or semantic differential scales.
Improved Discrimination:
MaxDiff forces respondents to make trade-offs between items, leading to greater discrimination between the items and a more accurate reflection of respondents' true preferences or importance.
Reduced Scale Use Bias:
Traditional rating scales are prone to scale use bias, where some respondents tend to use only a limited range of the scale (e.g., only using the extreme points). MaxDiff eliminates this bias by forcing respondents to choose the best and worst items within each set.
Cross-Cultural Comparability:
As MaxDiff does not rely on absolute numerical ratings, it is less affected by cultural differences in the use of rating scales, making it more suitable for cross-cultural research.
Minimal Context Effects:
The forced choice nature of MaxDiff reduces the impact of context effects, such as primacy or recency effects, which can influence the results of traditional rating scales.
How Does It Work
PriceBeam’s solution conducts extensive market research, collects and analyzes data before delivering a detailed report on your customer’s willingness to pay. This data will enable you to stick out from the competition, maximize profit, and set prices that aid your long-run brand positioning.
Define offering & target market
Conduct Market Research
Analyze
Report
Available in 127 countries
Run the analyses in 127 countries around the world without leaving your desk. PriceBeam takes care of finding respondents, asking the right questions in the local language, interpreting results, and delivering the final analysis to you.
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You define the target market and describe the product.
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PriceBeam finds the right respondents in each of the markets.
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Run single-market assessments.
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Run and compare results between countries, as part of international launches or price increases.
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Packages
PriceBeam solutions can solve different types of pricing challenges.
Essential Package - Consumers
Quickly research what your customers in a given market are willing to pay for a product or service.
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Consumer insights
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Understand willingness-to-pay
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Overall market analysis
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Existing or new product
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Advanced Package - Consumers
Expand research by analyzing Willingness-to-Pay overall as well as per segment.
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Consumer insights
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Understand willingness-to-pay
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Overall market analysis
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Drill-down by segments
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Existing or new products
Business-to-Business Package
Understand what willingness-to-pay among business customers.
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Business insights
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Understand willingness-to-pay
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Overall market analysis
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Drill-down by segment
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Existing or new product
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PriceBeam panel or own panel
Ready to get started?
Book a call with one of our experts and see how we can help.
