Using Choice Modeling to Supercharge Your Business

 
9780983043607: Using Choice Modeling to Supercharge Your Business
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Know What Your Customers Want, Know What You Can Do About It.

Choice modeling (sometimes called choice-based conjoint analysis or discrete conjoint analysis) isn't for everyone, but its wide range of applications can help many companies optimize their new products or existing product lines. It allows firms to increase competitiveness and profitability and can provide ROI analysis of marketing decisions before you finalize them. It tells you what kinds of trade-offs your customers may be willing to make and helps analyze those trade-offs.

Chris Diener has taken the mystery out of choice modeling (or choice-based conjoint analysis), with the aim of helping marketing managers better understand how it works and how it can make a company more competitive.

Diener stresses that choice modeling more closely represents the actual decisions that customers make when they are considering purchases, especially of big-ticket items. A customer looking at new printer, for example, may consider speed, memory, print quality, price of consumables, and the price of the printer among other items. To spend less money or get better print quality. the customer may be willing to make certain trade-offs. Choice modeling can accurately predict what those trade-offs would be.

Diener's step-by-step analysis of the choice modeling process helps uninitiated marketers decide whether a choice modeling project is appropriate for their situation, helps managers explain it to their clients and colleagues, and helps marketing executives unlock the potential of their market research investment.

This book will help executives understand the strategic power of market research. It will help managers explain the value and accuracy of choice modeling (or choice-based conjoint analysis) to their colleagues. And, it will give research salespeople confidence in explaining choice modeling to their potential clients.

As competition heats up among both domestic and global companies, it is critical to know as much as possible about what will cause customers to choose your products and services and stay loyal to you. Choice modeling will help.

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About the Author:

Chris Diener has been actively involved in market research and strategy as a consultant, manager, and executive for over 15 years with the world's leading market research firms. Dr. Diener's expertise encompasses operations, management strategy, marketing strategy, and higher-level quantitative analysis and research design. He has been a pioneer in developing new quantitative approaches for the market research industry and has contributed to the industry across the years through publications and many conference presentations.

Chris received his Ph.D. in Marketing Science for work in econometrics, psychology and quantitative marketing under Professor Jordan Louviere. Chris also holds Juris Doctor and Masters of Business Administration degrees. Chris earned his B.A. in Economics.

Review:

I have used choice modeling several times during my career in consumer strategy. Each time, the results have proved to accurately reflect consumer preferences and to drive profitability. Choice modeling is clearly one of the more expensive types of consumer research that you might undertake, but, every time I have seen payback of those costs within a few months to easily less than a year.

Chris Diener has not only deep expertise, but also practical experience in making choice modeling accurate and profitable. You'll find his book to be very informative on how to think about whether choice modeling is right for your needs. --Bonnie Matosich, Corporate Brand Management, The Walt Disney Company

Despite being one of the innovators and one of the most sophisticated users of choice modeling that I know, through this book, Chris has made choice modeling easy to understand and use. The mathematics are secondary to the ability to apply the tool to business problems. --David Sackman, CEO, Lieberman Research Worldwide

Diener cuts through the technicality that often accompanies this subject, enthusiastically laying out the basic proposition and benefits of choice modeling. A useful handbook for business leaders and consultants looking to leverage this proven method for understanding and, critically, predicting buyer behavior. To his credit, Diener offers concrete examples and case studies, and keeps the focus on the ultimate goal of profitability. --Bryan Orme, President Sawtooth Software, Inc.

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