By changing the way the products are described and observing which is preferred in each case, we can more accurately estimate buyers' preferences for each attribute level. The fact is, most people have very little idea how to quantify their preferences for individual attribute levels, so these conjoint questions provide a clever and realistic way to obtain them.
How Conjoint Information Is Used To Aid Marketing Strategy
Conjoint results provide insightful information. For each attribute, we learn its importance, defined as the amount of influence that it has on buyers' decisions. Importances are typically described as percentage values that sum to 100%. For example, consider these hypothetical results:
Credit Card Importances
| Brand |
60% |
| Interest Rate |
30% |
| Credit Limit |
10% |
In this case, Brand is the most important attribute, and has twice as much effect on people's choices as Interest Rate.
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