Market Research Analysis
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MaxDiff Vs. Conjoint Analysis: Differences & When to Use Them
Posted at: 12/20/2024 1:30 PM
MaxDiff and conjoint analysis are essential market research tools companies can rely on to improve their business. Both tools provide deeper insight into what drives consumers to purchase a product, allowing companies to continuously better their offerings, ultimately driving sales. As a result, businesses can make informed decisions based on quality data. But these tools are highly complex, and we strongly recommend partnering with a third-party firm like Drive Research to conduct them. Bel
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10 Tips for Using MaxDiff in a Survey
Posted at: 12/17/2024 1:30 PM
If you are ever looking for a compelling way to prioritize items in a list, consider using a MaxDiff analysis with an online survey. Also known as Maximum Difference or Best-Worst Scaling, MaxDiff is an advanced approach for understanding how respondents rank a list of items using trade-offs (Not to be confused with conjoint analysis). In a typical MaxDiff question or “set,” respondents are asked to review a handful of items known as “attributes” and make two selections: best and worst. The sc
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![Blog: Conducting a Conjoint Survey [2023 Ultimate Guide]](/media/5539/sorted-chaos-order-category-division-concept.jpg)
Conducting a Conjoint Analysis [2025 Guide]
Posted at: 12/11/2024 9:06 PM
A conjoint analysis is one of the most effective ways to help a brand determine the best product features, benefits, and price combinations. When measuring the appeal of a new product concept, it can prove challenging to assess the relative value of each benefit properly. Trying to tackle this through a series of closed-ended questions (select one, select all that apply, ranking) coupled with open-ended questions for context can create a muddy story – one that is hard to apply when deciding
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What Is Cluster Analysis: Examples & Why It Matters
Posted at: 12/5/2024 1:30 PM
When companies invest in advanced market research tools like cluster analysis, they uncover strategic insights to improve everything from company culture to customer satisfaction. And once these insights have been discovered, they can then be used to create a targeted business strategy based on data. In this post, we’ll cover the meaning of cluster analysis, how it works, and when you should use it. Keep reading! What Is Cluster Analysis? Cluster analysis is an advanced statistical techn
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Why Market Research Should Be In Your 2025 Budget
Posted at: 12/3/2024 10:30 PM
Believe it or not, the new year is right around the corner - and that means it's time to start planning your 2025 budget (if you haven’t already). With every new year comes new objectives, goals, and challenges. How will you choose the right tools to assist your organization in breaking new ground and making it the best year yet? We've got the answer... By adding market research to your 2025 budget! In doing so, businesses can be assured they are moving forward in the right direction. Typ
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Switching Market Research Companies: 7 Signs It’s Time
Posted at: 10/18/2024 12:30 PM
Partnering with the right market research team is critical for a brand that wants to receive quality data to improve business. If a brand is working with a market research team that isn't delivering anymore, this is the biggest sign that they should begin looking for a different one. What are some common signs that it's time to switch, you ask? Outdated data, slow turnaround times, and lack of innovative/unique research approaches are all giveaways. Spend some time evaluating your current
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Factor Analysis In Research: Types & Examples
Posted at: 7/1/2024 12:30 PM
Factor analysis in market research is a statistical method used to uncover underlying dimensions, or factors, in a dataset. By examining patterns of correlation between variables, factor analysis helps to identify groups of variables that are highly interrelated and can be used to explain a common underlying theme. Factor analysis can be best used for complex situations where there are many data sets and potentially many variables to summarize. In this blog, we will explore the different ty
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MaxDiff vs. Conjoint Analysis: Uses and Examples
Posted at: 6/17/2024 12:30 PM
If you have ever considered market research that asks respondents to make trade-off decisions, there is a good chance you have heard of MaxDiff or conjoint research. These are two powerful and advanced research techniques that go a step beyond direct question-and-answer analysis. Both of these research methods have one thing in common: they each allow businesses to understand which features directly impact their target audience. However, these techniques have distinct applications that shou
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What is Correlation Analysis? [How to Measure + Pros & Cons]
Posted at: 6/14/2024 12:30 PM
Correlation analysis is a tremendous tool to use in understanding how one variable affects another. It can also be used to find out how much they affect each other. By providing a distinct perspective on which factors impact your business the most, you can feel more confident in the actions you take after the report. Correlations can be misunderstood or misused, which is why it’s important to have experience or be using expert insights in order to get things correct. In this blog post, our on
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What is TURF Analysis? [+ When & How You Should Use It]
Posted at: 5/31/2024 12:30 PM
It's not feasible for a business to offer every product, service, and feature that its customers want. Knowing this is a limitation, organizations need to carefully pick and choose which products, services, or features to offer to customers. TURF analysis provides valuable insights for businesses looking to optimize and/or expand product portfolios by identifying the market reach and potential for each combination of products they might offer. What is TURF Analysis? TURF analysis is a commo
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Best Qualtrics Alternatives For Market Research & Surveys
Posted at: 4/4/2024 6:31 PM
Running an online survey seems easy, right? Many free market research resources offer simple ways to write your survey questions, create a link to share them, or invite respondents via email. However, you may or may not realize that you could be biting off more than you can chew. Seeking alternatives to Qualtrics can be trickier than you think. That said, if you’re still dead set on running the survey in-house by yourself, we’ll talk about our favorite alternatives that are still great for
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eCommerce Market Research: Types + Trends
Posted at: 2/29/2024 1:30 PM
eCommerce market research plays a pivotal role in understanding the rapidly evolving landscape of online shopping. An analysis of the market is essential for companies to make informed business decisions, from identifying consumer trends to assessing the competitive environment. It empowers businesses to tailor their strategies, optimize their operations, and ultimately enhance their market presence. With the boom of online presence for most consumers, the eCommerce boom has been reinventin