Interest and reaction time analysis of credit card offers: Improving the odds of success by sifting through many alternatives

Key issues in rapid stage development are the need to be right, the need to launch a product and the need to remain in budget. All too often these needs conspire to produce a less than optimal research programme. Research programmes need not be large to be effective. They need not interview hundreds of people on just a few stimuli in order to be absolutely correct. Rather, they need to cover more stimuli, even with fewer people. To the degree that the research touches many stimuli, the odds increase dramatically that some of those stimuli will be precisely the ones that consumers find interesting. Indeed, the marketer’s and developer’s main jobs are to sift through the available options in order to identify the particular options that give the greatest promise.

Most concept testing deals with a limited number of stimuli, in an unstructured way. Conventional conjoint analysis can increase the scope of concept testing by identifying the specific elements in a concept that drive consumer acceptance. The limitations on conjoint analysis are its requirements to limit the number of stimuli to a tractable set, or to use adaptive conjoint measurement. Adaptive conjoint measurement does deal with a larger set of stimuli but at the price of having the respondent go through many iterations, as well as in some cases previewing the full set of elements anyway. The approach presented here is more efficient because it simultaneously works with many elements (200 + ), in a fashion that is easy for the respondent to handle, and produces an impact or utility value for each element, for each person, respectively.

 

 

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