We make thousands of daily choices. What to wear – where to eat – where to shop. We’re also making choices when we rule decisions out. What not to wear – where not to eat – where not to shop.
At first glance, consumer choices might seem random or unpredictable. But there’s always more than meets the eye. What looks like a split-second decision is actually the final link in a complex chain of choices.
That’s where choice-based research comes in. Analytics show what the naked eye can’t see: why consumers favor certain brands, products, and services over others. With actionable data, you can tap into consumer decision factors to market more effectively.
Choice-based research is a powerful marketing research tool. It works by simulating real-life conditions that influence consumer behavior, whether in person or browsing online.
For instance, a method called “MaxDiff” research forces consumers to choose between multiple options. This creates a hierarchy, where products are ranked from best to worst, based on their appeal to buyers.
Another technique, called “Menu-Based Choice,” recreates the “build-your-own” decision-making process. Meanwhile, a third method called “Discrete Choice” predicts how consumers react when given two options to pick between.
The beauty of choice-based research lies in its versatility. No matter what product you sell or what service you offer, your company can improve conversion and increase revenue. By learning what entices shoppers -as well as what turns them off- you can make smarter advertising decisions. That empowers you to reach your target audience more effectively and build your brand.
Armed with data from choice-based analysis, you can predict how consumers behave with greater accuracy than ever before. That’s a powerful weapon to have in your arsenal.
Choice-based analysis shows what customers want. It shows what customers need. Most importantly, it shows what customers value. It highlights strengths and identifies weaknesses. Whether you’re in finance, healthcare, retail, or another sector, choice-based research models can help your business flourish.
At Evolution Consulting, we seamlessly merge choice-based research into a nimble service model that adapts to suit your needs. We evolve in sync with your business to drive growth and generate leads, one decision at a time.