Choice-Based Research

Marketing Research Services by Evolution Consulting

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.

What is Choice-Based Analysis?

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.

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Learn more about Evolution’s choice-based research services.

Healthcare

Pharmaceutical & Healthcare companies are up against unique advertising challenges. Care costs are increasing, health systems are consolidating, and patients are growing more informed, more hands-on and more selective.

With greater numbers of patients turning to Google and YouTube as entry points for healthcare information, traditional approaches like mass-media advertising are becoming less effective. Compared to their parents or grandparents, today’s patients are less likely to call a doctor, and more likely to seek answers online.

Choice-based analysis can be your guide through modern patients’ medical decisions. From initial research to prescription and treatment, choice-based techniques show how patients navigate an increasingly complex and online-oriented healthcare system.

Consumer

In the age of digital storefronts, consumers have limitless options. Clothing and toys, electronics and furniture – more products available at more stores at a range of prices. But choice-based analysis by Evolution does more than just give you statistics. It offers actionable insight into retail trends and patterns.

For example, consider a study that was published in the Journal of Consumer Research in 2014. The study showed that “participants were more likely to choose a retailer that offered an everyday low pricing strategy (EDLP) or… frequent small discounts over a retailer that offered infrequent large discounts.”

Now imagine if you owned the business offering those “infrequent large discounts.” Once you learned about these results, you’d probably change your sales model to satisfy more shoppers – or, if you wanted to target the luxury market, rethink your competitive strategies. Thanks to choice-based analysis, retailers learn how they should adjust their tactics to reach desired demographics.

Financial Services

Which credit card is right for me? Should I choose traditional banks, a credit union, or switch to mobile banking? Who should be my insurance provider?

Overwhelmed. That’s how most people feel when faced with having to choose between various financial products. But somewhere along the way, that same consumer purchased a product, paid for a service, or switched their provider.

So what brought that consumer to their decision? And why did he or she pick your competitor instead?

Choice-based research replicates consumer thinking and decisions, painting a picture of what your target audience values in a financial company. These insights can be incorporated into your business strategy for improved outreach and conversion. With Evolution, you get more than just a “data dump.” You get clear recommendations on what your future could look like – and how to get there, fast.

To learn more about our choice-based research services for financial, retail, and pharmaceutical companies, email us or call us today at 866-486-0873.

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