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Importance of the MaxDiff and Conjoint Survey Analysis in Marketing

Multiple international companies do a public survey before starting the new business setup. The general survey plays a vital role in obtaining people’s reviews and opinions about the business, facilities, services, products, etc. You must know about the company’s public views and their interest, brand for the business’s increasing and progress.

The analytical approach in the marketing strategy is an essential factor to know the people’s interest and demand about the brand, products and the sale value. The public surveys help to identify the requirements about the product and its quality.

Questionnaire Surveys for Respondents

There are many questionnaire surveys for the respondents to get basic and vital information about things and other various products. The enterprises like estate agencies, restaurants companies and other daily life products, etc. try to get opinions from the people according to the statistical survey data and build a robust marketing strategy for gaining more traffic towards the brand and boosting the sales and revenue of the company. Multiple questionnaire surveys include:

  • Multiple Choice
  • Multiple Textboxes
  • Input Box
  • Rating
  • Matrix
  • Ranking
  • Net Promoter Box
  • MaxDiff Analysis
  • Conjoint Analysis

What is the MaxDiff Analysis?

It’s the survey analytical preference data of various items about the people’s interest. A MaxDiff is a survey question that describes the different items and products to the respondents and makes them choose the most important and the least important option. The survey results show complete data about the major or least product according to the demand of the people. It is termed as maximum difference scaling analytical approach, and it’s sometimes known as “best-worst scaling”. 

The researchers use this analytic approach when finalizing the brand preference, products features and customer satisfaction. Using this survey question, people choose the best and the worst product that helps the brand keeps the best product and neglects the worst product from its items list.

How Does MaxDiff Analytic approach Work?

 It works by providing the list of the items in the survey question and asking the best and least preferred things. After accumulating the results, the experts analyze the results and get the data by taking the difference of the best-preferred item and the least preferred item and dividing it by the total number of items. This methodology works when you have to get a preference among the selected items. For example, an estate agent can make MaxDiff survey question by asking minimum four different options like room size, room mattress, interior gym facilities and package in choosing the hotel. The selected options can help the estate agency to work on that particular field to get customer satisfaction.

How can you create a Survey?

It’s easy to create a survey on the website without any trouble. You can make a survey question by clicking on the button “Create a Survey”, and after this, you can choose the MaxDiff option for MaxDiff analysis. You can put various possibilities and questions for the respondents according to your brand products and marketing policy. It’s easy for you to put multiple and unlimited attributes to it. Minimum five attributes per set would be the best option for the survey.

Conjoint Analysis

It’s similar to the MaxDiff analysis, and it is also used for the preference purpose. Conjoint analysis is the analytic approach to ask people about the multiple options containing the set of product. It’s mostly used for the restaurants to make an affordable menu package for the customers. Therefore, it’s helpful to obtain an opinion about the products and their pricing value. You can launch the new concept in the market with the help of conjoint analytic approach. The difference between conjoint analysis and MaxDiff analysis is that the conjoint analysis is multi-preference approach while MaxDiff is a single-preference approach.

Why is Conjoint and MaxDiff Analysis utilized for Preference Purpose?

The other question surveys like rating and matrix are not used for the preference purpose. In such a type of questionnaire survey, people select all the options, and the obtained results do not define the exact preferred item from the item list. You cannot presume from the statistical data about the most important and the worst item by using other analytic survey approaches than Conjoint and MaxDiff. These two are used in risk management, security policy, organizational security, cloud computing, HR security, insurance management and documentation, etc.