At IDR Medical, we work with our clients to launch new products from idea generation and concept development to market testing, pricing and launch strategy. We utilise a range of qualitative and quantitative research approaches including Conjoint Analysis. Existing conjoint approaches are valuable to identify optimal product feature sets and pricing strategy, however, the complexity of certain medical products limits how and where we can deploy a conjoint study. To address this limitation we have recently added Menu Based Conjoint to our research portfolio.
MBC is designed to maximise revenue for complex products and services where customers can choose feature sets at specific price points from a menu of available options. This approach enables companies to develop optimal product and price packages, for example where they provide a base product to which optional features can be added or where feature bundles can be offered to generate the greatest return on investment. A wide range of different packages and options can be tested to find the sweet spot for the product or service. Menu Based Conjoint is just one of the Conjoint methodologies IDR Medical utilise, each of them has their particular strengths.