IDR Medical use statistical-based quantitative market research techniques to objectively test hypotheses, measure preferences and provide robust insights to inform decision making.
Quantitative research uses structured questionnaires (mostly online) and larger sample sizes to gather data that provides a more representative view of a market or opportunity.
IDR Medical typically conducts quantitative market research as a follow up to a qualitative project. The objective is often to validate hypothesis, quantify market opportunities or explore scenarios around product uptake and price sensitivity.
Quantitative research can also be used as a ‘stand-alone’ methodology, following a number of short qualitative pilot interviews to refine the questionnaire before launch.
We utilise a range of statistical analyses, carefully selected to address the objectives of each project.
Conjoint Analysis is central to many of our projects. We use a range of conjoint methods to, amongst many things, design new products and services, estimate brand equity and measure price sensitivity.
Conjoint analysis is a powerful research technique that evaluates and measures the value customers place on features of a product or service based on trade-offs. Over time the use of conjoint has expanded across markets ranging from consumer goods, B2B and from simple products to multi-dimensional product and service solutions. IDR Medical has utilised a number of conjoint methodologies across medical device and pharmaceutical product development and launch initiatives. Techniques include:
- Traditional full-profile conjoint surveys simply involve respondents selecting their preferred options from side-by-side product descriptions.
- Adaptive conjoint analysis follows the same premise as traditional conjoint but will adapt the questions asked based on the answers given previously. It can also allow respondents to rate levels, attribute importance, and indicate the likelihood of purchase.
- Choice-based conjoint surveys require respondents to make choices regarding different purchasing options based on several attributes provided for each one, thus mimicking a typical buying scenario.
- Adaptive choice-based conjoint is a combination of the previous two methods, it captures more information at the individual level than traditional surveys and can be used with small samples.
- Menu-based conjoint analyses discrete choices, allowing respondents to select those attributes they do like, and leave out those they don’t.
Max Diff Analysis
Maximum Difference Analysis is a simple approach for obtaining preference scores for multiple attributes, be that product features or brand image. It is also known as best-worst scaling.
The benefit of MaxDiff when compared to a standard survey which asks respondents to assign a perceived importance to every attribute, is that it ensures respondents consider their answers and compels a hierarchy of importance out of them. This means we can identify even where there are small differences in their preferences, and it is easier to identify those attributes that are most important to them.
The answers provided are then ranked to provide a scale of attribute importance from best to worst. A simple way to analyse MaxDiff results is allocating scores based on preference selections, but this can be highly flawed, so identifying how likely an attribute is to be selected as best or worst (using, for example, an adapted logistical regression) can be more accurate. It can be important to look at the likelihood of an attribute being selected as both best and worst, as it could highlight attributes that are more divisive.