Conjoint Analysis Application in Healthcare
Given the complex nature of the healthcare industry and the challenges brought by healthcare reform, marketers in the healthcare industry need to better understand patients, physicians and other stakeholders to ensure that healthcare providers offer services that meet the needs of all.
When launching new services or initiatives to improve existing services, marketers are called on to find out how different stakeholders would respond to different service attributes such as cost, brand, service feature, deliverables, etc. Marketers could conduct surveys which ask respondents to rate all the service attributes, but this would often lead to data that indicates that all attributes are important. Moreover, respondents often make decisions in a way that they don’t even realize.
Conjoint analysis is a widely-used and reliable multivariate technique that can be a very useful tool to obtain this type of information. By directing respondents to make trade-offs in simulated market scenarios, conjoint analysis helps to gain insight to stakeholders’ preferences. In this paper, we review how a conjoint design works and the value for your organization.
