Choice Modelling
ABOUT
Choice modelling is a perfect tool for mimicking real life decisions to determine how consumers value:
Product and service features
Product packaging and design preferences
Optimising price points
IDENTIFYING WHAT CONSUMERS VALUE
Choice modelling identifies what consumers most value when they make a buying decision: features vs benefits vs price points.
Choice modelling can be incorporated into an online survey so that we can see WHO would buy WHAT and HOW MUCH they would pay for it.
How clients have used Choice Modelling
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ROOM DESIGN
What room features are most valued by different types of travellers? How much would they pay for a room with their preferred features?
Duxton has helped clients in the hospitality industry design their rooms to meet the preferences of different customers and determined the ideal price point versus competition.
We also determined the value of other hotel features such as breakfast, swimming pool, gym, etc., and what impact they have on the price that a customer would pay per night.
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PRODUCT PACKAGING
What package design is most attractive on shelf, and what features/benefits should be highlighted on the labelling?
Duxton has helped a beverage client determine the ideal bottle design, labelling, and price point to maximise purchase value and offtake.
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PRICE ELASTICITY
When we know what product features/benefits consumers value most highly, we can determine what they would potentially pay.
Duxton has conducted multiple choice modelling exercises that help clients maximise their income by knowing what customers will actually pay for a valued feature or benefit.