Additional Analytics by Lab42
Your data is only as good as the quality of your analysis. Lab42 provides additional analytics to help you gain more valuable insights from your data and make sound business decisions. These additional analytics are designed to help you at different stages in the product lifecycle — from product development to tracking performance in market. Additional analysis techniques include:
Turf Analysis
Van Westendorp Price Sensitivity
Derived Importance / Quadrant Maps
Factor / Regression Analysis
MaxDiff Analysis
TURF ANALYSIS
WHAT
TURF Analysis is a technique that allows decision makers to assess the ideal mix of product attributes which will attract the most unique (unduplicated) customers.
WHEN
Launching new products/concepts
Introducing new features
Determining incremental gains from each additional attribute
VAN WESTENDORP PRICE SENSITIVITY
WHAT
Van Westendorp price sensitivity analysis is a technique that provides guidance on what price range consumers perceive a product should fall into so it is neither too expensive nor too inexpensive. It also suggests the optimal price that can be used as a starting point when conducting additional research on the product/service price.
WHEN
Determining the optimal price range of new product/service
DERIVED IMPORTANCE/PRIORITIES QUADRANT MAP & FACTOR/REGRESSION
Brands are most successful when they offer a product or service that is unique and meets a consumer need. To define that market position, brand owners need to understand what their brand stands for. That differentiation can be defined by many attributes — both functional and emotional:
How does a brand owner determine which of these attributes are most important and should be prioritized?
What levers need to move to take advantage of the important brand attributes?
Derived Importance and Factor/Regression analysis can help you gain further understanding and insights to answer those questions.
DERIVED IMPORTANCE AND PRIORITIES QUADRANT MAP
WHAT
A simple analysis technique that provides associations between different attributes and a Key Performance Indicator (KPI) and then maps these attributes to visually portray strengths and weaknesses.
WHEN
Determining which attributes set your brand/product/service apart from competitors
Determining which attributes are important weaknesses and should be prioritized
FACTOR/REGRESSION ANALYSIS
WHAT
A more advanced analysis technique to help understand how to prioritize resources by identifying areas that are likely to be more impactful.The difference between Factor/Regression analysis and Derived Importance is that Derived Importance shows an association (correlation) of different attributes (variables) and does not take into consideration that some attributes may mean the same thing to consumers (i.e. are highly correlated).With Factor/Regression analysis, similar attributes are grouped into categories (areas). Then, Regression analysis quantifies the strength or impact that each category is likely to have on a KPI or other metric.
WHEN
To understand which area is more important to driving a specific KPI in order to prioritize resources and focus strategy.
MAXDIFF ANALYSIS
WHAT
A technique (also known as Best-Worst) that helps us obtain preference or importance scores by requiring respondents to make choices or trade-offs between a set of choices. This enables us to get more differentiated ranking data vs. rating on numerical scales, as respondents need to make a choice based on what they consider best or worst, or more important vs least important etc.
WHEN
To understand relative importance or rank of different attributes, for example various features in a game, product attributes or advertising claims.
