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Defining Ideal Features

A leading financial services company came to us, asking for help launching a new financial documents review service for its customers. They needed to determine the optimal mix of features, the most appealing name and how to price the service in order to maximize market penetration and revenue.

The client wanted to know, “How would an all-inclusive bundle of features compare to a more basic offering with the ability to add on features for an additional cost?” Because there were relatively few categories to test, we recommended a CVA conjoint study.

CVA uses a traditional full-service profile approach to collecting data. For this exercise, respondents rated their interest in several packages that included different features and price points.

Through our exploration of the data using simulations, we determined – to the client’s surprise – that offering an all-inclusive service at a lower price would generate both more customers and higher revenue for the company. Plus, the data helped determine the most appealing service name from a group of proposed names.

We then analyzed this information in combination with costs the company would incur for the various features and determined the final market offering. The offer maximized product penetration and revenue and kept the company from needlessly wasting money on costly post-launch optimization.

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