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Optimizing A Product

A financial institution had test-marketed a new debit card with better-than-expected success. They felt their new product had the potential to lower operating costs, attract new customers and allow the development of additional products as an extension of the card.

However, their original market test used a basic debit card with only a few core features. Now that the company had experienced success with the product, they had a bevy of potential features and fees that could be applied. The only question was what combination of features and costs would maximize adoption of their new card?

The marketing team developed a total of fifteen different attributes including card-reload options, rewards programs, account access options and fees for various services. That was simply too many variables for a traditional conjoint CVA; so, we recommended an Adaptive Conjoint Analysis (ACA).

ACAs are able to handle large groups of attributes by narrowing down the possibilities for respondents so that they evaluate what is most important in their decision process. Using results of a sensitivity analysis, we were able to sort out the key issues.

With this information, the company developed an optimized offering that gained widespread acceptance, generated additional customers and continues to be widely used today.

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