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Configurator AnalysisTM
Configurator AnalysisTM is a proprietary data collection and analysis technique that is designed to gain a deep understanding of the relationship between the discrete components of products and services, as well as aid in establishing efficient pricing structures.
- Interactive technologies allow users to build their own ideal products
- Each added feature can be accompanied by a pre-determined cost
- Modified van Westendorp technique pairs features chosen with price expectations-allowing for more accurate data on how much value customers associate with specific product configurations
- Users indicate preferred product or service features, as well as their likelihood to purchase the particular product/service
Try an online demo of Configurator AnalysisTM
The SmartSliderSM
Our SmartSlidersSM are used to perform the modified van Westendorp pricing technique after the respondent has configured the optimal product. As the respondent answers the four interdependent pricing questions needed to obtain his or her optimal price point, the SmartSliders perform validation and error checking by dynamically setting their max and min points with respect to the respondent's previous answers.
These SmartSliders ensure the data we receive is as accurate as possible, reducing the possibility of human error.
Click on the image for an in-survey view
More Flexible and Realistic Than Conjoint
While similar to a traditional Conjoint, Discrete Choice or other choice-based analysis studies, Configurator AnalysisTM is more effective due to the more realistic feature combinations that users create.
Conjoint
- Restricted number of features that can be tested
- Pre-determined configuration sets may not be realistic
- Pre-determined price not driven by features or sensitivity algorithms
- Does not handle complex combinations well
Configurator AnalysisTM
- Can handle many features and requirements
- Choices offered are governed by features that are actually designed to be compatible with one another
- Rule-based pricing can be used to reflect specific features chosen
- Socratic's Smart Pricing MeterSM produces demand curves and revenue maximization predictions
These enhanced capabilities help Configurator AnalysisTM determine optimal pricing relative to feature constellation, product bundling strategies, and discount strategies.
Practical Considerations
Use Configurator AnalysisTM when...
- The number of features or levels to be tested would be too cumbersome using other decision-modeling strategies
- There are constraints that govern how the features can be combined
- The range of acceptable pricing is unknown or differs greatly by segment of customer
For an electronic brochure on the use of Configurator AnalysisTM and Socratic's Modified van Westendorp price sensitivity techniques please click here (Adobe Acrobat Reader required).
