Menu-Based Conjoint
Menu-Based Conjoint (MBC) Analysis, or sometimes Menu-Based Choice Modelling, is a cutting-edge type of conjoint analysis designed for companies that sell products or services where customers choose from a menu. It can be a literal menu, like in restaurants, or a figurative menu like most products with a build-it-yourself approach, e.g. hotels, travel, phone plans, car configurations, event plans, membership options and many more.
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Challenges it Solves
Pricing the bundles and/or individual items
Figuring out how to price bundles and individual items can be tricky. MBC Analysis helps you identify the sweet spot, ensuring that both your bundled offerings and individual items are priced right for maximum customer appeal and profitability.
Understand items that are complementary or substitutes
Recognizing which items complement each other or serve as substitutes is crucial for crafting a compelling menu. Our analysis allows you to understand the dynamics between menu items, helping you create combinations that enhance customer satisfaction and drive sales.
Identifying upselling opportunities
Upselling is a valuable strategy, and PriceBeam's analysis helps you identify opportunities. By understanding how changes in pricing affect customer choices, you can strategically position and promote items, enhancing upselling potential and overall revenue.
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Setting new prices for new menu items or features
Introducing new menu items or features requires careful consideration. PriceBeam assists in setting prices for these additions by gauging customer reactions, ensuring that the pricing aligns with market expectations and positioning the new offerings competitively.
Benefits of Menu-Based Conjoint Analysis
This study allows you perform an advanced price analysis and simulation of DIY or bespoke products
Realistic Decision Insights:
MBC Analysis offers realistic insights in menu-driven choices, capturing the complexity of customer decisions for enhanced real-world decision-making.
Dynamic Price Impact Understanding:
Understand the dynamic impact of price changes on individual menu items, optimizing pricing strategies for each item and the overall menu to maximize revenue.
Simulate Complementary and Substitution Effects:
You can simulate complementary and substitution effects, providing a holistic view for strategic positioning, promotion, and effective adaptation to changing customer preferences.
Tailored Strategy for build-it-yourself Products:
Tailor strategies with MBC Analysis, optimizing offerings, creating attractive options, and designing pricing structures that align with customer expectations for increased satisfaction and loyalty.
How Does It Work
PriceBeam’s solution conducts extensive market research, collects and analyzes data before delivering a detailed report on Menu-Based Conjoint Analysis. This data will enable you to stick out from the competition, maximize profit, and set prices that aid your long-run brand positioning.
Define offering & target market
Conduct Market Research
Analyze
Report
Available in 127 countries
Run the analyses in 127 countries around the world without leaving your desk. PriceBeam takes care of finding respondents, asking the right questions in the local language, interpreting results, and delivering the final analysis to you.
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You define the target market and describe the product.
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PriceBeam finds the right respondents in each of the markets.
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Run single-market assessments.
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Run and compare results between countries, as part of international launches or price increases.
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Packages
PriceBeam solutions can solve different types of pricing challenges.
Essential Package - Consumers
Quickly research what your customers in a given market are willing to pay for a product or service.
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Consumer insights
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Understand willingness-to-pay
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Overall market analysis
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Existing or new product
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Advanced Package - Consumers
Expand research by analyzing Willingness-to-Pay overall as well as per segment.
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Consumer insights
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Understand willingness-to-pay
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Overall market analysis
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Drill-down by segments
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Existing or new products
Business-to-Business Package
Understand what willingness-to-pay among business customers.
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Business insights
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Understand willingness-to-pay
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Overall market analysis
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Drill-down by segment
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Existing or new product
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PriceBeam panel or own panel
Ready to get started?
Book a call with one of our experts to see how we can help.
