Sydney, Australia, April 21, 2017 -- Australian-based technology company Conjoint.ly automates conjoint analysis and discrete choice experiments providing organisations with agile insights and the ability to rapidly test product concepts, optimise product pricing, and forecast market share. Conjoint.ly uses state-of-the-art algorithms to answer key questions such as customers’ preferences, how much people like a new product idea, and how much are people willing to pay for new features?
Conjoint.ly is co-founded by Nik Samoylov, a former consultant at top-tier management consultancy Bain & Company, and Professor Ujwal Kayande, Director of the Centre for Business Analytics at Melbourne Business School. Samoylov, who was awarded a University Medal from the Australian National University (ANU), noticed companies making big decisions about products based on ‘gut feel’ and assumptions.
“Companies would make fewer costly mistakes if they listened to their customers, and agile market research needs to reflect the voice of the consumer before a company commits to a big move” say Samoylov.
Co-founder of Conjoint.ly, Prof. Ujwal Kayande has over 25 years of experience in top business schools around the world, having won several international awards for marketing research. He says, “We know marketing science, having taught and practiced it at the highest levels for decades; the statistical techniques are robust, proven, and Conjoint.ly helps companies rapidly access valuable data.”
The traditional “stack” for conjoint analysis consists of Sawtooth Software which was developed in the eighties, and requires a combination of data scientists and market research analysts to interpret the complex data sets. These specialist market researcher solutions offer immense value to agencies, but the time, effort, and cost are dramatically reduced by Conjoint.ly.
According to Nik Samoylov, Co-founder of Conjoint.ly, “Automation enables us to deliver results quickly, in a couple of days, not a couple of months that it typically takes traditional approaches – but with the same, and in some instances, even better statistical algorithms. More than anything else, we’ve made the tool easy to use, which means that managers can themselves start doing these studies without the need for expensive intermediaries.”
Samoylov further adds that, “Conjoint analysis is applicable in consumer goods, financial services, healthcare, telecommunications, and any other consumer-facing industry. The interest so far has been quite broad, and unexpectedly global, ranging from genetic engineering, restaurants to large international FMCG conglomerates.”
Customer centricity and engagement have become corporate buzzwords. To be customer centric, you need to know what customers want. Conjoint.ly provides marketing and product managers with market research to solve problems that managers have in mind, such as, refining pricing, or selecting product features to offer the market.
A great deal of innovation from alternative market research approaches will become ever more necessary for corporations, and Conjoint.ly plans to further continue expanding its product offering using artificial intelligence.
Samoylov sheds light on the future of marketing research, “Business process automation through AI and other technologies does not need to disrupt the jobs of managers who ride along this wave. A new generation of tools and services will make managing companies the most fulfilling it has ever been.”
For More Information: Conjoint.Online, [email protected]
Sydney, New South Wales, Australia 2001