Webinar “When the market seems too big: Use evoked sets to model how shoppers buy”
When working in a small market with only a few products, it can seem pretty straightforward how to do reliable research and model the market. However, for large and fragmented multi-million dollar markets (arguably, some of the most important markets to understand well as a brand) it’s much more difficult to get to accurate research and models.
Based on our recent article in Quirk’s, our March 2016 SKIM Evoked Sets webinar shared how to create a full understanding of market dynamics and improve your research results when dealing with a massive marketplace.
When the marketplace seems too big: Using evoked sets to model how shoppers buy
Kees van der Wagt, Senior Research Director
Kevin Lattery, VP Methodology & Innovation
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When you want to understand the market dynamics among hundreds of products with different sizes and prices, we’re typically forced to simplify reality for it to fit into a research. However, we should be aware not to oversimplify too much, as we risk losing out on important insights. Think, for example, about the number of soft-drink options or the number of snacks possible in a large competitive space. Consumers might switch between any number of products available; over-simplifying the market would result in us not accurately capturing interaction between products.
That’s why we argue that you should try to include, as much as possible, the full market in studies, with all the options that are available to consumers and shoppers. However, due to the limitations of screen real estate in a conjoint survey, we sometimes need to limit what we show to each individual. That’s where evoked set comes in.
For any given consumer, there is a subset of products from which they actually make trade-offs. With evoked set, we can find out what products make up a specific respondent’s consideration set and build a custom conjoint task. In this webinar, we’ll share how we design a conjoint study with evoked sets using a well-thought-out approach to experimental design and expertise.
Want to know more? Don’t hesitate to give us a call or drop an email!