How to win back fast-food customers after years of rising prices
With rising prices over the past few years, how can fast-food restaurants regain customers in a price-sensitive market?
We are proud to be selected to speak at The General Online Research conference (GOR21) during the “Turning Unstructured Data into Insight (with Machine Learning)” session chaired by Stefan Oglesby from data IQ AG.
About our presentation “Data Fusion for Better Insights”
Before making changes to a product portfolio or pricing strategy, the brightest minds in any business put effort in assessing the expected impact of such changes on profit or market share. One of the methods in assessing these changes is conjoint.
The resulting simulation tool can identify the most optimal product / pricing scenario which promises to maximize value / volume. However, due to certain limitations of the methodology, conjoint gives directional information about the market share only but struggles to consider certain ‘real-life’ circumstances.
On the other hand, time series forecasting can be used to predict market share using past ‘real-life’ data such as sales, distribution, and promotion. However, due to its dependency on history, this technique also has its shortcomings: it cannot predict any changes in the market or to a product that never happened before.
The problem of using each method in isolation is that one cannot rely only on stated preferences or only on historical data to make an accurate prediction on sales. Can the insights be elevated when combining both data in one model?
Date and time: Friday, 10 Sept at 1:30 – 2:30 CEST
Presenter:
What you can learn in this session
- An approach to perform Data Fusion between the key results of Conjoint Analysis and Time Series Forecasting
- How to take the best of both worlds (conjoint results and time-series data) to enable testing of all relevant factors in one tool, with a more stable model – and as a consequence make business decisions with greater certainty and decrease the risk of making a wrong decision.
About GOR 2021
The General Online Research Conference is annually organized by the German Society for Online Research in cooperation with a partner. In 2021 the GOR conference will take place from Wednesday 8 September to Friday 10 September 2021 as a virtual conference in cooperation with the HTW Berlin – University of Applied Sciences.
