Dec 23, 2019
Why you have to check out today’s podcast:
- Discover how they do market research in Conjointly
- How product and market research affect pricing decisions?
- How is Conjoint also used for claim selection of consumer goods?
Nik Samoylov is a Russian who moved to Australia and is the founder of Conjoint.ly, an online service for product and pricing research. He is a former consultant of Bain & Company. Nik was an outstanding student when he received First Class Honours with University Medal in Marketing from the Australian National University.
Catch Nik and find out more about his love for market research, that paved the way to put up his online service company called Conjoint.ly. Learn from him as he details how the process of product and pricing research using conjoint analysis. Also, Nik reveals how conjoint can be useful for all kinds of mass-produced goods and the compelling reason why you need to price up.
“Sometimes, people are really afraid of pricing up, and a lot of the time, pricing up is a very good idea. People question the results of market research when the recommendation is to price up more than when it’s the price down. I think sometimes it’s useful to follow what the numbers say and price up if that’s what the numbers say.”
– Nik Samoylov
Get Accelerate Your Subscription Business: Your Blueprint to Packaging & Pricing for Growth Course at https://www.championsofvalue.com
Topics Covered:
00:47 – Three things to know about Nik
01:47 – How he got the idea of building his company called Conjoint
02:30 – Narrating how they do market research at Conjoint
03:51 – Asking 12 questions to several people to identify segments within the market
04:57 – Number of attributes they recommend in a product
06:08 – How the market studies made affect pricing decisions in Conjoint
10:21 – Nik details how Conjoint is also used for claim selection of consumer goods
11:26 – Using Conjoint in building customized products
13:42 – Conjoint is valid for B2B products
15:50 – Automated projects as their primary offering and no consulting work
15:59 – Price range of Conjoint
17:45 – Training program to teach people how to do Conjoint
19:02 – A piece of pricing advice to listeners
19:46 – Where and how to connect with Nik
Key Takeaways:
“Individual-level predictions are not as robust as maybe potentially they used to be, but it’s still pretty good at predicting what the market overall once. And it’s good at identifying segments within the markets by looking at clusters of people who have similar preferences. – Nik Samoylov
“When you want to make a decision for a price, you typically put in your product, competitive products, and then, you want to understand the elasticity of the month and use that information to make your pricing decision.” – Nik Samoylov
“Selecting what to say on the product is quite important, especially because it’s not just for marketing, it’s also for building that product, setting up the factory. Big decisions can be made on the facts about whether people are tuned to one statement or another statement.” – Nik Samoylov
“Conjoint is not only used for consumer goods, but it’s also used for all sorts of goods basically. As long as you have something mass-produced, something where you need to make an investment before you decide what kind of things you’re putting together, that’s when the Conjoint can be quite useful.” – Nik Samoylov
Connect with Nik Samoylov:
Connect with Mark Stiving:
- Email: mark@impactpricing.com
- https://www.championsofvalue.com