Apr 26, 2021
Matt Johnston is the Founder and CEO of EPIC Conjoint. As a highly motivated seasoned commercial marketing professional possessing 25 years Pricing, Product and Segmentation experience with Tier 1 brands in Europe, North America, MENA and Southeast Asia, he is a huge fan of conjoint analysis but massively frustrated with the time, effort and cost barriers to conducting a conjoint study. So, instead of grumbling about its limitations, he designed and developed his own rapid conjoint platform EPIC Conjoint.
In this episode, Matt talks about the confidence and reassurance conjoint study provides in coming up with crucial pricing decisions. And how it helps you differentiate from competitors. He also shares how he started EPIC Conjoint to provide a simple, fast, and inexpensive conjoint study.
Why you have to check out today’s podcast:
- Find out a more cost-effective conjoint analysis to help in your company’s pricing decisions
- Find out how conjoint analysis not only help in pricing decisions on new products and services but also on the existing product context
- Discover how close to the truth you can get in terms of assurance that is statistically significant to your pricing decisions
“It's always very important to look at the transactional data, the behavioral data, the previous data that will inform your assumptions. But then cap it off by asking the customer.”
- Matt Johnston
Topics Covered:
00:57 - How it was like starting his pricing career at Comedy Central
01:26 - An Impact partner in the course creation
03:03 - A funny story of how Matt started in Pricing
04:43 - How most pricing people never started with a pricing role
05:45 - What made start EPIC Conjoint
07:13 - The budget and the investment involved in designing conjoint analysis
08:41 - What drove the timing to put up EPICConjoint
10:18 - Bringing automation and rigor into the pricing process
14:31 - What do you need EPIC conjoint for
18:04 - How EPIC conjoint gives you an amazing capability to differentiate yourself based on value
19:32 - How conjoint captures price sensitivity
19:57 - Conjoint analysis being a big help in B2B companies
21:38 - How close to the truth can you get with conjoint analysis
22:15 - Matt’s impactful pricing advice on your business
Key Takeaways:
“The point I'm trying to make is, actually there are a lot more use cases that you can apply conjoint to because it is a trade-off methodology.” - Matt Johnston
“We capture that price sensitivity as well, in conjoint, at a segment level so you do see it, you can see that change.” - Matt Johnston
“It [Conjoint] can keep the middlemen honest even within your organizations, the sales folks, it can keep them on as to where you can leapfrog them and actually check and see what exactly the customers are saying.” - Matt Johnston
“The comfort and the confidence of launching them - new products or making price changes. Having done a conjoint, having been in that situation, is priceless.” - Matt Johnston
Resources Mentioned:
Connect with Matt Johnston:
- Epicconjoint.com
- Email: mattjohnston@epicconjoint.com
Connect with Mark Stiving:
- Email: mark@impactpricing.com