Everything You Need to Know About MaxDiff

Download Everything You Need to Know About MaxDiff

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<ol><li> 1. About UsVivek BhaskaranCEO at Survey AnalyticsFounding MemberWe help companies listen, improve and grow.We develop industry leading online and mobiletechnology for surveys, community managementand employee engagement. </li><li> 2. Todays PresentersPaul-Richard McCulloughPaul is the President of MACRO Consulting, Inc., where he provides full service market research andanalytics consulting to clients in a variety of industries. His areas of expertise are on new productresearch, market segmentation, brand positioning and market structure modeling.Esther LaVielleVP of Client Services at Survey AnalyticsEsther has a well-rounded experience using online, mobile and community tools for market research overthe past seven years. For the past five years she has worn many hats supporting customers and planningmarketing initiatives for Survey Analytics.Bert WillardMarket Research Analyst at FergusonBert is a data scientist and 15 year market research veteran with a passion for workforce development.He has extensive experience in the overall development of brands and both quantitative and qualitativeresearch practices. </li><li> 3. Webinar Agenda Theory Behind MaxDiff Scaling (Paul-Richard McCullough) Demo: How to Setup MaxDiff (Esther LaVielle) Business Use Case (Bert Willard) Live Discussion and Q&amp;A </li><li> 4. A BriefIntroduction toMaxDiff ScalingPaul Richard McCulloughMACRO Consulting, Inc. </li><li> 5. Why MaxDiff?Current Approach- Ratings Scales BatteriesMACRO www.macroinc.com Consulting, Inc.5 Rating Scales Each brand is ratedindependently oneach statement inan image battery,eg, 10 point ratingscale. </li><li> 6. Anywhere you canuse rating scalebatteries, MaxDiffcan be used insteadMACRO Consulting, Inc. 6Ratings Scales BatteriesAttitudesLifestylesPsychographicsSatisfactionImportanceBrand ImageryBrand PreferenceUsesSegmentationBrand PositioningUsage and AttitudesCustomer SatisfactionMessagingAdvertising ResearchNew Product ResearchMACRO www.macroinc.com Consulting, Inc. </li><li> 7. Why MaxDiff?Because Ratings Scales Are Inefficient12345678910 Flat Responses Across Statements Flat Responses Across Brands Scale Usage Bias (Segmentation) Brand Halo (Brand Imagery)MACRO www.macroinc.com Consulting, Inc.7Ratings Scales Resulting data are typicallynon-discriminating andhighly correlated.Ratings scales batteries havevery little information content </li><li> 8. What Is MaxDiff?Example: Brand-Anchored Max/DiffMaxDiff consists of multiple tasksEach task has 3-5 itemsRespondent item ratings are generated usingadvanced regressionFor 30 items, 18 tasks of 5 items each might bedesignedMACRO www.macroinc.com Consulting, Inc.8Max/Diff removes brand halo,scale-usage bias and is more discriminating than rating scales. </li><li> 9. A Twist on The Basic ThemeAnimated Modified Brand-Anchored Max/DiffAnimated Modified Brand-Anchored Max/Diff is a more efficient data collection method than traditionalMACRO www.macroinc.com Consulting, Inc.9Max/Diff. </li><li> 10. MaxDiff Yields More Information Than Ratings Scales8.508.007.507.006.506.005.505.00Brand#1NewBrandBrand#22.502.001.501.000.500.00-0.50MACRO www.macroinc.com Consulting, Inc.10Ra*ngScalesMaxDiff*-1.00Item1 Item2 Item3 Item4 Item5 Item6 Item7 Item8 Item9 Item10I tem11I tem12Brand#1NewBrandBrand#2* Note: the form of MaxDiff used to generate this line chart is slightly more advanced than traditional MaxDiff </li><li> 11. MACRO www.macroinc.com Consulting, Inc.11Summary Max/Diff is generally superior to rating scales in virtuallyevery measurable way:- Better inter-item discrimination- Better predictive validity- Elimination of brand halo- Elimination of scale usage bias- Fewer invalid completes </li><li> 12. 12 </li><li> 13. Survey Analytics We help companies listenEnterprise Research PlatformFull suite for creating surveys, sending emailinvitations, and analyzing survey dataOnline, mobile, off-line fielding apps, panel,respondents sample, and morePresenter:Esther LaVielleVP of Client Services5 Years with Survey Analytics7 Years in Market ResearchWhen Im not working I enjoy beingin nature, traveling, cooking newrecipes, eating and trying out newrestaurants and food trucks aroundPortland, OR and hanging out withmy dog, Cooper. </li><li> 14. The Business Of Pets $58.5 Billion in 2014 Steady 4.9 % growth past 2 years Vet care, products, and other serviceshighest growth 2015 projects very optimistic Huge jump in investment groups &amp;entrepreneursAmerican Pet Products Associationhttp://media.americanpetproducts.org/press.php?include=145057 </li><li> 15. MaxDiff Attributes for Rover In-Home/At Sitters Home Easy Profile Building &amp; Booking Owns Pets/No Pets Young Children/No Children Knows First Aid/Pet CPR Licensed Dog Handler Reviews Social Media Presence Price Incentives &amp; Rewards </li><li> 16. Screen shot of analysis : Online anddownloaded screen shots </li><li> 17. Most/LeastShare of Preference Chart </li><li> 18. Thank You For Joining Us!You have questions, we have answersPaul-Richard McCullough Esther LaVielle Bert Willard Vivek Bhaskaran@surveyanalytics on Twittersales-team@surveyanalytics.com </li></ol>