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QuMind, the all-in-one consumer intelligence platform, has announced the launch of a new feature powered by the MaxDiff methodology, which allows companies to see what matters most to their customers.
In a bid to improve its product and service offerings a company will often go through a process of iterating and refining various different options and attributes to identify what’s most important to its customers. QuMind’s new feature takes all of these options and, by applying MaxDiff analysis, enables a company to prioritise those which matter most.
By randomising a larger list of attributes and displaying them across several different screens in more digestible subsets, the new feature presents customers with a more accessible and realistic choice – for instance, asking which of five options on each screen is most and least important, before moving on to a new list of five random options. Running this exercise in several different configurations, across multiple screens, and with hundreds – or even thousands – of different respondents, results in a highly accurate and granular hierarchy of which options or attributes are most and least important to customers.
The feature’s application is not limited to product or service attributes. It can also be used to refine marketing messages, for example, to determine if a campaign is saying what people want to hear, or whether it’s irrelevant to their concerns.
Kevin Woods, director of research & insights at QuMind, explains the rationale: “If asked to rank a list of attributes from one to 20, most people could point to the one or two things they found most and least important. But they’re not making an informed trade-off as they would in the real world. This new feature replicates a more realistic decision-making process, going beyond simple likes and dislikes to deliver more accurate data based on a more meaningful and robust set of needs. Ultimately, it tells companies what’s important to their customers, allowing them to make more informed decisions.”
Mark Ursell, CEO of QuMind, adds: “Businesses try to align the products and services to the needs of the market. To do so, however, it’s important to understand just what consumers’ needs are. This feature enables businesses to align their products and services to what matters most to their customers. And this harks back to our purpose as a company: to connect our customers to the people that matter most to them, to spark opportunities.”
The new feature is hosted on the QuMind platform, allowing users to populate a questionnaire with a list of options which are then randomised before being presented to consumers. Results are presented in a horizontal line chart format, reflecting the relative percentage share of preference.
