One of the hardest decisions in medical product design is determining which features to include in a product and what to charge for them. Clinician preferences vary by specialty, training, and setting, making it impossible to design a device that works for everyone, everywhere, at an acceptable price. This task is made harder by eager sales reps clamoring for new features to satisfy their best accounts. Discrete choice methods like conjoint analysis give innovators a data-driven way to optimize features and price to achieve the best return.
The AMS Difference
- We are known experts. Applied Marketing Science (AMS) has been a leader in advancing the field of choice modeling. We were early adopters of methods like Fast Polyhedral Adaptive Conjoint Estimation (FastPACE), developed at MIT in the early 2000s, and are regular contributors to academic research in the field.
- We know how to use choice-based methods in medical markets. Our clients have used conjoint to design next-generation electrosurgery instruments, intracardial navigation and ablation systems, and computer-assisted MRI imaging systems for breast cancer diagnosis.
- We have worldwide reach. We design and execute choice-modeling research covering international markets–North America, “Big 5” European markets, Asia-Pacific, Latin America—and targeting clinicians, administrators, and payors, to help clients develop a global strategy.
The End Result
Regardless of method—conjoint analysis, maximum-difference scaling, or total unduplicated reach and frequency (TURF)—choice-modeling is a vital tool in making better decisions. Our team will work with yours to ensure that the statistical output translates to business intelligence, through robust analysis and user-friendly simulation tools that make it easy to find insights to guide pricing and product configuration, and predict potential adoption.
Get deeper insights into customer choices and set the right price.Connect with us
Related Case Studies