Understanding customer preference is crucial to making the best, most sought-after products. In this digital era, however, customers are increasingly sophisticated, and tastes may be nuanced. Maximum difference scaling (MaxDiff) is one of the best ways to understand perceived value. MaxDiff, otherwise known as best-worst scaling, is an analytical method that helps evaluate choice by asking survey respondents to identify both a best and worst choice. Based on the framework of random utility theory, MaxDiff modeling provides rich insights into those characteristics upon which customers place the highest value and utility.
Watch this webcast and you'll learn:
- What kinds of market research questions can be best answered with MaxDiff.
- How to design a MaxDiff analysis.
- The differences and similiarities between MaxDiff models and Choice models.