How To Find Out Which Product Attributes Are Most Important By

Using Conjoint Analysis With Dummy Variable Regression in Excel

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What Is Conjoint Analysis?

● Conjoint Analysis Calculates the Customer’s “Utility,” or Degree of Liking, for Each Product Attribute

● Conjoint Analysis Allows the Marketer To Find Out What Group of Product Attribute Choices the Consumer Values Most, and By How Much

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The 6 Steps to Conjoint Analysis in Excel

1) List All Product Attributes for 1 Product 2) List All Possible Attribute Combinations 3) Have Consumer Rate Each Attribute Combination 4) Prepare Completed Survey For Regression 5) Run Regression in Excel 6) Derive Attribute Utilities From Regression Output

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1) List All Product Attributes for 1 Product

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2) List All Possible Combinations of Those Attributes

3) Have the Consumer Rate Each Attribute Combination

4) Prepare Completed Survey For Regression

5) Run the Regression in Excel

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6) Derive Attribute Utilities From Regression Output

Final Attribute Utility Values

Showing That Removing Dummy Variables Has No Effect On The Output