Suppose you asked me to bid on a research project, and I told you the cost would be $30,000. It’s an easy, rounded number. Probably too easy and too rounded. You would think “Where did he come up with that? Did he just make it up? Does Versta Research charge $30,000 for every project, even…
For the longest time I was puzzled by what it means to “over-fit” a model to one’s data. How can a model describe one’s data too perfectly? Aren’t we trying to get as close to a perfect fit as possible? This one-minute video will show you an example of over-fitting. After watching it, the odd…
Versta Research has just published is spring 2014 newsletter which features a short video on how to do pricing research. If you ever work with price and demand data, and need to figure out the optimal price for your product or service, here are two great tools worth knowing about: 1. PowerPoint (yes, that says…
One subtle (and false) implication of the beautiful chart we presented showing trends in conjoint analysis is that perhaps you should be using discrete choice modeling (CBC, which stands for Choice-Based Conjoint) because CBC is, by far, the most widely used method among those using Sawtooth conjoint tools. But CBC is not the best choice…
We’re all for ditching research when you have strong intuitions about your business and have no pressing questions that need to be answered. But too many business leaders are now following in the footsteps of Steve Jobs who was notorious for believing that consumers can’t tell you what they want. Aggressively ignoring market research has…