The tool automates the testing and analysis of various package combinations.

The new features include willingness to pay, which calculates and gains insights on the amount a customer is willing to pay for a new offering, and dual choice conjoint, which allows companies to more accurately predict the likelihood of purchase for various product configurations. 

Kelly Waldher, vice-president of research core, Qualtrics said: “New enhancements to the Qualtrics Conjoint XM Solution allow organisations to take the guesswork out of determining customer preferences, and to make data-driven decisions on product, pricing and packaging. Studies show that 80% of new product launches in the marketplace fail. Qualtrics is dedicated to partnering with enterprises to improve the chances of achieving product market fit.”