I bet you didn’t know that economists picked it up to predict the choices consumers would make for goods and services.
I bet you didn’t know that the first “business” application of a Choice Model was in the planning for BART – the Bay Area Rapid Transit system.
I bet you didn’t know that you could use choice modeling to plan a new product, optimize an old one, create an effective pricing strategy, figure out if you can raise prices AND raise market share, stop customer attrition, streamline your product portfolio or figure out what features and positioning your clients care about most.
I’ve written a lot about choice models and how powerful they are, but now I’ve put together a short deck using a variety of sources that lays out the history, methodology and application of choice modeling in business.
Download Choicemodelingprimer and please, I look forward to your comments.
(Cross-posted @ AbleBrains)