Today, we live in a world today where we have troves of data on consumer behavior and usage. Using people’s buying behavior on sites like Amazon, the feedback they leave via surveys and social review sites like Yelp and their interactions with a company’s websites, apps and contact centers we can have a statistically significant number of data points on consumer behavior and understanding. With this data, one could model the gaps in the product or service that the business offers. We do this using Choice Based Conjoint Analysis - a form of Hierarchical Bayesian Modelling technique.
In this talk, I will go over the Choice Based Conjoint Analysis technique details, and deep dive on how we built the system using this technique. then I will demonstrate how to apply sophisticated optimization techniques in product development process. In the end, I will share the challenges and what we have learnt.
Milind is the Head of Product for Product Experience Management at Qualtrics. He was one of the early members of Qualtrics and led the development of Qualtrics’ flagship product - the Survey Platform - which became a $300 Mn in revenue with a 50% YoY CAGR growth business. While at Qualtrics, he launched many data science initiatives including ExpertReview. Prior to Qualtrics Milind was the CEO of HealthConnect, a healthcare IoT startup that used machine learning to predict and alert patients of upcoming Asthma attacks.