Welcome to the #IIEX Europe Conference Series 2019. Recorded live in Amsterdam, this series is bringing interviews straight to you from exhibitors and speakers at this year’s event. In this interview, host Jamin Brazil interviews Nik Samoylov, Founder at Conjoint.ly.
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Nick Samoylov from Conjoint.ly.
And Conjointy.ly has been making a big impact in the industry. I’ve been running into you guys a lot lately. Maybe you can tell us a little bit about the company.
Yes, thank you for the kind words. What we do is help companies with product and pricing research. In particular, we help with MCG clients, technology clients, other industries when they have questions about feature selection pricing, selection of claims, packaging and other things that go with it.
Yes, for sure. You started the company?
Yes, seven and a half years ago.
So fairly recent. What was your background before that?
I did marketing at uni and I graduated, so I went to Australia National University. At that time, I really wanted to work in market research and I applied for about 30 market research jobs, but nobody took me, so I had to go into consulting. I worked for a company called Bane for three years, then I left and started this. I made my way into market research, not because somebody took but I basically made my own way.
I love that story by the way. Do you have any co-founders?
At the beginning, yes but now it’s just—
Just you? It can be a little scary or daunting, starting a business?
It was and in this industry in particular when the sales cycle is quite long, it’s about six months because what we offer is not something that people may need immediately. It takes time to warm up to this type of research. The research question does not come very often. Yes, it can be but now we’re lucky to have clients who need this type of research and we’re happy that we can provide it through automation and through custom projects as well.
MRMW North America is coming up. It’s a conference in April. April 10 and 11, are you guys going to that?
I don’t think it’s scheduled at the moment.
The only reason I’m asking is that the topic is research automation and on the back of your business card it says automated product and pricing research. Can you talk just a little bit about what that actually is.
Yes, absolutely. Most of the projects we do are not done by us, humans, they are done by the platform. Our approach is to take projects that are starting as custom projects and to put them into automated tools. For example, we worked with a client on about a dozen markets for a claims test and now claims test is a methodology available on the platform so you can just copy and paste your claims for a product from an Excel file, even if you have 300 of them, and then have them tested in a very efficient manner without the need of a custom project.
Conjoint.ly obviously connected to Conjoint from a methodology perspective. Is that the dominant use case on the platform?
Yes, absolutely. Whenever people have questions about feature selection, price elasticity, what happens if you increase or decrease the price upon promotion. Conjoint is a very useful methodology for that and our tools are set up to help with that.
You do other methodologies as well?
Yes, they’re mostly what some people call advanced analytics except we transpire them into usable, user friendly interfaces that lets you put in your stimuli and then wait a few days and then get an output which tells you what is the winning combination of features and claims and press points.
The data reporting is actually pretty interesting as well. Your platform has real time access to analytics?
Yes, in the sense that, for example, if you are running a project and you want to see doth results, you can see them. You don’t have to wait for the other collection to be complete. If you want a sneak peek of what’s coming out, you can. In that sense, yes.
Most of the analytics it sounds like happened with SPSS.
With us, no. The system will do it for you. You don’t need to be an expert at all.
So all utility weights and all that kind of stuff, we don’t have to worry about calculating that anymore?
You can download the Excel file that will describe and explain and contain all the raw data if you want to but inside is what’s coming out at the end of the project.
My guest today on Happy Market Research podcast has been Nick, founder of Conjoint.ly. Sir, thank you very much for joining me.
Thank you for having me.
Real quick question, what do you think about IIeX so far?
It’s good. It’s a great city to be in. Very interesting.
Amsterdam’s unreal. This is my first time to Amsterdam, so I’m like blown away. I thought Stockholm, and I do still think, Stockholm is absolutely spectacular, but this is like taking it to a whole new level.
Yes, it’s good to be here.
For sure, and the show, is it working out? I know it’s early days.
Well, it really just started but we’ll see. We see some familiar faces which is good. It is good to reconnect with existing clients.
Yes, for sure. Great! Have a great rest of the show.