A real-time network-based approach for analysing best–worst data types

What is it about?

Best–worst scaling is a widespread approach in market research used for collecting data on the needs and preferences of people. However, the current preparation of its design and the analysis of the data depends on complex statistical methods. One of the most commonly used models for estimating individual preference probabilities is the hierarchical Bayes model, which can only be applied after the data collection phase. This type of calculation needs more infrastructural background and a large sample to provide accurate estimations. Here, we introduce a new application that enables fast calculations and individual-level real-time estimations, which also has a great potential to ask additional questions depending on the respondent’s answers during live interviews. Our network-based approach (integrating the PageRank algorithm) works well for online surveys, and it supports our dynamic and adaptive, real-time evaluation (DART) of best–worst data types, and results in more relevant decision making in marketing.

Featured Image

Photo by Markus Spiske on Unsplash

Photo by Markus Spiske on Unsplash