Anyone used conjoint analysis to price defence software products?

Yes, we've done this for defence-adjacent software and conjoint absolutely works, but you have to recruit carefully — clearance-holding procurement officers through specialist panels like Govini or defence industry associations. Adaptive CBC in Sawtooth tends to work well because it handles small sample sizes (we ran one study with just 47 respondents and still got clean utilities). The bigger issue is attribute sensitivity — some cost/capability trade-offs hit classification territory, so work closely with your client's legal team before finalising the design.