Insights Networks Blockchain Market Research Network Crushes Accuracy, Time, and Cost Comparison Against Traditional Market Research Firms in Live Testing Environment
Insights Network launched our blockchain based market research network on December 1st. Today, we’re posting our first survey sample quality test results amongst our network’s users — with astounding results!
In our first survey response quality test, we targeted all of our users, allowing the first 500 to respond to the question, “ Please Select the Country of Origin associated with your account and KYC identification credentials used.” In under 4 hours, 500 verified users from 56 countries with an age range of 19–65 responded with 94.66% accuracy. This is an extremely high rate of success for survey sample targeting internet users and is a great indicator for Insights Network as we build our blockchain market research network that increases the quality of data while reducing cost.
95% response accuracy is in-line with traditional market competitor, and publicly traded Company, SurveyMonkey. Yielding the same level of quality at a much lower cost during our first months of operations vs. a publicly traded Company is a great accomplishment we are very proud of and excited to scale. In addition, our targeting tests confirm our garbled circuits SMPC targeting software that matches target demographics to requester surveys without ever decrypting any data is working with 99.99% efficiency.
To further our testing and ensure consistent quality we ran a survey which requires users to select the same answer to a question over time with the answers displaying in a different order each time to ensure they are diligently paying attention to and selecting the responses properly according to the task. Out of 150 responses, 149 respondents all followed the directions and selected the same response. This is an incredible 99.3% accuracy rate from the Insights Network respondents.
We believe the increase to an almost perfect 100% response accuracy is attributable to our on-chain reputation score system. The test question read, “We’re testing success rates on multiple question surveys. Select any answer for question 1, and make sure to select the same answer for question 2 and 3. This will increase your on chain reputation score if you complete successfully.” By utilizing blockchain technology, we are able to create an irreversible reputation score associated with a provider account’s response quality. Scores can’t be tampered with by changing information within a central server. This allows future requesters to set a baseline reputation score to ensure only the top respondents are matching with their surveys. For the providers, they will be able to command a higher payment amount per response by building a high-quality reputation score. More to come on this topic in a separate blog post!
Finally, The cost to conduct the survey was approximately $25 or $0.05/response, crushing traditional competitors SurveyMonkey and Qualtrics, who charge up to a couple of dollars per response for survey sample targeting users from more niche countries, such as the Philippines, while also incurring a longer turnaround time.
We are just getting started at the Insights Network and appreciate everyone’s support as we continue fixing bugs and adding features during our public beta. Please stay tuned to our Medium for more information on the upcoming token migration from ERC-20 to the INSTAR Blockchain and make sure to get a head start on the referral campaign before we promote it to a wider audience at the start of the New Year by signing up at instarwallet.com.
More insights to come!
Cheers and Happy Holidays,