Why P2P & Free Targeting Can Revolutionize Market Research [Blockchain]
Since the birth of the online consumer, companies have used the internet to collect valuable market research data. User feedback on websites and apps helps to guide many aspects of business, and providing feedback to brands has become second nature across all devices. But research firms, large corporations, government agencies, news outlets and other organizations have also been using the internet to meet their market research needs far-beyond consumers rating their online experiences out of five stars.
Many market research needs are met by online, paid surveys. There are countless ways companies use this technology to collect niche data on consumers. Ad testing, product development, brand tracking, concept testing and more are carried out using a virtual panel of eager participants. At its core, it is a win-win situation. But as seen across countless other industries, the people who are winning the most are the middlemen.
Thanks to growing advertising budgets, increasingly fast internet speeds, and widespread adoption of smartphones around the world, online surveys are the fastest growing segment of the booming market research industry. The few online survey and market research companies who are currently cashing in on this windfall do so by maintaining an impenetrable wall between researchers and survey participants. These middlemen control the speed of the research and establish fees wherever they can get away with. Guilty parties include Pollfish, Qualtrics, Survey Analytics, SurveyGizmo, Survey Monkey and more.
In the famous words of Sir Isaac Newton, “We build too many walls and not enough bridges”. If he was alive today, he might be very relieved to discover the blockchain. Using the power of this revolutionary technology, Vey.io is creating a bridge between researchers and survey participants.
Our intuitive survey platform creates a market research solution far more cost-effective for researchers, profitable for participants, and much, much faster. Forget about the current system of requesting a quote, and then paying upfront (and through the roof!) for a specified amount of survey responses, only to be completed on a schedule set by the middleman. Hopefully you don’t want to narrow your target audience by any logical parameter such as gender, age, or location because with today’s system, the total price will quickly multiply. This process takes multiple days or weeks to complete!
With Vey, researchers create a survey and set their own payout per completion. Their survey is then entered into our platform’s survey economy, where participants only complete the most profitable surveys available to them. The transfer of the creator’s Vey tokens and the participant’s response occurs immediately upon survey completion. Also, there are no added fees for any amount of niche audience-targeting, or minimum amount of Vey required to fund research.
On the participant side, all of the most popular paid survey platforms in 2019 reward arbitrary points, without a set supply, that are redeemed for ever-changing retail gift cards. With Vey, participants own their earnings, and can store Vey tokens outside the platform or trade them for Bitcoin.
You don’t have to be veteran blockchain enthusiast to see the clear advantages of implementing this technology, and in the case of corporations spending less and participants earning more… “money talks”. The path to the widespread adoption of cryptocurrencies must begin in the industries that need them the most, such as market research. Here at Vey, we are bringing this vision to life.
