Conjoint.ly Launches Prediction Market Tools

Sydney, Australia-based tech company Conjoint.ly has launched two automated tools - Predictive Product Test and Prediction Market - allowing clients to test new product ideas, advertising materials and packaging.

The firm, which was set up last year by former Bain consultant Nik Samoylov (pictured) and academic Professor Ujwal Kayande, automates conjoint analysis and discrete choice experiments to provide rapid concept testing, price optimisation and forecasting. Its new tools use a technique based on behavioural economics and the world of political betting, drawing on the 'aggregate wisdom of the market' to predict future trends and market preferences. Not only are they designed to offer users a quantitative assessment to support or reject an idea, they also claim to provide the reasoning behind the predictions participants make in the market.

Developed for a wider user base, including insights managers and smaller research agencies, the tools offer a gamified chatbot-like interface which weighs up respondents' credibility before allowing them to make bets on the likely success or failure of new products. Samoylov comments: 'Prediction markets have for a long time been touted as a promising technique for market research by a handful of agencies. However, wider adoption is only possible if managers and researchers have an easy-to-use, accessible tool with reliable support. Conjoint.ly is finally offering one. After months of development and testing on real-life events, we are delighted to open up the prediction market platform to the world of market research'.

Web site: www.conjoint.ly .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.