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Concept Testers Follow the Crowd
Atlanta-based MR agency Infosurv is promising rapid and accurate concept testing facilities using the principle of on-demand prediction markets, the idea popularized in James Surowiecki's book, 'The Wisdom of Crowds'.
Infosurv says its Concept Exchange, or iCE, allows companies to field market concept tests in around two weeks, less than half the time taken by traditional professional online surveys or monadic concept tests. It can also provide greater accuracy, according to founder and President Jared Heyman: 'Most people are familiar with the Iowa Electronic Market, which has a 12 year history of predicting presidential elections more accurately than Gallup polls.'
iCE is different from traditional market research methods rewarding respondents only for what the method identifies as 'the right answer' and not simply for responding. They are already used by major companies like Google, Microsoft, Hewlett Packard and Eli Lily. 'What makes iCE newsworthy' says Heyman 'is that this is the first time prediction markets have been made widely available to the market research community. Until now, only governments, universities, and the largest companies could manage their own prediction markets.'
'Market researchers who take advantage of this trend early on are going to see significant competitive advantages' according to the firm's Marketing Director, Kyle Burnam. He adds: 'What I love about iCE is that it gives market research directors and CMOs an almost instantaneous read on the true success or failure of new concepts.'
Founded in 1998, the company is online at www.infosurv.com .
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