Data Monetization Model
Data is the centrifugal force in our modern economy. There is a rapid increase in computerization, big data analytics, and automation processes. Various organizations rely on multiple forms of assessments such as surveys, polls, talent assessment, etc to collect data driving their evolving customer, competition, supply chain, and macro dynamics needs.
EQ8 Network is one such platform that helps companies to consensually purchase data right from the data provider without involving any intermediaries through its de-centralized data marketplace.
The model primarily serves and incentivizes Market Research and Advertising industry. One can perform many activities on the platform, but let’s first see how to create any campaign on EQ8 Network.
Launching a Market Research campaign on EQ8 Network
Data requestors can start a market research campaign on EQ8 Network in three easy steps: (i) Define panel eligibility- this essentially means what type of audience is the data requestor is looking to target, e.g., Married men having their own business, college students, women drivers, etc. (ii) Stake EQ8 tokens in the reward pool- these funds are distributed between data providers in accordance to their profile reputation score and their survey performance. (iii) Launch campaign- Once the above two steps have been completed, the only thing remaining is to launch the campaign and collect data and reward participants in real-time. Following are the types of market research campaigns, companies can launch on EQ8 Network:
- Surveys — One of the most common and relied upon techniques of data collection done by companies is in the form of surveys. The purpose is to gather large volumes of quantitative data easily. Further, to encourage participation, EQ8 Network provides handsome incentives in the form of EQ8 tokens to all users who take part in these surveys.
- Polls — A poll is a way of knowing people’s choices and understanding what works for them. Polls can help you to measure the success of any event or initiative and are carried out at various stages. The interval at which polls are conducted depends on what kind of data needs to be extracted from the respondents. Online polls help in market research by providing data on customers’ preferences and thereby can help create a strategy. If an organization knows better what a customer wants, then the chances of their success increases. Polls can also help predict demand and help businesses better prepare themselves for the future. On EQ8 Network companies can decide the criteria of audience they want to reward, e.g., everyone who participates or only the people who end up in the majority section in the results. Similar to surveys, a user is rewarded when they recreate or participate in a poll on EQ8 Network.
- Quizzes — Quizzes, written or verbal, tend to test a person’s knowledge in a brief yet informal way. The Internet is full of entertainment quizzes which question a person’s pop culture knowledge or political awareness but the actual aim of a quiz is the required testing for educational settings, workplace advancement. Results are graded which are often shared with the respondents. Anyone can start a quiz on EQ8 Network by defining how the rewards are to be calculated and distributed, who is eligible to participate and other terms and conditions pertaining to the quiz like penalties and time limits.
- Reviews — A review is an evaluation of a publication, service, or company such as a movie (a movie review), video game (video game review), musical composition (music review of a composition or recording), book (book review); a piece of hardware like a car, home appliance, or computer; or software, such as business software, sales software; or an event or performance, such as a live music concert, play, musical theatre show, dance show or art exhibition. Reviews are extensively used in every industry for market research but rarely provide us with any reward whereas most of them are fake, or sold only for the benefit of organizations. Each review is rewarded on EQ8 Network, the more attention a particular review gets multiplies the reward for the reviewer.
- Digital advertisements — Due to the presence of unverified anonymous viewers on the internet, most advertisements fail to target the right buyer personas. Digital advertisements are now viewed not only as a waste of time but have also raised certain eyebrows regarding privacy violations by advertisers and agencies. The lack of incentive for the viewer to engage with the advertisement or the organization has decreased the value-effect of the advertiser. While EQ8 Network is giving users an opportunity to gain incentives from digital ads. According to this program, users will receive tokens/ loyalty points for watching advertisements and solving ad-based quizzes thus increasing the possibility of accurately targeted ads.
Often data obtained through these activities are riddled with inaccuracies, users are not completely verified, and platforms are filled with fake profiles and bots. The main issue persists due to unreliable and exposed sources or platforms.
EQ8 Network curbs such issues by leveraging blockchain technology and the data monetization model. EQ8 Network will completely change the way we see these activities. Taking part in such activities will be considered a great opportunity to exchange and monetize your valuable data for the people as well as for various organizations.