How can companies transform their market research techniques through EQ8 Network?
Big data came like a rising sun which uplifted and illuminated almost every big or small industry with it. The revolution became such an integral part of organizations like it was always there. Progressive organizations extract data from social media, browsers, surveys, and questionnaires to bring innovation, solve business challenges with their consumers’ perspectives, and generate revenue. However, like everything, Big data has its own limitations due to which companies have to face the consequences:
- The authenticity of data: A wide range of demographics makes it challenging to extract data that is valuable for your company. For example, even if your company plans to launch a women-based product, your survey will come across as both male and female. It will hamper your decisions because the preferences of men and women may vary drastically. But, unfortunately, there’s no way to know that people filled in the correct data. So how would you know who was filling your survey sitting behind the screen?
- Data breach: Many companies hire third parties to conduct surveys, and for that, they provide their confidential information. This involves a lot of risk of data being manipulated or leaked to competitors. Moreover, there’s a lack of transparency between the customers and the company due to the involvement of a third party, which leaves a space for doubt.
- Security: Securing huge sets of data can be an overwhelming task. It requires a large team of data analytics, hence a lot of investment which becomes a challenge for smaller organizations. However, if not protected, data can be leaked, and as a repercussion lawsuit can be filed against the company, and it can be sued. Unfortunately, even big companies have fallen into this trap, costing them a fortune. Facebook was hit with its biggest data breach with over 147 Million users’ data being compromised in this breach.
How EQ8 Network helps you reach beyond these limitations:
- Better Panel Quality: It is nearly impossible to select the targeted audience to retrieve the data from them. However, EQ8 Network solves this problem uniquely through its verification process. Every panel member is KYC verified, which eliminates fraud panellists and bots. Panellists have to go through some levels of real-time profile completion designed to understand their behaviour and preferences; to encourage active participation, they are given incentives through Blockchain Reputation Score. As a result, a large number of people get motivated to fill the research data.
- Enhanced Data Quality: Creating a survey or questionnaire, or ad is relatively easy, but refining the valuable information from the data pool is a mammoth task. Fortunately, through the verification process on EQ8 Network, all the frauds and bots are eliminated, subsequently increasing the data quality. Furthermore, it saves a lot of time and resources spent filtering the data, consequently resulting in a higher profit margin for the organization.
- Increased Response Rate: Needless to say, the main objective of any market research company through their surveys is not only to get people’s attention but also get the survey filled from them. But why would people be interested in filling surveys for your company? EQ8 Network gives data providers the reason to fill the surveys. Moreover, it rewards the users in crypto-currency, i.e., the EQ8 token, through multiple ways such as KYC registration, profiling, and participation in surveys, polls, Ad campaigns, etc. This gives an opportunity and a legitimate reason for the users to fill as many surveys, which results in a considerable increase in the survey response rate. Not only rewards, but EQ8 Network also makes its users, who add more valuable information on the platform, feel special by distinguishing them with EQ8 Network badges and incentives.
- Data Democracy: EQ8 Network eliminates the role of an intermediary, which provides your company with a plethora of benefits. -It saves you a lot of capital spent on third parties as you will have a transparent record of money invested in EQ8 Network-There is a direct link and complete transparency between the client and your company. -Your company will not have to provide confidential information to EQ8 Network to conduct the research like in the case of third parties. It will automatically save your data from getting leaked to a great extent.
- Decentralized security: EQ8 Network uses decentralized blockchain technology to secure the data, where your company’s data will be stored in digital blocks, and no centralized authority can manipulate or hamper your data. Hence, your company will not have to burn a hole in its pocket for hiring a big team for securing data. Also, EQ8 Network gives complete ownership to the party who has created the data, and nobody else can have excess to it without the creators’ permission. This builds a strong level of trust between data requesters and data providers, benefiting them both.