The age-old mantra to excel in your business is to treat your ‘customers like a king.’ In order to serve your customers and stay relevant in the market, it’s crucial to understand customer behaviour and their needs.
Market research companies play an important role in understanding the psychology of the people to further use this data in making effective decisions for the company. Surveys and polls are some of the primary ways to extract data from the people but market research companies face two major challenges in the process of authenticating and securing the data.
For instance, if any company wants to launch a new product for a particular age group, say 30–50 years and it surveys for the same. But due to the presence of bots and lack of incentive for real respondents to share their data, companies may receive inaccurate and unverifiable data. In the current setup there is no way to verify the authenticity of data. As a consequence, the wrong analysis will impact the business decisions directly. An accurate analysis can do wonders while the wrong analysis can lead to the downfall of the company.
EQ8 Network has a solution to this prolonged problem. It uses blockchain technology to verify the data from its source. On the Eq8 Network, the data is stored in a de-centralized storage layer and is in complete control of the data owner. Since the data is completely decentralized, there’s no possibility of any alteration of data by a single authority. This provides complete transparency between the firm and the individuals.
To sum up, EQ8 Network provides the following advantages to the market research companies:-
Transparency and accountability
Since the data stored on equate is in the form of digital blocks, it is not controlled by any central authority, the data can not be accessed without the permission of the owner or altered by anyone else, the respondents will provide the accurate information willingly. This brings a high level of transparency and accountability between the firm and the respondents.
Accuracy in data analysis
The data provided by the respondents will be accurate and verified on the EQ8 Network. Hence, the analysis of the data will be accurate without any conjectures or misinformation. It helps the companies in effective decision-making and they can give their clients the best services with confidence.
Quality and direct leads
EQ8 Network provides a platform for both the market research firms and the participants. It allows the market research firms to get data directly from the customers instead of spending a lot of money on ads. Since EQ8 Network rewards the respondents for filling the surveys and polls, the company will get genuine attention from its target audience, something that ads cannot guarantee. Every penny spent on EQ8 Network will be worthwhile and rewarded back as there would be no bots but only genuine verified respondents.
The objective of any market research company is to fetch authentic data from the right set of people and the security of that data. EQ8 Network provides a platform to achieve this objective through its revolutionary blockchain technology, which leaves no reason to not make use of the opportunities that EQ8 Network offers.