Consensus Point works with research and enterprise companies by using prediction markets to elicit knowledge from a tailored group of respondents to predict future outcomes in a more successful and effective manner. Our unique market algorithm and refined techniques using enhanced gamification, mobile optimization and internationalization provides a more engaging experience for consumers and, in turn, provides in-depth insight, both quantitative and qualitative, for the client on concepts, ideas and market driven questions.
After we help you create specific questions based on your needs, a tailored respondent pool is selected to answer the questions and provide explanations based on their knowledge and judgments. Incentives, like badges and tokens, are provided to enhance user participation and produce a more accurate result. Unlike surveys which just focus on a count, prediction markets pay attention to the confidence of respondents and provide the client with a more insightful and effective output.
We don’t just look at who agreed and raised their hands; we look at how high and fast they raised their hands.
How are respondents selected?
We work with sample companies to chose respondents that will meet any criteria requested by the client or we can use your own community or pool of participants, e.g. employees or co-workers.
How do we work with clients?
We are very hands-on and here when you need us! We work with you every step of the process from the development of the questions, field the study, and the explanation of the results.
How does the process work for the respondents?
Participants will view images and videos, invest their tokens as a display of confidence and earn multiple levels of badges for their performance and activities as well as view their results compared to the other respondents. In addition to being able to change their answers at any time, they can also switch from a computer to a mobile device without disruption. Overall, the result of the respondent process is an extraordinary and dynamic experience that is fun, interesting and extremely satisfying.
What is the process?
The first step consists of a conversation to determine what the client would like to gain insight on. From there, we work with you to develop the specific questions that would result in the most effective answers. After a respondent pool has been selected, we make your questions live on Huunu. Here, the designated participants can answer the questions in an appropriate amount of time. In as little as three days after the prediction market has been completed, we deliver and explain the results to you in a detailed report that features a probability of success, “strength meter” of user confidence and word clouds with commonly used words and phrases from respondent’s comments.
At the end of the process, the client can expect a deliverable that is thorough and insightful.
Huunu is different from other research techniques in that it captures the “intensity of feeling” for each response. The confidence in the answer is factored in by the Huunu Algorithm and is reflected in the score. The ability to capture respondent knowledge and sentiment enables Huunu to provide a more holistic view of the data.
We provide clients with simple and clear data to make strategic decisions regarding ideas and concepts. The quantitative data provided combined with additional information from verbatim comments makes it very easy to review responses. The results allow researchers to focus on what matters and gain an understanding for the rationale behind participant judgment.
We report quantitative data in terms of Probability, Percentage of People, and Strength Meter.
Verbatim comments provide the critical “reason why” for concept success or failure. To balance the quantitative data, we include qualitative comments for additional insights. These insights help our clients make decisions with confidence.
Want to seem more? Email us for a demo info@ConsensusPoint.com
Consensus Point has successfully served customers in a variety of industries and has proven the benefits of the real time collective intelligence of prediction markets for decision making. Your company will benefit from our years of experience implementing and hosting predictive markets.
Innovating healthcare research and providing clients with high quality data is a top priority for HealthStream. Bringing Consensus Point on as a provider of prediction markets transformed their business and gave HealthStream a competitive advantage. Hospitals and healthcare providers receive truly innovative research, better community demographics, and faster results. As such, those clients return better service to the communities they serve and gain valuable insight on marketing and branding. Additionally, meeting the requirements of Community Health Need Assessment has never been easier or better.
Download Predictive Insights article pdf
Hospital Emergency Department Assessment Jan 2014
Hospital Community Image Assessment Jan 2014
Community Health Needs Assessment
Predictive Insights for HealthStream 2014
Listen to a re-play of the HealthStream & Consensus Point “Predictive Insights” CHNA webinar!
Huunu is providing market researchers and marketers with new ways to extract knowledge and opinion from their panels. Huunu partnered with market research company, Communispace, a division of Omnicomm Group, to offer their top consumer packaged goods clients a quantitative tool with qualitative elements that reduces the time it takes to test concepts and increases engagement with their panel members. More concise than a survey and without the need for large, target market dependent samples, Huunu efficiently and accurately sorted new product concepts. In less than 48 hours and with fewer than 200 respondents, consensus was reached and concepts were ranked. The results matched the results of a 3700 person survey taken the week before. Huunu is empowering Communispace to deliver accurate results more efficiently than ever before.
Your Encore leveraged the forecasting power of Huunu to help a a client discover upcoming changes in the the marketplace. Through the intelligence of their specialist community and the predictive nature of Huunu, Your Encore gathered valuable insights that gave their client a six month notice on the entrance of a competitor in their core consumer market. As such, the client was able to quickly create marketing plans, update sales strategy, work through key business changes, and adjust course to stay ahead and on track for success.
When Motorola was faced with the daunting task of determining which of 10,000 product concepts to take to market, they partnered with Huunu to create the “Think Tank Idea Exchange.” Think Tank was created to identify winning concepts sooner and reduce the time it takes to bring product concepts to market. As a result, Motorola has increased the number of ideas pursued and increased employee engagement in the product development process. Idea disposition time has decreased from an average of 180 days to 80 days, and the pursuit rate of new ideas has increased from 12% to 22%.
When Best Buy needed a better way to gauge whether a new product or service concept was likely to succeed, they partnered with Huunu. Huunu helped them accomplish their objectives: predicting concept success, monitoring leading business indicators, and engaging their employees. Open to all of their U.S. employees, the Best Buy Prediction Market, “Tag Trade”, successfully provided predictions about winning concepts, such as Blu-Ray vs. HD-DVD, more accurately forecasted sales trends of various media products, and provided early warning indicators of store opening dates.
Huunu partnered with GE to create the “GE Imagination Market,” a preference market made up of over 1400 employees. The objective of the market was to help GE answer tough business questions around technology investment and new product development. The market provided a new method of concept testing within the organization, allowing GE to gather and prioritize concepts and business innovations from across the company in a timely and efficient way. Huunu has helped GE identify winning ideas and patents in 10 business areas in over 43 countries.
For sales inquires, contact us at sales@ConsensusPoint.com
Consensus Point and the Huunu platform have provided prediction market capabilities to the following companies:
Market Research Firms and Enterprises
The NPD Group
Action Market Research
Missile Defense Agency
Consulting and Expert Network Firms
Media and Universities
Industry Standard, IDG
Carnegie Mellon University
Ohio State University
Sungkyunkwan University, South Korea