Consensus Point works with research organizations and large institutions to elicit knowledge from communities to predict future outcomes and preferences. Our unique market algorithm, gaming techniques, and social platform provide a more engaging way for consumers and experts to be rewarded for their performance and participation.
Our platform, Huunu, is different from traditional research in that respondents are not forced to answer any questions and are able to weight their answers based on their confidence. It is the process of self-selection and weighting based on confidence that gives the market its accuracy.
Huunu is different from other research techniques in that it captures the “intensity of feeling” within the respondent. The confidence in the answer by the respondent 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.
Huunu provides 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.
Consensus Scoring Chart
The consensus score represents the aggregated judgment of the participants and provides a probability of outcome in the marketplace. The chart gives a quick and simple analysis on the market opinion of presented questions. In the example below, the market was presented with 8 concepts and was charged with determining which concept is most likely to succeed. The chart below provides a simple rank order of the concepts and their potential for success.
The Spread Chart indicates what percentage of the total market investment was made in each question. Both positive and negative investments are represented in the chart. These investments give an additional data point to consider when evaluating consensus scores. The percent of the total market invested indicates how strongly consumers felt about each question. The chart provides information about breakthrough ideas and highlights ideas that deserve further investigation and analysis.
A demographic spread chart is also provided to give further insight into each concept and identify any potential anomalies in trading behavior.
Verbatim comments provide the critical “reason why” for concept success or failure. A comprehensive verbatim report is provided for each question asked. These captured comments provide the additional insight needed to make decisions with confidence.
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.
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 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.
Consensus Point and the Huunu platform have provided prediction market capabilities to the following companies:
Market Research Firms and Enterprises
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