“The missing ingredient is leveraging predictive technology and marketing science methods that empower your customers to help you successfully shape the future of your markets and products. These methods fall into the emerging “anticipatory” category of research approaches and technology, and can be as simple one-on-one game theory techniques or as sophisticated as agent-based modeling and prediction markets. If these forward-looking methods look and feel different from traditional data gathering and reporting, it’s because they are. In particular, prediction markets have shown the ability to accurately predict future outcomes on critical business questions, including marketing and product innovation, by leveraging the collective judgment of customers with a stake in the future outcome or “skin in the game.” Knowledgeable and empowered participants wager virtual currency on predicting outcomes while an algorithm aggregates the collective judgment and sentiment and reports probability metrics with qualitative feedback on crowd rational, or “the why.”
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