Lessons Learned
Pricing Strategies
Legacy Market Research firms like Cint charge Annualized fees for simply buying survey completes on their platform. Common annualized pricing tiers look like the following below:
Service Tiers | Annual Contract | Transaction Fee | Min. # of Completes |
|---|---|---|---|
Tier 5 | USD $9,000 | USD $0.45 | 20,000 |
Tier 4 | USD $17,500 | USD $0.35 | 50,000 |
Tier 3 | USD $45,000 | USD $0.30 | 150,000 |
Tier 2 | USD $75,000 | USD $0.25 | 300,000 |
Tier 1 | USD $180,000 | USD $0.20 | 900,000 |
The problem with this model, is it forces buyers into an contract that requires large spend volumes. In addition, it opposes the abilities for buyers to create low cost, low time of interview surveys; this is due to low paying surveys having a higher relative percentage cost. For example, if you're a small buyer and you want to run a survey for a $1.00 CPI, you will be paying $1.45 for that complete, while Cint also takes at \30% or more from the respondent. That $1.45 cost, results in an approximately $0.70 respondent payout.
WXET is different. Our business model operates by running a zero commission, and zero cost marketplace. Our parent company, General Research Laboratories, takes \5% of the CPI cost to a respondent. In this same example, if a buyer wants to run a $1 survey, it will cost them $1 and the supplier will earn $.95.
Sample Quality
Some Marketplaces make an argument that their Respondent Quality is superior due to some reason or another. This is an outright lie.
The issue is there is zero technical methods or even philiosophical approaches to offer various Payment amouts for better or worse quality.