How To Prepare
Mortgage rates for a 30-year fixed in the US have gone from 3.7% in January to 7.5% in December, more than doubled! Inflation is running at 7.7%. The Private Equity market has changed too, money is costing more. Everything is costing more. Are your customers talking about budget reductions? Has your budgeting been impacted? What steps are you taking?
I have been at PureSpectrum for more than 6 months and now see how the technology can drive material margin growth for our customers. Here are a few of the levers via our Sample Management Platform available to our customers.
- Quota-Based Pricing
The traditional way online sample is purchased is via bidding. A typical scenario is a research agency receives a brief from a brand to address an issue. The research agency determines the right approach and then sends bids to several sample companies. The bids are received and analyzed. A sample provider is chosen and an email chain for the project begins. This email chain becomes lengthy and there are lag times in the project communication and fulfillment. This process can be quick but many times it runs multi-days.
Here is how PureSpectrum automates bidding, feasibility and fielding. There are scores of suppliers in the platform, and all have pricing and feasibility integrated. A buyer can enter the specs and get back pricing in moments rather than the example above. There are integrations into survey platforms. Interviews are synced, adjustments happen while in field and quotas are updated. Sample flows into the projects within moments of setting the project live. There is no waiting for email confirmations. Quotas close and suppliers are aware therefore over quotas are reduced.
The power is placed with you, the researcher. You can name your price at the quota level. Price easy audiences lower and fill them and price harder audiences accordingly. One of our clients completed 500,000 interviews, in Q4, through our platform and has realized a $.50 per complete savings by leveraging the Quota Based Pricing. This customer created $250,000 of margin between the bid price and fielding costs. Do you have a plan for incremental margin creation?
Finally, PureSpectrum technology addresses the costs caused by bad sample quality. The Sample Management Platform assigns a persistent ID to all survey takers to prevent duplicates respondents and track longitudinal respondent behavior. The tens of millions of monthly sessions feed PureScore™, a predictive quality screening solution. A client recently came to us after finding ‘tons’ (their word) of poor data quality interviews that had passed through the quality tool they were using. Adopting PureSpectrum’s platform, and PureScore, they materially reduced the quality issue, and the associated costs of extended field times and unhappy clients. Our blending of sources approach to project fulfillment also minimizes the quality risks. A new quality tool will be released shortly, PureText™. This will provide AI powered open end analysis and it will eliminate the need for your staff to review all the open ends. AI is already being applied to legal work in document review. If it can be applied there it can be applied to open end analysis for insights. Sample quality is a segment of research where we will never be done. PureScore will continue to evolve and deliver greater features.
Our customers have added hours to fielding time for fast turn projects via the Sample Management Platform. They have streamlined the project flow. They have created additional margin and improved the quality of sample. These levers can be used by anyone in the insights industry. The PureSpectrum technology will ready your business for what is ahead.