Supply and demand curves play into every business transaction depending on need and scarcity, including sample. When it comes to getting the right respondents, the price it takes to acquire a female age 35 is different than what it takes to acquire a male age 78.
We took this into consideration when developing Quota Based Pricing (QBP), a new feature that allows clients the ability to price each quota within a project uniquely.
What it is:
With quota based pricing, the PureSpectrum system allows researchers to set different prices on individual quotas.
This will capture harder to reach audiences faster with a customized incentive, while keeping the budget in check with easier to acquire respondents.
Why it Matters:
Supply and demand continuously plays into every survey as some demographics are harder to acquire, and some are easier. To tackle this, researchers must increase price at the end of fielding to capture these difficult demographics last, and while rushed to complete. Using QBP, you can address the supply and demand challenges earlier and achieve a more balanced fielding, and have better research.
With QBP enabling better fielding strategies and better research, it improves the quality of life for researchers and the quality of data for insights.
How it Works:
- Discuss activating QBP on your account with your Client Success Manager.
- When finalizing and launching your project, toggle on “Quota Based Pricing” and select which quota you would like to apply it to. Please note, it will automatically apply to nested quotas.
- When activated, each quota will default to the given project rate. To edit the price per quota, open the Quota Modal by clicking on the 3 dots to the left of the respective quota on the survey management page.
- In the modal, select the “Pricing” tab and click on the price itself to open the editor.
- You will now be able to set whatever price you would like. Click on the check mark to approve the price change, and click the “x” to revert.
If you have any additional questions about QBP or would like to learn more about additional products/features, please reach out to your Client Success Manager or to firstname.lastname@example.org.