In our latest article for the American Marketing Association, we share some of the results from our pilot program that show blockchain's potential for boosting transparency and consumer engagement in a market research setting. Written by our CMO, Paul Neto, the piece dives into how consumer demands for better experiences and trust aren't going anywhere, and researchers need to step up to the plate. Blockchain and crypto-technologies hold promise.
Paul writes: "Blockchain helps solve persistent data privacy issues and removes security concerns of centralized databases (where survey participants have traditionally been found). It also predicates that transparency is one of its core values. Unsurprisingly, this approach has another beneficial side effect: better user experiences." In our recent pilot program, we found that 92% of those who started a data job, completed it. That's pretty high engagement, which can - in part - be attributed to the transparency that is intrinsic to blockchain. Paul maintains that this reality means that you "can’t get away with a bad experience, because the users have more visibility into the process."
Outlined in the article are some basics to keep in mind in this type of ecosystem:
- Transactional activity data is made transparent and can be used to encourage positive behaviors
- Real-time feedback gives users the opportunity to rate quality and provide a feedback loop, which ultimately improves experiences
- Clear incentives can be published up front and push toward a fairer compensation model
- Respondents can also be rated so that researchers can ensure that they are receiving quality data
Paul concludes the article with: "While all the data is transparently stored on the blockchain, it becomes truly powerful when you start to unpack it for use in some of the tasks outlined above. After all, better user experiences mean better insights on which businesses can base important decisions. This is one way to achieve that goal."
You can find the complete article here: https://www.ama.org/marketing-news/how-blockchain-is-boosting-transparency-and-engagement-in-consumer-research/