You Will Learn:
- Why prediction markets deliver accurate concept tests more quickly than traditional methods
- How prediction markets work
- Why prediction markets are more cost effective than traditional methods
- When to utilize a prediction market for your research
Executive Summary
Quantifying the potential success of products, packages, and creative materials has always been challenging—particularly in the accelerated pace of today’s markets. Tried and true methods such as monadic concept test surveys produce valid results, but this approach can be cumbersome, costly, and time consuming.
Prediction markets have been hailed by leading academics like Wharton’s Justin Wolfers as well as popular best-selling commentators like Wisdom of Crowds’ author James Surowiecki as the way to achieve accurate insights into the future of your concept—at a fraction of the time of other methods.
This paper shows you how to harness the proven power of prediction markets for online concept testing.