Maintaining a strong partnership requires commitment from both sides – and that’s certainly true for the Lucid Marketplace and its participants. While Account Teams are focused on growing and scaling our partner’s businesses, Lucid’s Trust and Safety team is here to ensure that growth happens as efficiently as possible.
Trust and Safety is a set of programs that enhance the health of our Marketplace by improving the way both buyers and supply partners interact with our platform, and is one of the fastest growing initiatives at our organization. The work to focus on quality and efficiency pays dividends in the long term, keeping the insights ecosystem healthy and thriving.
This blog post will provide an overview of Trust and Safety, including some history, how it works, and its impact on the Lucid Marketplace.
Trust and Safety: How it All Began
Trust and Safety has always been an integral part of Lucid. In the early days, we primarily focused on establishing strong API connections with our supply partners, scaling our services business, and ensuring our buyers had the support needed to run surveys on the marketplace.
As Lucid expanded globally, our need to formally build a security program also grew. We began looking at other marketplaces to better understand what made them successful – and we found that they all provided a place where people feel safe interacting with complete strangers. The truth is, providing an efficient, positive experience requires that security and trust be paramount.
The goal of Lucid’s Trust and Safety initiative is to ensure a frictionless Marketplace experience. It is not just one project, or one action that we execute and cross off our list. Rather, Trust and Safety is an all-inclusive umbrella that covers the programs, products, integrations, guidelines, and processes dedicated to ensuring we have a safe, healthy Marketplace.
In order to do this, one thing remains paramount: Marketplace Equality. All Lucid Marketplace participants are subject to our Trust and Safety standards – that includes buyers, supply partners, and respondents. So, when one party encounters a problem, Lucid is responsible for ensuring a swift resolution that balances the needs of all three sides.
What Exactly Does Trust and Safety Monitor?
Ironically, the goal is for Marketplace participants to not interact with our Trust and Safety team at all! We are constantly monitoring the Marketplace, heard from only to guide customers back into their lane if they deviate from the norm. So, if you never hear from us, that means you are doing your part as a positively contributing Marketplace participant.
Trust and Safety is continually iterating on initiatives with various focus areas across buyers, supply partners, and the Marketplace.
Programs for Buyers:
- Secured Survey Links ensures the strongest survey security is used across all buyers, for all surveys. We’re seeing 40% growth in secured completes YoY, and this number continues to go up!
- Automatic Survey Guidance monitors 13 different survey metrics, pausing unhealthy surveys in real-time while sending an email alert to the Project Manager. On a monthly basis this accounts for a better respondent experience for more than 1.5 million respondents.
- Survey Improvement enforces average performance metrics that a Marketplace buyers’ surveys must meet. The minimum standards are currently $0.08 EPC and 8% client conversion. This helps ensure a great experience for both survey researchers and respondents.
Programs for Supply Partners:
- Data Quality Feedback equips our supply partners with reasons for respondent reconciliations, ensuring all supply partner panels remain high quality. In the past 6 months, the amount of data we have been able to share has increased 3-fold!
- Supply Partner Improvement focuses on lowering reconciliation rates that are above our Marketplace norms. The target negative reconciliation rate for all supply partners is currently 4% or less.
- Partner Conversion Improvement ensures respondents are sent to surveys they are best qualified for, as measured by supply partner conversion rates. This creates a faster survey filling experience for buyers, positive respondent experience, and healthier Marketplace overall.
Programs for the Marketplace:
- Reconciliation Audits provide additional insight into reconciliations, equipping both Lucid and our supply partners with valuable insight for product advancement. If a reconciliation is audited, an auto-generated email will be sent to the Project Manager with the survey number and the RIDs that were reconciled, asking for more detail on the reason for the reconciliation.
- Security Audits ensure that only those who need access to the Lucid Marketplace are able to get it – includes access to our UI, APIs, and data stores. Lucid takes data privacy very seriously and is adherent to GDPR, CCPA, and other regulatory guidelines.
- Quality Monitoring is a Research & Development-based effort focused on ensuring Lucid’s fraud detection technology remains cutting-edge. The insights and advancements from this team allow us to continue to offer a best-in-class Marketplace.
Our Initiative Has Already Made an Impact
Every day, Trust and Safety moves us closer to our objective of providing an efficient ecosystem – enabling surveys to be filled at scale, promoting a better respondent experience, and building more accountability with Marketplace participants.
We’re excited to report these efforts haven’t been made in vain! Here are a few notable improvements we’ve seen in just one year:
- 45% increase in conversion rates
- 40% improvement in incidence rates (IR)
- 20% decrease in reconciliation rates
- 15% improvement in EPCs
Lastly, we want to thank our buyers and supply partners for aligning with Lucid as we continue to grow the ecosystem with a focus on security and quality assurance. Our team is confident that our ongoing Trust and Safety measures will continue to provide more sample, faster, at the best price. If you have any questions about Trust and Safety and how it may impact your workflow, please contact your Lucid Account Team.