The Future of Lucid’s Marketplace Will Be Powered by Flexibility and Adaptability

Nov 30, 2021 | Marketplace, Featured

The ability to adapt to the world around us is a crucial skill. And I don’t just mean for you and me; this is also true for software-as-a-service (SaaS) like Lucid Marketplace. As the ResTech industry continues to grow, it’s important for Lucid’s Marketplace to prepare for both the current and future needs of our customers and Marketplace partners. 

To do this, we are designing an environment conducive to greatly expanding our sample supply, provided by highly engaged respondents, which will provide stronger data that can be applied to new endeavors such as cookieless tracking. In short, Marketplace is working toward a more frictionless and multi-functional experience for all users. 

 

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Why Expanding Marketplace Supply Is So Important

Suppliers are the foundation of the Marketplace. With our global community of respondents, market researchers are able to complete their studies, brands and advertisers can measure brand lift, and the overall ResTech industry continues to thrive. So how can we create an even larger community of suppliers?

Consider this: nearly anybody in the world is a potential respondent. While we are obviously not going to get every person on earth to participate in online surveys, our goal is to increase the supply significantly. First, Lucid wants to make it even easier for new suppliers to join Marketplace by streamlining the onboarding process. This will open a lot of new opportunities, for all types of sample suppliers. For example, think of all the sites with registered users. If these users all joined our supply community, it would increase our number of available respondents exponentially. 

Another way to increase supply is to engage non-traditional suppliers. This includes online communities like loyalty programs, games, apps, and website publishers. While traditional online survey panels are still a huge part of Lucid’s supply ecosystem, more non-traditional suppliers will add massive growth to our supplier community. Plus, as we add suppliers, even more Marketplace buyers will become engaged in studies. 

 

Respondent Experience and Data Quality

An increase in supply means there will be more opportunities for respondents to participate in surveys. In that case, respondent experience will be more important than ever. Like any other customer engagement, it is our responsibility to provide a positive experience that delights the respondents and continues to build on their trust in the process. We rely on respondents to be willing to provide information that is, at times, personal or sensitive. That’s why it is important that our experience matches with that expectation of trustworthiness. 

Respondent experience is important for a number of reasons, including data quality. When survey participants are more engaged, their responses are more thoughtful, and the resulting data is higher quality. This higher quality data then continues to fuel the ecosystem, allowing us to create a virtuous cycle of information that our programmatic engine can use to make better quality matches. The better the quality that goes in, the better that comes out.

 

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Creating More Robust Consumer Profiles

Not only does high-quality data enable stronger market research and media measurement, but it can also be applied to efforts like optimizing Marketplace functionality, cookieless tracking, and even AI and machine learning.  

Currently, our respondent profiles are based on their answers to qualifying questions and the history of their survey taking. However, there is much more we would like to infer about the respondent so that we can send them to their optimal surveys. 

Over time, this profiling data can be extended to all Marketplace behaviors – including our ability to provide insights to our buyers allowing them to reduce their LOI.  Our machine learning platforms will be able to leverage this data to improve their performance to make better matches between suppliers and buyers.  Everyone in the value chain benefits from a robust package of information that is enriched and used to make continuous improvements to the programmatic process.  

Who knows – eventually, we may even be able to answer questions before they are even asked.

 

Adaptability is the Answer

A decade ago, we couldn’t have imagined all the ways the Lucid Marketplace and its profiling capabilities would be used. The reason we’ve continued to see success is because Lucid remains focused on the future of ResTech and the trends that are emerging within the space. 

As we work toward creating an infinite supply chain, optimizing data quality, and building more robust respondent profiles, we are enhancing a technology that will continue to grow with our company and our customers.

 

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