When was the last time you found a survey fun and engaging? Never? That’s what the founders of CoinSurvey want to fix. Armed with the superpowers of the Bitcoin SV blockchain, CoinSurvey is taking on the huge survey industry.
“It’s a $80 billion market,” says Ole Andre Knutli, co-founder of CoinSurvey. “Everyone does surveys, but nobody seems to like them.” CoinSurvey takes inspiration from the gaming industry to make the experience more engaging, while using the blockchain for instant rewards and data integrity.
Businesses can’t easily add rewards to their survey because no existing survey platform has this built in, Knutli explains. You need to rely on third parties increasing the costs and friction. As there is no way of issuing small rewards to everyone, many use sweepstakes, despite research suggesting it might not affect the response rate at all.
Knutli believes that their service can boost a client’s response rate by 180% compared to conventional incentives. “What we are doing different is that we can incentivize the respondents with an instant rewards for every question—and more for the harder ones.” He adds that clients don’t need to deal with the Bitcoin SV blockchain that powers the system but that survey participants can connect their wallet if they choose to receive their rewards in BSV.
However, the rewards can be different things, Knutli explains. “The point with our reward engine is that every incentive we implement can be fractionalized and built up as a story. Say for example the rewards are going to a tree charity, the tree would grow as you progress in the survey. You could imagine a leaderboard where you can see how many trees you planted by responding to surveys.”
Another benefit of the BSV blockchain is that CoinSurvey can remove the pain of managing rewards, data integrity and third parties, offering clients a simple way to connect their survey data to the blockchain. By timestamping and validating the data on-chain, CoinSurvey provides its clients with an audit trail. This can help mitigate survey fraud such as duplications or be useful in other business contexts. If a company is negotiating an acquisition, for instance, it could validate that the employee or customer satisfaction is as advertised.
Traditionally, the survey business has used subscriptions. Instead, CoinSurvey has a pay-as-you-go model. “If you look at the market leader, SurveyMonkey, there are a lot of complaints about their pricing model,” says Knutli. Customers must subscribe, sometimes for longer periods, even though they might only need one survey and are charged penalties if they accidently exceed the agreed usage.
“We’re having none of it”, Knutli explains. “With CoinSurvey you buy the responses you need. It’s a simple and transparent pricing model that will cut your costs.”
CoinSurvey is one of the BSV startups in Cohort 2 of Satoshi Block Dojo, the incubator which is currently completing its second programme in London.
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