Method of correlating bid price to intrinsic value in a survey platform
An online survey platform and process for correlating the bid price offered by a supplier for the completion of an out-of-network survey hosted on the survey platform to one or more intrinsic value indicators of the survey. If the supplier's bid price is less than or equal to the survey budget price set by the buyer, then the routing platform of the present invention will route the supplier's respondent(s) to the survey.
1. A method of dynamic price matching comprising the steps of:
(a) providing a router platform hosting a plurality of online surveys for a plurality of panels and a plurality of buyers, wherein each online survey is associated with a panel and a buyer;
(b) the router platform receiving from each panel a routed pricing grid, wherein the routed pricing grid includes prices for routed completes by each of a plurality of survey respondents associated with the panel, and wherein the prices for routed completes are based upon two or more intrinsic value indicators of online surveys, wherein the intrinsic value indicators are selected from a group consisting of a conversion percentage, an incidence percentage, and a length of interview;
(c) the router platform receiving from each buyer a budget for each online survey associated with the buyer;
(d) the router platform receiving from each buyer an initial value of each intrinsic value indicator for each online survey associated with the buyer;
(e) creating a price-matched group of online surveys on the router platform for a first survey respondent who has been terminated from a first online survey on the router platform, wherein the first survey respondent is associated with a first panel, comprising the steps of:
(i) determining the price for routed completes for each online survey from the first panel's routed pricing grid using the initial value of the intrinsic value indicators for each online survey;
(ii) comparing each price to the budget of each online survey;
(iii) including in the price-matched group each online survey with a budget that is greater than its price for routed completes from the first panel's routed pricing grid; and
(f) routing the first survey respondent to a second online survey on the router platform, wherein the second online survey is selected from the price-matched group of online surveys on the router platform.
2. The method of claim 1 , wherein the intrinsic value indicators comprise conversion percentage and length of interview.
3. The method of claim 1 , wherein the intrinsic value indicators comprise incidence percentage and length of interview.
4. The method of claim 1 further comprising the steps of:
(g) measuring and recording one or more properties as each survey respondent takes each online survey; and
(h) calculating the intrinsic value indicator from the recorded one or more properties and updating the intrinsic value indicator calculation periodically.
5. The method of claim 4 further comprising the steps of:
(i) creating an updated price-matched group of online surveys on the router platform for a second survey respondent who has been terminated from one of the plurality of online surveys on the router platform, wherein the second survey respondent is associated with one of the plurality of panels, comprising the steps of:
(i) determining the price for the routed completes for each online survey from the routed pricing grid for the panel associated with the second survey respondent using the current intrinsic value indicator calculations for each online survey;
(ii) comparing each price to the budget of each online survey;
(iii) including in the updated price-matched group each online survey with a budget that is greater than its price for routed completes from the routed pricing grid for the panel associated with the second survey respondent; and
(j) routing the second survey respondent to a third online survey on the router platform, wherein the third online survey is selected from the updated price-matched group of online surveys on the router platform other than the survey from which second survey respondent was terminated.
6. The method of claim 4 , wherein in step (h), the intrinsic value indicator calculation is updated each time the one or more properties is measured and recorded.
7. The method of claim 4 , wherein in step (h), the intrinsic value indicator calculation is updated at predefined time intervals.