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 system for dynamic price matching comprising:
at least one processor; and
memory including instructions that, when executed by the at least one processor, cause the at least one processor to:
receive a routed pricing grid for completion of a plurality of online surveys, wherein each online survey of the plurality of online surveys includes at least one demographic question and at least one targeted question, wherein pricing for completion of the online surveys is based in part on a value indicator, and wherein properties of the value indicator include:
a conversion percentage, wherein the conversion percentage is the percentage of a number of completed surveys divided by an amount of survey respondents passing each of the at least one demographic question and the at least one targeted question;
an incident percentage, wherein the incident percentage is the percentage of a number of completed surveys divided by an amount of survey respondents passing each of the at least one demographic question; and
a length of interview, wherein the length of interview is an amount of time a particular survey respondent takes to complete a particular survey;
receive a budget and an initial value of the value indicator for each online survey of the plurality of online surveys;
generate a price-matched group of online surveys for a survey respondent who has been terminated from a first online survey, wherein generation of the price-matched group of online surveys comprises causing the at least one processor to:
determine a routed complete price for each online survey using the initial value of the value indicator for the online survey and the routed pricing grid; and
identify online surveys with a respective routed complete price less than the budget for the online survey;
select a survey from the price-matched group of online surveys based on load traffic for a survey repository database from a set of survey repository databases; and
transmit the survey to the survey respondent.
2. The system of claim 1 , wherein a higher value of the incident percentage and a higher value of the conversion percentage is negatively correlated to the initial value of the value indicator.
3. The system of claim 2 , further comprising instructions to:
receive a measurement for a value indicator property as the survey respondent answers the survey;
calculate a value for the value indicator property based on the measurement; and
recalculate the value for the value indicator property on a periodic basis based on receiving a new measurement.
4. The system of claim 1 , wherein the routed pricing grid includes pricing based on a plurality of panels of survey respondents, and wherein each survey respondent is associated with a panel.
5. The system of claim 4 , further comprising instructions to:
transmit to the survey respondent a set of demographic questions;
receive a set of answers from the survey respondent in response to the set of demographic questions; and
associate the survey respondent with a first panel based on the set of answers.
6. The system of claim 5 , wherein determining the routed complete price for each online survey using the initial value of the value indicator for the online survey and the routed pricing grid includes using the pricing associated with the first panel from the routed pricing grid.
7. The system of claim 1 , wherein the routed pricing grid includes pricing based on a geographic region for the survey respondent.
8. A method of dynamic price matching comprising:
receiving a routed pricing grid for completion of a plurality of online surveys, wherein each online survey of the plurality of online surveys includes at least one demographic question and at least one targeted question, wherein pricing for completion of the online surveys is based in part on a value indicator, and wherein properties of the value indicator include:
a conversion percentage, wherein the conversion percentage is the percentage of a number of completed surveys divided by an amount of survey respondents passing each of the at least one demographic question and the at least one targeted question;
an incident percentage, wherein the incident percentage is the percentage of the number of completed surveys divided by an amount of survey respondents passing each of the at least one demographic question; and
a length of interview, wherein the length of interview is an amount of time a particular survey respondent takes to complete a particular survey;
receiving a budget and an initial value of the value indicator for each online survey of the plurality of online surveys;
generating a price-matched group of online surveys for a survey respondent who has been terminated from a first online survey, wherein generation of the price-matched group of online surveys further comprises:
determining a routed complete price for each online survey using the initial value of the value indicator for the online survey and the routed pricing grid; and
identifying online surveys with a respective routed complete price less than the budget for the online survey;
selecting a survey from the price-matched group of online surveys based on load traffic for a survey repository database from a set of survey repository databases; and
transmitting the survey to the survey respondent.
9. The method of claim 8 , wherein a higher value of the incident percentage and a higher value of the conversion percentage is negatively correlated to the initial value of the value indicator.
10. The method of claim 9 , further comprising:
receiving a measurement for a value indicator property as the survey respondent answers the survey;
calculating a value for the value indicator property based on the measurement; and
recalculating the value for the value indicator property on a periodic basis based on receiving a new measurement.
11. The method of claim 8 , wherein the routed pricing grid includes pricing based on a plurality of panels of survey respondents; and
wherein each survey respondent is associated with a panel.
12. The method of claim 11 , further comprising:
transmitting to the survey respondent a set of demographic questions;
receiving a set of answers from the survey respondent in response to the set of demographic questions; and
associating the survey respondent with a first panel based on the set of answers.
13. The method of claim 12 , wherein determining the routed complete price for each online survey using the initial value of the value indicator for the online survey and the routed pricing grid includes using the pricing associated with the first panel from the routed pricing grid.
14. The method of claim 8 , wherein the routed pricing grid includes pricing based on a geographic region for the survey respondent.
15. At least one non-transitory computer readable medium including instructions for dynamic price matching, that when executed by at least one processor, cause the at least one processor to:
receive a routed pricing grid for completion of a plurality of online surveys, wherein each online survey of the plurality of online surveys includes at least one demographic question and at least one targeted question, wherein pricing for completion of the online surveys is based in part on a value indicator, and wherein properties of the value indicator include:
a conversion percentage, wherein the conversion percentage is the percentage of a number of completed serve is divided by an amount of survey respondents passing each of the at least one demographic question and the at least one targeted question
an incident percentage, wherein the incident percentage is the percentage of a number of completed surveys divided by an amount of survey respondents passing each of the at least one demographic question; and
a length of interview, wherein the length of interview is an amount of time a particular survey respondent, takes to complete a particular survey;
receive a budget and an initial value of the value indicator for each online survey of the plurality of online surveys;
generate a price-matched group of online surveys for a survey respondent who has been terminated from a first online survey, wherein generation of the price-matched group of online surveys further comprises:
determine a routed complete price for each online survey using the initial value of the value indicator for the online survey and the routed pricing grid; and
identify online surveys with a respective routed complete price less than the budget for the online survey;
select a survey from the price-matched group of online surveys based on load traffic for a survey repository database from a set of survey repository databases; and
transmit the survey to the survey respondent.
16. The at least one non-transitory computer readable medium of claim 15 , wherein a higher value of the incident percentage and a higher value of the conversion percentage is negatively correlated to the initial value of the value indicator.
17. The at least one non-transitory computer readable medium of claim 16 , further comprising instructions to:
receive a measurement for a value indicator property as the survey respondent answers the survey;
calculate a value for the value indicator property based on the measurement; and
recalculate the value for the value indicator property on a periodic basis based on receiving a new measurement.
18. The at least one non-transitory computer readable medium of claim 15 , wherein the routed pricing grid includes pricing based on a plurality of panels of survey respondents, and wherein each survey respondent is associated with a panel.
19. The at least one non-transitory computer readable medium of claim 18 , further comprising instructions to:
transmit to the survey respondent a set of demographic questions;
receive a set of answers from the survey respondent in response to the set of demographic questions; and
associate the survey respondent with a first panel based on the set of answers.
20. The at least one non-transitory computer readable medium of claim 19 , wherein determining the routed complete price for each online survey using the initial value of the value indicator for the online survey and the routed pricing grid includes using the pricing associated with the first panel from the routed pricing grid.