Supply and demand curves play into every business transaction depending on need and scarcity, including sample. When it comes to getting the right respondents, the price it takes to acquire a female age 35 is different than what it takes to acquire a male age 78.
We took this into consideration when developing Quota Based Pricing (QBP), a new feature that allows clients the ability to price each quota within a project uniquely.
What Quota Based Pricing Is:
With quota based pricing, the PureSpectrum system allows researchers to set different prices on individual quotas.
This will capture harder-to-reach audiences faster with a customized incentive while keeping the budget in check with easier to acquire respondents.
Why Quota Based Pricing Matters:
Supply and demand continuously play into every survey as some demographics are harder to acquire, and some are easier. To tackle this, researchers must increase the price at the end of fielding to capture these difficult demographics last, and while rushed to complete. Using QBP, you can address the supply and demand challenges earlier and achieve a more balanced fielding, and have better research.
With QBP enabling better fielding strategies and better research, it improves the quality of life for researchers and the quality of data for insights.
How Quota Based Pricing Works:
- Discuss activating QBP on your account with your Client Success Manager.
- When finalizing and launching your project, toggle on “Quota Based Pricing” and select which quota you would like to apply it to. Please note, it will automatically apply to nested quotas.
- When activated, each quota will default to the given project rate. To edit the price per quota, open the Quota Modal by clicking on the 3 dots to the left of the respective quota on the survey management page.
- In the modal, select the “Pricing” tab and click on the price itself to open the editor.
- You will now be able to set whatever price you would like. Click on the check mark to approve the price change, and click the “x” to revert.
If you have any additional questions about QBP or would like to learn more about additional products/features, please reach out to your Client Success Manager or to support@purespectrum.com.
About PureSpectrum
PureSpectrum offers a complete end-to-end market research and insights platform, helping insights professionals make decisions more efficiently, and faster than ever before. Awarded MR Supplier of the Year at the 2021 Marketing Research and Insight Excellence Awards, PureSpectrum is recognized for industry-leading data quality. PureSpectrum developed the respondent-level scoring system, PureScore™, and believes their continued success stems from their talent density and dedication to simplicity and quality.
In the few years since its inception, PureSpectrum has been named one of the Fastest Growing Companies in North America on Deloitte’s Fast 500 since 2020, and ranked for three years in a row on the GRIT Top 50 Most Innovative List and the Inc. 5000 lists.