Prediction markets for concept testing

Next is a pioneer in the field of prediction markets for consumer research. In 2008, we launched the Infosurv Concept Exchange (iCE) and have since utilized our methodology to test a wide array of consumer products and services in a variety of industries. Our approach is based on the “wisdom of crowds” theory coined by author James Surowiecki in his 2004 book The Wisdom of Crowds.

How Does It Work?

Next has developed a virtual online stock market where respondents are given free virtual dollars to buy “shares” in the products, packages, logos, or advertisements that our clients wish to test. Just like in real world markets, share prices fluctuate based on supply and demand. By observing how share prices move over time, we can make very accurate predictions regarding the real world success of the concepts being tested. To learn more about the academic and commercial research backing the power of prediction markets like iCE, please read our white paper Prediction Markets for Concept Testing.

If you interested in learning more about our approach, please visit www.iCEpredict.com or watch our Founder, Jared Heyman, discuss prediction markets at the 2010 Advertising Research Foundation’s re:THINK conference in New York: