Social Forecasting™ Technology: High-accuracy market insights in no time
CrowdWorx is the inventor of Social Forecasting™ – one of the most powerful instruments an innovation program can have. CrowdWorx® Social Forecasting™ has created created more than €100 Mio. in new product revenues for our clients with its unique features:
- Proven more accurate forecasts: Get highly accurate market insights for your new product ideas before turning them into projects. Forecasts for revenue potential, price points, target segments, development cost etc.
- Faster than market research with results available as automated PowerPoint reports within less than 1 week from launching a social forecast
- Two times lower cost than surveys, experts, or market research
- Comments: Users can provide their reasons for their forecast
Long-term studies have proven that Social Forecasting™ is more accurate than market research 76% of the time.
How does Social Forecasting work?
Our Social Forecasting™ technology uses the collective intelligence of employees to forecast the potential of new product ideas and concepts.
The CrowdWorx system collects all individual forecasts and aggregates them to a single consensus forecast. This information contains all the knowledge, experience and insights of employees.
Why should I use Social Forecasting™?
Social Forecasting is often not only more accurate but also needs less participants, is less time consuming and less expensive when compared to other prediction methods (e.g. polls, surveys, conjoint). This is well illustrated by the following charts and tables.