So just had some pot stickers from Whole Foods and on the inside there was a message with a QR code saying "How was your food?" But, what incentive do I have to scan the code and give feedback for free? I want something in return. I like it when it says "give feedback and be entered in a drawing." Especially a drawing for cash over gift cards. But, gift cards are ok.
We live in a world of feedback. I base a lot of my Amazon purchases on feedback. Yelp feedback is highly used. I love the Google ratings for businesses on Google Maps.
But, who wants to give feedback for free? I feel like a company centered on feedback and feedback incentives would be a worthwhile venture. If the QR code on my Whole Foods food had a feedback company I was familiar with who had a points or cash back system, I'd submit feedback no problem. Especially if they had a standard amount of questions and short surveys --- can't stand getting into a long survey with a million questions and a 1/25 on the top of the survey.
Thoughts on this being a worthwhile venture? A feedback company that works with other companies? I think there is a gap out there right now of probably 10% of people providing feedback for the other 90% who just read the feedback of the 10%. It could be more efficient.
Based on the most helpful WSO content, here are some thoughts on your idea of a feedback company that incentivizes users:
Incentivizing Feedback:
Short and Standardized Surveys:
Collaboration with Companies:
Market Potential:
Efficiency and Reach:
In summary, your idea of a feedback company that incentivizes users and collaborates with other companies has potential. By focusing on short, standardized surveys and offering tangible rewards, you can create a system that encourages more people to provide valuable feedback.
Sources: Thinking Like an Investor, Thoughts on Restructuring Groups?, Feedback on Stock-Pitch., Q&A: Business Analysis at F500 Firm, Thoughts on Starting Investment Bank/M&A Advisory for my Company
These would be interesting companies for sure -
If you created one, how would you initially build incentives for getting feedback? Thinking it could vary or change as a biz goes from early to later stage
Lotteries, points for gift cards or cash back.
guessing either points or cashback could be the most effective for feedback initially as long as the business is making money, somewhat as the post below indicates right
Many of those hotlines and surveys are run by a small number of incumbents who then white label the service for their clients already.
Ever wonder how those apps that scan sales receipts for points work? Or how the apps that pay people for surveys work? They place a user layer on top of one out of multiple existing commercial revenue streams. Below the surface the business is actually aggregating user behavior, aggregating pricing data, tracking sales promotions, etc...If the purpose is operating user surveys - how will you make money? Figure that part out and maybe there is a business here. If 100 consumers buy a product and only one scans the code what is the business model? In reality you need a second layer like selling geo-location marketing data, micro-targeting advertisement campaigns or tracking the best price for consumer goods on behalf of subscribers. If you really wanted to make it even better you would want to pair up with a credit card processor or payment company and target small to medium size businesses which don't work with the largest existing companies.
Here is one example of the latter; https://www.wsj.com/articles/provider-of-personal-finance-tools-tracks-…
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