Big data, data analytics, business dashboards are a few big words that usually go over most people’s heads but these are the building blocks of a good business. Access to real time market information or ‘market data’ is crucial for any business to gain traction in the market, let it be a food cart owner looking to find out if there is a customer base to be tapped in Savar or a brand manager at Unilever looking to find out if there is a strong demand in the market for a product that the company is about to launch.
LightCastle Partners, a business data firm, is no stranger to the need of ‘data analytics’ and were quick to realize this unsatisfied need of businesses. LightCaslte is launching a new product in the market – LightCastle Data, a self serving platform that gives businesses access to registered customers in the digital space. The respondents who register with LightCastle Data will earn points each time they take a survey which they can monetize via reward partners like food franchises and coffee shops.
Hear from Bijon Islam, the CEO of LightCastle Partners to learn more about this innovative product and how it’s going to help businesses gain market insight.
Tell us a bit more about LightCaslte Data.
BI: LightCastle Data is a self-serving platform that creates a bridge between businesses and respondents. What happens is that these businesses need to get continuous feedback from their target group about their products, packaging, pricing, brand elements and ideas. However, the usual consumer process is very lengthy, takes about a month, is expensive and prone to errors. On the other hand, if they have a platform where they can come in, design their surveys and reach out to their target group, the consumers in the digital sphere (online) can easily respond in real time and the survey experience is much more interactive as well.
So your selling point is that it’s faster?
BI: Not just that. It’s faster, more cost effective and we’re providing a real-time dashboard so that businesses can track their responses as it goes along. Furthermore, since the survey is in digital space, they can introduce gamification techniques and make the survey much more interactive and fun.
What’s in it for the respondents?
BI: When was the last time you looked at a survey and earned anything? That’s what we’re offering to change. If a respondent completes our survey, they can earn reward points and they can monetize it through our reward partners. So far our partners include Fortuna Fried Chicken, Geroge’s Cafe etc. where the respondents can go and claim their reward points in the form of food and drinks. As we go along we’re going to add more reward partners. Obviously if it’s a longer survey, you can earn more points compared to quick polls.
Lastly, you’re taking data from the market and providing it to the businesses. What are you doing to ensure that this is in fact quality data?
BI: Okay, so when respondents register on our site, they’re authenticated through their Facebook account, national ID, LinkedIn profile or email account. Usually businesses don’t get to know who exactly is taking their survey. But this time, we’re changing that. Businesses will know the target segment that’s taking their survey. This gives them added insight into the consumer’s mind. We’re also going to perform quality checks, like if the survey is done too fast, there’s something wrong or if it’s the other way around. We’re going to ensure that these outliers do not taint the actual data. This guarantees that the integrity of the insight we’re providing is maintained.
LightCaslte Data will be launched as a beta version soon and LightCaslte Partners is set to disrupt the traditional market research industry in Bangladesh.
To register as a business/respondent visit: www.lightcastlebd.com