Prediki PROMPT uses specialised question batteries in a closed-off section on Prediki’s second-generation prediction market platform. Batteries are proven questioning patterns consisting of comparative predictions for action standards, category topline forecasts, competitor benchmark predictions, and most importantly, volumetric estimates for each idea, concept, or product.
Stages -- PROMPT supports all stages of the innovation process:
- Needs stage: Predict a future vision of a category or industry. Extract ideas for action.
- Idea stage: Rank possible ideas by their likely contribution to measurable future goals.
- Concept stage: Use a BREW pattern to identify and optimise the best of several concepts.
- Communications: LURE patterns find and improve the best narratives for a new product.
- Pricing & promotion: Volumetric forecasts at various price points. Fine-tune launch plan.
- Post-launch: Track the likely sales for the first year and react quickly if needed.
Fielding -- At each innovation stage, the appropriate PROMPT questions are fielded for 3 to 5 days, depending on recruitment speed and concept complexity. Trading and market talk is moderated by Prediki or the partnering agency.
Analysis -- After fielding, analysts use Prediki's market analysis module to interpret the numeric trading data and the verbal market talk for answers to client objectives, to recommend decision alternatives and prioritise key improvements before continuing to the next innovation stage.
Reporting -- Tight integration of qualitative results with quantitative success indicators expressed as meaningful real-world KPI’s - such as estimated sales volume or market share - lend an unparalleled intuitive understanding of an innovation’s true potential with marketers, researchers, and stakeholders alike.Validation
-- PROMPT offers an inbuilt validation and calibration capability, as benchmark predictions for competitors are checked against market results. All volumetric estimates for innovation success are verified against real outcomes at prediction market settlement. This gives unprecedented control and full awareness of research accuracy and reliability. Traditional Simulated Test Marketing tools are often insulated from empirical falsification when the original plan or the market environment changes.