hp-trivia-pricing-research-monetizing
In my previous blog about HQ Trivia I pondered how the creators of HQ were planning to make money.  Right now there is no advertising; venture capital funds the app and the jackpots. Apart from occasional sponsorships, there appears to be no immediate source of additional funding.
 
HQ could do many different things to achieve financial success – content sponsorships, jackpot sponsorships, advertising, product placement, buying ‘lives’ by watching a 15-second spot  – even sponsor logos on host apparel. In fact, there are probably different ways to monetize HQ Trivia that we haven’t even thought of yet – making this a perfect research case for TRC’s Idea Mill™.
 
Idea Mill™ is our method that employs Smart Incentives™ – harnessing the principles of crowd-sourcing to ask respondents for their best idea, and the ideas are then voted on by other respondents within the same research survey. The respondents with the best ideas as judged by their peers are rewarded with prizes. This is a great technique to use when you’re in the idea generation phase of product development.  
 
Once we get a list of potential ways to monetize HQ, we could then winnow the list to the ones that would be feasible to implement, and narrow the list using a prioritization-based research method such as Idea Magnet™. Results can be generated quickly.  
 
Before implementing the winning ideas, we could further explore options by building various scenarios of the sponsored game, and asking HQers to weigh in on which one would be most acceptable to them. Through a choice-based research tool such as discrete choice conjoint, we could vary HQ’s potential features, such as:
 
 
All of these techniques employ strategies we use in pricing and product development research to include the consumer in the decision-making process. HQ’s creators are good at asking questions – I hope they do the same in further developing their product.