October 26, 2010
HowMutch would you pay?
HowMutch.com is a new Q&A site only asks one type of question: How much would you pay, or would someone have to pay you, to do…? The site asks you fun and completely random questions about how much you would pay for different activities, services and scenarios.
After you answer, it tells you how your price compares to the median price everyone else who had answered the same question gave. You can also see more stats or ask your friends on Facebook and Twitter to answer the question posted, or you can even make up one of your own. The great thing about this is that you get immediate feedback when you see how everyone has answered your question.
This could prove to be a valuable market research tool for companies and brands that want to find out how much people would pay for new products and services. If the site can start to generate enough traffic, it can begin to ask questions from companies and brands by charging these companies to post their questions. CEO Ari Greenberg agrees that companies would be willing to pay per question because they already pay for this variety of research through national samples of consumers. HowMutch.com is able to collect demographic information, which brands require, along with valuable consumer answers companies can use to price their new products.
“We’re thinking that questions from brands won’t make up more than 10% of the questions on the site,” says Greenberg. “We’ll probably mark them as ‘Partner Questions’ and in addition, we may offer rewards such as, cash, Facebook credits, or unique product samples to users who answer these brand questions.”
Keeping the site fun and interesting is the main interest of the company. Attracting people to the site and taking the time to answer these questions is the biggest obstacle which could be averted with by utilizing incentives for participants.
How much would you pay to get this information, and how much will the companies have to pay you to answer these question? Everyone has a price. What’s yours?
