Forecast Report

How Prediction Markets Help Forecast Consumers' Behaviors

Emerging Market Research Methodology: Prediction Markets Are Your Innovation And Market Assessment Barometer Tool

August 8th, 2011
With contributors:
J. P. Gownder , Reineke Reitsma , Samantha Jaddou

Summary

Market insights professionals are repeatedly tasked with delivering quick insights that will accurately predict what consumers will do or buy in the future. Traditional research methods do not always help market insights professionals meet those demands. Prediction markets reduce the level of uncertainty surrounding predictions of future consumer behavior and provide quick, cost-effective results. Therefore, Forrester recommends the use of prediction markets and believes they will serve a niche but critical role during the innovation process. This is the first in a series of reports focused on introducing market insights professionals to emerging and innovative research methodologies.

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