When you’re asked to do a survey online, what is your reaction? For most of us, it’s an eyeroll and clicking through the questions as fast as possible. But what if you were incentivised for taking part? That might make a difference.
That’s the idea behind CoinSurvey. The company, which took part in the second cohort of the Satoshi Block Dojo, wants to use rewards to help survey creators get more responses from their customers.
Ole Knutli, CEO and Co-founder of CoinSurvey, explains that the start-up is using the scaling power of the Bitcoin SV blockchain to allow clients to offer varying amounts of money to those who take the time to answer questions.
“Using the blockchain we can make incentives really, really cost-efficient, so you can add incentives as small as a cent, you can add incentives across every question, or you can change how much you want to incentivise them for different questions.”
One of the reasons that clients might want to have different rewards for questions is to remove bottlenecks in the survey, by ensuring more difficult or time-consuming questions are better rewarded.
Ole is also keen to diversify the incentives on offer to respondents, for example enabling tree planting as a reward as he believes that this will help entice a varied range of people to take part.
Ole explains that his background working as a consultant for several large municipalities in Norway has helped him to understand the importance of having accurate customer feedback.
While he didn’t work within the survey industry, he did rely heavily on customer feedback data and therefore appreciates just how vital it is for clients to know that actual customers are doing their surveys.
“If you want to do a survey about who made a purchase, you want to make sure that those answering the survey are actually the ones who made the purchase and today it’s a little bit all over the place and we think blockchain could be a very good way to tackle this problem,” he says.
CoinSurvey hopes to compete with industry giants like SurveyMonkey by focusing on this tracking element of the business, as the level of accuracy and transparency provided by using the BSV blockchain will set them apart from other companies.
The business is run by Ole, his brother, and a friend of his from college who he has partnered up with before to build a Norwegian crypto exchange called Bitruption, that is still licensed and in action today.
They joined together to take part in the Satoshi Block Dojo in the latter half of 2022 and since then have been focused on launching the product and working with clients.
But there are also plans to expand the business and introduce an audience panel that will allow users to sign up to the website and get paid for recording responses to general surveys, improving traffic to the site and facilitating BSV onboarding.