LUCID Marketplace is a web platform that anyone can use so easily. For instance, what types of studies are your sweet spot? Well, LUCID is a flexible platform that powers more than traditional market research. They also enable academic research, political polling, brand lift studies, and even adverts measurement.
Well, if you didn’t like the video tutorial above, you can proceed to learn more about it in detail below before even starting to use it. So, what is it and how do you get started. In that case, let’s consider its definition before anything else below.
What Is LUCID Marketplace?
LUCID Marketplace is a Programmatic Research Technology Platform that is used by many web researchers as of today. The Marketplace enables anyone, in any industry, to Ask Questions of online audiences and Find the Answers they need – fast. Unlike Quora, they provide access to a global community of Sample Buyers and Sample Suppliers.
More so, in order to deliver first-party Survey Data in more than 100 countries. Inspired by the AdTech world, LUCID introduced the concept of Programmatic Sampling to the insights industry. In 2010, we pioneered a technology that delivered the speed and scale needed to connect sample buyers and online survey platforms – across the globe.
Today, that technology has allowed more than 30 billion questions to be answered on our platform. Its integrations include global data platforms and best-in-class media platforms, which enable customers to access sophisticated data measurement solutions.
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Additionally, LUCID’S Trust and Safety team tracks and enhances the health of the Marketplace through a robust auditing system. That monitors activity, both on the buy-side and supply side.
This initiative builds more accountability with Marketplace participants, enables survey improvement, and promotes a better respondent experience. LUCID operates as a true marketplace tool. Meaning, they don’t set the price of samples or show preference to any suppliers.
Its key solutions include:
- Academic Research
- Market Research and Insights
- Advertising and Marketing
- Polling and Political Research
In nutshell, their main job is simply to create the ecosystem and ensure that the Marketplace is a reliable and secure place for you to do business. You can visit its official website to learn and discover more about it, as well as its key service solutions.
Why use LUCID Marketplace?
One of the best things about LUCID is its ability to serve a unique blend of industries – ranging from traditional market researchers and agencies to global data platforms. This diverse client base also means its users have varying degrees of expertise when it comes to technology like APIs.
The term “API” may seem foreign to you, but you’re more familiar with it than you may think. In fact, you probably use APIs every single day. An API (application programming interface) is a set of functions or procedures that allow different computer systems to communicate with each other. APIs allow us to surf on social media, book flights, and even shop online.
For example, when you plan a vacation and compare the cost of different airlines, you’re likely using a site powered by APIs. The travel site communicates with the APIs of the different airlines’ online systems – to provide you with the real-time pricing data you need to book your flight.
How the LUCID Marketplace APIs work
First of all, your system sends an API request to Lucid’s platform. And, while the specifics of APIs are complex, the concept itself is simple. The LUCID software responds to your request and sends the data back to your system in real-time. The whole process takes place with no human intervention. It’s incredibly efficient.
Uniquely, the platform serves customers who buy samples from the LUCID Marketplace, as well as those who supply samples to the Marketplace. Both client types can utilize API integrations. Whereby, buyers use the Marketplace API to find respondents to take their surveys.
While its supply partners use the Monetization API to match their respondents with surveys. Building a custom API integration with LUCID may seem like it could be time-consuming, but it’s quite the opposite. On average, a Marketplace API integration with a single developer can be completed within a month.
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A Monetization API integration is typically completed within two months. Many of its buyers have discovered that a Marketplace API integration has enabled them to optimize their business processes. For example, let’s say you want to create a new way to get live respondents (from the Lucid Marketplace) to your survey.
With LUCID API integration, you’re able to leverage its Marketplace APIs within your own software. Not only does this reduce the time and resources spent on development, but it also gives you the option to utilize a tool that already exists.
Its Marketplace API also offers many other benefits. For example, it can help you enhance your products or offerings. You can use it to customize your own system or CRM to include additional features. Or even build an application for streamlining your internal or external workflow via APIs.
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Plus, there is no need to duplicate data entry. For its supply partners, Lucid’s Monetization API enables them to directly connect their online communities with its platform. The integration equips them with information (such as qualifications, quotas, and statistics) needed to decide which surveys to send their respondents to.
That means supply partners can find new opportunities to match with buyers – in real-time. And as a result, they’re able to access new streams of revenue. Perse, whether you’re a sample buyer or supply partner, an API can profoundly optimize your system operations and overall workflow.
One thing for sure, the technology that goes into building and maintaining an API can be intimidating – but the LUCID team is here to help every step of the way. If you want to find out if an API integration is right for you, contact [email protected]. You can also learn more about the company in detail.
In today’s world, we know there’s a lot of concern about sample quality. What’s your philosophy and approach to it? In that case, that’s why the Lucid Quality Program was launched. As the industry’s first and only sample quality measurement initiative to evaluate suppliers.
All of their supply partners are carefully vetted for sample quality, which is measured on a quarterly basis. The cornerstone of the program is its unique methodology for scoring suppliers.
Eventually, which measures a combination of historical supplier-level platform data and performance data, which are collected through “quality surveys.” This allows it to monitor trends with its supply partners’ samples and identify areas of improvement.
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Finally, if you were able to give one piece of advice to everyone conducting a research study, what would it be? By all means, if you’re sampling on a tight budget, it’s important to find a sample source that offers a sustainable scale. The greater scale allows you to quickly find the audiences you need.
After all, which is especially important for running multinational studies. So, if you have direct access to a high volume of respondents, you can do all your sampling in one place – allowing for more time savings and cost savings. Go ahead and Get Started with LUCID Marketplace today!
But, if you’ll need more support, you can Contact Us and let us know how we can help you or your team. All in all, feel free to share your additional opinion thoughts, suggestions, contributions, or even questions in our comments section below.