Every design effort requires fundamental research data to make good decisions.
Quality Market Research on Cryptocurrency Doesn’t Exist
There is very little actual research available about who pays with crypto today, why they do it, what barriers prevent those who are close but not quite there yet, and most importantly, what might motivate new user groups to embrace crypto solutions.
There is no research available showing us what ordinary people might value in Fiat alternatives, how they might envision re-invented money.
Such research is expensive. A basic comparison study looking at adoption rates and general attitudes in three markets can cost from $30,000 to $50,000. Adding qualitative research to gain a better understanding of why they do and feel as they do can easily double the cost. In addition, such research needs to be well designed and you need to know what to do with the data gathered to turn it into actionable information.
Solution Cells Can Help
Crypto Focused Research & Development
Solution Cells will conduct market and ethnographic research in key markets. This data will allow us to build baselines for comparison and from which to measure differences over time. Then we’ll not only expand the geographic and behavioral area of our research but we will repeat it regularly to measure trending changes.
Solution Cells Will Research:
- Adoption Comparisons: Basic data on adoption rates, types of current use, demographic data of crypto users.
- Behavioral Studies: Identify groups of current and likely users grouped by behavior and correlating non-crypto values, activities, etc.
- Qualitative Research: Statistical data is important for discovering “What” but only qualitative studies can uncover “Why”.
- Expand Base of Study: With more geographic and behavioral targets of study we will gain both an expanded global picture for comparison as well as higher granularity.
- Repetition: Key studies will be repeated regularly to build trend data.
A company can do all this on it’s own. It can hire the person or team to handle the research. It can pay for the translations, local databases and carry out the studies themselves. And it can repeat them one or two times a year.
Including the salary of a single professional on your team doing this and assuming the three studies mentioned above, this could easily cost:
- $100,000 one researcher – salary, benefits & other employee related costs
- $60,000 quant study on 3 markets – assuming the low end of the range done 2x a year.
- $60,000 qual study on 3 markets
- ??? cost of lost opportunities or insufficient information due to not having research data on other markets
- ??? cost of lost opportunities or insufficient information due to not having research data going into specific behavioral groups