Depends on your definition of “crazy“…..
The decision to make all accounts at ClinicalBid free wasn’t easy. We had many, way TOO many discussions about how to meet several seemingly contrarian goals.
Goal #1 – Solve the problem of PI/Sponsor and CRO “matchmaking” in an easy, all-inclusive way.
Goal #2 – Create no barriers to entry. Everyone should be able to be involved and the playing field should be level.
Goal #3 – No annoying “Pay-to-Play” schemes. We all can’t stand playing those games.
OK, those are admirable goals, wouldn’t you agree? Make clinical trials easier to start, allow everyone to be involved and don’t charge for access. Great, but how do we keep the lights on?
Most web solutions take one of two approaches:
Approach #1 – The Freemium model
Your are given a free basic account and then they entice you to purchase a higher account level but putting critical features “just out of reach”. We like to call this the “penny economy” because the account rates are intended to be so low that you don’t even notice you are paying them.
Approach #2 – Pay per Action model
In this scenario you pay for every action regardless of the ROI (return on investment), also known as Pay-to-Play. The problem here is you pay and pay and pay but only occasionally win. Eventually, if you don’t win, you walk away. This burns customers one at a time until the market is dead (or the product).
Let’s be honest, both of these models basically are designed to maximize revenue but not necessarily customer satisfaction. But there is another way…..
ClinicalBid 100% ROI Model
Wait, how can that be possible? Ah my friends, let us educate you for a moment!
Essentially every clinical trial proposal posted has to have a winner. Someone is going to win that bid and get the job. If that is the case, then why not simply share in the success and let the free market flow?
We call it a Winners Fee. You win, you share a bit with us. Three (3) percent to be exact. We get paid when you win, not before, aka 100% ROI.
To put a finer point on it, we only ask for a share of the success when a CRO (bidder) is selected as the winner. Investigators/Sponsors NEVER pay. We save PI’s time and money. We save CRO’s marketing and sales-related expenses so we ask the winning bidder (CRO) to share in their success with us. Some would call this a “finders fee”.
In the end, no one has to pay to participate and only the winner shares the spoils. It’s a Win-Win-Win. Think we are still crazy? Crazy as a fox, perhaps! (or a mouse).