We at Peerwith are trying to make the researcher services market more collaborative, affordable and transparent. It starts with us! Also in light of our recently announced crowdfunding campaign, this is a good time to share some more results and KPI’s. As a follow-up to previous posts like some intesting KPI’s and more interesting KPI’s that we posted on our blog earlier. And of course the 2017 results. The Q1 2018 results are in and the marketplace has grown with 273% compared to the same period last year. Here are some more details:
Author satisfaction at incredible level
The averate rating measured over last three month has reached an incredible peak at 4,95 out of max 5 stars. Almost 60% of the clients rate the expert after completing their request, so this is no exception. The average rating measured all-time is at 4,90, so the trend is still up. The NPS score is now around 80, a little below that at 78 when looking at ratings of last-three-months only. That means 9 out of 10 clients recommend our platform to co-workers, which drives our organic growth.
The growth visible below in the period April 2017 until November 2017 was driven also by investments. That was a growth of almost 400%, which in our Crowdfunding campaign will be referred to as the “reference period”. No investments in growth have been made since December, so the growth visible in Q1 2018 is purely organic growth.
The growth in Q1 is 273% compared to the same period last year. With the investment from the Crowdfunding campaign, we will be looking to accelerate growth aligned with the trend from the reference period.
“It’s really fast!”
We’ve learned that potential clients from our unique peer-to-peer model are worried about the speed of the process. We very much understand the urgency of deadlines and that’s why we can’t stress this important fact enough: most service requests in editing receive a quote within 30 minutes and 4 – 5 quotes within a few hours. Over 50% of the connections are made within 48 hours after posting it and the total turn around time is usually within 7 days. To add to this, we see negotiations on that term between the author and expert(s) who make good use of different timezones, which results in turn around times under 24 hours to deliver a full revision of a manuscript.
Read a good “behind the scenes” case study here: Going the Extra Mile on Peerwith.
What is the price? What is the average price per word? We hear that often. The average price for a transaction on the platform has gone up from around $230 early 2017 to over $250 measured over Q1. In general, experts with little or no ratings, charge less. Experts that establish a profile on the marketplace, charge more. So over time, transaction values move up if you work with active experts primarily.
If you want to know averages per category, watch the price indication per category on the website. We update is regularly. Editing services for example are in between $0,02 and $0,06 per word, depending on the level of English. That is a large spread, I know. Language editing goes for an average price between $0,03 – $0,04 per word. Copy editing goes below that, large volume also. And Scientific editing is near the upper bound. If you negotiate, lower prices are possible, depending again on your input, the type of expert you need and the number of words of course.
It is also interesting to tell you that 80% of the clients that receive two or more quotes, do not pick the lowest available quote. Clients pick the right expert for the right job and the price is not always the decisive factor.
We are the Smartest platform for researcher services. If you want to know more, contact me personally at firstname.lastname@example.org.
Co-founder & Director Peerwith