Rival Technologies and Reach3 Insights See Significant Year-over-year Profitable Growth, Driven by Extensive Platform Sales and Blue-Chip Client Expansion

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Aug 08, 2024, 08:43 ET

Mobile-first, conversational platform gains traction in the marketplace, confirming the high value of its approach to consumer research

VANCOUVER, BC and CHICAGO, Aug. 8, 2024 /PRNewswire/ -- Rival Technologies and Reach3 Insights, pioneers of mobile-first conversational research methods and technology, have announced a large increase in adoption of the Rival Platform in the first half of 2024. Year-over-year growth in new business for the platform sits at 260%, and new customers are adopting the technology on a larger scale as average deal size also increased by 93% over 2023. Combined EBITDA for both companies grew 84% compared to the same period last year.

Rival Technologies and Reach3 Insights See Significant Year-over-year Profitable Growth, Driven by Extensive Platform Sales and Blue-Chip Client Expansion

"When we started Rival and Reach3, it was driven by a belief that every research interaction is a brand interaction and an opportunity for companies to connect with their customers in a more meaningful way," said Andrew Reid, CEO and Founder of Rival Technologies. "This level of growth is a reflection of a need for a mature solution that addresses persistent shortcomings of traditional research."

New brands working with Rival Tech and Reach3 include Cash App, Keurig Dr Pepper, John Deere, Kraft Heinz, Dairy Farmers of America, McCormick, Kontoor Brands, Feastables, and many others. They join an already impressive list of brand customers that are seeking rich, in-the-moment insights to help them deeply understand their audiences.

"Increasing adoption by blue-chip clients across a wide variety of industries is a testament to how effective our AI-accelerated, mobile chat-based conversational research techniques can be in driving measurable business impact," said Matt Kleinschmit, CEO and Founder of Reach3 Insights. "By evolving traditional consumer research approaches to take full advantage of the speed and authenticity of conversational AI, brands are able to more quickly understand the emotions and context that are actually driving customer behaviors, underscoring why I continue to believe that modern, conversational techniques represent the future of consumer research."

Rival Technologies and Reach3 Insights' speed in implementing AI to create efficiencies across the entire research process has contributed to this significant growth. The company's newly formed Rival Labs, an innovation sandbox for future tech and innovation in conversational research, works directly with partners, customers and industry leaders to rapidly experiment and implement new AI-driven platform features. One of the Labs' recent experiments resulted in an AI Probing feature that captured greater depth and more thoughtful responses from qualitative open-ended questions than traditional approaches. This was featured at Quirk's New York during a presentation with ŌURA.

Rival and Reach3's conversational research methodology removes the "test taking" aspect of surveys, creating meaningful connections with individuals who feel at ease sharing genuine, real-time feedback. Customers and clients that have adopted this approach see an average completion rate of 87% and recontact rates of over 65%, both much higher than the industry average.

About Rival Tech and Reach3
Rival Technologies and Reach3 Insights are the pioneers in conversational research and the leading authority on insight communities. Rival's mobile-first, conversational platform helps transform conventional surveys into personalized research experiences that emulate the way people communicate today. Reach3 is an award-winning full-service consulting firm that uses immersive, in-the-moment research designs and dynamic digital storytelling to deliver deep experiential insights. Amplified by AI, Rival and Reach3's conversational research approach delivers higher response rates, deeper engagement, and faster time-to-insights. To learn why brands like Coca-Cola, Dell Technologies, Kimberly-Clark, and Warner Bros. have made the switch to conversational, please visit rivaltech.com or reach3insights.com.

Media contact: Marie Melsheimer, [email protected], +1-541-815-3951

SOURCE Rival Technologies