/ -- Market research is critical to a company's success. However, trouble arises when survey participants are not always truthful about their responses.
Neurosensum, a market research startup, has been attempting to tackle this problem. It uses everything from virtual reality and facial coding to brain mapping and eye-tracking to gain an in-depth understanding of customer preferences and behavior at different touchpoints. After all, the human brain works in mysterious ways, and it's hard to lie on a subconscious level.
Neurosensum started its journey in February 2018 in Indonesia and raised a seed round from Alpha JWC Ventures as well as additional funds from some angel investors. In May 2019, the company raised Series A from SIG Asia and others. The startup has recently introduced a new AI-Enabled Experience Management Software called SurveySensum.
Since its inception, the startup's neuroscience-based work attracted many bluechip companies as clients. However, the team quickly realized that targeting just larger enterprises were not enough. "The fact of the matter is that only 2% of corporate use market research agencies, simply because mid-sized enterprises cannot afford the price of consultancy," explains Rajiv Lamba, Global Managing Director, Neurosensum.
Intending to ensure that everyone can perform surveys and improve their customer and employee experience, the team went to work and came up with SurveySensum.
Launched in June 2019, SurveySensum is an AI-enabled Experience Management software that collects, delivers, and analyzes customer feedback and data in real-time, enabling enterprises to get consumer feedback at an affordable price in no time. Mr. Lamba declined to go into pricing specifics, but he did say that since SurveySensum operates on a subscription model, SMEs can perform its market research at a very affordable price.
Here's how SurveySensum works: For instance, the owner of a boutique hotel wants to collect feedback from his guests, using SurveySensum's software, he can craft his own surveys (or can get the startup to do it instead at an additional cost) and fire them out to various touchpoints (emails, SMS, social media, websites, customer relationship management software, in-app integrations, on-site tablets and QR codes, etc.), and then all that data will be processed and tabulated in real-time. In case of any negative feedback, he can immediately get in touch with the hotel guest to offer the apologies and close the loop.
New funds will boost the startup's international reach, as it recently started its commercial offices in Singapore and India. New funds have also been utilized in improving AI processes that can analyze text and sentiment across various native languages, which in turn helps to summarize and analyzing open-ended survey questions in real-time. From a team of 45 people, Neurosensum is looking to double its size by the end of 2019.
Disclaimer: No Business Standard Journalist was involved in creation of this content
