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Neurotechnology to understand the emotions of customers in market research

Periodic Reporting for period 1 - usenns (Neurotechnology to understand the emotions of customers in market research)

Reporting period: 2014-09-01 to 2014-11-30

Human-Centric Marketing is the current trend in marketing that looks at customers holistically, recognizing their emotions as one of the most important dimensions. All experts indicate that only the companies that adapt to this trend will successfully survive the current competitive and global environment. However, traditional market methodologies cannot objectively measure emotional insights as this information is unconscious and cannot be accessed under rational processes. BitBrain has already developed a neurotechnology prototype for this purpose, and the objective of the usenns project was a Feasibility Study that verified the commercial, technical, and economic-financial feasibilities of the usenns project.
The result of Phase 1 was a Feasibility Study that verified the commercial, technical, and economic-financial feasibilities of the usenns project. The actions performed are: i) Market studies; ii) Research risk, IPR and technical feasibility; iii) Manufacturing study; iv) Economic-financial study; v) RRHH and management study; vi) Presentation of the Project in different forums and events; vii) Services rendered for large brands; viii) Global market test with potential clients. The main conclusion is that the project is feasible with minor changes and BitBrain will proceed to Phase 2.
Market research searches and analyses information to help organizations make better decisions and reduce risk. The market research industry moves more than globally 32,000 million Euros annually This is a mature industry, but at the same time it is a industry that will continue to exist while companies still require information for decision making. The trends for this industry are influenced by trends in organizational environments and in particular, by marketing trends. Changes towards Human-Centric Marketing have been propelled by discouraging results that indicate that more than 50% of new products fail (with percentages between 70% and 90% for high consumption products), obligating market research to be reinvented, including for instance neuroscience methodologies. Nevertheless, it is not simple for the market research companies to adopt these new methodologies due to scientific-technological barriers and to the fact that the existing solutions in the market cannot adapt to the necessities and desires of the sector. Usenns provides the most complete, scalable and advanced neurotechnology to understand the emotions of the consumers in market research. This solution is the only one with reliable, ergonomic and easy to use measurement technology; with a great variety of pre-designed studies in branding, advertising, packaging and many other contexts; and providing an interactive and easy-to-understand result report with the scientific validity required by your clients.
Finally, the developed technology is susceptible to be utilized by other sectors (for example, Health and Wellness, Education, Entertainment, Large events, Investigation, etc.) and therefore BitBrain does not rule out the possibility of widening the application environment of its technology to other markets in the future.
usenns prototypes