For decades, focus groups and market research have offered value to advertisers as they attempt to gauge the effectiveness of the commercials they produce. Now, Hungarian Synetiq wants to take the idea to new levels, as it introduces the first crowdsourced neuromarketing platform to allow advertisers to assess responses to ads by measuring brain waves.
Backed by $40K in seed funding from participating in the fall 2013 program at Finnish Startup Sauna, the company now intends to open an office in Silicon Valley this year and branch out to new customers.
Using consumer-grade EEG software, Synetiq pays testers to help the company to develop Mindr, its neuromarketing platform. Claimed to be drawing information from brainwaves, classic surveys, eye tracking, facial recognition, and other sources, Mindr, when mature, is said to allow companies to check in after focus groups and understand exactly which sort of reactions their advertisements elicited.
Currently, Synetiq offers the Mindr system to marketing-research firms, advertising agencies, and leading businesses and hope to cash in soon once the product is fully-fledged.
As initially reported in The Next Web, Synetiq is currently running a pilot program with a group of advertising firms and intends to reach out to other customers later this year.
Synetiq allows businesses to pay to use Mindr each time they use it or to become a subscriber if they use it frequently enough. Competitors in this market include Sands Research, Buyology, and Innerscope Research.