HOW THIS LEUVEN-BASED START-UP ALMOST LITERALLY READS YOUR MIND
Know what your customer wants: it's the mantra for every self-respecting marketer today. But how do you find out? To bombard that same customer with surveys is not a good idea according to the start-up Mindspeller. Because according to the company from Leuven, there is a huge difference between what people say and do.
Ghent/LEUVEN - There are 8 of them. The start-ups that are allowed to participate in the Birdhouse accelerator program this year. In the coming weeks we will introduce you to each of them. The start-up Mindspeller, a spin-off of KU Leuven, helps companies with their communication strategy on the basis of scientifically based neuromarketing.
MINDSPELLER CO-FOUNDER PROF. MARC VAN HULLE USES EEG TO MEASURE BRAND ASSOCIATION STRENGTH
Two brands were tested with related and unrelated associations
We considered two video on demand brands, Netflix and Rex&Rio, and selected a set of words grouped in 4 categories that were either related (Television, Relaxation, and Price), in varying degrees, or unrelated (Unrelated) to the said brands.
The experiment started with both brands’ TV commercials, as a common reference for our participants. We then applied a semantic priming paradigm in which a brand logo (“prime”) was followed by a word (“target”), and the strength of the N400 responseto the word used as an inverted measure of the association strength with the brand logo.
The EEG ERP protocol showed a difference while traditional surveys did not
We clustered the results and we could see that for Netflix the cluster with the strongest associations consisted of words related to Television. But for Rex&Rio it consisted of words related to Relaxation.
We also evaluated the relationship between the two brands and determined which associations they share or which ones not. It turned out that associations related to Relaxation and Television distinguishthe two brands.Interestingly, survey data did not show any differencebetween the two brands as they were equally associated with Television and Relaxation. These findings show that our N400 technique can reveal brand associations, and natural categories thereof, that would otherwise go unnoticed when using conventional surveys.
Source: Camarrone F, Van Hulle MM (2019). Measuring brand association strength with EEG: A single-trial N400 ERP study. PLoS ONE 14(6): e0217125. https://doi.org/10.1371/journal.pone.0217125.
Mindspeller is proud to be one of seventeen scale-ups to have been selected out of more than 600 applications to participate in the 6th edition of the Birdhouse accelerator program.
The Birdhouse is an intensive scale-up training program with thematic workshops, networking events and personal mentorship from successful entrepreneurs. The mandatory workshops feature themes covering strategic focus, execution, finance and leadership with the aim of expediting business success. The overall objective is to realize transformation from start-up to scale-up within 6 months.
The program started in June with a kickoff event in Gent, Belgium.
During an afternoon filled with motivational speakers and personal coaching an enthusiastic Birdhouse management team walked us through the promising boot camp schedule for the coming 6 months.
Mindspeller will team up with Wouter Van Eetvelde and Peter De Gryse, two carefully selected mentors ready to coach Mindspeller based on their experience in both SaaS and strategic marketing.
Executing Shopper Insights brings together insight professionals from leading brands and retailers across Europe. The event has a core focus on shared and open debate.
Some topics of interest:
Viewing neuroscience techniques through a multi-facet approach to garner fresh and undiscovered insights.
Analysing commercials by the millisecond to create incremental changes to how shoppers digest advertising. Using the predictive power of neuroscience to understand what effect it has on sales to create upselling opportunities. Incorporating subtle cognitive triggers to create positive bias towards your product or brand.
The truth about price in the shopper brain
Price is probably the most important element of the marketing mix: among consumers price can have a hugely emotional and irrational appeal; for companies it has an excessive effect on the bottom line. Traditional price research methods are largely influenced by strategic and socially desirable answering biases. Very recently a number of innovative research techniques have been developed that allow us to exclude these biases. These new techniques have revealed a number insights about how the price really works in the consumer brain, which we will summarize by debunking 7 myths about pricing.
Can’t attend this conference? Not to worry, we’ll also be attending the Neuromarketing World Forumin Rome from March 13-15, 2019
“Belgium enjoys a strong entrepreneurial tradition and attaches great importance to entrepreneurship. Nevertheless, for start-ups the road to financing often turns out to be long and difficult.
As a result, an entrepreneur sometimes spends more time in bringing together financial resources than in the development of his project.
In order to remedy this, Seeder Fund has decided to approach Belgian innovative start-ups more proactively with rapid decision-making that provides two types of intervention:
For young, selected start-ups, three meetings are sufficient to finalize a first financing in the form of convertible bonds of up to EUR 100,000. The financing is based on standard agreements intended to finance the start of the company. The Seeder Fund acts both alone and together with other players who wish to participate in the financing of the project.
For projects with a strong dynamic and engaged management, the Seeder Fund can also play a role in a second or third round to finance the growth of the company. This intervention takes place as participation in the capital, which can amount to 1 million euros. The Seeder Fund gives priority to start-ups of which it has financed the start-up. However, this is not an absolute condition.”