The advent of Artificial Intelligence (AI) has introduced novel approaches to Market Research, which forms the bedrock of successful product or service launches. Businesses can scan massive amounts of market research data in far less time than traditional methods by using algorithms developed with data from sources. Although businesses are becoming increasingly aware of the value of market research to succeed in a cutthroat industry, traditional market research is becoming less and less effective due to the sheer volume of data available today, which is made up of billions of product data points. The availability and application of AI in market research have significantly impacted businesses. With an infinite amount of information, brands can now make more informed decisions with the help of AI.
Founded in 2016, Entropik is an AI-powered integrated market research platform that enables quantitative and qualitative research for product and marketing functions. It allows the marketing and product teams to capture user feedback in a more continuous, collaborative, agile, and scalable manner by democratizing research and insights data across the organization. Entropik is the world's only multimodal AI emotion, with technologies for understanding consumer behavior through face, voice, and eye movement. Using emotional AI technology, Entropik employs facial coding, eye tracking, and voice AI to offer valuable insights into understanding a brand's target audience.
Entropik has a diversified portfolio of three product lines, namely, Affect Labs, Affect UX, and Decode, that collectively cater to every consumer research need of brands and their products. The Affect Lab platform enables the testing of diverse marketing experiences, ranging from advertisements to packaging, for effective shopper engagement. Affect Lab enhances the process of conducting surveys. With Affect UX, managers and user researchers can effectively improve the UX/UI of their mobile apps, websites, and chatbots, ensuring optimal user experiences. The product is replacing the obsolete Spintel kind of user research flow. Further Decode is a cutting-edge audio-video communication platform that utilizes facial expression
analysis, voice tonality recognition, and transcription capabilities to provide comprehensive insights into customers' feedback and communication patterns.
An Edge over the Others
There is an array of market research techniques that an organization can use to learn more about its customers, including interviews, surveys, focus groups, and market reports. However, delivering bottom-line savings is always a challenge. Entropik's platform offers remarkable efficiency by enabling consumer research to be completed in less than a week, as opposed to the 8-10 weeks that are typically required. Further, the insights gained from surveys or focus group discussions are biased and often lack actionability and precision. The platform allows you to make a lot more meticulous, actionable, high-quality, unbiased decisions. "This is where Entropik distinguishes itself by providing key value to customers through higher-quality insights that can be implemented more promptly. The core tech is unique in the market, which sets us apart from anyone else trying to solve the same problem statement,” adds Ranjan Kumar, Founder, and CEO of Entropik Technologies.
The Path of Success
Entropik Technologies commenced its journey in 2016 with the intent of developing solutions that assist brands in staying ahead of the curve in the digital space while considering how they currently understand consumers and how conversations will change in the future. With a team of engineers and data scientists, the firm focused solely on building IP and tech in the initial three years. By 2019, the firm mastered voice AI, facial coding, and eye tracking, which now has about 17 patent claims. From 2019 to 2021, the journey involved learning about the GTM market positioning, wherein it partnered with TCS, Accenture, Viacom18, and Intel. And 2022 onwards, it has been a scaling and growth story where Entropik deployed sales to the US, Europe, Southeast Asia, India, Middle East.
Entropik leverages the technology of emotional AI, incorporating facial coding, eye tracking, and voice AI, to create disproportionally sizable value in terms of how brands understand consumers today
Going forward, Entropik has carved three expansion paths: IP & tech, product, and sales. Entropik has emerged as the most mature facial coding, eye tracking, and voice AI platform and has, over time, captured over a billion data points from various tests and projects. Being the world's largest emotion data repository, Entropik seeks to employ this to advance its analytics capabilities and become much more descriptive. The firm is leveraging these 1 billion emotion data set to become much more predictive about your ad performance, marketing experience, and product experience. On the product front, the company is looking to combine all three products under one umbrella in order to become a one-stop shop for all consumer research needs. When it comes to sales, the firm already has teams in the US, Europe, Southeast Asia, India, and the Middle East, and with each of these teams, Entropik wants to ramp up and penetrate the market faster.
Ranjan Kumar, Founder & CEO
Ranjan Kumar, Founder and CEO of Entropik is an engineer from IIT Kharagpur with experience in soft computing, neural computing, and deep learning. He is an AI enthusiast, neuroscience lover, sales hustler, and a sought-after thought leader in AI tech and cognitive science. He aspires for an emotionally perceptive world.
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