Combining FutureUP's Predictive AI & Neuroscience to Optimize Prices Across Countries
Press Release
Find the secret behind the game-changing pricing strategy for the groundbreaking Scent Camera. The visionary startup Scent Camera joined forces with the pioneers of neuromarketing Neurensics and AI-based pricing technologists FutureUP to unlock the hidden desires of consumers and determine the perfect price points across the world.
A product seeking its price
Scent Camera is a revolutionary device created by a team of scientists in Lithuania. The extraordinary device will forever change the way people experience the digital world. Scent Camera is a technological marvel that allows anyone to capture and experience smells based on a novel gadget. It’s now possible to witness the captivating aroma of freshly baked cookies or the invigorating scent of a tropical paradise right from the comfort of one’s own home. With Scent Camera, the world of fragrances can be fully communicated like never before.
The pricing challenge
Apart from the technological breakthrough needed for such an accomplishment, Scent Camera faced another challenge, i.e., how to price such a unique device, especially when this is a new market with no past sales, no competition, or any other point of reference to use. Even more, how to differentiate pricing per country, considering the relative strength and potential of local markets.
The solution
To discover the Ideal Go-To-Market Price, the visionary minds behind Scent Camera knew that traditional pricing research methods and analysis would not suffice. Neurensics, armed with their groundbreaking NeuroPricing™ approach, delved deep into the subconscious responses of consumers in Germany, the first go-to market. The technology is driven by assessing the subconscious mind where pricing decisions are made without even realizing it. Next, FutureUP combined the results with its innovative Predictive AI technology to generate price suggestions for other countries for which no research data existed. Behind FutureUP’s technology lies a specialized econometric AI model, which considers various country or market conditions, like spending capacity, inflation, or other macro indicators, and predicts their impact on pricing and sales performance.
The vision
Pricing research can be enhanced by combining AI-based econometric models with neuroscience. Innovations in merging information from various sources such as the market and the brain, with AI modeling are key to maximizing pricing insights and optimizing cost and benefits of pricing research across countries.
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All details of this study will be presented in a free exclusive webinar of FutureUP, Neurensics, and Scent Camera. It will be on September 12th at two different timeslots. To register, click on the link of your preferred time below.
September 12th, 10:00-11:00 am CET
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September 12th, 5:00-6:00 pm CET
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The future is here, and it smells amazing!
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About FutureUP
Predict the future | Optimize Pricing | Grow faster
Struggling to make critical decisions like pricing in today's fast-paced market and stay ahead of the competition?
FutureUP’s advanced Predictive AI solutions empower the enterprise with effortless, real-time, data-driven decisions resulting in optimized pricing, improved profitability, and accelerated growth.
Led by a seasoned entrepreneur amid a diverse community of experts, FutureUP’s aim is to democratize Predictive AI and enhance decision-making, future visibility, and sales performance with actionable data insights.
Visit the links below to discover FutureUP’s AI-based Price Optimization & Strategic Forecasting solutions and boost corporate success:
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Website: https://www.futureup.io
LinkedIn: https://www.linkedin.com/company/futureupio
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About Neurensics
Neurensics is the top player in the consumer neuroscience discipline worldwide. It has more than 12 years of experience and more than 1,400 campaigns researched in key advertising countries such as the Netherlands, Germany, US, and England. On top of this, the company has done many studies regarding branding, pricing and PR.
As people’s behaviour is merely influenced by unconscious processes, Neurensics believe enterprises can increase their ROI with knowledge of their consumers' brain. This is done by looking at the unconscious effects of marketing on consumer behaviour. Neurensics captures the complete effects from marketing - conscious and unconscious, rational and emotional - giving marketing and insight professionals the right tools to improve their marketing strategies.
All studies are backed by scientific research and conducted under the responsibility of Neurensics Science Officer, Professor Dr. Victor Lamme, and CEO Dr. H. Steven Scholte, senior lecturer at the University of Amsterdam. Since two years the company also has Professor Dr. Kai-Markus Mueller as the leading expert on pricing.
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Website: https://www.neurensics.com
LinkedIn: https://www.linkedin.com/company/neurensics
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Contacts
George Boretos, Founder & CEO, FutureUP, george.boretos@futureup.io
Kai-Markus Mueller, Director of Pricing Research, Neurensics, kai@neurensics.com
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