Survey time! How often have you taken an online survey or given feedback about an advertisement? If this sounds like something you’d rather skip, you’re not alone. That’s why RAADZ is focusing on making surveys fun, engaging, and rewarding for people to take—giving marketers the right information they need to create effective advertisements that truly resonate with their target audiences. RAADZ is backed by Keyhorse, and we asked the company’s founder and Chief Product Officer, Matt Miller, to tell us more about his journey and inspiration.
How did you become interested in market research?
If you'd have asked me 3+ years ago if I was interested in market research, I'd have probably told you no, but I guess I always have been. Knowing what people are thinking lets you make more accurate predictions about what they will do, which is valuable in many parts of life and business. While at Purdue University, I spent some time as an economics major because it was both interesting and came pretty naturally to me, and while I've never thought of economics and market research as being closely related, there are definitely similar aspects. I've always enjoyed Family Feud, and RAADZ brings that type of gamification to surveys, making them more fun and engaging for respondents.
What inspired you to co-found a company?
I've always enjoyed creating things with software and have dabbled with starting companies in the past. Towards the end of high school and beginning of college, I created a website where people could customize and order a computer, and then I would build and ship it to them. About 10 years ago, I built a Bitcoin roulette website, and I've undertaken various other projects over the years. I had been working on RAADZ for over a month before I really realized that what I was creating was pretty unique and could have some value. I ended up approaching some friends and family about it and got enough investment interest to pursue it full-time.
One of our target markets is social media influencers. Companies and brands are spending more and more money with them for marketing purposes, but there is very little market research being done with them.
Tell us about your team: Who’s on it, and how did you meet?
Currently, we still have a pretty small team, but our advisory board has been great at making introductions to potential partners and customers. For the past year, Chris Kiminas has been serving as our CEO and focusing on sales and business development. As a tech guy, I wouldn't say sales is a strong skill of mine, so he's been a big help. I met him through an introduction by our advisory board.
Where do you see the consumer insights industry headed in the near future?
The consumer insights industry hasn't evolved with technology as much as many other industries. There are some companies that are starting to use AI, and I think that trend will continue to grow, but much of it is still centered around focus groups and traditional surveys, which haven't changed much in 20 years or longer. One of our target markets is social media influencers. Companies and brands are spending more and more money with them for marketing purposes, but there is very little market research being done with them. Our gamified survey method is ideal for this because it creates surveys that are quicker, more fun, and includes a unique way for brands to offer rewards to respondents.
What does success look like to RAADZ in the short term and long term?
This is something I used to think (dream) about more than I have recently. Currently, I've tried to stay focused on the next few days or weeks because I feel like if we're constantly able to keep making progress it should give us a good chance to succeed in the long term. We're hoping to have our patent granted soon, but beyond that, our main focus is adding new customers and putting RAADZ in a good position for another round of funding in the next 3-6 months.