Fraudulent startup companies presented fake business concept audit results to deceive potential investors.
VALLETTA, MALTA, June 26, 2021 /EINPresswire.com/ — Malta (EU) based market research and brand measurement startup has released several major product updates and features this month. The company stirred some controversy in early 2021 when a number of angel investors and venture capital companies made attaching a “business concept audit” from Brand Auditor mandatory for anyone seeking investment.
The brand audit company doubled down on this with their new audit verification system, which enables them to verify the authenticity of their audits, making It impossible for fraudsters to present fake audits.
“Protecting our business partners and clients is very important for us. We became aware that some companies were issuing fake Brand Auditor reports, or made their own copy to deceive their potential investors. Implementing a verification system to prevent such incidents was a no-brainer.” – shared Daniel Diosi, founder of Brand Auditor.
Starting from June 2021, each audit comes with a unique serial number and a BA code. The serial number can be found on the report document, but the BA code is only shared with the person who ordered the audit. The website offers an authentication tool where both numbers need to be entered. This way, investor partners can confirm the validity of any audit by inputting the serial number and BA code provided by the audit owner.
In June 2021, Brand Auditor rolled out a number of new features to make their brand audit configuration system more customizable. New options include user-selectable market research size, real-time price and report delivery time calculation, and most importantly a free selection of audit insights.
Using the updated system, customers can configure full-featured audits with 2,000 respondents starting from $500. The company included detailed guides on the website regarding how to set up audits.
“The recent updates don’t change our core business concept but offer a much larger level of flexibility to our customers. Our goal is to make customer perception-based brand audits available to all businesses, regardless of their budget. With our new audit configuration tool, one can set up very potent and information-rich audits for as low as $500” – shared Daniel.
How does the new brand audit configuration system work?
From June 2021, prices are calculated in real-time based on the user-selected preferences and estimated market research costs.
With most audit types, customers can select the scope of research. Each selection will add a new page to the report. To make the market research and data collection more relevant, clients can specify their line of business during the audit configuration process. This selection is important to make sure that the company and brand-related surveys will be distributed to in-market audiences.
To specify the target audience more precisely, we added a textbox where clients can detail their ideal customers. We use this information to manually set your audience targeting as precise as possible.
A brand new feature in the auditing process is the option to define your market research size – the target number of respondents. Working with a larger number of responses will make your sample more representative – and your final brand audit more accurate. If cost is a concern, you can downsize your market research with the “target responses” slider. In the case of most audits, the minimum research size is 2,000 responses.
Similar to our legacy audit system, customers can choose the target region for their brand audit research.
Prices are mostly impacted by the selected number of audit scopes and your market research size. Your line of business and region also has a minor effect on the price. All prices are final and include tax.
Another new feature is the report delivery date notice. Based on your audit configuration, the system shows the exact timeframe. If your report is urgent, downsize your market research size to speed up the procedure.