Online reviews are critical in today’s digital age. 92% of consumers report they read online reviews, and 88% say they value them just as much as personal recommendations from friends. These reviews are playing an increasingly pivotal role in forming consumer opinions about businesses, which significantly influence consumer buying behavior and ultimately companies’ bottom lines. Tranzamon in Toledo, Ohio, develops cutting edge surveying and analytics platforms to bridge the gap between companies and consumers by gathering the most reliable consumer feedback.
“Our goal is to enable good people to find good people, good businesses, good services. Currently, with services like Yelp, Google Reviews and others, there’s no way to tell whether a review is trustworthy or how users feel about specific products or services,” said Dr. Abul Ahmed, CEO of Tranzamon. “It’s just a general rating. We understand how much consumers and businesses value real reviews, so we’re building a software platform, an environment really, where we can add trust and transparency to the process.”
Tranzamon technology relies on proprietary algorithms which, unlike current platforms, factor in elements like number of reviews, level of detail and average score to weight users’ feedback. The company offers incentives to users in the form of discounts and coupons to attract participation, with the goal of deeper feedback from the types of consumers businesses want to hear from.
“This is a unified platform that will help both businesses and consumers. We started this as an idea, a reaction to the shortcomings of business reviews online, but it’s grown into so much more,” said Thomas Royko, co-founder and COO. “There’s a need for a platform where businesses can get deep consumer insights, and that consumers can trust in helping make informed purchasing decisions. There are several added features we plan to introduce in the form of premium packages and incentives. Ultimately, we think we’re building a solution that will have longevity.”
Tranzamon is developing its technology as a member of the University of Toledo’s Launchpad Incubation Program, a northwest regional partner of Ohio Third Frontier. Launchpad provides the company office space, mentors, and access to quality technical talent through the University of Toledo and other universities in the area. Support from Launchpad has helped Tranzamon attract a legal and business advisor who’s helped guide the co-founders through the early stage of their business. Ahmed and Royko say with this strong support network, they’re positioned for great success in the Buckeye State.
“We’re right where we want to be building a technology company. The cost of living is reasonable, the cost of office space is low. We have access to tremendous talent from prestigious universities and research institutions,” said Royko. “All of these factors considered, I think Ohio and the Midwest are as relevant in the tech industry as New York or California. We want to play a part in building that reputation and make Tranzamon a success.”