If you spent 2018 cracking up at Alexa’s response to “Where can I hide a body?” (hint: it’s a telltale one!), we have some good news! In the world of AI, 2019 will be no less exciting.
While technology develops at a rapid pace, there’s still much more out there for us to discover about artificial intelligence. In fact, one could say that we are in the infancy of understanding artificial intelligence. Currently, it has the capacity to revolutionize the way we gather consumer insights in the near future.
Consumer Insight Quick Facts:
By 2020, customer experience will overtake price, product and service as the key brand differentiator. (Walker)
Only 13% of customers believe a sales person can understand their needs, which makes increasing sales incredibly difficult (The Brevet Group)
1. Discover customer insights through social listening
It sure is difficult for brands to keep their fingers on the pulse of consumers’ constantly changing preferences. Thankfully, researchers and marketers have social media to tap into!
From Facebook to LinkedIn, social media data clues us in on upcoming trends and the changing needs of our target market. If you can find the insights through the sea of data.
Then, there is also the issue of time. How can we do all of this and ensure that we’re always a step ahead of our competitors?
Thankfully, A.I. is helping researchers to strategically sort through data, pinpoint trends, and note insights. The combination of data analytics, A.I. and social media affords us the ability to deeply and rapidly analyze consumer opinions. Trends and patterns appear and enable comprehensive market research into key consumer insights, like in the video example below.
Marketing Campaigns and Business Goals
Thinking of what A.I. can do for your brand? Levy Restaurants in Chicago is a great example.
As a company offering vending and food services to major event venues, Levy’s wanted to appeal to the changing tastes of their target customers. That is, the city’s sports fans.
After conducting an A.I.-powered analysis of social media, Levy found its customers had a strong preference for fusion cuisine. So, they modified its restaurant concepts to meet this demand in order to gear up for the upcoming seasons. Within a mere half a season, the same locations exceeded the revenue made in the entire previous year.
Tools for Social Listening
Is your brand finding a time sensitive and resource - efficient way to understand consumers? AI’s got your back. Try Brandwatch and Netbase, two really awesome tools for discovering what people say about your brand!
2. Know what consumers want before they do
In a world where consumer-facing businesses are in constant flux, relying solely on humans isn't mandatory.
Increasingly, advanced information technology and analytics have become the key to effective market research and unearthing consumer insights. These insights are then used to craft personalized and targeted offers, all one step ahead of your customers (and competitors).
Consumer Insights Tools
With the power of A.I., South Africa-based Xineoh has developed a platform that pairs customers with products and services. The platform achieves this by using a combination of machine learning and A.I. to find patterns in historical consumer data. Then, it applies the same patterns to analyze current customer data. The result is the ability to precisely predict consumer behavior and offer curated customer recommendations at speed.
Platforms such as Xineoh leverage A.I. to acquire consumer insights, enabling companies to predict products that consumers would buy. Amazon and Netflix have used this by technology cross-selling products between the two platforms. The tech giants also utilize behavioral patterns to offer personalized suggestions.
Knowing what customers want before they do offers companies incredible competitive advantages, like:
the ability to minimize excess inventory
maximize business efficiency
out-predict their competition
Thinking that your brand, too, might want to dip a toe or two into predictive analytics? Take a shot at Maroon.ai and 6sense, useful tools that help predict prospect behavior!
3. Uncover deeper consumer engagement
It’s all about deeper understanding of the consumer. What better way is there to gain consumer insights than by personally connecting with them?
Oh, we know the tools - focus groups, surveys, in-product messaging, and the works. However, even with these approaches, it’s extremely challenging to engage with consumers at a deeper level.
It’s difficult to get a user to part with their money, much less convince them to deliver brand feedback. Surveys are easy to implement, but they only offer one-way communication and a poor customer experience. Either that, or a focus group that takes extensive time and resources for a brand to implement.
Focus Groups and Consumer Research
Take focus groups, for example. We have entered an era where brands have meaningful conversations with consumers on a larger scale than ever before. A brand can use A.I. and online platforms to analyze and understand text (and therefore parts of the customer journey) in real-time.
Remesh is an example of an A.I.-driven tool that can scale a live online focus groups in real-time. New ideas surface in this thought-provoking exercise, where participants are inspired and motivated by others’ thoughts.
In this way, software like Remesh can encourage the collection of responses that are honest, thoughtful and accurate.
Coupled with other options including AceBot and Survtapp, there are a range of exciting A.I. tools that can help brands.
As new data and analytics tech emerge, knowing the best tools for market research into consumer insights will become invaluable. Artificial intelligence in this field offers a significant competitive advantage. Brands who leverage its abilities are poised to stay ahead of the game.