The world of A.I. and consumer insights is dark and full of terrors.
But, not really.
While technology develops at a rapid pace, there’s still much more out there for us to discover about artificial intelligence. Especially the ways in which it can help establish your target customer. In fact, one could say that we are in the infancy of understanding artificial intelligence.
A.I. has the capacity to revolutionize the way we gather product and consumer insights (especially in traditional marketing research). In 2020, and beyond.
Why are Consumer Insights Important?
Collecting and analyzing consumer insights allow you to establish purchasing patterns that reveal what your customer base values. Business insights serve the important purpose of building the best possible relationship with a customer, and serving up relevant product recommendations. And, of course, increase sales.
Types of Consumer Insights
Consumer insights are generated and obtained through a variety of methods. These methods reveal the mindsets, moods, motivations, desires, and aspirations that instigate consumer action. Some types of consumer insight aggregation methods are trends analysis, interviews, surveys, experimental secondary research, online research, market analysis, and so on.
Social listening, focus groups, and predictive analysis are types of consumer insights methods at the forefront of A.I. influence.
1. Discover customer insights through social listening
It sure is difficult for brands to keep their fingers on the pulse of a target customer's 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. That is, if you can find the insights through the sea of online 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 business insights. The combination of data analytics, A.I. and social media affords us the ability to deeply and rapidly analyze customer opinions. Trends and patterns appear and enable comprehensive market research into key consumer insights.
Marketing Campaigns and Business Goals
Thinking of what A.I. can do for your brand and customer retention? Levy Restaurants in Chicago is a great example.
Levy’s wanted to appeal to the changing tastes of their hungry 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 timely and resource-efficient way to understand target customers? A.I.’s got your back. Try Brandwatch and Netbase, two really awesome tools for discovering what people say about your brand online!
2. Know what customers want before they do
In a world where consumer-facing businesses are in constant flux - especially online consumer businesses - 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., platforms like Xineoh has developed a platform that finds 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 customer insights, enabling companies to predict products that consumers would buy. Amazon and Netflix have used this technology by 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 customer 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 Insights 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. 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 insights tool that can scale 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 like AceBo, there are a range of A.I. tools that can help brands bank on customer insights.
As new online data and analytics tech emerge, knowing the best tools for market research into different types of 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 and satisfy customers indefinitely.