AI Transforming Consumer Insights
AI transforming Consumer Insights: A new generation of AI-enabled Consumer Intelligence (AICI) solutions has emerged, and will continue to emerge, to help brands navigate the overwhelming amount of consumer-generated data. The demands of today’s healthcare and life science market require marketers and market insights professionals to keep up with and anticipate the vast amount of consumer behavior, while also making sense of data from various sources. AICI platforms can help with this.
What are AICI(AI-enabled Consumer Intelligence) platforms?
AICI platforms ulitize data from locations such as social media, surveys, and many other sources. They can also employ advanced AI and data-mining algorithms to reveal predictive and prescriptive insights of customers.
These platforms, or tools, extend the value of AI beyond just market research and customer insights groups, they can:
- Enable product and innovation teams to understand consumers’ preferences and motivations in near-real-time.
- Consolidate data from online and offline conversations to drive better business decisions at scale in support with brands
- Help to reduce data overload and detect signals in large datasets by AI-powered techniques like machine learning and sentiment analysis.
As we all learnt in 2023, AI is increasingly supporting users in various roles, including brand, insights, product, and creative agencies. Businesses that leverage advanced AI capabilities for consumer intelligence are 8.5 times more likely to experience significant revenue growth than their beginner counterparts. AICI provides actionable insights that lead to better business decisions and enable teams to move from reactive to predictive decision-making.
Users of AICI (AI-enabled Consumer Intelligence)
There are four primary types of users of AICI:
- AI in Consumer and market insights
- AI for brand health and marcomms
- AI for product and innovation
- and AI for creative agencies.
These users can leverage social data and AI algorithms to gain real-time insights. In addition, they can identify important emerging trends and understand consumer needs. This results in more effective and specific marketing campaigns and innovative products. Some examples of companies that have successfully leveraged AICI include L’oréal, Danone and GSK.
How can companies justify investing in AI for consumer intelligence?
Investing in AI for consumer intelligence can be justified due to the immense value it brings to businesses. While traditional methods such as social listening and brand health tracking have their merits, AICI takes insights to a whole new level. It goes beyond monitoring what consumers say about the brand and market by providing real-time insights from both social and non-social data, thereby unlocking exponential value and creating opportunities for insights professionals.
Role of AI Transforming Consumer Insights: Also, AICI plays a crucial role in answering critical business questions, such as evaluating brand perception, assessing campaign performance, identifying market trends, and understanding key influencers. It can uncover unmet consumer needs and whitespace opportunities that companies can leverage for growth.
Advantages of AI transforming Consumer Insights: One of the significant advantages of AICI is its ability to accelerate the speed at which insights are obtained. It consolidates currently siloed programs, aligns with key business drivers, and ultimately drives revenue growth by retaining customers, increasing sales, and attracting new audiences.
The adoption and implementation of AI for consumer intelligence will vary for each brand, depending on their focus, functional needs, and digital and data maturity. It is crucial to align the plan with the journey towards better consumer intelligence before making any software investment.
How should brands prepare for the future as AI becomes more mainstream?
Consumer intelligence enabled by AI will continue to reshape how brands incorporate consumer insights into their decision-making process. To fully understand consumers in the future, companies and brands should adopt AI-powered tools and new skills. It’s good to know that many companies are already experimenting with new sources of data and tools to increase productivity and consumer-centricity.
To take advantage of the growth opportunities presented by this next generation of consumer insights, brands should choose a platform provider that meets their current and future needs. This involves coordinating and consolidating efforts around a single source of truth, tracking emerging channels and data sources, and choosing a trusted partner with data science and social intelligence expertise.
It’s best for brands to stop utilizing tools consisting of multiple social listening, customer feedback, and VoC. Using a single insights platform that creates a foundation for building on over time seems to be the future. The platform should be able to ingest multiple types of internal and external data sources to create a central insights hub. Additionally, tomorrow’s platforms must support small and big data, and natively apply machine learning to extract actionable insights while automating as many manual steps as possible.
It’s important to choose wise when implementing an AI platform in primary market research. In choosing a tool companies or brands should look for one with a strong roadmap for delivering AI tools and enrichments and support for both machine learning techniques like topic modelling and custom use-case-focused frameworks. It’s very important to remember that the future of consumer understanding requires the collaboration of human and machine intelligence.
AI is revolutionizing consumer insights by empowering brands with AICI solutions. These platforms leverage advanced AI algorithms to analyze vast amounts of consumer-generated data. AICI extends the value of AI beyond market research and customer insights, benefiting for example product innovation, brand health, marketing communications, and creative agencies.
As AI becomes more mainstream, brands need to prepare for the future by adopting AI-powered tools and developing new skills. By embracing AI for consumer intelligence, brands can stay ahead of the competition, make informed decisions, and create more personalized marketing campaigns and innovative products. The future of consumer insights lies in the seamless integration of AI and human expertise, enabling brands to thrive in the data-driven world.