Data has a vital role in marketing, but there is much more to discover when it comes to data-driven approaches. 2020 Insights and Data Analytics Trends revealed that new investments will be made into AI for smart insights due to the fact that AI helps break through confusing, and at times conflicting, observational data. AI gives brands smart insights that can drive meaningful business impact.
Deeper Insights have spent significant R&D time and resource to perfect these AI powered smart insights. One such area is around causal inference.
Causal Inference: Applies Machine Learning to help brands make better decisions through a more accurate understanding of the relationship of causal relations between a sentiment score and certain aspects of an entity.
For example, a mobile phone brand such as Samsung or Apple, will want to track the specific causes for negative or positive sentiment towards their brand. Well, you can go even further and also track causes for sentiment towards specific features, such as screen size or battery life. This then feeds back to buying decisions and therefore consumer behaviour.
The concept of causal inference is to use statistical methods to create models that can predict the most likely explanations for a particular customer behaviour. It’s an automated process to create smart insights that can bring real value to your teams and decision-making processes. Automated smart insights are utilised to improve the understanding that a brand has of how a new product feature or their marketing initiatives impact customer behaviour. Above all, automated smart insights enables businesses to innovate faster and stay ahead of the competition.
Traditional A/B tests can give you answers as well, but teams familiar with A/B testing know that it takes time and a lot of engineering work to run. The results provided by A/B testing are normally quite simple as they work with a simple type of data that often doesn’t provide teams with useful nor thorough information. With AI sifting through the mountain of data accumulated by marketing teams, brands will be able to automate routine processes, ultimately saving time and effort. AI automated insights will be able to suggest the best ways to target customers on a more personalised level.
Areas and impact of automated smart insights
Smart insights are applicable in more than just one area of the business, in fact, smart insights are transferable. The ultimate goal of this application of automated smart Insights is for the whole business to benefit from it. Here are the areas and the impact that automated smart insights can have on a business.
If you are investing in brand campaigns, are those bringing any results?
Tracking brand performance with tools such as; Google Analytics, gives you the general idea of how a brand campaign is performing, but what does that really tell you about the impact of the brand campaign on the audience? Not much.
Brands are using precise and reliable data that advanced data science and AI can bring them in order to ensure that decisions are made based on real facts.
Risk Management could also benefit from precise data or smart insights for informed decisions. The real value in the use of automated smart insights is the real-time delivery factor. The sooner you are able to get your hands on that data the more you can be responsive to risk management decisions.
A brand is able to grow once they get to know who their customers are and understand their intentions to buy a product. It is also able to grow by foreseeing any potential risks and stop them before they can cause any damage. The sooner this can be detected the quicker the response can happen.
Discover Market Gaps:
Automated smart insights can be used to pinpoint patterns in consumer behaviour on a deeper level. Often, the real valuable insight is hiding behind the crowded data in places where even the most trained eyes can’t reach. By using automated smart insights, brands can predict when a certain market or product development may be an opportunity worth investing money into.
By “Better Marketing” we mean a more personalised marketing that is able to identify consumer needs and purchasing preferences with the scope of refining consumer experience, and to better develop products for them. To achieve this, brands need to understand their consumers, what more accurate way of doing this than with real time automated smart insights?
Automated smart insights will refine your consumer segmentations by differentiating your consumers based on essential factors. Rather than just proposing generic vegan food to vegan lovers, imagine if you could have even more consumer segments (i.e. vegan carb lovers and vegan root veg lovers).
Consumers will feel like they are listened to and understood, with that personal touch that other brands just can’t have!
These are only a few of the ideas that we have in regards to the use of automated smart insights. Our creative data science team is able to adapt our capabilities to your business with a bespoke solution. Get in touch with us for more information!