How Deep Learning gives unprecedented market insights.
Building a successful brand involves connecting with your audience on an emotional level. It encompasses knowing who they are, where they are, and what is most valuable to them.
In the past, understanding an audience was attempted through focus groups, surveys, and educated guessing. Today, technologies such as Machine Learning with Social Media gives us complete insight into those we do business with. Providing an accurate detailed view of our market.
According to Accenture, the companies that utilize AI technology for audience discovery are twice as likely to identify their potential high-value customer. Those most likely to buy now with the highest probability to keep buying in the future. Giving them a 10-30% product profit increase.
While many rely on external means to discover their audience, the best place to start is within their own CRM. By analyzing sales data augmented with social media insights, companies can easily discover the values, interests, and attributes their best customers have in common.
The most successful brands create a sense of understanding between them and the customer. Using market insight from AI technology makes it easy to do just that. For example, if 99% of high-value customers share an interest in "animal welfare" then supporting that cause is probably a good idea.
For B2B companies, the attributes obtained should include information on both decision-makers and the firm as a whole. Including political leaning, socioeconomic data, personal interest, education, years-in-business, employee count, revenue, and previous purchases within the same space.
By gathering all of the parameters possible, the Machine Learning model is able to determine which is most important. During this step, many are surprised to learn the attributes they deemed most valuable have little to no impact on outreach. Often it is something unexpected such as specific personality traits.
Just Remember that knowing who they are is just the beginning. The next step is to discover how to reach them. AI can help here too. By analyzing the posts of the audience with Natural Language Processing (NLP), we are able to craft messaging using a voice most likely to prompt engagement.
During these experiments, the message used is continually made stronger through rigorous application of the Scientific Method. Once satisfied with the results, the building blocks of a powerful brand are established. One that is able to trigger an emotional response from the desired audience and capable of providing skyrocketing growth.
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