Are You Seeing Things Clearly?
ˆIf you have a 50” flat panel TV, you probably love it. It’s big, bright and reliable. You’ve had it for a couple years and you’re totally happy. Until you stop by your favorite big box store. You went in for bluetooth headphones, but it’s hard to ignore 100 screens all showing the same picture. Detour! You easily find the TV you already have. It’s on sale because it’s not a new model. And right next to it is a 4K, Ultra High Definition, High Dynamic Range model that makes your TV look like a postcard from the Taft administration (1909). The moral of the story is that you don’t know what you’re missing until you look for it.
Online Consumer Insights and the CMO
Running a business is more complicated than ever. Competition. Regulation. Staffing. Investor relations. Environmental obligations. Community outreach. Most executives would probably admit that the job becomes more demanding every day. If you have an awesome staff and you’re able to delegate, that’s how you’re on a winning path. But even with that, there’s almost too many decisions to make and too much information to absorb.
Nowhere is this more evident than in the marketing department. Marketing success hinges on accurate information — who is your target market? What do they care about? What’s the best way to engage them?. These are incredibly important — and difficult — questions to answer, but fortunately there are new tools available that make the marketing effort more targeted and less expensive than anything that has come before them. We’re talking about AI-Powered Consumer Insights. Using AI to analyze and derive meaning from billions of online conversations is the perfect way to make data-backed decisions about how and where to market, but many brands are still watching from the outside. Here’s what you need to know to start using AI-Powered Consumer Insights today.
As with other aspects of the business, there is an overwhelming amount of marketing -related information out there. And that’s great. In fact, the more the merrier. Because the pursuit of consumer insights with artificial intelligence thrives on massive amounts of information. Virtually any resource on the web, plus your own enterprise-held data, becomes the ‘sample’ for this marketing engine. So in this area, marketing, there’s no such thing as too much information. And that’s very good news for management.
But you still need to know where to start.
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There’s No Big Picture Without a Billion Pixels
You don’t usually hear a CMO say I can’t wait to get lost in the weeds on this. Because the job is about the larger strategy. Long-term planning. Vision. Well it turns out all those things come in little snapshots. Here’s what we mean.
You know the expression “Don’t sweat the small stuff… and it’s all small stuff”. It is actually the title of a pop self-help book by Richard Carlson. At first glance, it means keeping your eye on the big picture, don’t worry about the details. At second glance, it reminds you that small stuff is all there is. In other words, every big decision is made by gathering up all the details and trying to understand how they connect to give you a holistic view. After you’ve waded through all that, you decide what actually matters to you and your business and you make a plan.
The point is that there are no big decisions or major strategic breakthroughs without all the small stuff. It’s like packets on the web. The big picture, a website, gets to you by being broken up into little packets that are maybe 1500 bytes each. They take unbelievably odd journeys through different servers all over the place and then come back together to get re-assembled and give you a nice clear picture.
If you apply this thinking to running a global marketing team, you might say that the big picture is the result of expert analysis of reliable consumer insight, and the small stuff is everything it takes to get there. Your North Star is a clear, detailed, 360 picture of your customer — but the way to get there is by collecting thousands and thousands of small-bore data points.
Welcome to the world of AI-Powered Consumer Insights
A Brief Introduction to Consumer Insights Resources
Not every company has online insights research in their marketing toolbox. So before we talk about specific advantages for CMO’s we’d like to present you with some resources that cover the basics of AI-Powered Consumer Insights: how it works and what it does well. The titles in these links are self-explanatory and please review the ones that are most relevant to your situation. And don’t forget to come back!
Fundamentals of Social Media Analysis
What Are Consumer Insights?
AI Powered Audience Insights
What is Social Campaign Analysis?
What Is Artificial Intelligence?
What Does A CMO Need From Research?
Using online consumer research supported by artificial intelligence has substantial advantages for marketing management. Traditional research will always have value, but it also has drawbacks — it’s expensive, time-consuming and always at the mercy of sample size. But take a look at what online consumer research can mean to you and your marketing department on a day-to-day basis.
Cost Efficiency. It’s less expensive. The process is intensely focused and requires fewer resources to derive meaning.
Speed. Unlike traditional surveys and focus group activity, AI-Powered Consumer Insights can deliver results in weeks rather than months.
Accuracy. Online consumer insights are built on a foundation of trillions of social posts and online conversations from forums, blogs, review sites and more. There is no bigger reservoir of online public data, making it an incredibly accurate source of consumer information.
Ease of Use. Results are highly targeted and easy to digest, and displayed in beautiful, intuitive visualizations. The information you get is specific and does not require big chunks of time to interpret.
Information Integration. This is huge. The online information analyzed is combined with any of your own proprietary information that you choose to include. It’s an ideal combination that makes the machine learning aspect of AI very targeted to your specific business.
Insight. This kind of research has a unique way of connecting the dots in unexpected ways. You’re dealing with spontaneous posts and information that consumers have simply volunteered. This often lead to results that are more original and even surprising compared to results gathered from traditional surveys and focus groups.
AI-Powered Consumer Insights and KPI’s
It all gets down to basic marketing goals. It’s just that this method works better, faster and costs less. You get curated consumer insights relevant to your specific industry and product category. You get a deep understanding of how your customers feel about your brand, both now and trending. And you learn what’s being said about your brand compared to the competition There are always valuable insights there. And to make this information even more useful you work with a dashboard view that makes all of the most important metrics easy to use.
An Innovation Made for Management
It’s a really wonderful paradox. AI-Powered Consumer Insights are based on the biggest sample of consumer conversations and published opinion ever assembled. So you are in fact working with billions and billions of what we’re thinking of as ‘pixels’. It’s highly credible research based on a huge and contemporary sample. And because AI can analyze and manage this amount of data with ease, the result is the clearest picture of marketing insights and opportunities ever. It turns a CMO’s perspective into that 4k, Ultra High Definition, High Dynamic Range image. It’s simply beautiful. This is the next generation of marketing vision.