The top 9 benefits of using state-of-the-art, AI-powered consumer insights
Updated: Jul 7, 2022
Getting consumer insights and customer feedback from large volumes of data is becoming the norm for more and more businesses, as they try to figure out what their users are thinking about their brands. With the aid of artificial intelligence, collecting and analyzing such data becomes easier, faster, and better. With AI, that is the ability of a computer or a robot controlled by a computer to carry out large-volume human tasks, the whole process proves to be assisting many corporations and businesses in improving their brands.
Reportedly, AI-derived business value will grow to $3.9 trillion by 2022 as more companies discover just how the benefits of using AI-powered consumer insights work for them. Artificial intelligence carries many components that can help companies create a better customer journey. When valuable consumer insights are collected and analyzed, the ability of businesses to offer customers better products and services increases. Companies can begin witnessing the many benefits of studying consumer behavior when taking their many different online conversations and turning them into structured analyzed data. Companies can improve customer service, maintain customer retention, increase customer satisfaction and positive perceptions of their brands.
In recent years, many businesses are going through digital transformation processes, where it is "out with the old and in with the new", as they are getting rid of work habits and dynamics that no longer hold for our fast-moving times. It is not always an easy transfer, and that includes getting used to deriving consumer insights from digital services, but once businesses understand just how AI can uncover consumer insights with agility and speed, they increase their chances of succeeding.
Nine key points make the list of benefits companies can gain by using AI-powered, data collected consumer insights. How the customer journey looks can be tracked and analyzed for the following benefits.
The benefits of using AI-Powered consumer insights
1. Real-time and fast analysis
Real-time consumer insights from machine learning and AI can indicate how customers view a brand right now. This is key since all processes, including getting useful insights from the public, are happening faster than ever. For brands to figure out their competitive advantage and if their business goals are met, it is crucial to analyze insights from their customers quickly and in real-time. Also, customer insights may shift fast due to market or social changes, so it is important for businesses to have an in-depth understanding of them as fast as possible so that they don't miss out on any important aspect.
2. Continuous tracking of customer sentiment
Customer experience is an element that keeps shifting all the time. In addition, different customers have different views regarding brands. A trend analysis resulting in crucial data may tell what happens now, but by no means it is able to predict what will happen in a month or in a year. Companies are left with no choice but to continuously gain consumer insights and keep performing consumer insights research. Taking unstructured data of consumer insights and turning it, through the usage of AI tools, into actionable items plan is, therefore, an ongoing process.
3. Collection of unfiltered responses is more natural
A focus group data analysis or relying on information gathered from surveys have their limitations. A certain level of bias exists when using such traditional methods, but with today's technology, tracking unfiltered customer responses from many digital platforms and analyzing them is helping companies receive a better and more pure understanding of what their customer insights are.
When such raw data of many different consumer responses are analyzed in a more structured way, companies can also have less reliance on guessing what their customers want and need and work with more accurate data. Figuring out the aggregate opinions of their customers, based on unbiased and unfiltered comments, can lead organizations to make better brand decisions.
4. Structuring millions of data points for actionable insights
The levels of data have increased immeasurably in recent years, making it more difficult to collect and analyze by using traditional market research or other older tools. However, by employing machine learning algorithms to gather data, businesses can get more deep insights from a larger scale of feedback. AI helps with gathering insights from countless mentions from several open web platforms, and by structuring the data it is serving organizations with accurate consumer insights.
5. Ability to avoid/delete spam for “cleaner” results
Modern artificial intelligence platforms are able to delete spam and bots, thus clearing the data for a deeper understanding of a market situation. The aggregate results are then considered to be a true representation of consumer sentiment and insights.
6. Ability to track actions that resulted from previous AI analysis
Companies find themselves in a constant loop. They release brands to the market and then collect and analyze consumer insights about them. When they analyze negative mentions and criticism of their brands, they act on fixing the problems and making their products and services better. The new and refined brands then hit the market again, and customers react again. Negative comments from consumers are being collected again and analyzed so that a business would know how its audience is responding to the changes made. Technology gives companies a significant advantage by keeping them in the loop with consumers that way.
7. Ability to track competitors for improved strategy and actions
Tracking and discovering consumer insights is also important with regard to business rivals. Consumer insight tools are able to track and examine open web conversations of a company's competitors, which enable the business to follow other players within its market and figure out what they are doing. Such following may give a company ideas of how to remain competitive and to achieve a competitive edge over its rivals.
8. Data personalization for every team within an organization
Marketers, business developers, customer service personnel, and product managers are all interested in specific data which serves them directly. So while marketing teams may wish to learn how their brand awareness campaign is appealing to customers, product teams would like to receive data-driven feedback about their new features. These types of data from one platform can become a single source of truth for the brand.
9. Ability to add personal responses to comments in addition to the product actions themselves
Consumers who voice their opinions on review sites, social media platforms, or open web forums would like to know that their comments and improvement suggestions are not only dealt with by organizations. Many of them are aiming to receive direct responses from a company's rep or a customer service person. Such a response, to an email or for a social media post comment, would show the person that the business actually cares to answer him, thus cares for him. That by itself means a lot to consumers and besides contributing to increased sales may also improve the business brand sentiment.
How to reduce risks when using AI-powered consumer insights
There are several issues to consider when using such AI data:
Collect data from as many platforms possible so you don’t miss out on any open conversations
For figuring out the aggregate data of your customers as well as their overall opinion, make sure you collect their opinions from everywhere: your company's website, social media platforms, review sites, open web forums, internal ticketing services, and more.
Such data may not guarantee 100% success, but it will get you closer to your most important asset: your customer
Less guesswork and working with more accurate data can improve a brand's chances of succeeding in the market. By relying on customer insights, a business stays closer to what its consumers are thinking about its products and services, therefore caring about its audience.
Make sure you filter out unimportant data, bots and spam so that your insights are true and clean
Unwanted spam comments from bots or other sources contaminate your data and therefore your consumer insights. Smart consumer insights tools and advanced artificial intelligence are able to eliminate such spam and contribute to a clearer analysis of customer insights.
Let go of old notions such as “I trust my gut feelings since they never let me down before”
It is ok to make whatever decisions are necessary, but when your customer feedback data is structured and solid, your chances of succeeding grow.
Never stop collecting and analyzing what your customers say about your brand
As the "consumers-brands" cycle continues, so does the collection and analysis of customer insights. What worked for your consumers yesterday may not work in the future. Businesses would be wise to leverage consumers' sentiments constantly, as they keep changing fast in today’s fast-moving markets.
Affogata offers an “all-in-one” solution for Ai-powered consumer insights
Affogata’s technology identifies narratives, anomalies, trends, bots, and overall customer sentiment, as derived from companies’ customer feedback. The data tracked and analyzed by an array of algorithms, and built on state-of-the-art NLP and AI extended with proprietary methods, deliver companies their true consumer insights picture in real-time.
The collections of many customer conversations from all over the open web are structured by the AI in the all-in-one-place platform, enabling companies to quantify the data over time, various topics and with regards to the company’s competition. Being that it is also a cross-organizational platform, each team within the company is able to receive its own data and reports, serving specific purposes with actionable insights.