The e-commerce boom has unleashed an avalanche of online feedback. Are you taking advantage, in real-time?
More purchases are being made online than ever before, and leading Consumer Packaged Goods (CPG) brands are turning to AI to help collect and analyze the troves of newly available consumer data.
With the ability to instantly monitor feedback and provide straightforward takeaways, AI solutions allow companies to harvest the true value of consumer feedback. NLP (natural language processing) capabilities instill a key aspect of human thinking - sentiment - into the machine review process, giving marketing and product leaders the ability to extract and act on a consumer’s true intent and motivation.
Artificial intelligence offers broad advantages over human lead data collection efforts - with benefits that promise to usher in a new era in consumer intelligence. Here are four key advantages to using AI solutions today:
Improved Personalization: Most consumers imagine product development as a sparkling, white-coat-filled laboratory where new flavors or ingredients go through an extensive process of trial and error. In reality, AI-driven product innovation is much simpler. By analyzing online insight, AI solutions provide intel into what attributes of a product resonates with consumers - and which attributes don’t. Instead of asking questions about what consumers need, brands can accurately assess what consumers want based on feedback they’ve already provided online. By picking up on what aspects of products customers like and don’t like (including packaging, taste, smell, or appearance), brands can enhance or innovate their current offerings so they resonate with more customers.
Time to Insight: Speed is perhaps the biggest benefit of AI-driven consumer analysis. While there are many valuable and effective methods for collecting customer feedback, most offer a post-dated, moment-in-time snapshot. By the time the data is collected and analyzed, the market has already shifted. AI solutions, on the other hand, provide continuous and real-time analysis and monitoring. This equips brands with the insight they need to make changes right now, and capitalize on an opportunity (or fill a gap) before it’s too late.
Filling Competitive Gaps: The average supermarket could have anywhere between five to fifty different types of potato chips available to purchase at any given time. But how can the brands behind the potato chips know why a consumer purchases one over another? Few retailers give this information away. Brands can leverage modern solutions – like AI-powered sentiment analysis, social media analytics, QR codes and more, to assess the local consumer purchase experience and analyze attributes relevant to a specific product problem area such as freshness, appearance, and even delivery condition. By categorizing problems, brands can see how and where their product can be improved for the customer – and beat out competitors in the process.
Stronger Customer Loyalty: Brand loyalty is afforded to those who can prove - through their products - that they know their customers and are willing to tailor their offerings based on consumer preferences. While catering to customer needs sounds like a distinctly human task, NLP allows for the kind of emotive processing that can dictate feeling. Having an NLP-integrated system ensures that brands can assess sentiment and motivations within the feedback, resulting in a people-first approach that keeps customers coming back for more.
Leveraging consumer insights is key to getting ahead in the cluttered CPG marketplace. AI offers a strategic, fast, and effective way to capitalize on consumer insights (including those in places you may be forgetting to look).
Human analysis will tell you a lot about what customers have to say - but only solutions with the power to continuously monitor, analyze and dig beyond the data can say what your customers really mean.