For far too long, people have had this somewhat unrealistic fear of technology. At one point, people feared the “Rise of the Robots” and how robots were going to take over their jobs. Well, the truth of the matter is that as technology advanced, it did, in a way, advance robots to a point where they did replace certain human positions. But not in the way that people thought…
People really thought the “Rise of the Robots” were these metal, human-like shells working and operating as a human, stealing the jobs of hard workers. Picture the movie I, Robot… that’s what was in the minds of the general public. The reality is that with certain industries, there is little to no room for error, and robots and automation completely eliminated that.
The whole point of technological advancements is to make our jobs much easier, and it has in several different industries. Everything from manufacturing to retail, technology has come in to save the day in many instances. But do you know one particular area where technology is making a major mark that not too many people would expect it to?
Digital marketing with a strong focus on consumer insights and behaviors.
When making the decision to start your own business, there are all kinds of resources out there you can read and videos you can watch that will give you guidance on how to start your own business; Shopify is a top website builder that has all the tools and a step-by-step guide on how to build your online store!
All of those tools and resources are very important in starting your own business and helping you to be successful but the one area of business that didn’t necessarily come with a “playbook” was about customers and their behaviors.
As a business owner, the customers you acquire are the key ingredient to the success of your business. But as you probably already know, customers are unpredictable, and their buying behaviors are even more fickle.
But thanks to technological advancements like artificial intelligence (AI), business owners and marketers alike are now able to gauge and increase the effectiveness of their marketing plans and strategies through collecting data on things like browsing patterns and page views. This not only helps them better understand their customers but also their preferences… This is what you would call insights.
How AI is Changing Consumer Insights in Digital Marketing
It’s being said that 2020 is the year AI goes mainstream, and based on research and various studies, it seems to be pretty accurate. Marketers plan to utilize modern promotion technologies to drive more traffic to sites and the use of AI is one of the biggest drivers to help businesses better understand their customers and meet their needs.
As a human business owner, there’s no way for you to get into the minds of your customers, let alone predict their shopping habits. But through consumer insights, meeting their demands, needs, and wants have become easier than ever. The great thing about consumer insights is that they can be generated in many different ways. Some popular ways to acquire consumer insights is by way of:
- Market analysis
- Trends analysis
With AI, business owners can utilize the power of predictive analytics, social listening, and customer feedback to get valuable consumer insights. These three insight methods are at the forefront of how AI influences and generates consumer data.
With the help of AI, businesses no longer need to go with “gut” instincts when predictive analytics is here to help you produce better forecasts with much more accuracy. Just think about it… The ability to predict a customer’s needs is like winning the lottery for a business, but getting this particular aspect right requires the help of AI.
Through AI, you’re getting data-driven insights to help you predict customer behavior with more accuracy. Through this method, you’re able to see patterns within patterns, in a sense, and that’s what really helps you to understand how to give your customers what they really want.
In business, the preferences of your target customers are constantly changing, making it hard to keep up at times. Fortunately, social platforms like Instagram and Facebook utilize AI to help businesses sort through the mounds of data and hone in on various trends.
But you also have to engage with your followers on these platforms as well. According to statista.com, 3.6 million people use social media worldwide, and it’s projected that by the year 2025 there will be 4.41 billion users. Create a business page on the social platforms you feel would best represent your brand and survey your followers, go live and ask questions, and always respond to as many comments as you can.
The data analytics and AI used on social platforms are what helps businesses to quickly and thoroughly analyze customer opinions. Businesses are now able to forecast consumer behaviors 6-12 months in advance. These social predictions are what will tell you the products you need to create to ensure you capitalize on the future trends when they emerge, putting you not only ahead of your customers but also your competitors as well.
The previous methods are more data-driven insights but through customer feedback, you’re getting your data “straight from the horse’s mouth,” so to speak. This is an honest way to not only get the feedback you want to hear and the feedback you don’t want to hear but probably need to know.
Through AI, you can obtain this information through focus groups, in-product messaging, and surveys. With well-trained AI, it can analyze and understand text in real-time to help you better understand the ins and outs of customer journeys. By understanding their journey, you can provide them a better customer experience.
This particular area is all about personally connecting with your audience. Most business owners shy away from feedback but it’s indeed the very thing that’s going to help you acquire and retain your customers, especially when partnered with predictive analytics and social listening.