Future Of Consumer Marketing: Recent Episodes
Jeff
In 2017 apps and website have become store front. Home screen are the place for sales and marketing.
This is a new series on Consumerism and technology. Amazon Go stores are open now which shows a staggering feat of technology. Understanding consumer pain points is key to acquiring customers. Till now companies used search results and text to model consumer behavior pattern. Now recognizing patterns in video is easier and gives more insight to buying preference. Thanks Listening.
Marketing space is changing with the advent of voice and AI. Placing an ad on Facebook or on social media isn't enough. Its about finding patterns in your data and what your consumer prefers.
Consumers are looking for better option and leave lot of information that businesses aren't picking up when they shop around.
Consumers react to pricing and other variables in the economy. By gauging those changes their behavior can be influenced to buy more products. With machine learning the advantage evaluating factors that can affect sale is a big win. Better analysis leads to better solution.
Pricing is a big variable in analyzing consumer demand. Factors that needs to be considered are Fuel prices, basket of 150 products that are used by the consumer on a monthly basis, inflation, CPI, Unemployment, new movie, holiday season, insurance renewals, healthcare, etc. These variables stifle capital that could have been spend in ecommerce or your product. Demand is predicated on these variables as well.
Voice platform is pretty new and has the potential of android market. World is moving from text based engine to a voice based.
Amazon recently introduced subscription for alexa skills. That signifies a big volume of customers using the platform. Apparently amazon owns 70% of market share in voice space through strategic partnership, Acquisition and open sourcing. They acquired customers through every move.
Ecommerce sites could recommend products of search results most clicked or add to cart product to consumer thereby enhancing sales. Finding what the consumer wants is the game.
How search results are arranged and position of the products matter. They can arranged based on best seller and most click. Positioning of products in website. Ranking product based on how often consumer react to search
Having a great offer and pricing influences customers but lack of capital stifles them. The way around for retail, Grocery and ecommerce store is to have a strategic partnership with credit card companies to give cashback and offers on credit cards so it entices the customers to use it today to grab the advantage and pay back later.
Consumer react to every offer, discount and pricing differently. So analyzing their behavior helps to evaluate sales and identify new preference of the consumer to recommend product that will bring value to consumer.
Demand is dependent how consumers react to different variables that affect them daily from Fuel prices, pricing of basket of products that are purchased weekly like Grocery and food, unemployment, CPI, availability of capital - Credit card offers and cashback.
Subscription model to discover food taste by sending 5 to 10 curated food products. Recognizing pattern by which consumers react with machine learning models to curate food and identify taste buds & change in taste over a period of time. This opens up platform to recommend restaurants that might have similar taste or complimentary one.
By taking point of sale data and factor that influence customers like fuel price, CPI, unemployment, climate, promotion, depth of discount, pricing etc we evaluate demand and inventory requirement with higher accuracy for perishable products that has a shorter shelf life. Overstocking will not work here, so good model to evaluate metrics is needed. Machine learning has a great solution
Consumer behavior analysis enhances sales for ecommerce environment. Trying different variables helps in finding consumer behaviors.
Personalization is about finding patterns in the consumer buying. Optimizing search results based on buying and click patterns. Finding new consumer preference to enhance sales.
Conversion rate has become the key variable to winning in ecommerce. Personalizing search results and product recommenders are winning strategy to enhance sales.
Voice technology is taking off big. Better interaction with your customer. There are numerous problems that can be solved with voice.
AI can take multiple variables that affect retail operation from pos data to weather to estimate demand and inventory with accuracy. This enhances supply chain operation reducing delivery time.
AI has proven to be a great tool to recognize patterns. By taking web analytics machine learning model can identify potential customers and interact with them through chatbots. Personalization is key.
Businesses rely on distribution to sell through. Product recommender system gives insight to consumer buying pattern. Its a big leverage to sell other products by finding consumer interest.
Voice tech offers lot of enhancement to daily operations of the consumer saving time and money by finding best offers & Low cost providers. It helps you find a new taste or music. Enables multitasking
First mover in the marketplace to identify the consumer preference will acquire customers. It comes down to how well you know your customer and their preference and factors that influence them to buy
Omnichannel management is key to optimizing retail store operation. Machine learning models are good at enhancing predictive demand cycle and recommender system to enhance sales.
Retail stores need to attract the customer to the stores. That requires identifying consumer preference and factor that influence consumer like pricing, discount, coupons, trends & bundle products.
Legacy software are good at enhancing dataflow. AI is about predicting sales, inventory and enhancing sales by analyzing consumer preference and pattern of buying
Voice technology and IoT will enable a interconnected world. Every device will have some kind of voice technology that will make customer experience better. Getting on the voice platform is the game.
Insurance sector has lagged innovation. With the advent of AI, the underwriting & claims process can be made efficient by reducing the time taken and better accuracy of prediction.
Chatbots market has grown significantly and many of the customer care problems have been resolved by chatbots. It all comes down to the creative of the individual in solving the problem with chatbots.
People are attracted by different variables in their career. Big data helps in finding factors that influence hiring of a great talent. Not everyone is looking for a great paycheck. Career path...
AI models are good at forecasting claims for Insurance companies. This helps companies to allocate and evaluate patterns in which the events occur. Provide education to consumers to avoid it.
Creating a podcast on Amazon alexa flash briefing will attract more audience. As it's listened to on a daily basis. Marketing should produce high value content for customer to attract and run some ads
Product recommenders help in recognizing consumer preference and demand. They provide insight & probability on products that haven't been purchased by the consumer. Sending a personalized product.
Voice technology is gaining traction fast. Amazon opened up interaction of voice in any device that has speaker and reciever. Every device in your home will talk to you to make comfort.
As the voice platform expand recommender systems are going to be deployed by every stores and business to personalize recommendation its the future of communication and sales.
As retail stores gear up for holiday season. Identifying customer preference is key to win customers in a highly competitive environment. AI enhances manufacturing operations, reducing defects.
By analyzing every variable influencing sales and customer preference, the probability of sale can be enhanced. A 10% increase in sale week over week when compounded yield big numbers. New preference.
AI has lot of application in the manufacturing sector. Enhancing the line of production by reducing uncertainity in demand. With IoT the potential of AI is be unlimited. It gives a massive boost.
Manufacturing and supplychain operation can be enhanced by the use of internet of things and AI. IoT gives real time info on change of inventories and AI can predict patterns and requirement.
Adding artificial Intelligence to sourcing, Procurement, Supplychain, Warehouse Management, sales, Product recommenders will optimize the retail operation to the next level. Lower price points.
Retail shopping experience will be transformed with Augmented reality as real time experience of object can enhance sales, reduce return rate. Its all about giving a great shopping experience.
Long term use of AI enhances sales, reduces sourcing cost, supplychain and inventory management. Banking benefits increased sales through pattern recognition and mitigation of risk on default rate.
Retail sales depends on customer acquisition and loyalty. Using AI will increase the probability of sale. It helps in reducing the sourcing cost, effective management of logistics & Inventory.
Next 3 months are crucial for Retail&Insurance companies as they gear up for increased customer traffic. Its important to add AI & recognize patterns in customer behavior to personalize recommendation
Voice technology holds the future of consumer marketing. As the consumer interaction is already explode. It's time businesses get on Alexa, Siri and Home to market their product and sell.
Credit card financial institution do provide ton of offers to attract customers to use the card. Product recommenders are well fit to do the job of enhancing sales by finding pattern of spend made.
By understanding the customer preference & pattern of buying products, personalized recommendation could be made. Pricing analysis helps in increasing the average order along with bundling of product
Long term prospective for insurance looks bright by using AI. AI can optimize underwriting, actuarial policy creation, claims, customer care, sales and Marketing. Customer behavior is key variable
AI has the potential to optimize any event that show a pattern of movement. Human DNA is one of the hardest combination to recognize pattern.AI is standing up to the challenge.
Retail stores get ton value by using AI. Predicting seasonal demand and pricing, Sourcing Product cost effectively, and customer insight. These data can be leveraged to expand sales.
Insurance sector can benefit from product recommender system and AI. They help in reducing the underwriting and claims process time. Product recommenders enhance sales by analyzing customer pattern.
Increasing the average purchase order by analyzing customer behavior and recommending personalized products creates a new customer under different SKU. Connecting with Voice technology ll increase sal
AI can enhance banking sector and lower the customer acquisition cost for businesses. Internet of things will revolutionize the way we communicate and create a better world.
AI can tranform the banking and insurance industry. It will lead to low cost premium insurance with personalized coverage. Personalized loan valuation.
Product recommenders increase sales by 10-12% by cross selling product. Its all about how well you know about your customer.
UK energy prices have been increased. Lets brings down the cost using chatbots and AI. Next section I talk about customer acquisition strategy by identifying customer preference sales can be increased
Next 3 months are crucial to retail stores. Machine learning models can anticipate demand with accuracy. Recommender system can enhance sales as consumers gear up to shop around. Customer acquisition.
Product recommenders are the future of retail sales. Customer experience is important to retain customers.
Every operation in the retail store can be optimized by using AI from supply chain to sales. Predicting sales enhances inventory management.
Consumer behavior are predicated on the action taken by the individual to alleviate his most immediate need. Preference to products is also based on pricing and most immedi Real solution is using AI.
AI optimizes businesses. It enables businesses to open up new stores and highly productive jobs.
Tracking customer visit and grouping products and customers creates a new prospective on the preference of the consumer. Product can be cross sold based on degree of preferability by consumer.
Predicting sales based on customer behavior enables efficient management of inventories. Customer behavior gives insight into customer preference and behavior pattern that can unlock new sales.
Retail business model is evolving with technology. Every retail store is going online. But the differentiator is using AI on consumer data to find new associations consumers have on your product.
Cost variable is affected by numerous factors. AI has opened up gates for humongous cost reduction in every sector it will be deployed. Voicebots are the new marketing platform for consumers.
Voice technology is so promising and businesses getting on the platform will gain the advantage of AI.
AI can make a significant changes to the claims management process as it all comes down to probability of the event and damage caused by the event. Marketing on alexa is advantageous to insurance.
Insurance sector is heavily reliant on the call center to take the consumer queries and that's one reason why the cost is high. The way to overcome it is with chatbots and AI to cut down the time.
Chatbots can be deployed in ways to optimize businesses, create jobs and increase productivity. They can create a million jobs, make workers life better. Democratizing chatbot is the way forward.
Retail landscape has evolved it all comes down to customer acquisition & how well do you know your customers. Offers, coupons, trend, season create human behavior & guaging these variables create sale
Now retail operation is about acquiring customers. It all comes down to how well you know your customer. Customer behavior analysis opens up new association that the consumer has on products.
Consumer behavior is based on their most immediate need. Customer segementation allows guaging their behavior to different events like offers, discounts, black friday, super bowl, etc.
Special Thanks to Talking Garyvee, sportentrepreneur, silicon valley beat and a heartfelt thank you to listeners.
In a 2017 environment AI and Chatbots are the new marketing tools. They analyze big data to provide customer insight, association and references.
Amazon is a lean and innovation. They have disrupted the book industry, retail industry, servers, AWS service & Amazon Alexa. Voice technology is gaining traction among customers. Be the first mover.
Supply chain is about sourcing, logistics and inventory. Procurement is a big process it involves analyzing the data to create models for demand. Machine learning models are more efficient & accurate
Amazon is want to reach consumer faster. They allowed commerical integration of amazon alexa to hardware. They are going after the mobile industry. There play is to make people hands free.
One on one marketing enabled business to focus at a micro level. Social media was a place to identify new customers and solving the queries of old customers. Customer care requires innovative thought
Bitcoin is not a currency and the euphoria will end soon. One on one marketing will help businesses gain more customers. Its influencer marketing and product recommenders that would attract customers.
Consumers prefer one on one marketing. Chatbots are available 24 * 7 to have conversation. There is a marketing opportunity on Amazon alexa by creating audio content for daily briefing. Podcasting.
AI trend shows the businesses have benefited the most. Amazon alexa shows great prominence to solve disability problem for the blind. They can be a great assistant in their day to day choir.
Chatbots are so efficient in having conversation, giving great shopping experience and they do it 24 cross 7.
Chatbots can optimize customer care, sales and marketing. They can manage supply chain and omnichannel for businesses.
Chatbots save time, infrastructure and money. They have the potential to solve customer care, sales and marketing for businesses. It means increased efficiency and sales.
Chatbots deployed in sales, marketing, and customer care could rack up sales significantly. They have conversation at scale.
Consumers can use AI to keep their finances in order and find the best pricing for their monthly bill and purchases. All these can be accomplished by Voice Technology.
With voice enabled technology consumers can use AI to keep their finances in order, find better pricing for monthly bills. AI can shop around for you to find the best price and product in town.
Voice Technology would make healthcare more efficient. The interaction between doctor and patient will be lot more smoother.
Chatbots are good at solving communication problems. They can be used as a product recommender to personalize products for consumers.
Flash briefing is going to be the frontier of marketing as people customize their flash briefing. Ads will be interactive and add the product to the cart feature would create more sales.
Voice technology could solve ton of problems for people. It would allow people to multi task, increase productivity, ease of doing things. It has lot of application in healthcare and in daily use.
55% of sales have come from personalized product recommendation for Amazon. 15% increase in sales for Target corporation after integrating machine learning models.
Every Mobile phones coming out from would have Voice Technology on it. One in every 5 searches made on Google search is done through Voice. Its a next big technology that has lot potential.
Reason why voice technology would win among consumer and businesses is personalization and time saving feature.
Every new technology coming out is about personalization of the product for the consumer. Alexa and Siri are trying to gain market share. They are about personalization of services.
Technology always create new platform for the consumers and businesses to get along. Marketing so much easier thanks to Social Media. It will be so interactive with Amazon Alexa.
Voice technology platform will interconnect businesses with consumers. It will succeed due to personalization and time saving feature. With the speed of marketing, ads will be interactive.
Technology has bridged the gap between Marketing and consumer. Consumers can buy products with a click and voice. Social media and voice technology companies have grouped consumers based on likes.
The technology has closed the gap in advertisement. With alexa skill ads can interact with the consumer. Social media ads did the same. With voice it's taken to next level.
AI has the potential to optimize every business operation. Machine learning models can increase accuracy of anticipation for businesses. Businesses with better forecasting model gain market share.
AI can optimise every department. AI is about creating new sales by analzing consumer behavior.
If AI is consumer friendly deployed on consumer data, it works in the best interest of the consumer. AI can optimize every business operation by projecting a new prospective. Businesses should on AI.
Markets validate businesses based on their ability to anticipate the future sales. Sales is predicated on consumer behavior and patroning the demands of the consumer. AI is consumer friendly.
Businesses can use the existing technologies to optimize your business operation. Business should get on Alexa Skills.
Artificial intelligence has transformed the marketing landscape with product recommenders and probability analysis on the consumer data. Every major corporation uses these technology to win the market
Businesses using the new technology platform gain advantage over competitiors. Retail stores should get on Amazon Alexa Skills to connect with consumers at scale and win over competitors.
Amazon alexa skill is a great place to market the product. Ads on alexa will be so interactive and efficient. It assists quick sale. Chatbots can market products on the home screen of phones.
Voice technology has evolved and is getting mainstream attention. Home screen is the best place to market the product to the consumer. Businesses should place ads on Alexa skills to be the first mover
How The Sales Environment has changed since the inception of AI. • Future Of Product Recommenders and Consumer Marketing.