“Growth is never by mere chance; it is the result of forces working together.”
James Cash Penny, founder of JC Penny.
To grow your business, you’ll need to nurture it, define your target audience, discover what motivates customers, and stay ahead of trends. But how do you gain that all-important insight and discover the key characteristics of consumers?
Market research provides answers, but it’s often carried out as a “one-off” or stand-alone project (via a survey, questionnaire, etc). People aren’t set in stone and consumer opinion changes, so it stands to reason that research should be continuous and fluid.
That’s where Artificial Intelligence(AI) and iterative learning comes in. This powerful combination allows you to quantify unique customer characteristics and formulate an effective marketing strategy.
Understanding Artificial Intelligence (AI) and Iterative Learning
Data models, mathematics, and algorithms provide the basis for valuable AI-derived insights. Marketers use data to shape decisions on advertising, budgets, marketing strategies, and the type of content provided to consumers and future customers.
AI may provide the data, but adding iterated learning allows you to take a proactive stance on market research. Insights allow for the adaption of methods, analytical tools, and questions in line with the data received.
Understanding the “Why” Behind the Data
Effective use of data can help your business blossom. Nowadays it’s not enough to simply track consumers - you need to take a flexible approach to research and use the outcome of data to evolve your business.
By collaborating with a company that specializes in AI and iterative learning, businesses can move away from one-off market research. Instead, research is ongoing, with a focus on identifying new insights to generate new questions (which in turn lead to new insights). The circle continues to provide a fluid picture of the consumer’s needs, wants, and motivations.
Iterated Learning, Sprint, and Scrum
Sprint-based product development has become popular over time, the concept enables companies to provide value and efficiency to consumers. The business adopts an iterative approach to provide speedy updates and continuously improve products and services.
With Sprint advancing product development, it seemed only right that marketing and research receive the same treatment. Following the same concept, Scrum is used to boost marketing and research methods. Scrum calls for business teams to carefully monitor progress and adapt as needed, putting time aside for reflection and improvement more frequently.
Why Use Artificial Intelligence (AI) and Iterative Learning?
Getting to know your target market and following trends is key to building a business, but when you’re juggling day-to-day operations, it can be difficult to fit that in. The meaty combination of Artificial Intelligence (AI) and Iterative Learning can provide you with awareness and acumen to understand what makes consumers tick.
Fast and easy to implement: Thankfully, you don’t have to do all of the legwork yourself. Instead, you can engage with a reliable and effective Qualitative Intelligence (QI) platform, such as Beehive AI to discover key data and transform your business.
Gather intuitive data: Connect with consumers by asking straightforward, relative questions. Open-ended questions work best as they allow the consumer to put forth their ideas and provide more candid responses.
Digital connection: Whether checking messages, reading the news, browsing for a new pair of shoes, or booking a train ticket, we’re online more than ever. So, it stands to reason businesses should connect with their consumers digitally through social ads, emails, and messaging.
Building relationships: It’s not enough to capture the attention of your consumer and then just walk away. In the competitive marketplace, there’s always a business waiting around the corner to sweep up your clients and customers and make them feel wanted. You need to connect with your consumer throughout their journey - from catching their eye at the start to their purchase, and beyond.
Increase sales and profit Qualitative Intelligence (QI) can help you uncover valuable information about your target audience. You can use this to pinpoint exciting opportunities and identify practical ways to develop and grow your business. Get it right and you can look forward to increased sales and profit.
Expanding product lines The data provides answers to that all-important question – what does the consumer want? Find out if you are offering a desirable product/service and figure out what you can do to add more. Can you expand your product lines, can you add more value to services? If you offer more, you will stand out from the competition and gain a reputation for putting customers first.
Reach out to your market Market targeting enables you to reach out to those who are interested in your product and service, be they current customers or consumers of the future. Use the insight you have gained to produce focused advertisements and promotions
Gain value and reduce your cost per acquisition Qualitative Intelligence (QI) delivers value across your operation and allows you to shape promotions to your target market. Using effective data also helps you to reduce cost per acquisition (CPA).
Identify naturally occurring segments Segments naturally occur in a given market or industry, for example, diabetics will be drawn to sugar-free sweets and the elderly will make up the lion’s share of consumers buying mobility scooters. QI market research provides you with an opportunity to identify the typical traits of your “best customer.”
Identify motivators, break down barriers, and improve retention What drives your “best customer?” What might put them off acquiring your goods and services? How can you encourage your customer to keep coming back for more? These are all questions you will need to answer to improve your business. QI can help you do that too!
Are You Ready to Grow Your Business?
Business growth improves your credibility, helps you to stand out from the competition, and boosts your profits. If you want to get ahead, you’re going to need to adopt a proactive approach to understanding and connecting with consumers.
We’ve addressed the benefits of using Artificial Intelligence (AI) enriches with iterative learning, but there’s only one Qualitative Intelligence (QI) platform offering this winning combination. Allow us to introduce Beehive AI.
The Buzz Around Beehive AI
Beehive AI facilitates business growth, providing you with the acute insight you need to define your target market. The pioneering Qualitative Intelligence (QI) platform provides a scalable solution, answering the all-important question “What motivates the consumer?”
The answers will provide you with the info you need to optimize your market strategy, so you can focus your advertising budget to ensure conversions and boost revenue.
Remember market research shouldn’t be a one-off activity. It should be ongoing and adapted as needed to find out useful information on the consumer and to help you stay ahead of trends. Get ready to grow your business and achieve success, opt for an iterative learning approach with Beehive AI.
