What if your brand could create a stronger relationship and bond with your consumers worldwide? That is exactly what Pamela Mitto, Manager of Technical Research with Coca-Cola, and Anupam Singh, Co-Founder and President of 113 Industries, were able to do using predictive insight. Let’s see how they do this!
Predictive Insight 101
First, let’s explore what Predictive Insight is. Predictive Insight allows brands to anticipate consumer trends, by revealing:
- How people view your brand and behaviors that impact this viewpoint
- Which consumers you should be paying attention to
- And how to get their attention by appealing to their interests.
In short, you can evolve your company in a consumer savvy way! And it’s done using Social Listening, aka capturing what the consumer is saying online. Conversations occur every day on social networks across the world, and there is a lot of valuable information being shared that can help a business grow, or sometimes point out why something isn’t working.
As Anupam says in his talk, you cannot replace the human, you can run all the numbers, understand the patterns but none of this tells you why a consumer feels the way they do about your product.
By using NetBase for social listening, you are opening the door to a whole new way of looking at consumer research. When consumers are talking and sharing, shouldn’t you be listening?
Let’s take a closer look at the formula Anupam and Pamela are using along with Technical Consumer Research (TCR) to help better connect with the consumer!
Capturing Consumer Behavior to Power Predictions
Consider this: What do you like about a certain brand? Did a new drink meet your expectations, and why? You likely get online and share your thoughts and frustrations at some point – and your customers are doing this as well! By applying Consumer Behavior Modeling you can address consumers’ frustrations and concerns! It looks like this:
Telling Stories Through Their Experience – Understanding CX
One of the most interesting and exciting parts of predictive insight is seeing the behavioral patterns. Looking at people from diverse backgrounds and finding the common thread that links them. And they tell their stories by their experience.
Anupam offered an example around working with folks around Kidney Health. Research revealed the most likely buyer segment for this product could be identified as “Active Avoiders” and “Proud Survivors” – and more importantly – why, and what made them different from others inhabiting the same category.
The Behavior Patterns there, and in every social listening exploration, reveal questions you may have not thought of before. And they offer transformative insight, both from a consumer standpoint, as well as for your business, as you’re likely to unlock an entire new segment during the process.
Regardless of segment, you need to understand how each prioritizes spending. That’ where the value equation comes into play.
The Value Equation of Segmentation
How do consumers prioritize their spending? The Value Equation uncovers consumer priorities and motivations:
- Are they are buying organic for health reasons?
- Do they like the idea of supporting organic products and companies?
- Is their choice influenced by a larger movement?
- And why do consumers prefer Brand X over Brand Y?
- Is it taste?
- Is Brand X is fair trade and Y is not?
It all matters:
Take Kombucha, for example. It’s an acquired taste, to put things mildly . . .
. . . but there had been a shift in mindset and people were more health focused, so they wanted a healthy beverage option:
And without social listening and the corresponding “social visualization,” Coca-Cola would have missed out on this trend. Instead, they found a healthy drink alternative was important to Coca-Cola’s consumers, and important to Coca-Cola. Kombucha undoubtedly felt unlikely at some point, but unlikely audiences are everywhere.
Targeting the Skeptics
One thing you learn as a child is this: not everyone is going to like you. And this is true. But what if you could find ways to appeal to those who would otherwise turn away? Let’s use Burger King as an example. They now have vegans eating at their fast food chain because they saw an opportunity and a way to appeal to them by offering the Impossible Whopper. This is precisely how Segment Targeting works – it’s finding audiences and figuring out how to draw them in. Now you have a whole new demographic of people!
But in your quest for new consumers, don’t lose sight of the old . . .
Showing Up for Your Consumers
By using NetBase Quid’s next generation AI-powered social listening, you can step through the door and meet your consumers face to face. Words mean something, and NetBase helps bring consumers words to your strategic planning process!
Here is a clip of Pamela and Anupam discussing the potential and growth of NetBase AI and how it has helped them better understand consumers.
Both Pamela and Anupam were able to surprise and delight consumers by getting to the heart of what their consumers wanted, needed and felt about their products, brands and businesses. And predictive insight, powered by next generation AI-powered social listening showed them the way.
If you’re ready to be able to surprise and delight your consumers, reach out for a demo of social listening in action today!