A 45 BILLION DOLLAR INDUSTRY RUNNING ON EMPIRICAL CORRELATION

Posted by ranjan | July 11, 2017 | Articles

 

How do we find out what customers think about brands?



The obvious answer is “Consumer Behavior Research”. It is the go-to strategy most businesses use to find out what their consumers think about them or their new ideas – and they spend a lot of money obtaining these customer insights.

The global revenue of the market research industry was valued at 45 billion U.S. dollars in 2015, growing at a fast pace, specifically in India & South East Asia.

In the buzzing world of consumer driven growth industries,  Market research especially for Product Development and Go to Market Strategy (marketing and advertising) plays a critical role in how businesses are run today. The Golden question every consumer facing company is trying to answer and investing on is “ What do my consumer like & what he dislikes”.

 

STUDYING WHAT PEOPLE DO, NOT WHAT THEY SAY
The key to understanding what people want is to know how the unconscious mind works, and by studying what people actually do, not only what they say.

Market research analyses purchase decisions. And this analysis is mostly done by traditional pen and paper methods like questionnaires or surveys. Real progress has been made by delving deeper.

 

FLAWED TECHNIQUES
People think, feel and behave differently depending on the environment they are in and who is there at that time. They will give a different response to a question depending on how it is being asked and tend to agree with the majority of a group, even if this contradicts what they really think.

This makes it impossible to consider what someone says in a customer survey or a focus group accurate. The impact of biases in research can be both difficult to prevent, and tricky to correct even if the effects are known.

 

THE ANSWER LIES HERE
Biometric research provides the quickest and most accessible route to understanding how someone thinks, acts, and feels. The measurements are unbiased, and consistent, making them robust indicators of behavioral processes. As biometrics consist of physiological measurements, they provide an unfiltered window into how an individual responds to stimuli or events in their environment.

 

FOCUS ON THE POWER OF VIDEO CONTENT
Most brands depend on their advertisements to create a brand presence and drive customers towards it. From whose Point-of-view are these video ads created? Is it product-driven or consumer-driven? What kind of video ads are most likely to make us buy products? The true and unsatisfying answer is that there is a lot we just don’t know. The video creation industry relies mostly on the ‘gut feeling’ of the few ‘creative heads’ for the most part when it comes to any pre-launch testing.

The Indian Media and Entertainment industry is on an impressive growth path. The revenue from advertising is expected to grow at a CAGR of 13 percent and will exceed Rs 81,600 crore (US$ 12.24 billion) in 2019. India is one of the highest spending and fastest growing advertising market globally. The country’s expenditure on advertising is estimated at 15.5 percent in 2016 and is expected to grow by 11.2 percent in 2017.

There is a constant thirst for newer and more impactful videos. Video content consumption is growing at such an exponential rate that without a good research backbone the industry will slump in ‘mediocrity’ pretty fast.

Emotions, rather than cognitive thinking, have a more profound impact on our actions . So how do brands get the emotional response they want from the videos without manipulating the audience?

 

@ AFFECT LAB
We are a team of entrepreneurs, data scientists, and behavior research experts, making use of EmotionAI to make users emotions work for Brand’s growth. Revolutionizing the artificial intelligence space in India through a software that is portable and usable by anyone.

The Affect Lab EEG headset along with Hybrid of Facial Coding Technology is designed to record the brainwaves of a consumer when interacting with brand assets – be it videos or any content that is being published to them. It helps tap the emotional perspective of consumers; personify the experience for users

Make better decisions through efficient customer behavior analysis through Affect Lab.

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