Redefining Business Landscape with the New Frontier: Emotion Analytics

Posted by zonun | September 17, 2018 | Articles

 

Analytics has evolved from being algorithmic to emotionally perceptive, this has a lot of significance for brands.

Since long, data analytics has been relying on an impersonal algorithm that deciphers data and comes up with an intelligent narrative of things. However, this algorithm is limited as it does not account for human emotions — the main driver of human behavior and purchase decisions. In the recent time, the introduction of emotion analytics into algorithm has made it more personable, emotionally intuitive and aware.

Today, marketing agencies incorporate emotionality into their analytics to ensure brands have higher emotional engagements with their consumers. Gaining insights into consumer emotional responses to brand offerings is hailed as the philosopher’s stone of marketing challenges. Whether one has reservation about embracing it or otherwise, emotionally intelligent machines have arrived. Ignoring this new technology may implicate a negative growth trajectory for businesses in today’s competitive market, the fact of emotionAI evolution currently being not too far from its inception, notwithstanding.

It has been reported that global conglomerates such as Procter & Gamble, Unilever, Coca-Cola and more, are quietly employing emotion analytics in their market research, though they may not be openly talking about it. This makes it evidently clear that, emotion analytics is the next frontier. Now, more organizations are moving in this direction, by hiring firms that offer emotion recognition technological services to their clients. At Entropik, we make our emotionAI solutions affordable and easily accessible. Our product ‘AffectLab’ is available as a SAAS online, it provides consumer insights in real-time, which is a remarkable improvement over traditional market research, with a usually long turnover period.

What makes emotional analytics a notable development is that, before its arrival, marketers relied on both data analytics and human intuitions. They had to take a call on where to draw the line between these two entities, to come up with sound marketing decisions. This line is now blurring as machines get more intuitive, and artificial intelligence becomes emotionally aware. Marketers today must update themselves on the functioning of emotionally intelligent technology, to draw a new line between the aforesaid entities. This will enable them to productively utilize this new technology with pragmatism, though it is considered almost prophetic in its ability to make predictions on consumer behavior.

Data analytics based purely on an algorithm produced robotic results that lack a human touch. Neuromarketing technologies have changed this scenario completely, by recognizing the importance of decoding human emotions. This enables brands to make a stronger emotional connection with their consumers, which in turn has significant implications for brands’ ROI. It is not surprising that neuromarketing technologies such as, Brainwave mapping, Facial coding, and Eye-tracking are considered by ad agencies as a magic wand of some sort, that works wonders to meet their needs.

A noteworthy implementation of emotion analytics into business product launch is recently carried out by Danone. It analyzed consumers’ micro-expressions to figure out their true feelings about product categories and found that when asked, mothers usually say that they make their baby’s food from scratch, as they are fearful of being judged. However, their behavioral data implied otherwise and therefore, without being judgmental about it, Danone came to recognize there is a space for nutritious, ready-made toddler snack and produced Super Yummies.

According to Crone Consulting, the exciting, emerging market value of emotion analytics is set to reach $10 billion across the globe by 2020 from $20 million in 2015.

Mindshare, a global media and marketing services company, has predicted that emotion data generated by wearable devices will be more accurate in providing emotion insights, and will drive growth in this field. Believing that scaling up emotion analytics would be the game changer and achievable through ‘wearables’, Mindshare has reported, “wearable can measure emotion (through data such as pulse) and even communicate haptically, but their real strength is the whole host of other data they collect which could be applied to the overall picture. Elements like location and browsing history could tell a great deal more about where people are, what they are doing in the context of how they are feeling, and responses tailored accordingly.”

In the field of automobile manufacturing, emotion analytics is set to play a huge role in creating consumer engagement as expressed by Robert Herd, Jaguar Land Rover’s head of communication.

Emotion analytics applications seem almost unlimited and all-encompassing, some of its usages include — Emotive billboards that read viewers facial expressions, Huggies haptic waistband meant for expectant mother’s partner to feel the movement of a baby inside the womb, and Olive stress band that monitors the wearer’s level of stress, among others.

Growth in the field of technology has been by leaps and bounce for the past few decades. At the moment, the future looks exciting and promising for this next frontier known as Emotion Analytics. Early adoption of this technology has rewarded businesses to relate to their consumers in a more compelling manner and enable them to come up with intuitive approaches to do business in general.

Do not miss out on all the value additions this wonder new frontier could bring to your business. Decode human emotions and give yourself a competitive edge by gaining insights into consumer emotional responses to contents, products, and services.

Our entire suite of emotion recognition technologies is available on our online lab — AffectLab. Get yourself acquainted with emotionAI and see for yourself how it works.

Go to AffectLab and enjoy a month-long Free Trial Period. Click here

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