Metrics@Social for Strategizing new product growth

Metrics2social helps businesses enhance their competitiveness intelligent behavioral science inputs across functional areas of Marketing, HR and Strategy.

The new developments in AI based NLP algorithms using Deep Neural Networks like BERT, SentenceBERT, Transformers and Attention models have enabled unprecedented NLP applications. Given that millions of individuals discuss online about their experience and opinions, we can now uncover cognitive biases and heuristics displayed individuals. This can be further applied to strategizing the new product growth strategies.

Executing new product growth in the market primarily consists of:

How to identify target customer base?

Which brands may compete with our focal brand?

What are the contextual factors that motivate customers to buy our brand?

What should be the channel strategy to increase effectiveness of brand outreach?

With the inputs from Metrics@Social businesses can answer these most important questions about strategizing product growth.

i. Identifying the target customer base: We specifically answer the questions like what is the customer persona that are most likely going to buy the new product, what they used to buy, when and how they may switch to the new product in the market and what is the size of such a potential market.

ii. Competition with the other existing brands: New brands get their share either from those customers who are potentially new buyers in the product category or from the existing customers who have been buying other brands. We provide inputs in terms of which customers may patronage this new product, how much of a threat/competition it may face from other products.

iii. Usage occasions: Target customer base may start buying the new product for specific reasons that has not been addressed the existing brands. Many cases this is due to the usage context of the brand (like buying gourmet Coffee when guests arrive at home). We provide specific usage occasions during which the new product will be bought. This also helps in promotion strategies for the new brand.

iv. Channel strategy: Having known the target customer base, competition and customer usage occasion is not good enough when it comes to execution. We go a step further and provide inputs in terms of channel-promotion and channel-packaging combination to effectively see through the product growth strategy.

Businesses are striving to personalize their marketing actions and strategize their growth to counter competition. Cognitive Biases & Heuristics have been around for more than few decades that help businesses thrive from consultants. However, though consulting based behavioral science inputs are very promising, they cannot meet the competitive requirements due to the severe limitation of scalability and adaptability.

Metrics@Social is the first of its kind solution using AI+ Social Media data on Cognitive Biases and Heuristics. We provide Scalable and Adaptive solutions across domains and functional areas.