All right. So you've already accepted that doing the same thing over and over again, when it's not bringing you any more success, is tantamount to madness, and you've decided to change. But something is still holding you back from taking the leap into this "new world": return on investment, the dreaded ROI, right? Those three letters that can keep you awake at night, whether you're responsible for making strategic decisions for the company or you have to boost your sales figures by the end of the year, no matter what. And in a scenario of uncertainty and constant change, investing without proof is almost suicidal, right? Well, take note, because competitive intelligence is starting to show data that is almost frighteningly positive.
In a leading publication such asTech Emergence, they have taken stock of five specific cases that have used disruptive artificial intelligence and machine learning technologies and have more than achieved their objectives. As always, BRAINTRUST recommends reading the original publication to learn the full story, but for those who don't have time, we are happy to provide a few brief notes and translate them into the language of our main market. Let's take a look at these five cases.
1. Global Tech LED / Google Analytics
This is an LED lighting supplier specializing in LED retrofit kits and accessories for commercial spaces. The company decided to use Google Analytics smart lists to automatically identifyprospects, with the aim of remarketing with more specific pages for certain users.
The result? The lists generated five times more clicks than all other display campaigns, and the click-through rate for these remarketing campaigns was more than double the average remarketing rate for other campaigns. In addition, the website saw a 100% increase in traffic.
2. Under Armour / IBM Watson Cognitive Computing
An American manufacturer of sports footwear and apparel, Under Armour developed the Under Armour UA Record app using the IBM platform. The idea was to enable a "Cognitive Coaching System" as a personal health assistant based on real-time data for sleeping, exercising, performing activities, and eating properly. The app draws on various data sources, including geospatial data, which allows it to determine how weather and the environment can affect training.
The results? A 4.5-star overall rating and revenue from Connected Fitnessaccessories that grew 51 percent to $80 million.
3. Plexure (VMob) / Azure Stream Analytics
This is a New Zealand-based media company that uses real-time data analysis to help companies tailor marketing messages to individual customers and optimize the transaction process. In this case, it worked with Azure to help McDonald's increase customer engagement in the Netherlands, Sweden, and Japan. It was used to analyze the more than 40 million IoT endpoints that make up the company's big data, based on customer behavior patterns and responses to offers, analyzing contextual information. An example: a customer located near a McDonald's location on a hot afternoon could receive an ad whose main hook was to eat a free ice cream.
Results? A 700% increase in customer redemptions of specific offers, a return rate that doubles that of "normal" customers, and a 47% higher shopping cart value.
4. Coca-Cola Amatil / Trax Retail Execution
It is the largest bottler and distributor of non-alcoholic bottled beverages in the Asia-Pacific region. In this case, the technology was used to analyze images from photographs taken by the sales representatives themselves on store shelves. In a matter of minutes, the technology returned patterns to optimize sales and apply corrective actions.
Results? A 1.3% increase in market share in five months.
5. Peter Glenn / AgilOne Advanced Analytics
Finally, an outdoor apparel and equipment company. AgilOne's dashboard was used for advanced segmentation with data on households and physical proximity, information that was used to launch integrated campaigns with the goal of increasing sales during non-peak months and increasing in-store traffic.
Results? The company noted that its customer base was expired in 80% of cases, which allowed them to take corrective action, and then experience a 30% increase in average order value as a result of their automated marketing campaigns.
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ROI, you say ? Could it be that the ROI is that you don't waste another minute wondering where the ROI of competitive intelligence is? 😉
Photo bySharon McCutcheononUnsplash
