Advanced Analytics is an encompassing term that is used to categorize techniques and technologies that seek to understand what happened in detail or to predict what may happen with an unmatched degree of precision. We use the term to encompass services that include Data Science, Artificial Intelligence, or AI and related technologies. The field of AI-powered Advanced Analytics draws on various aspects of neuroscience, statistics, mathematics, and computer science. But perhaps more critically, it is heavily influenced by the disciplines of philosophy and psychology to understand human motivations.
Technology is changing almost every aspect of our business lives, including marketing, customer insights, and business intelligence. Analytics and Artificial Intelligence are enabling high-precision prediction of future events. Predictive and Advanced Analytics, both examples of AI functionalities, are increasing the competitive pressure for companies, with big and small industry players endeavoring to acquire or develop the necessary analytics and AI skills to uncover and take advantage of market opportunities.
Advanced business analytics are essential in helping with your customer's jobs to be done in larger ways than you knew. As AI becomes more prominent in the business world, companies are challenged to develop their own applications for the technology. Keep in mind that AI in and of itself is not a solution. Yet when the technology is deployed properly and with quality data sets, the insights revealed can become "game changers" for organizations.
Predictive analytics is revolutionizing the relationship between customers and marketers. The business orientation for marketers is moving away from merely executing campaigns and enhancing customer satisfaction; this explains why advanced marketers are embracing the Job-to-be-Done approach to discover, evaluate, and select markets that are attractive enough to venture into. Leading firms are establishing a robust approach to data collection and taking a data-driven approach to understanding the future needs of the market.
According to business strategy guru Clayton M. Christensen in his book The Innovator's Dilemma, where he details his "Jobs-To-Be-Done" approach. That is products and services are bought essentially as “hires” to complete a job. If the job is done well, the product/service is rehired and if not, it’s “fired” and a replacement sought. Clayton also theorizes innovations follow four distinct steps or phases: performance, reliability, convenience, and price. Developing a strategy for adopting and deploying Advanced Analytics in marketing and innovation is the next road to success that in essence selects the “best hire” for the job — if you diligently follow these four phases.
The framework revolves around consumers' actions that result in the adoption of an innovation. Consumers' jobs-to-be-done lead markets to grow, evolve and redesign to provide products and services that get the customer's job done.
Basically, this means that individuals find themselves in situations where they need products and services to get their jobs done. With details about the job, companies devise solutions that will help the customers get their jobs done better and more profitably.
Successful AI-based business systems have to get the customer's job done better, stably, and/or using fewer resources. These are some of the advantages that your company can reap by adopting advanced analytics.
While digital marketing can help you enjoy some of the mentioned benefits, Advanced Analytics can help you transition to data-driven decisions that could very possibly save your company. Read on to find how.
At The Matters Group, we acknowledge the significance of AI in identifying and selecting the markets that are attractive enough through predictive and advanced analytics.
Customer satisfaction was marketers' main focus in the earlier digital marketing dispensation. However, AI and the Job-to-be-Done paradigm necessitate focusing the need on jobs and outcomes. The focus is more on what you are supposed to do rather than on the customer when communicating customer value.
Advanced analytics tools make it possible to identify and define the jobs customers want to be done at abstraction levels, thus market identification and definition.
AI can then help you select the best and the most attractive markets based on predetermined criteria. For example, identifying an underserved market with the potential to be lucrative. You can achieve all these marketing roles within a short period of time using techniques like machine learning compared to using traditional approaches and tools.
Innovation is one of the major aspects of the Jobs-to-be-Done framework, especially for well-established organizations aiming to expand and grow their markets. "
"People don’t simply buy products or services, they ‘hire’ them to make progress in specific circumstances."
- Clayton M. Christensen, Management Guru & Business Author
With advanced analytics, you can create more value for the customer's job, improve products, and come up with new products to cover existing market gaps.
AI-based solutions are critical in:
Advanced analytics is crucial to the product development process. Its use enables Product Development tactics to design products that match customer needs. According to the Job-to-be-Done paradigm, one can simulate the existing market to understand customer needs in relation to consumption chain jobs. In fact, targeted customers may not even realize they desire the ability to complete a given job. Imagine being able to provide a solution to a problem customers didn't realize they needed to solve, yet when the solution is realized, the positive association to the brand is amplified.
Companies undergo situations where once-loyal customers stop working with them for some time. With advanced analytics, you can predict customer behavior or come up with strategies for improving customer experience.
AI-powered solutions make it possible to look into and predict outcomes with a high degree of precision. Advanced analytics can help you understand customers better, research and evaluate solutions, and select the optimum choice to enhance your customer's experience.
You can contact us if you have any questions or would like to discuss how AI can be applied to support your marketing and innovation initiatives.