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Showing posts tagged with: webinar

AI In Market Research: The Story So Far – Chapter 3: A Glimpse Into A Future with AI

jerry9789
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artificial intelligence, Burning Questions

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This is the third installment in our series on AI webinars.  The inspiration for this series is a simple question about what these AI seminars are saying.  There are hundreds of these seminars floating about, all based on the premise that AI technology is here to stay, people are curious about it, and they want to know how it will affect their lives.

We asked one of our staff members to attend several of these AI webinars in pursuit of the answer to this question: what are the AI webinars really saying?  What are the common themes, if any?  While the first and second chapters focused on AI’s ubiquity and limitations respectively, this third installment focuses on the replacement of humans and human work.

Will Jobs Be Lost Because of AI?

AI is a threat to most jobs including those in the market research industry but this is most especially true with any repetitive or routine work grounded by established knowledge or processes.  AI provides the advantages of streamlining your knowledge base and shortcutting processes.  If you’re on the process side and you fail to embrace AI, clients might find you costlier and less optimized.

The market research industry had already learned this lesson in the early 2000s when the big companies didn’t take online research seriously.  They subsequently found themselves trying to catch up some years later after the widespread acceptance and adoption of online research.  Whoever waits too long or neglects to embrace the newest tool would most likely fall behind as the industry shifts towards AI-driven processes.

What are the AI webinars saying about Human Replacement?

This doesn’t necessarily mean that humans would be fully replaced and displaced by AI in market research. AI is, after all, a tool.  All tools revolutionize optimization but optimization by definition doesn’t make things better.  AI will revolutionize things, but it is not the big revolution that will make everything different.

To illustrate that last point, a question was raised in one of the webinars about the possibility of a data collection tool that can replace surveys.  There wasn’t a definitive answer given by the panelists since it’s more of a question of what surveys would actually look like.  It would depend on what is wanted to be accomplished, the type of information sought, and how they would engage and elicit reactions.

The subject of AI-powered market research alone attracts investors.  Embracing AI would not only optimize your market research processes but it would also add value to your insights.  Having said that, AI places everybody on the same playing field, except those who recognize and seize the opportunity to experiment with AI are able to gain an edge.  The key would be to build on experience rather than purely on the thirst for innovation; try to be at the front of things, but don’t try to be the first one.  Try to find a good balance by going with the flow while making smart moves and decisions.

It’s been noted that the profile of the researcher of the future is a little bit more techy and into IT integration.  New business intelligence leaders today have IT backgrounds, and this is different from two decades ago.  Even in a world with AI-based market research, there would be room for the human factor that adds value from experience — something AI won’t be able to replace.

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AI In Market Research: The Story So Far – Chapter 2: Limitations of AI

jerry9789
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artificial intelligence, Burning Questions

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Despite AI’s expanding popularity in market research, experts are fully aware that there is still a lot of ground to cover regarding their effectiveness and optimization for use cases, along with understanding and mitigating their risks and limitations.

These limitations reveal themselves most especially in efforts to replicate human behavior. One research paper on a survey employing Large Language Models observed how effective these LLMs are in understanding consumer preferences with their behaviors consistent with four economic theories, but noted that there were demonstrations of extra sensitivity to the prompts they were given. In addition, there were indications of positional bias wherein the first concept was selected more often than the others that were also presented.

AI has also been found to be too optimistic, tech-forward, and self-interested.  For example, ChatGPT is inherently focusing on maximizing expected payoffs, whereas a person would often act in a risk-averse way for gains and risk-seeking for losses. AI also exhibits a generally higher level of brand association than humans, resulting in higher brand scores. However, it struggles with lesser-known topics, notably in scenarios where new commercial products are tested and targeted toward a specific audience.

While it can be addressed by cautious prompt engineering, AI hallucinations are an unintended effect of the helpful aspect of these models where they generate unnecessary output stemming from patterns or elements they perceived but are nonexistent or imperceptible to human observers.

And while more on the side of risks than limitations, there is an understandably and famously increasing concern from artists over how text-to-image generators threaten to replace them and their work, just as there are certain roles in the market research sector that are in danger of being taken over by AI.

Perhaps the ideal recommendation for utilizing AI while keeping in mind its limitations is to use it in cases where it’s most effective and productive with the understanding that it might excel in one scenario, but it doesn’t mean it will be just as effective in another situation.

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AI In Market Research: The Story So Far – Chapter 1: Adapt or Get Left Behind

jerry9789
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artificial intelligence, Burning Questions

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Whether you like it or not, AI is here to stay.  Yes, AI is a threat to most jobs, including those in the market research industry, since it shortcuts processes while optimizing operational efficiency.  While market research technology didn’t develop as fast as other industries in the early to mid-2000s, the advent and subsequent mainstream appeal of AI has forced market research to get with the times.  You’re in trouble if you fail to embrace it but if you do, you get to be on the winning side.

 

Experts expressed that we’re still in the early exploratory stages of AI but there is already depth in its application in market research. Take, for example, the humanization of surveys.  An interactive and dynamically probing AI improved overall data quality in more than one experiment due to an increased engagement from respondents resulting from a sense of appreciation over the perceived but simulated attention paid to them and their responses during the survey.  In the same vein, employing a conversational AI voice has been shown to dramatically drive engagement for better data.

 

That latter effort to humanize surveys has created an influx of voice responses and content, leading to the new question of what we should now do with all those resources, which would be a byproduct of AI-based solutions.  Of course, LLMs and other existing AI models would be employed to help find the answer to this question. 

 

Aside from solving dark data, AI has also displayed impressive capabilities to answer choice tasks, especially performing well with well-known topics and products, even outdoing humans in some surveys where humans get confused or find it hard to render a judgment.  It’s also been considered for AI to adapt existing survey data for a new topic to save time.  AI’s role in market research might still be experimental at this point, but it has grown to the point where it’s being utilized and adapted to take on one challenge after another.

 

Our second entry in this four-part blog series highlights some of AI’s risks and limitations, and how understanding and mitigating these factors can lead to their effective and optimal utilization.

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AI Webinars Are Everywhere – What Are They Really Saying?

jerry9789
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artificial intelligence, Burning Questions

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With AI becoming more ubiquitous each passing year, it’s no surprise that webinars dedicated to the subject have been springing up everywhere.  Amid the hype, people are either curious, interested, or to some degree invested in what AI’s increasing popularity means for them as well as the industries they’re part of.  These webinars serve as the perfect platform for industry experts to share their experiences, thoughts, and opinions on AI’s current and future implications. 

 

What are these AI webinars really saying?   We sent one of our staff members in search of the answers.  Each webinar talks about the impact of AI on the economy, society, and culture, but they must share some common themes or overarching ideas.  What are these common ideas?  To get at the answers, we asked our staff member (Emil Deverala) to focus on the impacts on an industry we truly understand: market research. 

 

During April and May 2024, Emil attended three AI webinars: “Market Research in an AI World,” “AI in Marketing Research: Expert Panel Discussion,” and “Building New Business: Five Ways Firms Are Driving New Revenue with Automation And AI.”  After each webinar, Emil was asked to not only summarize the items that were discussed, but also share his larger thoughts about what the webinar was really trying to say to the world about what we can expect from AI. 

 

Emil eventually boiled things down to four main ideas or themes.  In this series of blogs, we’ll be exploring each of those themes.  Here’s the first in our series.  It focuses on why people in the market research industry need to pay attention to AI in the first place.

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How Can Software Development Companies Do a Better Job of Targeting New Customers?

jerry9789
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Brand Surveys and Testing, Burning Questions

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Software Marketing Today

If you look all over the Internet, you’ll find a multitude of articles talking about the most effective strategies for marketing your software development company.  Ranging from seven to fifteen different strategies, these articles feature proven techniques like email marketing, social media or content marketing, pay-per-click (PPC) advertising or paid ads, and the like.  For our part, we boiled it down to five key strategies here.

But with how tough competition is in the software development industry, it won’t be any surprise if the thought of doing more regarding targeting new customers has crossed your mind.  Most likely, software companies are using the same marketing strategies you’ll find online, so employing a different tactic would help your company stand out from the rest or dominate a particular niche.  But how do you come up with a different game plan when the field of software marketing has apparently been mapped out with all that strategic information available out there?

Most software marketing strategies focus on targeting and resonating with the ideal customer, from identifying the most profit-optimal client to tailoring your messaging to appeal to that buyer persona.  They talk about the variety of approaches you can take to capture the attention and engage with your target consumer.  But what if aside from thinking about who your ideal customer is, you take your marketing one step further by coming up with the best possible user experience, from the time your target persona first hears about your company to the point that they’re not only your regular customer but also your company’s best advocate?

Copyright Karolina Grabowska

 

Focusing On the Customer Experience

Now you might be thinking that this either sounds like the same thing or even antithetical to the concept of optimizing your marketing efforts by recognizing your ideal customer.  You will still be doing the same things you’ve done in identifying and reaching out to your target client, such as demographics, psychographics, even SEO, but with this approach you are not just looking outwards from the lens of company marketing but rather from the perspective of a customer looking for a solution to their problem.

With that thought, you start off with the question of “exactly what problem was my software meant to solve and how does it solve it?”  Are you able to deliver that idea in words that are easily understood by your ideal customer?  Are you targeting the end-user or is there a decision-maker involved?  If there are other similar companies offering the same product, how do you set yourself apart with what you can do differently from the vantage point of a prospective client?  Can you encapsulate all that if all you have is one tagline or even one image to catch consumer attention?  If it does catch attention, what would hook your best prospect into learning more about the software?  As you can tell, some if not most of these questions also serve as a good foundation for the branding of your software product.

Copyright Fauxels (Pexels)

 

Local Presence Focus

You can also consider looking locally to see if the solution your software is offering is relevant to your community.  If everything falls into place, not only will you enjoy the benefit of a consumer base right at home but more often than not, local communities have proven to strongly appreciate and support homegrown talent.  This in turn could lead to an optimized and visible Google Business profile in search results and Google Maps.  Just imagine how a local consumer feels discovering that a company offering a solution to their problem is found right in their own neighborhood.

Digital marketing is all the rage nowadays but exploring your local market also opens up the opportunity to try traditional marketing such as flyers and mailers.  You can also even try hosting events or partnering with local companies, which would be a good way to practice and gain experience especially if you have plans to expand further not long after and would consider similar marketing activities and collaborations like influencer marketing and guest blogging.

Focusing locally is also a good place to start with SEO. Backed by keyword tools and planners to generate long-tail keywords, approaching SEO with the mindset of a local consumer with a specific objective in mind allows you to experiment more efficiently with a narrowed set of key phrases compared to what you had to work with had you jumped into a larger market base.  Once you figure out the keywords that work best from your localized set, you can then riff off from these examples as you start expanding beyond your community.

Copyright MR-PANDA

 

Website Optimization and Multimedia Content

You can then optimize your website and its content with those keywords.  Design your website with the added perspective of a customer visiting for the first time: navigating it should be intuitive with an engaging interface and interesting content.  Make sure it’s mobile-friendly as well.  If you don’t know it yet, search engines favor fast loading websites so regularly test your site speed especially whenever you make any changes or updates.  Your Google Business profile might capture would-be clients’ attention, but it’s at your website where most of the action should take place, so be sure you have plenty of quality backlinks to it.

Whether your website is found through search results or a backlink, your first-time visitor would be expecting to find content elaborating on why your software is the right product for them.  Aside from a blog section and other written elements, make sure to devote some space for informative multimedia materials like video tutorials or walkthroughs.  Your written content can have all the information you would like to relay about your software and your company, but your visitor might not have all the time in the world to go through all those.  Instead, they might stick around for a short but engaging and entertaining video.

Incorporate short animated infographics or explainers too into your website, thus sharing information about your software and your company.  Vary your videos and animated graphics between informative and technical to fun and entertaining.  This is also an opportunity to make your software stand out from other similar products or for your branding to express its uniqueness.  You may also use the same multimedia content for your video or email marketing so there’s a sense of familiarity when your customer lands on your website for the first time.

Speaking of familiarity, you might also engage with your customer even more by providing free trial/limited time offers and Freemium subscriptions right from your website.  These allow your customer to enjoy the basic features of your software and truly get a feel for what your product offers, perhaps leading them to opt for a Premium or higher-tier subscription for additional or complete access.  If possible, you can offer a certain feature of your software to be available on your website; for example, a photo editor whose output could be downloadable either in a reduced but acceptable quality or with a watermark.  

Making free trial/limited time offers and Freemium subscriptions available on your website also helps better position the pricing information of your software.  Sure, you can include a pricing comparison chart between your software and its competitors, but firsthand experience of your product could prove to be the more convincing or deciding factor for your customer.  Nevertheless, ensure that you are clear and transparent with the pricing for your software. 

Copyright Andrea Piacquadio

 

Testimonials and Case Studies

A tutorial or explainer video would give your customer the information they need to understand how to use your software, but it might resonate better with them to use a video to tell the story behind the origins of your product.  Sure, your technical videos would spell out what problem your software is solving, but they won’t be able to tap into connections of relatability that might be achieved by a video with a compelling story on how you came up with your product.  Trust and loyalty can be earned by a product and company that consistently deliver what they promised, but you can add another layer to that connection by becoming relatable and personal to your customer.

That brings us to client testimonials.  Depending on their length or how they are delivered, testimonials can be a once-over or your customer will be able to find one or two with similar experiences advocating the effectiveness of your software.  Written testimonials are fine and the norm, but you might consider having a few published in video format.  Depending on your research, you might even be able to use your video testimonials in your outbound marketing.

And they don’t all have to be too straight or technical; an effervescent and witty one-liner from a supporter that drew a chuckle from you might have the same effect on visitors to your website and lighten things up.

If applicable, case studies can be employed for the combined effect of walkthroughs and testimonials.  While it’s usually delivered from the technical perspective of the company, it would pander to a tech-savvy customer who is looking for a more in-depth or niche look at how your software can be applied.  Bonus points too if the client using the software in the case study is well-known and well-respected.  But don’t let all that technical stuff limit you to jargon and technobabble; consider using language that’s less robotic or monotone and more conversational and organic, taking the opportunity whenever possible to explain or simplify certain techspeak terms or to translate highly specialized situations into simple, relatable language.

Client success stories can also function as a case study or be as concise as a testimonial.  In addition, you can also utilize or embed webinar recordings in your website.  The goal of these elements in your website is to demonstrate to your would-be customers that their trust and confidence would be well-placed in both your software and your company.

Copyright Fauxels (Pexels)

 

Online and Offline Community Marketing

Don’t just limit that trust and confidence to the confines of your website, but expand it to the greater community out there.  You’ve developed your blogs, guides/tutorials, multimedia, case studies and other materials on your website with the mindset of not only being informative and instructional, but also engaging at the same time, so the same content should work just as well on social media and the like.

Yes, you are promoting your software and company on social media but instead of being overly promotional, provide value to your target audience by directing your content toward addressing common pain points and questions.  This way, you establish yourself as a thought leader while connecting with your audience at the same time.

Don’t overload your posts with information, though; you can use the “breadcrumb” approach where you open with a particular pain point and lightly touch on what your software can do to solve it and then add a backlink to your website if they would like to learn more.  Aside from sharing a whole video or webinar, you can also lift a particularly interesting section from it to share on social media along with a link where they can watch the full content.  Break the monotony every now and then by sharing funny or witty content that’s either relevant to your software or industry as well as a particular occasion or holiday.

Be mindful of the audience and the platform you’re sharing your content with as well; your entertaining and engaging videos would connect well with the Facebook or Twitter crowd, but the more technical stuff such as case studies and webinars might be better received by industry experts, potential professional connections and decision-makers on LinkedIn.

Just as you would engage with your audience, potential and existing customers and their questions and concerns on your social media accounts, you might as well do the same at the forum threads of Quora, Reddit, and other online communities to help build brand awareness and your industry expert reputation.

Knowing or understanding your target audience and the platform would also help lead to tapping into influencer marketing, as you observe the most relevant online personalities drawing the most engagement with likes, reactions, shares, retweets, shoutouts, and more.  The same can be applied for other companies you can consider partnering with or guest blogging for, as well as other products you can integrate with, allowing you to connect to new customer bases you wouldn’t have otherwise reached.  Of course, you would still need to carefully evaluate the pros and any cons of partnering with a particular influencer, company or product.

In addition to a strong online presence, there’s a larger offline community that you shouldn’t forget to connect with as well.  Make your presence felt in the real-world by customers, decision-makers, and other field professionals by attending industry events, hosting live demos, participating in local community events or if possible, sponsorship programs.

And what could also be more real to a would-be customer than someone they know who not only uses your product but has good things to say about it?  Most marketing strategies focus on new customer acquisition, but it’s been proven time and time again that it’s much more cost-effective to retain an existing client versus acquiring a new one.  A key point to keep in mind is to treat an existing client like a new customer by also extending to them special offers from time to time like free trials, limited time promotions, or exclusive first access to new or upcoming features.  This sense of exclusivity can help counter feelings and thoughts that only the new customers are getting the better deals.  The current customers have, in fact, rightfully earned the privileges of loyalty.  Imagine how much more powerful and transformative it is to have positive word-of-mouth generated by a long-time customer advocating in your behalf, thanks to this sense of exclusivity and belonging they feel.

Copyright geralt (Pixabay)

 

Like we’ve noted earlier, optimizing the user experience from prospect to advocate based on the perspective of your customer goes hand-in-hand with the conventional software marketing approach of identifying and targeting your ideal consumer.   It might be a novel approach to you, or you already have a lot on your plate with the myriad of software marketing strategies available, but you just couldn’t dare leave any stone unturned; worry not, as you can rely on one market research company who has been performing highly innovative and consistent marketing research work for thirty years and counting.

With a variety of services, Cascade Strategies has been conducting, adapting, and innovating market research studies for over three decades for an honor roll of respected clients.  In addition to incorporating ground-breaking methodologies, Cascade Strategies also takes full advantage of the high level of professional research experience and imagination our staff brings to the table to uncover breakthroughs leading to the best marketing solutions for your company.  Contact Cascade Strategies today to learn how we can help your software development company do a better job of targeting new customers.

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to Cascade Strategies

A highly innovative, award-winning market research and consulting firm with over 31 years’ experience in the field. Cascade provides consistent excellence in not only the traditional methodologies such as mobile surveys and focus groups, but also in cutting-edge disciplines like Predictive Analytics, Deep Learning, Neuroscience, Biometrics, Eye Tracking, Virtual Reality, and Gamification.
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