Qualitative research insights powered by AI: Matches human analysis

Qualitative research insights powered by AI: Matches human analysis

About Our Customer

Headquartered in the USA, our client is one of the world’s most respected FMCG companies with several successful billion dollar brands as part of their product portfolio. Over the years, they have conducted thousands of hours of in-depth consumer research to understand their customers better, the results of which are now an indispensable part of product engineering and marketing. Consumer insights gleaned from these research studies help create a differentiated product line in a highly competitive market place that helps sustain growth and increases market share.

The Challenge

The CPG market is overcrowded with thousands of brands fighting for attention and wallet share. In a tough, highly segmented market, large FMCG companies must continuously study consumers to understand the intricacies and the co-relation between product consumption and consumer behavior patterns. The most effective consumer research studies are observational in nature. Video is becoming the medium of choice to record and analyze consumer behavior. Product design changes are incorporated post-analysis of consumer behavior by R&D teams.

Consumer behavior research conducted by our customer thus far, has followed the traditional established methodology:

  • Conduct focus groups with a sample size of consumers
  • Deploy surveys and questionnaires with close and open-ended questions
  • Study hours of video footage on behavior patterns

But this approach to consumer research is fraught with challenges.

Challenge 1:  Time consuming. Manual study and analysis of recorded videos take 2x-3x of the recorded video duration, to review, analyse and generate insights for behavior and deliver the final report. Moreover, insights generated from such studies may not be easily searchable or referenced for future analysis.

Challenge 2: Manpower intensive. A large team of analysts is required to study hours of video footage. The process of review is tedious and vulnerable to human error, which could affect the quality of the analysis.

Challenge 3:  Inconsistency of analysis. Analysis of video footage studying video footage of consumer behavior and insights thus generated are vulnerable to human perception.
This results in inconsistency of insights generated, negatively impacting ROI.

Challenge 4: Timely decision-making. Since the conventional methods are time and effort-intensive, product engineering teams are frequently handicapped in taking timely decisions, which might have a negative impact on marketing and therefore, revenue growth.

Challenge 5: Resistance to technology driven analysis. Given that research into consumer behavior has primarily been the domain of human experts, accepting a technology solution to improve analysis efficiency is not easy to accomplish.

The task To overcome the challenges outlined above, we had to develop technology that achieved the following business objectives:

  • Shrinking the time taken for video analysis
  • Matching the accuracy of human analysis and eventually surpassing the same
  • Significantly reducing costs with faster time of completion and minimizing errors

The Solution

Our customer enlisted Streamingo to develop a technology solution to help them with speedy analysis of video-immersive research at scale.  FizzStream,our flagship software platform was put to work – FizzStream is a powerful, sophisticated and innovative video insights platform with inbuilt AI research technology – to deliver to expectations.

FizzStream delivered tremendous business value by:

  • Analyzing hundreds of hours of video footage simultaneously
  • Automated video tagging of objects, actions and human object interactions
  • Bringing in consistency of behavior analysis at scale with reduced business costs
  • Generation of insights from video analysis to help product engineering and analytics teams answer business questions

The Benefits

FizzStream demonstrated that technology-driven analysis of consumer research was not only capable of performing the task, but delivering value that surpasses human effort. By deploying FizzStream, our client found that they were able to achieve:

  • Speed and agility – by using technology-driven computation power, a larger number of videos could be analyzed as the time taken for analysis was reduced, leading to quicker decision-making by product engineering teams.
  • Significantly greater accuracy – with the inbuilt AI-technology, FizzStream was able to easily video tag interactions, increasing accuracy and reducing the potential for human error.
  • ROI at scale – by conducting simultaneous studies and the reusability of prior analysis helped our client derive significantly higher ROI.

Savings – by cutting down on human manpower required to study and analyze hours of  video footage, our client was able to achieve considerable cost savings–

consumer_insights

AI-powered consumer behavior insights in CPG, FMCG and Retail is the new normal

AI-powered consumer behavior insights in CPG, FMCG and Retail is the new normal

Large CPG enterprises across the globe spend millions of dollars and thousands of man hours every year researching and trying to understand consumer behavior. They do this using conventional modes of research and try to unlock consumer intelligence for product engineering and marketing teams so they can develop, innovate and promote brands that are closely aligned with their customer’s needs. However, using conventional methods including surveys, questionnaires, focus groups and videos are cost and time intensive, and may not provide the right ROI. Due to these 2 critical factors large CPG enterprises are migrating towards immersive research studies based on videos since the last 2-3 years.

AI platforms – disrupting traditional consumer behavior studies

Marketers and consumer research divisions in CPG companies are always battling the trifecta of time-cost-accuracy.  With the sheer volume of market data and manual interventions an analysis can be error-prone, slow and cumbersome inhibiting time-to-market and informed decision-making. Market research companies need to work fast and smart and automation of insights generation would be highly beneficial to help scale, reduce cost  and speed. Consumer studies involving the capture, study and analysis of video data with AI powered video platforms are disrupting the traditional modes of generating consumer insights.

Introducing Streamingo

We are  Streamingo, an innovative deep learning technology company singularly focused on providing video-based insights at scale. Our flagship product  FizzStream, helps generate automated consumer behavior insights from video-based studies. We are focused on bringing down cost and at the same time, increasing accuracy and efficiency manifold for global CPG companies. Fizzstream has sophisticated AI research inbuilt into the product, which allows automated leveraging of object, action and human object interaction tagging, generating insights.

Video-based insights saves time, money and increases ROI

In a fast-paced business environment large CPG companies cannot afford to wait for 2-3 weeks for a single consumer research report when the competition is waiting to close the market share gap at every opportunity. 
 
However, with AI-driven automated video insights solutions, companies can look forward to save 65%-75% in costs alone. Add scalability, repeatability and automation to the mix and companies have a winning solution.
For instance, FizzStream takes only 36-48 hours to analyze upto 500 hours of video on an average. With 70%-80% accuracy levels and an 85% uptick on speed of analysis, the ROI increase is a natural outcome. 

Research says that the market for video-based intelligence is growing at a CAGR of 25.7%.  If CPG companies have to win the battle of the brand, then AI-led video-based insights engine generating automated insights from customer behavior studies seems to be a great choice to adopt to stay ahead.    

As a consumer research analyst, AI-powered video-based insights would certainly give you an edge in unlocking customer insights and creating an enabling environment for focused decision-making. Do you agree?

Corporate Learning & Higher Education

The world is going Digital. There are more learners today than teachers can possibly cater to. The Millennial Generation is struggling to keep pace with the rapidly evolving skill requirements during their education and work careers.

Corporate Learning

Higher Education

Globally, digital learning is playing an important role in bridging the learning gap between academia and the industry.A significant portion of digital learning content today is in video format. Huge volume of video learning is available, learners struggle to identify relevant material and retain information.

Challenges

digital_AI_learning

Our AI effectively simulates what a good instructor/ teacher adds as value in the classroom

Our Solution

FizzStream is an innovative product, which uses sophisticated AI techniques to significantly increase return on investments for corporates and institutes of higher learning, who are embarking on increasing the role of digital learning in their environments.

artificial_intelligence
students_digital_learning

FizzStream Benefits

Success Stories

FizzStream pilots and deployments are actively happening in educational institutes and large corporates.

Consumer Behavior Insights

CPG companies around the world, increasingly rely on immersive research to understand consumer behavior better. Video based immersive research provides an authentic window into actual – not claimed – behaviors.

Consumer Behaviour Insights

The new way of having competitive advantage is through customer orientation, deep understanding of their needs and fulfilling them better than anyone else. Insights into consumer behaviour can help companies to successfully innovate, develop, market products and brands.

consumer_insights

Challenges

streamingo_insights

One of the largest FMCG companies in the world, claims that it conducts over 15,000 research studies every year,
and invests more than $350 million annually in consumer understanding.

Our Solution

Streamingo`s Consumer Insight platform enables automation and tremendous efficiency improvements to video based consumer behavior studies

consumer_insights_streamingo
video_analysis

Global brands using FizzStream Insights Engine report