Chinwag Psych London 14. Ed Weatherall, VisualDNA. “Predict customer behaviour by understanding their personality.”
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Chinwag Psych London 2014 @Chinwag psychmatters.co Ed Weatherall, VisualDNA. “Predict customer behaviour by understanding their personality.”
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Chinwag Psych London 14. Ed Weatherall, VisualDNA. “Predict customer behaviour by understanding their personality.”
- 1. Helping people to be valued for who they really are Helping businesses to be more human
- 2. VisualDNA Big data analytics & psychology since 2008 The biggest psychographic database in the world Transforming the way businesses understand their customers
- 3. Big data+psychology WHAT people do WHEN they do it WHERE they do it WHO and WHY at a massive scale
- 5. We’ve developed a unique and patented way of understanding people, driven by science of converting visual personality quizzes into rich and accurate audience profiles. A Visual Approach
- 6. Profiling the ‘BIG 5’ traits visually
- 7. Profiling the ‘BIG 5’ traits visually
- 8. Profiling the ‘BIG 5’ traits visually
- 9. Profiling the ‘BIG 5’ traits visually
- 10. Profiling the ‘BIG 5’ traits visually
- 11. In line with latest psychological research, VisualDNA’s personality profiling includes assessment of the ‘Big 5’ personality traits. What do we capture Angry Anxious Depressed Vulnerable Emotionally stable Impulsive Compassionate Antagonistic Helpful Well tempered Energetic Positive Urgent Assertive Sociable Talkative Self- disciplined Proactive Achiever Planned Organised Dependable Artistic Adventurous Creative Curious Inventive / Curious Consistent / Cautious Efficient / Organised Easy-going / Careless Outgoing / Energetic Solitary / Reserved Friendly / Compassionate Cold / Unkind Sensitive / Nervous Secure / Confident
- 13. Three pillars of VisualDNA Business Units Credit & Risk Marketing Services Consumer Disciplines Science Tech Creative
- 14. Consumer
- 16. Youniverse
- 17. Credit & Risk
- 18. Products in 8 countries, 14 countries by end 2015 Global partner and reseller agreements High predictive power Gini> 50% Credit & Risk: currently live in 6 countries (8 by end 2014)
- 20. Segment Audiences based on personality
- 21. Within 1 minute of a visit VisualDNA data improved prediction accuracy by nearly 300% compared to 1st party data alone. Better predictions
- 22. Acquisition Conversion Retention Find new customers across the web Acquire the right audience Take market share Tailor campaigns and messaging Target potential buyers on site Increase basket value Understanding why people come back Bring them back with the right content Keep them engaged Better Targeting
- 24. Edward Weatherall Client Director T: 020 7749 0219 / M: 0771 509 1536 edward.weatherall@visualdna.com @edweatherall
Editor's Notes
- We are an independent technology company based in Shoreditch combining big data and technology to understand people – Which we apply to our own consumer products, credit and risk and marketing services. Primarily in digitalIf you cannot segment your audiences based on their personality a lot of what you learn today will sadly be lost.
- Like most businesses we are on a journeyBig data allows us to process thousands of events in a second to make data useful. 20k events/second peak – online behaviourTomorrow: GOALS1 billion users profiled within 3 yearsLending analytics services across all major sectors and territoriesOur psychographic API used to power 5% of ecommerce transactions within 5 yearsBecome the de facto ingredient brand to understand consumers
- Most segmentation models are built on behaviourDigital was supposed to make things easier when actually now it is getting harder.The digital ecosystem has relied on:78% click thru first banner ad – 0.05%facebookWhen I run am I measuring my waistline or my time?
- The big five is the most widely accepted way to classify personality and describe the most important ways people differ. We have proven when you monitor these personality traits at scale you can build models that predict behaviourFrom the likelihood to repay a lone to which brand they will buyHigh Agreeableness: Ethical and about the greater good – Where as someone who is low thrives of competition and self promotingSheila's Wheels – It was not female drivers they were after – but people who drive like a girl – People who are not competitive, very conscientious and compassionateHotels – Openness – local boutique hotel or chain with everything in the same place. Nike understands the personality of their customer – innovates products but also accepts that they alienate.
- Its interesting as brands or organisations we spend a lot of time talking about what we stand for, our values and beliefs – But spend very little time understanding the same of our customers.People may talk about price perception – expensive wine – labels cost , Nike understands the personality of their customer – innovates products but also accepts that they alienate. That they way we track and understand customers has to change – The use of functional data to make emotional connections – One night stand marketingDavid who sits next to me at work believes that free range chickens will taste better – but scientifically there is no real difference – The story matches the personalityDoes anyone here know what was the first UK brand / trade mark? Bass – And it stood for drink me and you will not die
- I work with some of the most amazing intelligent people PHD Psychologists and Data Scientist
- People like you react well to this..
- 2.5 billion unbanked – Access to credit services due to lack of infrastructure White paper by MasterCard:Roughly half the adults globally have no access to banking-type services of any description. That includes the ability to obtain credit. Here is a plan for lenders to use “alternative data” to extend credit to the financially excluded and access an unserved market while contributing to economic development at the same time.
- First banner ad 78% click through – facebook 0.05% Everyone just looking at volume
- Completely change the value of our online audience insightScale focus groups – and not by asking them what they think but understanding how they behave. And people lieWhat traits define my best customers and how to I acquire more of them?What message resonate with which personality type?
- We have two lines – First party dataSecond Psychographic data95.14% correct What behaviours a different personality displays when buying vs. browsing.
- Bid on people who have the propensity to buy from youRetargeting based on who they are plus the context of their behavior
- If you would like to understand your online audiences based in their personality and how this can be used to optimise your digital marketing come and speak to me or your Ogilvy account managers.