How AI Boosts Sales Forecasting Accuracy with Personalized Customer Profiles
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Each consumer is unique, but while innovation potential is only measured with traditionally sized samples of consumers, research’s ability to represent the behaviour of all consumers is inevitably restricted. Now the diversity of individual behaviour can be covered much more completely thanks to the application of Artificial Intelligence to a typical robust and representative consumer sample. We will explain how AI magnifies your research sample to form a large scale virtual panel that captures both the range of possible reactions to an innovation and also the myriad of possible behaviours in response to a proposed marketing plan.
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How AI Boosts Sales Forecasting Accuracy with Personalized Customer Profiles
- 8. See your poten+al buyers mushroom by applying AI to sales volume forecas+ng L. Bardot & I. Goisbault, Strategir Artificial Intelligence Integrate individual profile is key to get reliable volume forecasts ‘I prefer a small selection of good/natural products rather than a large choice’ ‘I buy many products for my family each week!’ ‘Click & collect means I can save precious time’ ‘Discounters are great for bagging bargains’ ‘I’m very loyal to my brand!’‘I never go to hypermarkets: they are so huge, I get lost…’
- 9. See your poten+al buyers mushroom by applying AI to sales volume forecas+ng L. Bardot & I. Goisbault, Strategir Artificial Intelligence Integrate individual behaviour is key to get reliable volume forecasts ‘I don’t hesitate to pay the price if needed’ ‘I love discounted offers and look for them in store as much as I can’ ‘I spend lots of time on my mobile every day’ ‘I can’t stand ads on radio and switch the channel if needed’ ‘I’m very loyal to my store!’‘I love watching my preferred series on TV every afternoon’
- 10. See your poten+al buyers mushroom by applying AI to sales volume forecas+ng L. Bardot & I. Goisbault, Strategir Artificial Intelligence From 200 respondents, like Vicky… Vicky ‘With 3 kids at home, we need our weekly supply of yogurts!’ 36 SKU Probability to buy the innovation ‘This format is just for me!’ Vicky’s behaviour Number of yogurts bought per week 70%
- 11. See your poten+al buyers mushroom by applying AI to sales volume forecas+ng L. Bardot & I. Goisbault, Strategir Artificial Intelligence …and her virtual counterparts Vicky’s virtuals trundling through their ‘lives’ ‘Real’ Vicky Virtual Vicky 1 Buy Virtual Vicky 2 Buy Virtual Vicky 3 Buy 70% Virtual Vicky 4 Buy Virtual Vicky 5 Buy Virtual Vicky 6 Don’t buy Virtual Vicky 8 Buy
- 13. See your poten+al buyers mushroom by applying AI to sales volume forecas+ng L. Bardot & I. Goisbault, Strategir Artificial Intelligence AI for more accurate volume forecasts 0 20 40 60 80 100 120 140 P1 P2 P3 P4 P5 P6 P7 P8 P9 P10 P11 P12 P13 P1 P2 P3 P4 P5 P6 P7 P8 P9 P10 P11 P12 P13 0 10 20 30 40 50 60 70 80 Base line Promotion Advertising Market Seasonality Year 1 Year 2 Etc.