machineVantage a company pioneering in delivering expert Artificial Intelligence and Machine Learning-based solutions across multiple areas of business operations, has announced ten new products that are directly focused on driving innovations in marketing and new product development.
The ten new products are drawn from a new book, “AI For Marketing And Product Innovation”, co-authored by Dr. A. K. Pradeep, founder and CEO of machineVantage. Headquartered in Berkeley, CA, machineVantage works with major corporations that are global leaders across several consumer categories.
“Be it Product Innovation, Branding, Digital Marketing, and a host of other critical processes, companies are discovering that applying specialized AI and ML tools and methodologies accelerates and improves the effectiveness of these processes in several ways,” said Dr. Pradeep, a successful serial entrepreneur known worldwide for merging marketing with advanced neuroscience to create the phenomenon called neuromarketing. “Blending core learnings and best practices from consumer neuroscience with AI and ML systems enables the successful execution of algorithmically unearthed concepts. Knowing that 95% of consumers’ daily decisions are made in the non-conscious mind underscores the scientific validity and the commercial importance of this approach.”
The Ten New Products announced by machineVantage are:
1. Trend Spotter
Extracting trends in the non-conscious minds of consumers provides opportunities for market leadership. Trends are extracted and tracked over time, across geographies, and across categories.
2. Product Innovator and Market Sizer
Product design is a n-factor problem. This tool algorithmically identifies product and business model innovations that consumers’ nonconscious minds desire. The Market Sizer gauges expected market size algorithmically.
3. Metaphor Extractor
Metaphors are the language of the non-conscious mind. The Metaphor Extractor algorithmically extracts metaphors connected to category, brand, and product to facilitate product and messaging innovation.
4. Category Busting Metric (CBM) Extractor
The brain looks for a single number to differentiate products and uses price to differentiate by default if such a number is unavailable. The CBM Extractor algorithmically extracts from retail data ‘the metric that matters most’ for a category.
5. Product Naming Engine
Product names trigger non-conscious associations with neurally-bound pre-existing concepts. The Product Naming Engine algorithmically extracts product names based on structured typologies and rank orders them based on their proximity to the product concept.
6. Brand Personality Extractor and Tracker
Consumers’ non-conscious minds implicitly define a personality for a brand. The Brand Personality Extractor and Tracker algorithmically extracts the implicit brand personality, tracks its progress, and extracts messaging efficiency.
7. Pricing and Promotion Model Selector
Pricing represents a way to attract and engage the non-conscious mind through apparent reason. The Pricing and Promotion Model Selector chooses the right pricing model based on category, brand, product, and competitive dynamics.
8. Category Extender
Consumers’ non-conscious minds implicitly invite a brand to ‘do more’. The Category Extender algorithmically extracts categories that are adjacent in consumers’ non-conscious minds and thereby facilitates category, brand, and product extensions.
9. Message Personalizer and Neuro Aligner
This tool personalizes sales, marketing, and digital messaging at scale. The Message Personalizer and Neuro Aligner algorithmically modifies messages to personalize to consumers based on demographic information, in real time. This product also aligns messages to best reflect how the brain prefers to process them.
10. Call Center Script and Product Review Analyzer
The Call Center Script and Product Review Analyzer ‘reads between the lines’ of consumer articulations. This tool algorithmically extracts implicit issues, concerns, and innovations from the analysis of call center scripts, dialogs of focus groups, and product reviews.
Dr. Pradeep explains that trade spend optimization and personalization can be achieved through applying advanced neuroscience knowledge to ensure that all elements of a trade campaign deliver the desired results. Successfully applying the Pricing and Promotion Model Selector, the Category Busting Metric Extractor, and the Message Personalizer and Neuro Aligner results in Trade Spend Optimization.
Beyond explanations of the science and technology behind AI and ML, and how companies can leverage them in virtually every aspect of their operations, “AI for Marketing And Product Innovation” also delivers forward-looking assessments of the new knowledge and skills that marketers will need to acquire, and how firms in categories such as consumer insights, product innovation, branding, and creative advertising will evolve.
Read More: The Artificial Intelligence Week