How purchase intent on social data varies by industry sector

At Chatterbox Labs we have been working hard delivering new NLP machine learning products that focus on specific industry sectors. In recent weeks we have released Path 2 Purchase for the automotive and the telco sectors. These new products are available as an end to end suite or as specific products focused on an element of pre-purchase intent (interest, consideration, lead validation) or for post purchase. With our NLP Framework we are able to quickly train, iterate and build new products without the need for costly development cycles; the data science is done; we really can deliver new products in days.

Our focus is to provide Path 2 Purchase across all the sectors our partners are targeting to monetize social data. Future roadmap items include further iteration to sub sectors of industries and right down to specific brands or product items. The business case scenarios are endless but with our NLP Framework our partners can react quickly to customer demand and quickly create new products.

One of the most interesting findings from our recent product developments is to observe the very different profile for pre-purchase intent and post-purchase data between sectors. The % of data related to these 4 categories was surprisingly similar; once we took out all advertising and unrelated messaging Path 2 Purchase uncovered circa 15% of messaging across both sectors to fit into one of the 4 Pre and Post purchase categories.

INTEREST

The automotive sector has a very high % of pre-purchase intent related to ‘INTEREST’; and by that we mean a consumer has expressed an interest in purchasing a car. At this stage a consumer demonstrating interest in a new car means marketers need to align the right content to help develop their interest and help them along the path to purchase. Interestingly in telco we see the % is less than half though still significant; 31% of pre-purchase intent messaging.

CONSIDERATION

Within automotive only 8.4% of the messaging related to a consumer considering a purchase; for instance expressing intent to purchase one brand or another; this level of intent could mean a purchase is going to happen soon and knowing this in real-time would be useful for one of those brands to help win business from a rival. Whereas in telco consideration is the most significant classification of pre-purchase intent; consumers on their path to purchase are expressing they have a decision to make between 2 brands; for instance – “New iPhone 6 or Samsung Galaxy #decisions !”. Intervention via personal and contextual advertising offers at this point in real time could really deliver new sales.

LEAD VALIDATION

A validated lead is an expression by a consumer about the imminent purchase of a product, brand or service. Consumers demonstrate twice the % of intent at this stage in the telco sector 16.2% vs 8.2% in the automotive sector. Telco has a significantly different price point to purchasing a new car, therefore, validated intention to buy should be measured by the quality of leads mined and quantity found. Chatterbox is finding millions of “in moment” buyers in real-time. The Data Science is done all our partners need do is have a strategy in situ for razor sharp execution.

SUMMARY

Chatterbox Labs Path 2 Purchase product suite is disrupting commerce markets by finding “in moment buyers” our competition never knew existed. The market opportunity is $100B and growing!

For more information contact Andrew Watson, VP Strategic Alliances, Andrew@chatterbox.co or visit our web site www.chatterbox.co