Use NLP Machine Learning to monetise data
The fractured journey of the consumer on their path to purchase makes it even more difficult to get noticed and to sell on social platforms. Conversion rates on mobile remain way below what they should be; but ‘buy’ buttons and in-app payment mechanisms should make a massive difference.
According to research there are now 1.3 billion online buyers globally every single day; if 10% of these are in the moment of purchase how on earth can you find them? That equates to billions of potential ‘in’ moments happening globally; consumers using their mobile phone to research, review, find and buy something – a car, book a holiday, a new phone – anything and everything.
Phones allow us to act on an impulse at any time; we take immediate action to learn, review or buy something. Often in that moment we use social networks to post or message to friends; to pin something on a board – we demonstrate an intent via our interest, consideration of options or simply stating our intent to get something.
All these messages are flying around in the ether and the worlds leading brands and technology companies are desperate to find the relevant ‘moments’ to close the loop and shorten the path to purchase. You can’t ‘crunch’ data retrospectively as the consumer demands relevance in real-time; in their moment. You need a different approach – one we envisaged at Chatterbox Labs when we built ‘Path 2 Purchase’ using our NLP Framework; an extensible method of building market ready NLP Machine Learning products.
We can look at all the moments happening across social data and our clever machines ‘learn’ and ‘interpret’ what the moment means. We classify the ‘moments’ in real-time; baselined at 148,000 messages a second! With Path 2 Purchase the clever machines look for and find all the advertising, corporate messaging and everything unrelated to purchase intent and take it out. We focus in on ‘pre-purchase’ intent in the ‘moment’; classifying into 3 separate types of pre-purchase intent – interest, consideration and clear intent to buy (lead validation). We also recognise a post purchase moment; either good or bad one! And provide our partners with all of these ‘moments’ for them to monetise.
With Path to Purchase all those ‘moments’ can be found, understood and key messages consumers are giving out in real-time can be monetised. It’s a simple output for a huge and growing marketing conundrum; as the consumer path to purchase continues to fragment.
For more information on our patent pending machine learning products; please contact Andrew Watson, VP Strategic Alliances Andrew@chatterbox.co or visit our web site www.chatterbox.co