You have a brilliant idea for a new product and want to make sure that it is well received on the market. But what's the most efficient way to do that? In a world where ChatGPT is shaking up entire industries, it seems almost old-fashioned to manually select an audience and organize panels where, with a little luck and a lot more time, potential leads on the target audience will also be discovered. And rightly so.
But how is that supposed to work?
AI targeting takes luck out of the equation. It is the miracle cure when it comes to identifying exactly those people who fit into the target group. An algorithm independently identifies those people who are most likely to make a subsequent purchase. This means that target groups can also be identified quickly and precisely.
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Okay, that sounds exciting. A little more detail, please!
AI targeting uses artificial intelligence to enable advertising to be targeted at specific target groups. Major players such as Facebook use AI targeting to find the right customers for a specific advertising message.
This is done using various data sets that are made available to the AI, such as demographic information, behavioral data and user interests. Based on this data, the AI can make predictions about which users are most likely to respond to a particular advertising message.
This means that users actively identify themselves as part of the target group with their online behavior, while the algorithm continues to collect data and further hone the target group. You could say that the sample is self-generating.
An example of goodness:
Your idea for the new "Erleb-Bar" energy bar made from particularly valuable and natural ingredients is ready for the concept test. Artificial intelligence now analyzes usage behavior on social media and identifies the people who might be particularly interested in this energy dispenser. Are they perhaps outdoor enthusiasts, active families or rather exhausted office workers? The AI calculates a pattern that characterizes the target group. Et voila, the target group most likely to purchase the experience bar has been identified.
You can do it! And now?
For product managers, this logically not only saves a great deal of time, but also leads to a considerably cheaper solution with more precise results. The product automatically finds the right target group and undergoes a realistic market test. Used correctly, no more resources are wasted and within two weeks you have all the results you need for a successful market launch. At least if you use the services of innohack.
In my opinion, Innohack not only offers market research, but they have also provided us with excellent support and helped us to innovate.
Fabienne Föhn, Head of New Business Betty Bossi
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