Phase III: Research & Model Iteration
Organizations that apply AI and machine learning to practical revenue generating use cases will emerge as the winners in the new age of technology.
The challenge with utilizing AI in your business lies in the training of the technology. In order to extract value quickly you need to train the AI to recognize the positive and negative patterns useful in your business model and processes. The final phase of our partnership is centered around developing an AI powered predictive model to help you realize revenue growth.
In the first phase we will execute an initial pipeline analysis and discovery assessment. The results of the effort provide the insight needed to design a predictive model and identify the quantitative and qualitative research to help evolve the predictive model.
The recommended research initiatives will vary depending on the findings of the first phase, but they will be focused across four categories: Market Research, Customer Research, Internal Resource Evaluation, and Revenue Process Mapping.
Market Research
The value of market research lies in its ability to help businesses understand their customers and the market they operate in. This information can be used to improve product development, identify new opportunities, and develop more effective growth strategies. It involves gathering and analyzing information about your target market as well as the competition and the broader market trends.
We use the information to interpret customer and prospect behavior, preferences and needs, all with the goal of tailoring a predictive model to your organization and revenue process.
Methods of market research include:
Conducted via online forms, telephone interviews, or in-person interviews to collect data on customer preferences, behavior, and demographics.
Focus groups bring together a small group of individuals to discuss your product, service, or marketing strategy, and provide feedback on their experiences and opinions.
In-depth interviews are one-on-one conversations with key individuals to gather detailed feedback and insights
Observational research involves observing customers in their natural environment to gain insights into their behavior, preferences, and needs.
Analyzing data from online sources such as social media, online reviews, and customer feedback.
Competitive analysis involves researching competitors to understand their strengths and weaknesses, market positioning, and pricing strategies
Secondary research involves analyzing existing data such as industry reports, market research studies, and government statistics.
Customer Research
Customer research is the process of gathering and analyzing information about your target customers. It involves collecting data about customer behavior, preferences, needs, and attitudes towards products and services. The goal of customer research is to gain insights into the target audience so that businesses can make informed decisions about how to meet their needs and create more effective growth strategies.
There are several different types of customer research, including:
By gathering and analyzing data about customer behavior, preferences, and needs, Structure Digital can provide valuable insights to be used in predictive modeling and strategic growth recommendations.
Resource Evaluation
Once the analysis reveals how your audience behaves in successful and unsuccessful opportunities, it is essential to address them in a manner replicating successes, and turning losses into wins through the right conversations and messages. This means having the right sales processes and staffing to help orchestrate prospect experience across resources.
To ensure the optimal process and alignment of staff and stakeholders, we will evaluate the internal teams across the revenue organization. This involves assessing sales teams to model profiles against customer segments. The evaluation can also identify coaching opportunities to fill gaps not solved by resource matching. Profiling is done with an ensemble of tools that assess personality, attitudes, cognition, biases, skills, and motivations, all viewed through frameworks from psychology, business, game theory, and behavioral economics. Matching is done prospectively, based on established frameworks, and also retrospectively, based on how different profiles have historically performed with prospects and customers.
Methods of evaluation can include:
Revenue Process Mapping
Process mapping is a technique used to visually represent the steps and actions involved in completing a particular process or task. It involves creating a diagram or flowchart that outlines the sequential steps in a process, along with any decision points, feedback loops, and inputs/outputs.
Process mapping provides a clear and concise representation of how your process works, so it can be analyzed, optimized, and improved. By creating a visual map of the process, it becomes easier to identify areas of inefficiency, bottlenecks, and other issues that may be hindering productivity or quality.
Impact Measurement
Technology Strategy & Data Integration Data extraction and orchestration is critical to the development of a predictive analytics model. As part of our partnership, Structure Digital will provide recommendations for technology optimization to ensure scalable data extraction, transformation, and enrichment.