By now, you know AI technology can deliver a lot of benefits to businesses. Most benefits are focused around customer service. However, did you know you can also use AI technology to spot emerging trends?
Here, we’ll look closer at trendspotting using AI and how it can benefit the business.
Using Past Data to Predict Future Trends
The main way AI technology uses trendspotting to predict future trends is by analyzing past data. It can sift through mountains of data relating to customer behavior, for example. By recognizing past behavior, it then uses this to accurately predict future behavior.
This is almost identical how humans predict future trends. However, the human approach usually carries out research too, to determine current and future trends. The only difference is that AI technology is a lot more efficient than humans. This means it can assess past trends extremely quickly, as well as learn from what it finds. Its predictions are much more accurate as a result.
Image Recognition Opportunities
As well as being able to analyze past data, AI technology can utilize image recognition capabilities. The most modern systems are able to recognize and identify brand images online. They scour the web for matching images, putting together a comprehensive report of their findings.
You can see where your brand image is being used, how it is perceived and how frequently your customers are talking about you. This in turn allows you to improve or adapt your products and services accordingly.
Why Is Trendspotting Important?
Trendspotting has become an important job in business. Every single business can benefit from keeping track of upcoming trends. Its main benefits include:
- Helping you to identify opportunities
- Showing you what to focus on in the coming year
- Boosting customer satisfaction
- Helping you to better understand your competitors
By seeing what trends are coming up, you can start to switch your focus to new opportunities. That way, you’ll be ready to capitalize on the trends once they arrive. Providing products and services that fit current trends can really increase your profits. It helps to boost customer satisfaction and sets you apart from your competitors.
You can even use it to learn more about your competitors. What are they doing and what’s working well for them right now? Keeping up with your competitors is key if you want to be successful.
The biggest advantage of using AI for trendspotting is that it takes much less time than doing it yourself. Marketing teams would typically have to sift through mountains of data to find what they are looking for. It would take a long time to work out predictions without the use of AI.
AI technology can be used in so many different areas of the business. Its opportunity for trendspotting is a major benefit and one all businesses could use. As the technology becomes smarter, it’s going to open up a lot of new opportunities in trendspotting too. So, if your business hasn’t utilized it yet, now is the time to start doing so.