Streetbees – NOAH19 London

Streetbees – NOAH19 London


Now we’re going to market research because we are all little street beasts Dutch girl from originally turkey company headquartered in London Searches yours. Thank you to be back at North Alright so my first question to everyone here is why are you not having drinks in a pub already? And you are staying in this room. You must be asking yourself the same question So let’s make sure it’s worth your time while you are still sitting here and listening to us because we will talk about human choices Why did you choose today to come here? Why did you choose to actually be in this room right now rather than actually having a drink somewhere else But before we start with that one of the key choices, we make every day is about what we eat and what we drink, right? So you might be feeling that this evening. You need to have some broccoli ideal steamed Probably not fried right and all of a sudden you find yourself with a like a big ice cream in your hands, you know Maybe at 11:00 p.m It was absolutely not plans and there are all those ice cream companies out there who would keep asking you questions around How often do you eat ice cream and can you really answer that question? How many of you can actually count last year in last twelve months how many times you ate ice cream? It’s an absolutely impossible question to answer as a result of that what we increasingly see is that the world’s largest consumer companies which are all you know over fifty billion dollar revenues are Struggling to grow because they are struggling to understand why Humans, do what they do and how they make their choices Meanwhile, they are spending about seventy five billion dollars every year on research to understand the consumer And it’s very common. If you ever worked with one of the world’s largest consumer companies, you would hear that. They never hear anything They don’t already know from research Now when we were dealing with this question what we thought is that it’s not that you are doing bad research There is something structurally wrong with market research people don’t know Why they do what they do and we keep asking them hoping that they can Was the answer but we could accept the fact that they don’t actually know because a lot of our behavior is not consciously decided right? But instead we could have stopped picking up the topic for the consumers to do market research Framing the questions framing the answers But instead actually listen to them why because a big part of our decision-making is completely emotional When you are in front of the fridge and you’re trying to decide or actually I have some broccoli or so I have some ice cream right now. You are having a cognitive dissonance moment What that means is that there are different drivers in terms of how you’re gonna make that choice is the rational decision I should be healthy or is it something that I actually just want to have an ice cream? I had a bad day or should I choose that if we ask you questions, you will justify your reasons But instead if you just would share in that moment Just you know over your shoulder be there with you in that moment with a video maybe some text and you know messaging between us We can then actually understand why you do what they did This is exactly what we invented with street peace strict is the conversational research up. It’s pretty much exactly works like whatsapp It’s in your phone and when you are doing things during the day you can share with us You might be shaving in the morning washing your face using skin care products You might be later in the evening having some ice cream or you might be just shopping or having actually a beer in the pub With your friends. We are in your pocket in the app So you start taking a video you share what’s going on with us in your own words all open text and we call that Unstructured data and we start looking into that data to understand what is going on, but here is the key point This is not like what you share in Instagram, which is a bit more like vanity moments Right, like when you are having that avocado with eggs and looks fantastic, of course, you’re gonna put that on Instagram But the reality is 90% of consumption that the companies are interested in are not really Instagram attractive we are interested in those moments when we are putting some Marmite and butter on your toast and eating it in two minutes. We would like to also find out about that moment That’s the reason why we have this very intimate relationship with our users that about 2.6 million people in 150 countries are Constantly sharing with us. What? They do and why they do that and this can go all the way to you know the condom company We are working with which wants to Understand real intimate moments and how people are making choices in those kind of moments and we do have that intimate relationship With the users to be able to ask them about it now Why did this never happen before? Of course It’s much better to ask people what’s going on and then use unstructured data in the form of text to understand consumer behavior So why wasn’t this already happening before sweet peas existed? The main reason is if you are collecting imagine billions of data points, right? Coming from like thousands and thousands of different moments How are you gonna analyze them? No human being can lead to a billion different data points And remember the patterns in it. It was impossible to use and First of all, when we first started the business our thinking was that it was the biggest barrier was scale But now what we realized is that there’s a huge human bias as well so imagine someone talking about, you know, I used to live with my brother now my brother moved out and you know I’m just actually not feeling great tonight When we looked at human generated codes, they would categorize that moment as someone feeling down or lured But actually that machine looked into that it identified It is also as being lonely and imagine now you can detect every single emotion at a granular level in every single conversation ever happening in billions and billions of Conversations which then allows us to be able to see okay. This moment is not just about being down This person is also actually feeling lonely Now we have built a knowledge graph and trained our deep neural networks over the last four years to be able to identify any Emotion any mood that we can see in any particular moment now? Understanding ice cream consumption is obviously an exciting starting point But what we also started discovering is that it also predicts consumer confidence It also predicts consumers spend because when in a country people are starting to feel anxious about job security If they are feeling more lonely or depressed That of course then reflected into their consumer spending which then influences the economic growth in the country as well for example, one of the things that we found out is that 60% of our food choices in the moment are not determined by hunger Or any other guesses, what could it be? What emotion what smooth might be behind 60% of our food choices? anyone Depression that’s a good one. It’s very close. Its loneliness it’s actually we are eating not because we are hungry we are eating because we are feeling lonely and then you can start seeing the correlation by country between Obesity and to what extent it’s the loneliness which is the main driver behind food as well Now how it works is really simple. There is an app where you can put photos videos or in the moment chats with us It’s obviously automated all of that information the images get tagged videos get Transcribed and they all turn into text and we put all that text through our own deep neural networks to be able to Understand what are the emotions? What are the drivers behind those moments and then we can cluster them into meaningful results for our clients? For example all this is sustainable it is a huge topic at the moment and everyone is wondering what is the tipping point in sustainability if in a water company and if Consumers wake up one day and decide not to buy any more plastic bottled water. You’re gonna be in serious trouble So you do need to know when that moment is coming So that you can actually change your supply chain change your packaging before that happens before the tipping point, right? But if you relied on claimed research that the traditional market research would do it says 80% Of people already are saying that I don’t want to buy plastic bottles water But actually when we ask them in the very moment of purchase What made you buy this right now? only in 4% of them people actually mention sustainability related factors as one of the reasons why they bought what they bought basically what sweetness allows is that a lot of the in very exciting machine learning technology that allows us to emotions mood drivers behind human choice Which was not accessible for marketeers or brands because it was a 7,000 I mention all universe and I you know Unless you’re the PhD degree in physics. It was pretty difficult System to work with we reduced it into a two-dimensional universe where you can easily see from this unstructured data What the key patterns are now This is just a starting but we are now building using our knowledge graph and the neural networks is actually a search engine With this search engine you would not need to run market research anymore let’s say you are pres of a casual Italian restaurant in in the UK and you want to understand how to raise your Revenues during summer time you don’t have money to give to consultants for like a two month project You don’t have two months to wait either So you can come to our search engine you write your question and within a matter of moments We will be able to answer to you where the growth opportunities are for casual Italian restaurants in the same way for consumers themselves as a next step is gonna be also possible for people to come into the platform and Give us who they are and what they are up to and we would be able to help them explain why they themselves Feel the way they feel. Thank you very much You You

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