AI for Marketing and Product Innovation

8 Applications for Product Innovation

Nobody phrases it this way, but I think that artificial intelligence is almost a humanities discipline. It’s really an attempt to understand human intelligence and human cognition.

– Sebastian Thrun, “Reputation in the Age of Artificial Intelligence,” contentconnection.PRSA.org, March 16, 2018

Imagine the next generation of Product Innovation:

• No more trend clinics and focus groups.
• No more faith in a bucket of popcorn and a sci-fi movie to know the future.
• Algorithms identify desires and decisions lurking in pieces in the non-conscious.
• Algorithms extract product concepts in the non-conscious and string them together to form a million or so variants.
• Algorithms look for support of the product concepts extracted from the non-conscious in consumers’ conscious search patterns and articulation.
• Algorithms extract key category features of the product concept, and predict volumetrics from historical data.
• All aspects of product innovation, pricing, and feature bundling are performed algorithmically.
• Algorithms perform global extraction of new products and trends without ever leaving the computer center.

Rapid advances in AI/ML and Deep Learning will lead product innovation processes to innovate themselves. The tools available right now for that work are bound to evolve in Moore’s law timeframes – and faster.

The impact of AI technologies on business is projected to increase labor productivity by up to 40% and enable people to make more ...