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09 Nov, 2021
09 Nov, 2021
We all know that emotions are super powerful, and they control our decisions. If you want to succeed in business, it’s crucial to understand your consumer’s emotions. And this is precisely why understanding and measuring consumer emotions has been a dream of most companies for years. But until recently, it was just a dream – far from reality. Now, however, with emotion AI technology capturing and analyzing consumer emotions is a reality.
Though most people and businesses today still don’t know how emotion AI works, some of them even correlate this technology with science fiction. But as this technology advances, it is penetrating nearly every industry from retail to BFSI to gaming to health, and with it, this perception is slowly fading.
Do you know by 2025, the global emotion AI market is expected to reach $174 billion, a compound annual growth rate (CAGR) of 34.05% from 2019?
So, very soon, emotion AI will not remain just a curious concept but will become a well-known term for most businesses – the one they cannot afford to ignore. And just like artificial intelligence, emotion AI will very soon become an asset worthy of every business’s attention.
Wondering how exactly emotion AI is affecting the business world or how this technology can help in your business growth? Well, there are many ways in which businesses can leverage emotion AI technology – given below are three such ways.
First thing first – before we jump to these ways, it’s a good idea to quickly discuss what emotion AI is to make sure we all know what it is.
Well, Emotion AI, also known as affective computing or artificial emotional intelligence, is a subset of AI (artificial intelligence). It is the advancement of technology through which machines can understand human emotions – a task usually limited to humans.
According to Javier Hernandez, a research scientist with the Affective Computing Group at the MIT Media Lab, emotion AI is a tool that allows for much more natural interaction between humans and machines.
In short, Emotion AI is all about machines detecting and capturing human emotions using artificial intelligence – it does so in real-time, thus equipping your business with better consumer-related information.
This technology uses machine learning and deep learning algorithms to recognize human emotions through facial expressions, eye gaze, and tone of voice.
Wondering how does AI detects these emotions?
Well, it uses cameras, sensors, speech recognition systems, and computer vision to gather this data. It then compares it against tons of real-world data to recognize and interpret these emotions. So, to work effectively, these algorithms need a lot of good quality datasets, and as this database grows, they become better and better at identifying these emotions.
People always harp on the importance of appealing to the emotional, irrational, subconscious part of your consumers’ brain —but they rarely say how. Use an AI-powered emotional intelligence platform. That’s how you can tap into the subconscious mind of your consumers and get the insight that can help you in improving every corner of your business.
Consumers constantly provide businesses with a lot of data about how they really feel about their product, pricing, ads, etc., through their emotions. According to Harvard professor Gerald Zaltman, “95% of our purchase decision making takes place in the subconscious mind”. This means emotions determine your consumer purchasing behavior as well as their decision-making.
The challenge is understanding this data and analyzing it correctly. Till now, most businesses were not in the position to do that. But with Emotion AI technology capturing and interpreting these elusive bits of consumer data – that is, human emotions through their facial expressions, eye gaze, voice tonality, and brainwaves are possible.
We all know how powerful emotions can be – when analyzed well, consumer emotions can transform your CX. But there are very few businesses who are even capturing this data (consumer emotions) forgot about analyzing it in real-time – don’t make this mistake.
Emotions are a double-edged sword; it is ultimately what connects consumers to your brand — or can turn them away from it. If you aren’t capturing and analyzing this data in real-time, you are going to fall behind.
Wondering how Emotion AI can help? Well, with this technology, you can capture your consumer emotions and use this customer-related information to improve your CX.
How? For example, if you own a beauty brand and want to launch a new product in the market, you could use emotion AI to understand your shoppers’ emotions before launching your product. You can do this by creating a virtual in-store simulation to get insights on your product packaging, and pricing – whether they’re resonating with the buyers or not and act on these insights to improve your customer experience.
We all know advertising is critical to our business success; that’s why most businesses spend a lot of money on it. But few businesses can accurately predict how much return they can generate from these ads or what type of response their ads will garner. Imagine having the ability to predict how your ads will perform – will they be able to elicit a strong emotional response from your consumers before you even put them live. How valuable could that be, and how much could it impact your business?
Well, it is every advertiser’s dream to understand how consumers feel when they look at their ads, so they can act on this insight to improve their ad effectiveness and generate a better ROI on their ad spends. With Emotion AI technology, advertisers can get a much deeper understanding of their viewers in real-time through their emotion responses as they watch the ads. By using this technology, advertisers can detect emotions accurately and can bypass the guesswork.
Wondering how this technology can help? Well, let’s assume you are about to launch an ad campaign, and you have two ads ready for that, and you want to pick the one that resonates most with your targeted audience. With emotion AI technology, you can get insights into these ads’ creative efficacy, engagement, attention, and emotional appeal and pick the best one to drive virality, emotional connection, and customer acquisition.
You must have heard this several times that customer service can make or break your business as it reflects on your entire business. Excellent customer service can not only help you in improving your customer retention, but it can also help you in boosting your business reputation and strengthen your brand.
Do you know the easiest way to improve your customer service? Well, the answer is Chatbots; you can leverage them to provide a superior service experience for your customers. Also, they can help you reduce your customer service cost; this is precisely why many businesses are using them.
Chatbots can help businesses, both big and small, in improving their customer service. But if you want chatbots to redefine customer service, you need to provide a seamless chatbot experience and make every conversation via chatbot more contextual and human. And to do that, you can use emotion AI technologies: facial coding and eye-tracking. By using this technology, businesses can conduct a comparative analysis, measure customer engagement and generate competitive benchmarking on their chatbot and use these insights to improve user experience and deliver great customer service.
While emotion AI is not a new technology – some tech giants have been investing in it for over a decade. But due to its widespread lack of familiarity, very few businesses are using it. Plus, the lack of platforms that have the data and computing power to use this technology efficiently have made it nearly impossible for most businesses to leverage it. Nonetheless, this technology has the potential to transform every industry.
So, at the end of the day, I am super excited that we are broaching this topic. In fact, there are probably some of you reading this post that are already aware of this technology or maybe even leveraging it – we would love to connect with you and help you leverage this technology more effectively! For others who’re reading this post because something sparked their curiosity – we would love to connect to know what you’re thinking about it and how you can leverage it to help your business grow.
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