Our CBM Pi service is a with Watson verified service. Our service includes a tool built on IBM Watson Personality Insights Service. It allows us to identify detailed personality based profiles of over 1M users of a particular brand or customer segment. Using cognitive computing technology and our Big Data analytical algorithms we are able to develop personality driven cohorts of consumers. This allows Brand Managers to segment their consumers, position their products, create better messaging, develop sales offers, and product extensions aligning these programs with the underlying values, behaviors and personalities of cohorts of interest. They can also use this service to compare with a competitor brand and target a new consumer segment.
Pi derives its analysis from the Big Five Model of 52 psychological personality traits. Personality traits can reveal information about a person’s lifestyle, shopping decisions etc. (Bosnjak, et al., 2007; Lee & Ohtake, 2014). Categorizing consumers by personality patterns can not only help to understand their needs and motivations, but also how the products should be sold to them. Knowledge of this information at a scale of millions of consumers of a Brand provides immense help for planning and implementing product and marketing strategies. In the past this work was conducted by surveys and focus groups which, in our opinion, is the reason 85% of CPG products fail within two years after their launch. This high failure rate is attributed to many factors such as changing lifestyles of the consumers, inefficient business models, and changing trends. In our opinion, when a product is launched based on surveys and focus groups of a few hundred consumers only, the risk of failing is high. It is hard to predict what millions of consumers will do when faced with myriads of choices when buying products based only on limited analysis of hundreds of consumers and without really understanding how they make these decisions.
We at 113 Industries believe this current process of launching products is limited and flawed. With Pi, we have removed these limitations: we are able to understand the personality traits of millions of consumers of a Brand. Our service provides our CPG customers with a clear understanding of what will resonate in terms of branding, messaging, positioning, with the beliefs, values and personality of their consumers.
We help our CPG customers understand the decision process of their consumers, how they select a Brand, what appeals to them, what triggers them to buy and most of all how do they remain loyal to the Brand.
In short “Pi” helps our CPG customers retain their current consumers and expand by attracting new consumers. We substantially reduce the risk of failed product launches.