Should You Share AI-Driven Customer Insights with Your Customers? - Deepstash
Should You Share AI-Driven Customer Insights with Your Customers?

Should You Share AI-Driven Customer Insights with Your Customers?

Curated from: hbr.org

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AI, the most rapid change of technology nowadays, helps companies understand their customer better. And many theories say AI will know us better than ourselves. As a customer, I feel these apps, such as e-commerce, help me search for the product I want. However, as a human, there’s something that can be missed from this transformation. Will AI be our assistant in our everyday life?

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151 reads

Self-knowledge is the cornerstone of human identity.

Self-knowledge is the cornerstone of human identity.

Without firm self-knowledge, it’s hard to construct a logical story of who we are, the story that would make our life experience and interaction with others. This skill is complex to master, and research suggests that only 10-15% of people are self-aware.

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The essence of AI is a prediction machine, which consists of algorithms capable of (1) finding patterns in large datasets and (2) training themselves to get “smarter” (increase their predictive accuracy). There are clear reasons to expect AI to improve our ability to understand things, including ourselves. 

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<p>The widespread adoption pro...

The widespread adoption provides compelling evidence for the value of AI to consumers; their AI engines do little to improve our self-knowledge. So, is there any problem? 

  1. Our choices become more data-driven, the consumer sophistication decreases. This is a missed opportunity in the face of growing product supply. 
  2. When the algorithms do work, their work may sound “creepy”; like how did they know what I wanted even I didn’t know

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Imagine how ChatGPT will transform its knowledge of humanity without boosting our self-knowledge.

Imagine how ChatGPT will transform its knowledge of humanity without boosting our self-knowledge.

Perhaps, to avoid the dystopian scenario predicted by Yuval Harari, we must democratize the algorithms' knowledge of us, at least by ensuring that companies have to share the personal insights they’re gathered with us. 

Every trivial choice we make every day reveals central aspects of our identity. Marketers have known this secret for years, so the fundamental choice between Pepsi and Coke, Nike, and Adidas is not based on rational reasons but on identification with the brand, which rests on our interpretation of that brand’s personality. 

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The more similar you think the brand to your personality or character, the more you will buy the product.

 The opportunity for AI would be to make us aware of the gaps between how we want to be seen and what are brand and product choices convey to us. As Nathalie Nahai says in her late book, consumers are highly committed to adjusting their preferences based on the reputation of brands, including their moral and political orientation. 

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There are reliable and systematic links between our preferences and our personality traits

There are reliable and systematic links between our preferences and our personality traits

Consider a few examples: your choice of movies reveals the degree to which you are intelligent, conscientious, and agreeable, and your Facebook data reveals whether you are friendly or introverted. There are few exceptions to this rule, and the list of correlations between human personality traits and product preferences needs to be revised even to summarize.

AI could be a real-time coach, giving us regular feedback on our daily behavior. Wearables can translate physiological signals into actionable feedback on our fitness, energy, sleepiness, or stress levels. 

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91 reads

Brands and consumers have a mutual interest in understanding consumers’ personalities. In the 1950s, marketing campaigns were grounded in focus groups and telephone surveys to segment customers “psychographically” to improve the product.

With AI, we can get a much more personalized version updated in real-time, enhancing the connection between brands and consumers. A brand is a promise to deliver what people want or need. 

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<p>This process only needs ext...

This process only needs extensive data on consumers’ behaviors and AI capabilities to translate that data into insights. If a brand wants to share its understanding with the consumer, it will enhance its ethical reputation and trustworthiness. 

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IDEAS CURATED BY

melvabintangg

A learner | Writer of Melva's Note on Substack | High curiosity about psychology and human development.

CURATOR'S NOTE

In the age where data has become commoditized, but the insights and profits are being exclusive for ginormous tech players, what better way to harness consumer trust and loyalty than by giving them back valuable insights, that can turn them into smarter customers, and also self-aware humans.

Melva Bintang's ideas are part of this journey:

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