When people often think about profiling, it is often associated with identifying and understanding the mindset and actions of criminals or potential criminals and being able to predict what crime might be perpetuated next. However, this line of thinking, severely, limits the scope and potential of profiling in general.
The basic principle of profiling as stated already revolves around the identifying and understanding of the mindsets of individuals. Thus, gaining insights regarding the actions of consumers and why they do the things should also be possible. Think about it, wouldn’t it be great if you could understand the reason behind the actions of your consumers and the motivation behind the purchases that they make?
Companies are already utilizing data analytics to gain information about the behavior of their consumers. Like where do they shop, which pages do they visit, what did they buy and so on. Although this provides companies with the ability to predict what their consumers might do based on their actions as well as that of others, it still falls short in delivering full comprehension and holistic view of the consumer.
Furthermore, ads generated from this method run the risk of being perceived as annoying by consumers as they mostly fail to address the direct needs of the consumer nor contain a message that resonates with them. This in turn, fosters the need of ad blockers and various means to avoid ads. This is because the ads, most of time, do not speak directly to the consumer’s needs.
In order to bridge this gap, companies need to first understand who their consumers are and the reasons behind their actions (why). This combination of the WHO and WHY generates a deeper understanding of the consumer base and the best way to target them. And companies need only utilize psychological modules on the already available big data that they possess (emails, survey data, social media data, all CRM data and so on).
For instance, psycholinguistic profiling analyzes the way people write, what words they use and how they express themselves to reveal their mindsets and personality traits. By combining this with emotional and motivational modules and using it on all available text data, the company can decipher the underlying mindsets, emotions as well as motivations behind the consumer’s actions. Basically, getting to know one’s own consumers and having a deeper understanding of them.
The benefits of being able to achieve this includes:
Enhanced Marketing Campaign: Understand what type of message resonates best with the consumer and the best way to target them, which aids in new consumer acquisition, consumer engagement as well as consumer retention.
Optimized Brand Performance: Discover what consumers like or don’t like about the product or brand and the motivation of consumers for purchasing the product and how the consumers of the competition differ from your own and how your brand or product is perceived by the consumers in the market.
Increased Profit: Convert the insights gained to increase sales conversion, reduce direct marketing costs, and increase marketing ROI.
Increased Operational Efficiency: Detect consumer complaints for prediction and prevention of potential escalation of issues as well as quick response to consumer needs for improved consumer satisfaction and retention.