Digital Transformation is all about using digital technologies and a customer-driven approach across your whole business. By collating and analysing data to understand your customers, you can identify their needs and interactions with your brand, product or service. What if you could also use that data to predict changing and future trends in the market and across the wider industry? In 2017, Lighthouse8 worked in collaboration with the Norwegian Open Artificial Intelligence Lab to try and do just this.
Collaboration with the Norwegian Open Artificial Intelligence Lab
The lab is located at the Norwegian University of Science and Technology (NTNU) in Trondheim, the same city as our headquarters are located. It’s the national centre of research, education and innovation within AI.
We were delighted to be given the opportunity to work with the researchers and students. Lighthouse8 developed the hypothesis for testing. We wanted to find out what’s trending before it trends and the scope provided was to identify trends three weeks before they actually trended. Historical data was then used to try and predict keyword behaviour and a combination of Machine Learning and statistical analysis methods were used to determine a solution. The efforts by the team working on this project won them a BEKK award for the Best Market Driven AI Project in 2017 and resulted in Lighthouse8 receiving substantial financial support from The Research Council of Norway.
Why is this important?
If we can predict short term trends, this methodology can also be applied to long term predictions. This opens up the opportunity to provide Business Intelligence to our customers and to allow them to better understand their market and industry. By being able to react to trends before they happen, whether that is through content marketing or SEM campaigns, we can ensure our clients are maximising on opportunity and reaching their customers or potential customers at the right time.
In addition to using data to identify trends, we can also boost campaigns in other ways, such as using our robot, K8, for budget adjustments or hyperlocal geo-targeting to optimise campaign performance. K8 supports our Business Intelligence and Digital Transformation teams to monitor and adjust campaigns in real time.
How does this help the companies we work with?
Understanding trends and how the market behaves is not only important to driving marketing revenue, but this data can be applied across any company. It can inform innovation and product development, help to predict demand and alert businesses to major market threats and changes.
Are you intrigued about trendspotting? Do you have a particular business challenge you’d like to solve? Talk to us today about how we can work with you to utilise our data-powered, AI-based K8 technology to help you achieve your organisational goals.