Over time, one thing is certain: brands must evolve to remain relevant.
It’s been seen time and time again from the world’s largest brands like as Apple, McDonald’s, and Amazon. They must evolve because retail environments, technology, political landscapes, the economy, environment, and countless other factors are constantly changing around them. Ultimately, all of these have an impact on how consumers interact with brands and products. Their demands change with the world around them.
The law of supply and demand states that as demand changes, supply must change, or vice versa to meet an equilibrium in the market. While prices and quantities are the typical units used in measuring supply and demand, we think of it in terms of consumer perception of a specific brand and the consumer perceptions within a market as a whole.
So why is this relevant to consumer-generated content and the effects it has on brand analysis?
In order for brands to understand the drivers of supply (consumer perception of a specific brand) and demand (consumer perceptions within a market as a whole), they must understand what the consumers’ needs and wants are. Luckily, millions of consumers around the world openly discuss their perceptions in various forums, blogs, social media platforms, product reviews, and other digital outlets. With millions of consumers talking about their likes, dislikes, needs, and wants, a massive pool of data is constantly growing, with insights into the perceptual supply and demand for nearly every industry.
As consumers’ demands change over time, it is imperative that brands keep a pulse on the market as a whole, along with their own brand’s consumers’ perceptions. Understanding how the market as a whole compares to your own brand’s set of consumers can be incredibly valuable when developing new products, creating strategic marketing campaigns, or making a variety of other important business decisions.
However, to discover these insights it takes incredibly strong analytical capabilities. The best option is a powerful artificial intelligence tool that can find the right data, sort it, keep it continuously updated, and correctly analyze it.
With the ability to continuously analyze the content that consumers are creating online, the analysis of perceptual supply and demand becomes quite simple and readily available for brands, both small and large.