20 Aug 2018
by Victoria Kuleshova

Tapping into AI solutions potential

It is becoming commonplace for entrepreneurs to acquire AI solutions and integrate them into their business processes. According to a survey by the Economist Intelligence Unit, 75% of execs plan to actively implement AI in their companies by 2019. Frankly, there is hardly a business domain that has not yet experienced the impact of Artificial Intelligence and Machine Learning. The entertainment industry is no exception. Some businesses, however, cannot make head or tail of it, thus demonstrating complete ignorance of analytical models. And while some of them lag behind the peer group, others enjoy prime mover advantage in their market sector. What, one may wonder, are the key drivers enabling their success? Let’s take a sneak peek at how you can capitalize on AI-fueled techniques in your marketing campaign. To add more practical value to this article, I will share some hands-on insights on how Gallantra provides its AI-driven solutions for businesses like a big-time Broadway performance company.

Understanding data analytics in marketing

Artificial Intelligence, namely its application aspects like Natural Language Processing and Machine Learning enable to orchestrate your disparate business data into manageable information for further BI’s analytical purposes. The insights gained from data mining and analysis can help entertainment companies in multiple ways – from improving customer experience to estimating box office performance to defining pricing policies. Data analytics is evolving and has gone a long way from imprecise human-aided routines to accurate AI-powered tools and methods. Now Prescriptive Analytics can give you market foresight on every single behavioral data and pattern. Here below you can see how the development of analytical models look like.

Implementing data architecture strategies

No matter what analytical tools you are going to employ within your marketing campaign, the following stages are essential to get a holistic picture of business performance and to anticipate further deployment activities.
  • Data acquisition.
  • Data organization (in terms of distributed database).
  • Data analysis (including ML, NLP, Big Data processing and other techniques).
  • Data delivery (automated exposure of relevant insights of analyzed data).

Despite the fact that a data analytics process is way more complicated and may have many interim steps, these four are the cornerstones of any tiny or large-scale business flow analysis.

Leveraging leaders’ success with AI

I guess you’ve had enough of the theoretical part, so let’s get down to some practical examples. When it comes to applying AI advantages in the entertainment industry, we may take on the findings of most prominent market leaders. For instance, Netflix enjoys over 130 million subscribers worldwide as of July 2018. Well then. For the uninitiated, it sounds like an abstract fact, and nothing more. So can an extended audience pool be utilized for measuring and predicting business performance? Definitely so. It allows them to gather immense feedback data for marketing analysis. Given these insights, Netflix marketers can easily predict the upcoming performance success and customize ongoing shows and movies to best fit to their customer needs and expectations. The words of Joris Evers, Director of Global Communications at Netflix, saying that they have 33 million of different versions of Netflix has become proverbial.

Building robust data models

Likewise, Gallantra has implemented a range of AI solutions to optimize the predictive potential for the performance industry. Advanced NLP and ML algorithms dovetailed with existing business capabilities have led to the fruitful results in terms of qualifying relevant data and estimating better performance outputs. Given the above-mentioned classification, the streamlining process boils down to the following:
  •  Acquiring meaningful data.
Though collecting historical data on the topic has become table stakes for AI and data analytics, Gallantra goes much further. We managed to develop a more sophisticated model for data mining. A key factor here is to deal with both internal and external data sources. In order to train the analytical model to its fullest, the database was collected and continuously updated by means of parsing across popular social media platforms and aggregator websites, like Facebook, Twitter, news sites, weather forecasts, and many others.
  • Organizing the retrieved data.
Dealing with large chunks of data may be exhausting at times and lead to no actionable results. In the meantime, tapping into state-of-the-art automated AI solutions can help efficiently sort out all the relevant information. This information provides the insights on the commercial success during a certain period of time and other valuable data for further analysis. The data pipeline can be easily tailored to comply with new data sources and ETL processes.
  •  Analyzing data via ML algorithms.
In a nutshell, Machine Learning algorithms enable actionable data patterns recognition and self-service data analytics without any preprogramed guidance. After having a general view of the company’s specifications, the most useful predictive models have been chosen. To utilize decision tree learning, namely regression trees seemed to be a perfect option for this market segment. What’s more, the model employed an ensemble method of boosted tress to address multiple regression tasks.
  • Delivering the improved results.
Deploying AI-powered methods, including regression trees and random forests, made it possible to forecast the rating for every coming entertainment event and estimate the ROI of upcoming projects. This approach gives the customers the possibility to reallocate their budgets on the fly and mitigate business risks. Moreover, the outputs obtained through the introduction of these AI solutions can be further used as the input data for generating new predictive and prescriptive models. Should your business require robust AI-backed solutions, do not hesitate to contact us and receive personalized assistance that meets your financial goals.  

Similar Articles

09 Mar 2017

Your eCommerce and NLP: A Great Marriage

For an ecommerce service provider, time has a different meaning. The inability, or inadequate ability, to reach out to each individual online shopper with the right offer at the right instant results in exorbitant abandonment and conversion rates. Not surprisingly, in 2016 the great majority of ecommerce providers reported a staggering 60-70% abandonment rate. If you engage in ecommerce, we are sure you could improve your conversion rate as well.
Keep reading
22 Apr 2017

Text Mining: The Marketing Game-Changer

Every marketer’s dream is to be an economic seer and prophet. Essentially, they strive to look at people’s and businesses’ wants and needs through the crystal ball of segmentation theory, use a miscellany of sophisticated tools as magic wands and, ultimately, try to outgun one another in this intricate trade. In a nutshell, up until recently, secondary indicators of an audience's interest in whatever these marketers’ companies produce or sell were the main source of Marketing insights.
Keep reading
25 May 2017

Text Mining in Banking: A Winning Approach

While banks have been comparatively conservative business entities, in recent years they have found themselves in a business space that is usually more competitive than other verticals. Mobile and digital technology, the fading of customer loyalty, and the dramatically reduced consumer attention span have all spurred much financial institutions into giving up their traditional business approaches. In corporate banking, decision makers are often occupied or out of reach.
Keep reading
25 Jul 2017

Multilingual Chat Bots in New Markets’ Acquisition

There are several problems that may hamper your sales to overseas markets and can be solved by multilingual chat bots. Chatbots are swiftly gaining ground but are still seldom conceived and developed to sell to foreign-speaking markets. Just how much opportunity can be there, speak more than one language and is it really worth the bother to make your forthcoming chatbot multilingual?
Keep reading
02 Aug 2017

Chat bots: How to Choose One that Suits Your Needs

No longer conjecture, chat bots are here changing things big time. You think you need one? Are you a newbie to this stuff? Then it’s high time you learn something about them before you miss the boat. Still less unique than humans, chat bots vary no less than automobiles. A city sedan, a jeep, a sports car, or, perhaps, a heavy truck? Careful -- they are not completely interchangeable.
Keep reading
06 Sep 2017

5 Things to Ask Your Chat Bot Provider

Artificial Intelligence developing full-bore, chatbots are, currently, a rage. If having one developed for your business has crossed your mind, you should be aware that sole reliance on the provider you choose may not be the best approach. There are several reasons why you'd better have an idea about the do's and don'ts of the business before getting the show on the road. First off, while being sufficiently ripe by now, the technology still falls short in some respects. Secondly, chatbots vary widely. An unsophisticated chatbot, partially assembled from prefab parts, would be a far cry from a multilingual one that is based on a powerful Natural Language Understanding layer and allows your customers to add an order to cart or perform some other action.
Keep reading
10 Oct 2017

How Expensive a Chatbot Is and How You Can Pay Much Less to Get One

Is it not that difficult to size up the amount of time and funds you need to commit when you know exactly what you need. But what if you don’t? Asking how much a chatbot costs is akin to asking how dear a car or a dress can get: it all hinges upon your needs and wants. Let us see if we can define those and try to make some calculations. In making these calculations, we will use the rates, quoted by Eastern-European software providers.
Keep reading
05 Jan 2018

EXTRACT, TRANSFORM, LOAD: How Not To Make It a Bungling Performance

What does it take a Healthcare institution to harness the ETL technology the right way, derive insights from their data, stay fully compliant with the numerous regulations and not botch the whole thing up? What is the best way of approaching the issue? What should Healthcare decision-makers be aware of prior to the kick-off?
Keep reading
16 Mar 2018

NLP: Profitable Clairvoyance in eCommerce

At first blush, text mining may seem like the umpteenth lofty technicality or piece of terminology you as an ecommerce business owner can live without. But is that true? Actually, text mining will satisfy something you, as a merchant, have always craved -- the ability to read your customers’ minds. Is this possible? How to use this gift gainfully in your business is among the topics we’ll explore.
Keep reading
13 Apr 2018

How to Influence Buying Intent By Means of Data & Text Mining

Data Mining & Text Mining are gaining a foothold across many verticals, including eCommerce. While many retail merchants are already aware that this Data Science and NLP techniques can benefit them online, they barely have any idea about how much of a boon they could be for their brick-and-mortar business. Nevertheless, making friends with Data & Text Mining can pack a wallop for you, as a retailer, across the board. Moreover, some of the more intricate applications of Data and Text Mining are suitable for both eCommerce and brick-and-mortar stores and you can use them in parallel in order to enhance the effect.
Keep reading

Please feel free to contact us: