Summary
Client: The client was a multinational chocolate manufacturer headquartered in Europe with annual revenue of $450 Mn+.
Challenges: The client was facing several challenges that include difficulty in analyzing a high volume of information in an efficient manner, the information across various resources were diverse and in different formats, and platform-based solutions available in the market, were not easy to navigate and had limitations to customizations.
Solutions: Quantzig team worked closely with their product innovation team to design and implement an ML-based NPB solution that could extract key insights and sentiments from customer conversations and prioritize action items. By leveraging our solution, our client was able to gain a comprehensive understanding of their customers’ needs, preferences, and pain points, enabling them to create products and experiences that truly resonate with their target audience.
Impact Delivered
- 60% improved consumption
- Easy to navigate and identify actionable insights
- 100% insights validated through marketplace benchmarking
Industry Overview
- The multinational chocolate industry is a sweetly satisfying market that has continuously captivated the taste buds of chocolate lovers everywhere. From small artisanal producers to multinational corporations, the chocolate industry offers a wide range of products and services that cater to different market segments.
- The industry is highly competitive, with players constantly innovating and differentiating themselves through product development, marketing, and branding.
- According to Quantzig experts, chocolate industry was valued at $130 billion in 2020 and will reach $175 billion by 2026. With the global chocolate market projected to grow at a CAGR of 4.5% from 2021 to 2028, multinational chocolate companies remain at the forefront of this flourishing industry.
- However, the industry faces numerous challenges, including supply chain disruptions, poor understanding of health-conscious consumer behaviors, intense competition, and regulatory issues.
- By leveraging data analytics and analyzing vast amounts of data, multinational chocolate companies can gain insights into pricing, packaging, new flavor preferences, consumer trends, and supply chain management, allowing them to make data-driven decisions and stay ahead of the curve.
About the Client
- The client was a multinational chocolate manufacturer headquartered in Europe with annual revenue of $450 Mn+.
- The product innovation team was continuously struggling to identify its unmet customer needs and expand its customer base by catering to new markets and demographics.
- They were looking for a solution that can help them identify the potential future trends and product whitespaces that they need to plan to stay ahead of the competition.
- They needed a solution to help them extract meaningful insights from customer conversations and enhance their overall customer experience. That’s when they got in touch with us, based on a referral from a satisfied colleague who previously worked with us on a similar problem and was impressed by our offers.
- We were able to offer an innovative ML-Based NLP solution that could quickly analyze a large volume of customer data and extract key themes and sentiment from conversations across multiple channels. By identifying common themes and sentiments, the client was able to make data-driven decisions that improved their product offerings, customer service, and overall customer experience.
Challenges
The client was facing several challenges, including:
- Difficulty in analyzing a high volume of information (Avg. ~1.6Mn customer conversations, blogs, influencer conversations, etc.) in a timely and efficient manner. Faced with a deluge of customer feedback data, the client struggled to derive meaningful insights that could be translated into actionable improvements. Without a comprehensive and streamlined process of data analysis, they risked falling behind their competitors and losing touch with their customer base. It resulted in missed opportunities, slow response times, and a lack of understanding of customer needs.
- The information available across sources was diverse and in different formats making it difficult for consumption and comparative analysis. With an overwhelming amount of information available in various formats, it was difficult to process and extract insights that drive meaningful change. The inability to consume and compare data also resulted in missed opportunities to identify trends, patterns, and areas for innovation.
- The client was using platform-based solutions available in the market with the lack of product innovation, but they were not easy to navigate and had limitations to customizations that can be done. With complex navigation and limited customizations, platform-based solutions became a bottleneck for their businesses, slowing down their response times and hindering their ability to innovate. As a result, only a few business questions of the client were answered thereby impacting the consumption of the solution within the organization.
Solutions
- At first, Quantzig’s experts conducted thorough keyword research that helped to identify the specific words or phrases that consumers, manufacturers, and influencers use to converse around the category. Those keywords were then used to locate the key conversational platforms where the target audience is most active.
- Our team built an ML-Based NLP solution that categorized conversations into innovation areas around ingredients, value proportion, utility, etc. By leveraging the latest in machine learning technology, our solution provided the client with a real-time understanding of customer sentiment and feedback, allowing them to unlock the full potential of customer conversation and make data-driven decisions.
- By leveraging the latest in marketplace analysis technology, we identified and validated the key innovation teams against leading marketplaces like Amazon. With the development of new products and solutions that better meet the needs of their customers, the chocolate manufacturer was able to drive revenue growth and cement their position as the leader in the chocolate industry.
- Customized drill-down reports enabled which supported ease of navigation and insight identification across customer types for various stakeholder levels to implement product innovation. By enabling the client to drill down into customer data, our reports provided a comprehensive understanding of customer behavior and preferences, allowing the client to optimize product offerings, and develop targeted marketing campaigns.
