Periodic Reporting for period 1 - CAIN (Analysis of multimedia contents published on social networks, using a community of people willing to perform micro-tasks on their mobile devices. Application to marketing and branding)
Reporting period: 2015-05-01 to 2016-02-29
After the work done and the information obtained, the main conclusion is that the business is feasible. We say it is feasible because customers are willing to pay for our service a price that makes the business profitable and also because we have a unique proposal for the identified need. The intention of the founder team is to develop the project obtaining the necessary resources wherever possible. The technology/methodology CAIN is able to extract from images, videos as well as text, vital information such as demographics, lifestyles, social and economic level, and essentially, attitudes towards brands and their competitors. These data collection from social networks are the main tools of market research and the key information that advertisers and brands need to know in order to create marketing and advertising that is appealing to their target customers.
Work performed from the beginning of the project to the end of the period covered by the report and main results achieved so far
The feasibility study was defined with several tasks: proofs of concept, research of potential customers and distributors, and test for the recruitment of “solvers”. So far we have conducted two proof of concept. For two brands, we designed similar projects of ethnographic research. The ultimate goal of these companies and their advertising agency is to better target the campaigns on this media. This will improve the performance and profitability of the invested money. To better meet our potential customers and distributors we prepared a list of more tan 100 people of interest for in-depth interviewing. The meetings with them provided us the most relevant knowledge for the development of this business plan. We selected and contacted different company profiles. Advertisement or media agencies, Data analytics services, Final clients (brands) and sponsorship agencies
Progress beyond the state of the art and expected potential impact (including the socio-economic impact and the wider societal implications of the project so far)
Our solution is currently compared with two other methodologies / technologies. On one hand there are algorithms that provide information about brand reputation on networks. These solutions could be considered competitors or potential partners, because they do not extract information from videos and pictures. They can analyse text only. Faced with algorithms, CAIN is able to reach higher levels of depth in the information extracted and therefore give greater value to brands. CAIN has the potential to become a reference tool in the global market for market research in digital media