Pico Group introduces ExQ™ Experience Analytics

Pico X, the innovation unit of Pico Group, is expanding the Group’s data services into analytics, machine-learning and applied artificial intelligence with the release of its proprietary ExQ™ Experience Analytics platform.

ExQ™ Experience Analytics is a new AI-powered data analytics solution designed to bring data-driven decision making and measurement into the MICE and brick-and-mortar retail industries, which have been deeply impacted by the COVID-19 pandemic. It effectively measures, compares and optimises audience experiences to drive return on experience (ROE) and return on investment (ROI).

According to the press release, in today’s big data environment, with data points proliferating as people move toward virtual and now metaverse events, the costly resources needed to process and make sense of this data increase exponentially and can be out of reach for many companies.

Pico’s ExQ™ Experience Analytics enables brands to make consistent comparisons of their brand experience performance in a cost-effective manner. ExQ™ pinpoints project weaknesses using a scoring system based on comprehensive data points. By leveraging small but robust first party data sets, it helps clients understand their data, and improves their brand experiences. Data can now be fully integrated into brand activations and always-on engagement strategies.

ExQ™ Experience Analytics offer five benefits to clients, including access to ExQ™ Score Benchmarks; live monitoring of audience engagement and experience optimisation insights; insights into data-informed content programming; machine learning and AI to identify potential issues, mitigate their business impact and spotlight new opportunities; and client-quality reporting, providing execution transparency to clients and internal stakeholders.

In its soft launch during the last 24 months, ExQ™ Experience Analytics has already been applied to some 70 projects from a wide spectrum of business sectors globally, with positive feedback. Pico X’s ultimate vision is to help clients understand their big data through small data, and drive business impact with actionable data insights to enhance client partners’ brand experiences.

To illustrate how the ExQ™ Experience Analytics platform helps users leverage first-party data to create experience scores and benchmarks, the Pico X team has developed an ExQ™ Lite Calculator that lets users experiment with project variables and see their outcomes. It quantifies the impact of experiences using the metrics of ‘Relevance’, ‘Attention’ and ‘Interest’.

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