Building a Business with Natural Language Generation
By: Keelin McDonell
Natural language generation (NLG) can be a powerful accelerant when you’re building a new business. Whether you’re starting a new venture from scratch or launching a business line within an existing company, NLG scales across a number of critical business functions and needs. It also helps you be super efficient with your resources as you find your customer base and product-market fit. Here are three ways NLG can help your new business take off:
Whatever your new business, it’s likely that the customer experience can be enhanced by providing plain-English explanations of your products and services. NLG platforms like Narrative Science’s Quill are great tools for helping your buyers better understand what you do. This can run the gamut from commentary on fund allocation for wealth managers to product descriptions and comparisons for retailers. It would be impossible (not to mention prohibitively expensive!) to provide this kind of personal communication with people alone. Wherever you have data about your goods and services, NLG can provide critical clarity on the value you deliver to your customers.
Using our flexible APIs, our customers have also successfully added NLG to existing websites and portals to improve the usability of those products. Ultimately, this drives critical business outcomes like revenue from sessions and unique and returning logins.
All owners and executives collect data on the performance of their business. Unfortunately, much of this information is buried in convoluted charts or poorly organized spreadsheets. With NLG, though, operational and financial data can easily be understood and translated into actionable insights to drive improvements to the business. With NLG, you can easily report on everything from profit and loss, to inventory, to usage and adoption. And even better, you can tailor the communication style of these reports to the exact audience you’re trying to reach, whether it’s executives, mid-level managers, or early-career analysts.
If you’ve already adopted a business intelligence (BI) platform like Tableau, augmenting this experience with Quill is now as convenient as installing an in-product application that sits within the dashboards your team is already accustomed to seeing.
Marketing and Customer Communication
Reaching out to your customers in a personal (and frequent) way is so important as you build your business. It can also be extremely difficult to manage in a scalable way. NLG allows you to automate this communication in a way that will grow with your business. Even more importantly, technologies like Quill help you deliver a targeted, personal message that can drive engagement in a way your typical marketing template simply can’t. New businesses that adopt NLG can see improvements in everything from clickthrough rates, to repeat buyers, to referrals. And all this can be achieved without additional headcount or incremental costs.