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When AI and market research join forces, businesses can make better data-driven decisions. This article explores the benefits of using AI-powered market research.
Over a decade ago, mentions about artificial intelligence made everybody think about all Sci-fi scenarios where things always go wrong. People imagined driverless cars entrapping up, virtual assistants looking for revenge, and robots enslaving humanity.
Today, the story is a lot different, and people are becoming less anxious about AI. Market researchers are definitely among those who have changed their thoughts on the true potential of AI. The AI revolution in the market research sector is undoubtedly something to be optimistic about.
Now, market research is a key part of any business strategy, whether you run a B2B or B2C, big or small, new or old company. Market research is that tool that provides you with the answers you need to make decisions that will move you forward by empowering you to make data-driven choices. But what if AI can bring even more impressive results?
This article explores the benefits of combining different methods of market research with artificial intelligence.
Truth be told, even the average person can't keep up with the number of emails, texts and social media notifications they receive on a daily basis. Manually reviewing hundreds of thousands of open-source survey answers, social media posts and comments, as well as contact center call logs, seems nearly impossible for busy business owners or market research professionals.
This is where AI steps forward and offers a solution.
Artificial intelligence can help market research experts dive into millions of words and offer an understanding of what customers think. Besides that, AI can even determine what customers want and feel using robust text analysis.
Today's AI-powered solutions use natural language processing and sentiment analysis tools to run across tens of thousands of words and offer precise data about trends and the prevailing sentiment, all in real-time. Simply put, AI provides an incredible ability to gather data and process it into valuable information that helps companies make informed decisions.
Market researchers deal with two main challenges when it comes to who they survey or include in their research: finding respondents and finding relevant ones.
AI can prove useful in a pretty early stage of the market research process by empowering research experts to find the right people to interview or survey. More precisely, using AI, market researchers can review a wider pool of respondents and remove those that don't suit the requirements. This leaves experts with a more quality shortlist of potential candidates.
Needless to say, by improving the quality of the candidates, AI also helps improve the relevancy and quality of the answers offered.
Much of the legwork done by market researchers involves spending time writing reports. Yet, artificial intelligence can help here too.
Algorithms can be designed to learn to make certain assumptions and judgments about the data gathered. Once they do that, algorithms can generate reports for experts, saving them a lot of time which they can invest in more essential tasks. For example, instead of going through huge amounts of data to understand trends and make predictions, market research experts can focus on higher-value tasks, such as establishing hypotheses and validating and communicating AI-powered findings.
One challenge that all market researchers deal with is the bias risk that can affect data integrity. There can be an issue with a leading survey question or a matter of a respondent who remembers some things but completely forgets others. Both such scenarios can skew the data and affect its integrity.
AI, however, eliminates this risk of bias by simply being a technology that treats all things equally as simple data. Artificial intelligence can also have the power to remove unconscious human bias, which ensures that you get relevant and accurate results.
Market research is a time-sensitive thing. In order to maintain its relevance, it needs to be done as quickly and efficiently as possible. Delay in delivery of the results can make the entire research irrelevant as it may present outdated insights and inaccurate sentiment analysis. But AI can be a game-changer here by allowing market research to happen faster and deliver the results more quickly.
Market research is a complex process involving a number of steps. All these steps take time. A lot of time. This can lead to delayed delivery of the results, which may affect a business's data-driven decisions simply because the data may be outdated. Artificial intelligence can change all that by making the entire process happen faster. From screening candidates to gathering answers, analyzing the data, and generating reports, AI streamlines the market research process and leads to results being delivered a lot faster than a human researcher would be able to deliver on its own.
Secondary research, also known as desk research, is a method that involves using data you already have or that exists in a variety of channels. A company may need to conduct secondary research to look into new markets for expansion, work on their pricing strategies, or review their suppliers, for example. But, like all research, secondary research also takes a lot of time.
But, AI can step forward here too and offer its innovative solutions. It can analyze vast amounts of data in seconds, showing trends and themes in the data. And, thanks to more content, magazines, report, and studies being online these days, AI has a lot of data to work with. This also translates into more accurate and relevant results.
AI can make market research faster and cheaper while also generating more accurate results that no human worker could. Technology never gets tired or lost in data and statistics, ensuring that the results can be trusted when making data-driven decisions.
