The growth of artificial intelligence has changed the way brands and businesses identify and connect with their potential audiences. AI can help businesses expand their reach and explore new markets. It can regenerate the function of market research and alter how businesses study and interpret their markets. To understand the impact of AI on the market research industry, one needs to understand how the prevalent methods have become outdated.
Market research has been crucial for gathering consumer insights, but the growth of big data is changing that. The traditional methods of market research are laborious, time-consuming, and expensive – so they were used only for high-stake decisions. As a result, access to business data and market insights were available to a few and not circulated through the enterprise. Also, only big companies could leverage top-notch market research for growth.
AI holds the key to redefining the market research industry and eliminating its outmoded dynamics. It can address factors like reduced cost, greater distribution, easy access, and real-time application. With machine learning algorithms, market research is becoming faster and cheaper.
Top 10 Ways in Which Artificial Intelligence is Transforming the Market Research Industry
Now, let's look at how market researchers stand to benefit from the new, AI-driver research models, if they keep an open mind -
Open-ended text responses from diverse channels
It's not possible to keep up with every email, survey response, or social media comment. But with powerful text analysis, one can easily come to understand what the consumers think and want. By leveraging language processing and sentiment analysis, one can convert texts into trends. The AI-driven models analyze plausible data and convert them into actionable insights.
Dig deep into consumer responses
One can develop algorithms to ask follow-up questions based on the data collected from previous respondents. Businesses can dig deeper into consumer responses and come up with predictive analysis to figure out possible expansion pathways. AI helps in collating feedback, besides providing conversion insights.
AI helps in finding responders quickly
To root out unsuitable candidates, one need not wait till the end of the survey. With AI, one can quickly review a wide pool of respondents, and eliminate those who do not match the profile. It leaves you with a selective list of target candidates.
Better utilize data that is already collected
AI does not only help in optimizing surveys and collecting better data but also in using the existing data. It can unlock the entire potential of operational data for obtaining useful insights.
Save time with quick reports
The maximum time of a market researcher is spent writing reports, but AI models can assist with this too. They can learn to make predictions and form judgments, and collate that into reports. It frees up your time to focus on other things that will help create value for your clients or the stakeholders.
Eliminating personal biases
Every market researcher knows that personal biases pose big risks to the integrity of data. With AI models, this is one less thing to worry about. By being objective, AI helps in enhancing surveys and gathering improved data. It is one of the best ways in which AI has been enabling market researchers to work better.
Focus on the important part of the job
Automation is not new, but it frees you from repetitive work. With AI technology, you can easily automate complicated and tedious processes. And you can focus on more complex tasks like localizing surveys for various regions and data cleaning.
Prevent community members from dropping out
The members of online communities assist in establishing a consistent conversation with the consumers. AI supports you in maintaining engagement by decreasing the churn and obtaining quality outcomes. With predictive modeling, you can analyze logins and other factors to identify the members who are at risk.
Conduct exclusive ancillary research
Organizations make use of the ancillary research while looking to new markets, customizing pricing strategies, and reviewing suppliers. But these tasks take time, and in these cases, primary research is given more importance. You can leave it to AI models to analyze secondary research in just a few seconds and show patterns and themes in the data. With extensive digitization, newspaper reports and magazine articles are archived online. AI can cut down your work to half while giving you two times better results.
Enhances surveys consistently
Indeed, market researchers may never need assistance in preparing questions for surveys. But AI can act as the final QA to every survey and aid when surveys start gathering responses. Artificial intelligence can help you identify the areas where questions need tweaking or expose biases.
To sum it up, AI is transforming the market research industry big time. It is time for all companies to invest more in market research and consider how AI can aid the process. Companies that integrate AI-based research into their functions do have an edge in the market. With AI, companies do not need experts to study the data and make interpretations of survey results. Rather, they can go to the portal and ask direct business questions. Also, Natural Language Processing (NLP) allows AI solutions to use the right data and provide relevant recommendations. It means more people can make use of market research in the enterprise. In simple terms, AI will make market research highly applicable, expanding the use cases from strategic decisions to tactical choices.
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