5 Ways that AI is Changing the Way We Conduct Market Research

Market Research

Artificial Intelligence is everywhere we turn. Over the past couple of years, it has appeared in our cars, our appliances, and our homes. Now it is starting to appear in our marketing strategies, specifically in the way we conduct market research. AI has always had a polarizing reception in the marketing world, some welcome it as a way of reducing repetitive and mindless work while others believe that it will replace human jobs in a not-so-distant future. What can’t be ignored is AI’s ability to transform the way we research, which is why we have chosen to shed light on five of the ways AI is changing the current marketing landscape. 

AI Understands What Buyers *Really* Want 

With AI, market researchers gain access to tools like automated text analysis, which can analyze millions of text and voice comments in minutes and emerge with an understanding of customer’s behavior, specifically how they think and what they want. From there powerful algorithms that can learn from respondents and ask the right follow-up questions are created and are skilled at micro-targeting the questions to be personalized to a respondent’s interests and needs. AI also has the capability to run multiple analyses at once, so researchers can see trends of multiple channels in real-time and side by side. 

AI Succeeds in Removing Bias from Feedback 

We’re all guilty of being biased towards things, whether we recognize it or not. When it comes to feedback, bias, while inherent, has the potential to skew the integrity of data. With AI, bias is able to be removed on two levels, from the respondents and from the overall design of the study. AI can make real-time suggestions that address the potential for bias in the questions being asked, which improves data gathering overall. 

AI Finds Tailored Respondents Faster and Using Existing Data

When faced with a huge pool of respondents, the task of weeding through them to find potential candidates seems insurmountable. With AI, it no longer has to be. Not only can AI tap into social graphs and access blockchain information to catch “bots” that are pretending to be humans, but it also uses this process to find the best possible respondents. AI goes where humans don’t want to and tackles the operational data that is often overlooked and combines this old data with the new to mine for clarity and insights. 

AI Can Conduct Extensive Secondary Research 

As most companies know, secondary research is essential in order to make sound financial decisions. Secondary research includes syndicated studies and meta-analysis, and while necessary, it is often time-consuming and expensive. By implementing AI, secondary research can be conducted faster, and in a less expensive manner. The faster the data is analyzed, the faster key trends and themes can be identified and companies can tailor strategies around the findings. 

AI Improves the Overall Quality of Studies 

AI’s prowess in the marketing world is only going to go up from here. We are toeing the line, one step away from total AI immersion. And while some are still wary of AI, there’s no doubting it’s quality assurance aspects. AI can pinpoint questions that need to be improved or areas where bias is present in a way that humans can not. AI also has the capability to optimize, collect, and analyze customer feedback on a massive scale. As AI becomes more mainstream, the benefits associated with it will only increase. By incorporating these technologies, researchers can develop more insightful data that delves deep into all aspects of their company. 

If you have any questions about using AI to conduct research, click on the banner below to schedule your free 30-min consultation with us today.

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