Using AI for Market Research
Artificial intelligence (AI) provides quick, easy access to a wealth of insights. It lets you learn about your industry and how to stand out from rivals. Plus, you can use AI to optimize your branding and advertising strategy.
AI is revolutionizing market research. Embrace AI for market research today, and you can reap the benefits of doing so long into the future.
What is AI, and Why is It Important?
Artificial intelligence involves the use of algorithms to scan and review large amounts of data. The algorithms help businesses assess datasets and generate insights from them faster and more efficiently than ever before.
AI is transforming mobile devices and search engines. Developers are increasingly creating mobile apps that use AI to learn from user-generated data. They are also launching AI-powered voice and image recognition systems for search engines.
Businesses are using AI for personalization as well. They can leverage AI algorithms to make accurate predictions of the types of content their audiences want. These algorithms allow consumers to communicate with brands and enjoy unforgettable experiences with them. They are even helping companies take their market research to new heights.
How AI Revolutionizes Market Research
A recent survey of 250 market research decision-makers revealed 93% of respondents said they view AI as an “industry opportunity.” Additionally, 80% noted they believe AI will have a positive impact on the market research industry.
There are several reasons why many market research decision-makers are optimistic about AI. These include:
1. AI Simplifies Data Analysis
You can use natural language processing (NLP), sentiment analysis, and other AI technologies to generate insights from customer comments and feedback. The technologies let you collect and analyze this information in real time. In doing so, they help you quickly capture customer insights and act on them.
2. AI Promotes Intelligent Automation
AI and robotic process automation (RPA) together drive intelligent automation. In these instances, AI collects and analyzes data. Next, AI uses this information to improve automated process systems. It can even do so without human intervention.
With intelligent automation, you can make automated process systems more productive and efficient. You can also reduce the time and costs required to collect and analyze data and produce insights that drive improved decision-making.
3. AI Enhances Consumer Engagement
You can incorporate AI into social media market research and analysis. AI lets you gather and review massive amounts of social media data.
You can generate insights from this information and use it to inform decisions about social media sponsored posts, influencer marketing, and interactive content. As a result, AI can help you simultaneously transform your market research and social media strategy.
4. AI Removes Data Bias
You can leverage AI to improve data integrity relative to your surveys. AI tools let you analyze survey questions and identify biases. They make suggestions on how to improve your questions and use them to get the insights you want.
AI for market research is evolving. You can start using AI technologies for market research today. In addition, you can watch for AI technology enhancements. That way, you’ll be well-equipped to get the most value out of AI for market research now and in the future.
5. AI Offers an Economical Alternative to Buying Market Reports
You can produce AI-based market research reports on your own. Doing so can provide a cost-effective alternative to buying market reports that cost thousands of dollars. It enables you to instantly capture insights across all aspects of your branding and advertising strategy as well.
How AI Can Be Used for Market Research
Businesses use AI in many areas of market research. Common AI market research applications include:
1. Processing Unstructured Text
You can apply statistical analysis techniques to generate insights from unstructured text. For example, you can use the Google Cloud Natural Language API to produce insights from unstructured text.
The API lets you review unstructured text and organize it based on text category, syntactic structure. It generates sentiment insights based on this text in seconds.
2. Community Management
AI lets you view and evaluate behavioral data across social networks and other online communities. You can use AI to track community logins, pages visited, and other pertinent data. This shows you the level of engagement of community members and discovery opportunities to improve community engagement.
You can use AI to drive e-commerce. For instance, AI can process information about customer purchases on your website. You can use this information to generate product recommendations for your customers. Meanwhile, AI lets you launch chatbots to provide 24/7 customer support.
4. Social Media
Many AI tools are available for social media. You can use these tools to create social media posts that resonate with your target audience. Also, AI tools allow you to track and analyze your social media presence.
You can gather and assess large data sets to find out how your audience engages with your brand on social media. AI tools empower you with insights you can use to bolster your social media strategy, too.
5. Performance Analysis
AI tools let you understand how your business is performing relative to its competition. You can review market data to see how your company stacks up in its industry.
This can provide you with insights to project future performance. You can use these insights to integrate branding and advertising strategy changes to keep pace with industry rivals.
How to Use AI for Market Research
Don’t wait to build and implement AI into your market research. Here are tips to help you use AI for market research.
1. Make a Plan
Establish a strategy for incorporating AI into your market research. This requires you to figure out what you want to accomplish with AI.
Develop and implement an AI decision-making framework. Your framework should define the steps to analyze large sets of data. It supports your ability to use AI to collect information from multiple sources and use it to make data-driven decisions.
Create goals for using AI in your market research. You can use SMART goals; these are goals that are specific, measurable, achievable, relevant, and time-bound.
You can track and monitor your progress as you work toward accomplishing your SMART goals. Identify and address any hurdles along the way. Be ready to revise your goals as needed.
2. Align Your Data with Your Business Goals
Review the data at your disposal. Next, map these data to your AI for market research framework. From here, you can find out if there are any gaps in your analytics process.
AI should help you capture insights to answer questions surrounding your brand and advertising strategy. If it doesn’t, you can revamp your AI decision-making framework and experiment with different AI technologies.
Learn about various data science and AI services for businesses. Find out how these services work and their pros and cons. You can then choose data science and AI services that support your brand and advertising strategy.
3. Select the Right Data
Make sure AI is used to collect only relevant data. You can use AI to retrieve data from as many sources as you choose. However, you risk information overload that hampers your ability to maximize the value of your data.
You can establish an AI decision-making framework that encompasses intelligent insights. This requires you to use data that helps C-suite executives and other business leaders make informed decisions.
AI can be used to analyze operational data. It allows you to generate insights based on your brand and advertising strategy’s goals. You can view brand and advertising strategy data and performance baselines. This helps you understand when to update your strategy.
You can leverage machine learning (ML) algorithms that become more intelligent over time. These algorithms can provide insights into macroeconomic trends. They can help you uncover opportunities to further enhance your brand and advertising strategy.
4. Assess the Value of Your AI Decision-Making Framework
Review your AI decision-making framework regularly. You can track brand and advertising metrics and how they support your decision-making processes. Ideally, your framework should help you make fast and informed decisions.
Examine your strategic business goals. You can see how AI helps you achieve these goals and update them as needed.
5. Look Beyond AI to Make Informed Business Decisions
Use AI in conjunction with human intelligence. AI is a technology that helps you make the best possible decisions. But you should not rely solely on AI for business decisions.
Collect and analyze a broad collection of data with AI tools. You can conduct brainstorming sessions with business stakeholders, too. This allows you to consider myriad perspectives when making business decisions. It can result in informed decision-making.
The Bottom Line on Artificial Intelligence in Market Research
Global AI market revenues are projected to increase at a compound annual growth rate of 40.2% from 2021 to 2028. The number of businesses to use AI for market research during this time will likely increase as well.
Expect demand for AI market research tools to rise in the foreseeable future. Start using these tools, and you can make AI a key part of your business operations.
Over time, you’ll be able to use AI to automate and streamline your operations. You can also leverage AI to ensure your branding and advertising strategy corresponds to your target audience’s expectations.