AI in Market Research
Artificial Intelligence has made human life substantially easier and error-free. What was just theory and research so far is showing up as an efficient tool in market research. AI has touched almost all dimensions of research and has proved to be effective and time-saving.
Marketers feel that AI will bring about a positive change in the area of research., namely because it is more efficient and effective.
AI consumes less time than traditional research since it is largely automatic. What traditional research can take days to do, AI does in no time. AI knows how to target the right audience and get the most useful insights required to understand the market.
The quality of a survey is determined by how it is created. AI helps conduct market research through interactive surveys that change based on the answers of the respondent. Customized surveys like these help curate surveys that vary according to the target audience.
The results from AI are free of human errors and biases making the accuracy level a notch higher. The time taken to spot a trend, get insight is also much lesser in comparison.
Here’s a look at the uses of AI in market research:
Analysis of Text
AI technology helps analyze open-ended texts that customers write as feedbacks to a certain item. Feedbacks convey the true emotions and feelings that a customer has towards a brand. AI analyzes feedback to understand the sentiment that the market has towards the brand.
Forecast
AI can forecast not just the average clicks, impressions, etc that an advertisement is likely to get, but it can also forecast that a certain product or service would generate in the market. Such advanced predictions help brands from producing too much or too little for a certain point in time.
AI-Assistant
An AI assistant or what is commonly known as a Chatbot helps a visitor to the website clear doubts instantly. AI has the capability of asking relevant follow-up questions to keep the conversation going and also the technology to access the entire chain of conversation at any time.
Detect the Ideal Customer Profile
AI can scan through the clientele and chart out an Ideal Customer Profile (ICP). This helps brands target those people who match their ICP, in turn, saving the cost of resources spent on advertising to customers.
