Market research is an integral part of any business. You can’t make informed decisions about your business’s needs without knowing what your customers want. You need to rely on the best tools to get the information you need.
The ability to use artificial intelligence (AI) in market research is becoming increasingly important, and when used correctly, it provides many benefits for businesses. Before diving into the many benefits of AI in market research, it’s essential to understand what AI is and how it works in this context.
How is AI Being Used in Market Research Today?
Market research is the process of gathering information about your customers to help make decisions about your business. You use market research to learn about your customers, identify their needs, and determine how best to meet them.
Market research is a critical part of the business process, but it is also heavily reliant on the use of technology. Without the right tools, conducting the necessary research to propel your business forward can be challenging.
That’s where artificial intelligence comes into the equation. AI in market research uses technology to gather and analyze large amounts of data.
For some time, the idea of AI in market research left many people feeling uneasy. However, according to research conducted by Qualtrics, 93% of researchers believe using AI in market research is a positive thing.
Today, AI is used in market research in various ways. Here are just a few examples of how AI is being used in market research today:
- Collecting critical demographic data on customers
- Identifying trends in customer behavior
- Assisting in lead generation
- Analyzing and interpreting data to make predictions about future trends in their given market
- Identifying competitor strategies and market share data
- Mapping datasets to business goals and objectives
Of course, these are just a few examples of how AI is being used in market research. As technology advances, we can expect to see even more ways in which AI is being used to gather and analyze data.
How to Use AI to Your Advantage: 5 Benefits of AI in Market Research
Businesses have been using market research for years, but it has been a very manual process. Market researchers still use many antiquated tools and methods to gather information. Still, with the introduction of AI, this process has become more efficient and accurate, leading to improved research and decision-making, marketing strategies, and more.
If your team is still using a manual process for market research, then it is time to consider investing in AI. Here are just a few of the benefits that come with the use of AI in market research:
1. Automatically Generates Research Reports
With the use of AI, your team can automatically generate reports that include the data you have chosen to analyze. This provides you with a comprehensive overview of the data gathered in your research and allows you to detect trends more easily. It also helps save time on the analysis process, which is essential if you have a large volume of data to analyze.
2. Ensures Accurate Information is Being Collected
AI is designed to detect and correct any errors in the data it gathered, ensuring that the information being collected is accurate and reliable. This is another way in which AI can save time in the research process, enabling you to gather the necessary information to make the best decisions for your business.
Without accurate information, it is impossible to make any decision – let alone decisions that will help you grow your business. Incorrect data can be disastrous, resulting in:
- Poor strategy building
- Incorrect audience targeting
- Improper messaging
- Building tensions between you and your audience
The more accurate your data, the better your decisions will be, the more your business will grow and prosper, and the more satisfied your clients will be.
3. Allows You to Better Understand/Analyze Your Competitor’s Strategies
When it comes to your competitors, the only thing that matters is understanding what your competitors are doing and how they are doing it.
Using AI in market research is the most effective way to better understand your competitor’s strategies. It allows you to take advantage of what they are doing right and wrong and how you can improve your strategy to compete better.
It can also help you to understand your audience better so that you can better target them and provide them with the solutions they may not be getting from your competition. This will allow you to better position yourself in the market and gain a competitive edge.
4. Enables Better Customer Segmentation/Targeting
When it comes to customer segmentation and targeting, using AI in market research is one of the most effective ways to better understand your customers and how you can better serve them.
With AI, your team can automatically detect the characteristics of your customers, which allows you to target them better. This helps you to be more effective in serving your customers, leading to higher revenue and a better bottom line.
It also enables you to better understand your customers’ needs, which helps you build a strong relationship with them and provide them with the best experience possible.
5. Delivers Actionable Results in Real Time
AI in market research is one of the most effective ways to develop actionable results in real time. This will enable you to take the best course of action, leading to better results.
While AI is a wonderful tool, it’s important to remember that it’s not a replacement for human intelligence. While these AI tools can help you analyze large amounts of data and provide you with suggested actions to help you move forward, it’s important to remember that the final decision is still up to you and your team. Relying solely on AI removes that human element and can lead to a less than desirable outcome.
Source: Harvard Business Review
However, combining AI and human judgment can help keep your team focused on the most important actions, maximizing their time. This allows you to build a stronger team and better serve your customers.
Hushly’s AI Solutions Will Help You Make Data-Driven Decisions
In the modern world, data is the most valuable resource that exists. It is the lifeblood of your business, the foundation of your strategies, and the key to making the best decisions. The more accurate your data, the better your decisions will be, which in turn helps you grow your business.
Here at Hushly, we are helping our clients to leverage the power of data to make better decisions. From customer engagement to demand capture, we can help you to get the most out of your data.
Ready to see how Hushly’s AI solutions can work for you? Request your demo today!