You Should Take Advantage of These 5 Current AI Market Research Trends
Every industry has been led by technology for more than ten years, especially now that the majority of firms have switched to digital in recent years. And given how far AI has come, how can qualitative market research continue to be unaffected by its allure?
Artificial intelligence supports all of the processes, whether your respondents take part in one-on-one interviews with market researchers or fill out online surveys to earn money in India.
Current AI Market Research Trends
1. Text Analysis Using AI in Surveys
Your survey forms must be set up to accept text-based responses to open-ended questions in order to produce accurate data for qualitative market research. But it's neither easy nor quick to analyze such lengthy stuff and generate insights for making decisions. Here, AI demonstrates its enormous potential.
Unstructured material is read by AI-driven technologies, which profit from phrases, hashtags, and keywords. Based on context, the technology may generally categorise the content into many groups.
Artificial intelligence-enabled systems can predict and parse jumbled words, emoticons, and mistakes in less time than manual methods. They may even assign a specific emotion to a respondent's response. Researchers can now more effectively draw opinions from open-ended questions without distorting the significance of the responses.
2. Artificial intelligence integration in market research
We have emphasized the need of inclusivity and diversity countless times when it comes to market research and online surveys.
In order to improve your product and customer experience, you might want to incorporate a larger group of consumers in your surveys and market research. You always use inclusivity as a tactic. Your studies are less likely to contain biased data because respondents to your surveys for qualitative market research come from a wider range of backgrounds. It is therefore uncommon to overlook criticism that might not disturb a wealthy community.
Decision-making and data collecting based on AI are not subject to the same biases and prejudices as humans are. If you submit a demo video without captions, for example, users with hearing or language impairments may become frustrated. However, an AI-generated script might make it easier for such users to understand the words, ascent, and complex expressions.
Similar to how human analysis of complex and large amounts of data by executives and stakeholders can distort decision-making through analytics. Accurate insights without bias can be provided by technologies like machine learning, predictive analytics, and prescriptive analytics, among others.
Keep in mind that your statistics will be better the more people you include. Results from market research will be more accurate with a larger sample.
3. Customer Experience Is Improved
Regardless of whether they are participating in an online survey or a focus group survey, users should be kept actively involved throughout the entire process. Your respondents should be hooked from the moment they sign up with your business or your panel partner until they hit the submit button. Customer experience is therefore crucial.
You may assess a user's average time spent on your survey forms using a system powered by AI and prediction algorithms. For quick responses, incorporate emoticon-based answers into your questionnaires. Capture the user's emotions through their texts and their facial expressions through video feedback. Make use of these data to your advantage. Users should be rewarded based on their level of interaction in order to keep them coming back.
The mapping of a customer's whole customer journey—from how they found you to how they made a purchase—helps to understand a user's motivations and behavior. AI can assist you in learning more about your users, identifying their problems, and locating market gaps.
4. Monitoring social media
Key elements in enhancing your services and your relationship with users include keeping an eye on your users on social media and listening to their opinions. There are many AI-powered social media listening and monitoring products available on the market.
With the aid of these tools, you can filter through posts and comments on social media networks to find mentions of your company, hashtags you follow or care about, and photographs submitted by your target market. Finding the deep and hidden meanings of your audience by correlating their thoughts with the mention of your brand and product.
You can start a live chat with the folks to learn more about their needs and problems. Utilize social media to discover audience niches you may have never considered. Consider your industry's competitors and seize the broad trends.
5. Simplify Desk Research
AI is also applicable to secondary research. It involves gathering market data that has previously been collected through previous surveys, government research, and publicly available reports.
You can stay at your desk, avoid venturing into the field, and still study buried facts with the aid of AI. You can blend some new study with existing data to produce original facts and figures.
In order to build contextual meaning using numbers and perceptions, AI algorithms can comb through lengthy articles in magazines and newspapers that aren't in the correct format for your research. There is no need to read voluminous government-funded articles and research papers.
To make research more comprehensible, you can also examine pricing patterns, advancements made in your business, revolutions, and visionary quotes.
Assist Market Research with Cutting-Edge Technology by Teaming Up with z.com
For many years, z.com has provided market research services to a variety of businesses as a panel. We specialize in online surveys that are focused on the needs of the customer. Owning one of the top online survey sites in India is something we take great pride in. To engage in market research and surveys supported by technology, please contact us here.
