AI is paving the way towards digital transformation. None of the areas in digital marketing now seems untouched by the smart, yet powerful use of artificial intelligence. Additionally, AI has altered market research trends. It is now being used for automated data collection, analysis, and reporting, leading to faster work. Besides, AI makes the business operations easier to handle with cost-effective solutions. In this blog, we will explore the topic of how the adoption of AI has changed trends in market research and what it means for the agency and brand marketers.
As per the recent reports, it was found that seventy-four percent of digital market researchers have already started incorporating AI in their workflows. This is especially helpful for data analysis and project setup. This suggests that AI has shifted the way research partners and internal teams work together to evolve their methods.
Need For AI In Market Research
Marketing, among all the other company operations, has been most impacted by generative AI. Businesses are finding new ways to evolve their strategies to enhance customer satisfaction and grow their business. Companies are exploring to inculcation of the smart use of AI in a variety of marketing operations. The most important of these is the market research that takes effort and time to gather reliable data. Therefore, one can collect such data more quickly and with less effort to produce new insights with the aid of AI. Ultimately, it helps you to understand more about customer satisfaction and your competitors.
Customers mostly use e-commerce sites to purchase products. The site lets customers find the selected items they want to buy. A search function in e-commerce sites helps with this process, the character count of which needs to be high enough to fit long-tail search queries. Thus, the sites have auto-fill features for customers to enter the right search terms.
How AI Adoption Helps Brand Marketers In Research Practices?
You must be asking a question, exactly how incorporating AI in your marketing research practices can help ease your tasks. Let us have a look at the ways.
Opportunity Identification & Research Design: Providing an overview of current research & literature, using current data to generate hypotheses, using chatbots to generate ideas and conduct brainstorming, and coming up with theories.
Data Collection & Analysis: Getting insights and meaning out of text, using an online interface to set up surveys and conduct analytics, asking follow-up questions with fictitious interviewers, and making study guides.
Reporting & Dissemination: Clearly stating the conclusions, making tools for data visualization, Data exploration with chatbots, and creating executive summaries.
Changing Trends In Market Research After The Adoption Of AI
The changing trends with the incorporation of AI are reshaping the market research industry, making it more efficient. Let us see how.
Integrating Machine Learning Algorithms: Some data might get missed from the eye of human analysts. AI performs an in-depth data analysis, diving deep into the complex datasets. This suggests how powerful AI is in distangling marketing complexities.
Using Automated NLP Tools: NLP stands for Natural Language Processing. By using AI-driven NLP tools, you can more easily process customer feedback on social media platforms. They are designed to offer more understanding of consumer opinions.
Gives Predictive Analysis: Understanding consumer behavior is key to making your business more successful. AI, by its predictive analysis capabilities, provides you with reliable forecasts on consumer expectations. This way, you can make a strategic plan.
Enhancing Survey Programming: AI can create discussion guides, answer banks, and interesting survey questions to improve survey flows. It ensures that every questionnaire generates relevant insights. Using AI smartly works as an effective strategy to build a strong online reputation management.
Quick Data Analysis & Reporting With AI: AI cuts out any delays caused by data analysis and insights. It makes your marketing research 10x faster as compared to that done with a human analyst. It also proves helpful in generating relevant insights from video survey data. The development of AI has made real-time analysis and reporting simple.
Analysing Consumer Sentiments With AI: You might not believe it, but AI is designed to understand consumer behavior and emotions. Beyond text analysis, it also comprehends emotions in people’s voices. AI is built with emotional intelligence that helps us to understand what consumers expect from us.
Unbiased Ethical AI Systems: Now that we know the capabilities of AI, the focus must be on using it in an ethical and unbiased way. As AI is already trained on vast datasets, it is important to use it fairly for quick and accurate market insights.
Data Integration Across Different Platforms: AI is proficient in binding data from different sources. This offers a combined insight into the market trends, consumer behavior, and that too, across multiple research projects.
Voice & Visual Recognition Technologies: The voice and image recognition technologies have a stronghold in market research. It unlocks insights that might get missed with the traditional methods and offers fresh perspectives. All these changes are shaping the future of market research in a different context.
Benefits of Incorporating AI in Market Research
As far as we’ve discussed the changing trends in the market research industry after the advent of AI, you can be sure of the benefits it offers for one’s brand growth. There are several benefits mentioned as follows:-
- Generating Survey Ideas: AI tools are proficient in generating survey ideas and engaging questions that solve targeted queries, yielding actionable insights. Also, you can quickly generate survey questions with the help of AI.
- Smart Data Collection: AI is known to efficiently handle data collection processes with accuracy, enabling you to gather huge amounts of information at a time. The results generated are fast and accurate.
- Qualitative Research Data Analysis: AI tools prove helpful in generating meaningful insights from unstructured data. Its capability in analyzing qualitative data, like focus group discussions and open-ended survey responses, is generating meaningful insights.
- Discussion Guides Generation: This is another innovative feature of Gen AI, specifically designed to facilitate preparation for interviews. With AI’s help, you can convert research objectives into effective discussion guides to make sure your interview is well-aligned.
Future Trends For AI In The Market Research Industry
The future of incorporating AI in the market research industry holds both opportunities and challenges. As per the survey, 26% of people believe that there’s an increase in the job market after the advent of AI in market research. On the other hand, 35% predict a reduction in the job market. However, 39% believe that there is no significant change seen in the job market.
AI does support in the analysis tasks, but is unlikely to replace human expertise.
- Follow Google’s official guide on site migration.
- Implement 1:1 redirects, i.e., redirecting old URLs to the most relevant new ones.
- Keep the valuable pages updated. Optimize for SEO using proper metadata, schema, and internal links.
- Maintain SEO health by keeping track of any issues with your site and fixing them timely. Employ tools like Google Search Console and Google Analytics to keep an eye on crawl errors, traffic patterns, and any changes with indexing.
Conclusion
The adoption of AI in market research is revolutionizing how agency and brand marketers operate. By streamlining data collection, analysis, and reporting, AI enhances efficiency and provides deeper insights into consumer behavior and preferences. Its capabilities, such as predictive analysis, natural language processing, and data integration, enable marketers to make informed strategic decisions swiftly. Additionally, AI’s ability to understand emotions and sentiments offers a nuanced perspective on customer expectations. As the market continues to evolve, leveraging AI will be essential for organizations seeking to stay competitive and responsive to changing consumer needs. Obelisk Infotech knows how to use AI smartly for market research and use it to your advantage to build brand reputation. To know more about the services we provide, do visit our LinkedIn.
Sandeep Goel is the founder and CEO of Obelisk Infotech, with over a decade of experience in digital marketing. He started his career as an SEO Analyst, refining his skills with US clients, which deepened his understanding of digital culture. Sandeep is passionate about writing and regularly shares insights through blog posts. He plays a key role in company growth by implementing processes and technologies to streamline operations.
Founder (Obelisk Infotech)
