Market Research Undoubtedly Benefits From the Use of Artificial Intelligence
There is an excellent chance that most people encounter artificial intelligence in the course of their everyday activities. When what appears to be a customer service representative offers assistance to someone perusing a website, that’s artificial intelligence. The information in a person’s news feed is curated by artificial intelligence; at times, the stories posted by major news outlets are also developed through AI. Artificial intelligence is at work when speaking to Alexa or Siri, when providing recommended shows on Netflix, or when using a smartphone to avoid a traffic jam. That same artificial intelligence plays a vital role in market research, a role that will only continue to grow.
Artificial intelligence makes market research more efficient
Using sophisticated data gathering tools in the research phase of a campaign will significantly increase efficiency. For example, text analysis can be used to sift through responses; it goes beyond identifying keywords and phrases to measure magnitude and centrality, determine popularity, and examine the sentiment of a text.
In addition, allowing AI to assume certain responsibilities can drastically reduce both time and expense. Researchers assert a great deal of effort is used to compile reports —according to an article on MarTech, up to 80% of effort in market research is expended writing such reports, which can be extremely costly. Using artificial intelligence to draft even a portion of these reports not only saves money but allows humans to spend more time adding their own unique insights during the analysis of the data.
Market research firms can increase their capacity through the use of artificial intelligence
With enhanced efficiency comes greater capacity to serve more customers. Using artificial intelligence to customize a market survey, rather than build one from scratch, generates enormous time savings in constructing questions and identifying respondents. The AI platform captures the data, making it available almost immediately, and the study can be examined as it progresses. With less time spent waiting for results to come in, a market research firm can devote more energy to aiding other customers.
As the use of artificial intelligence grows, it will take on automated tasks, reviewing data, crunching numbers and offering target respondents. In so doing, market researchers are free to consider the bigger picture, making connections from the resulting data, examining the results and offering informed, innovative ideas to clients.
AI can help improve the respondent experience
While using chatbots to conduct surveys is not yet commonplace, companies have implemented interactive surveys which, fueled by artificial intelligence, adapt their questions based on how the respondent answers. This prompts the individual taking the survey to remain engaged, reducing the risk that the resulting data is incomplete.
As AI becomes more proficient at speech recognition, and more and more individuals make use of voice recognition systems, it is likely that a substantial number of electronic surveys will be spoken rather than written. Nearly a third of researchers believe this will result in a better experience for respondents, and 26% think the resulting data will be of a higher quality. It is also likely that using artificial intelligence to conduct spoken surveys will capture information from those unwilling, or unable, to provide written responses.
For over 20 years, The Logit Group has sought to use industry-best technologies to collect accurate, consistent and valuable data for our clients. We offer online and offline services including; Global Panel Sourcing, B2C Phone Research, Mall Intercepts, In-depth interview (IDI) recruitment, Focus group recruitment, customized reporting, and more.