Artificial Intelligence (AI) allows market researchers to act fast. In every second of customer interaction, there are decisive moments that emerge. Thus, acting in real time becomes important. Too much lag could result in organizations to squander the opportunity to fix an experience, covet a new customer, or stop someone from finding a new competitor forever.
With some solutions, “real time” implies “soon.” AI in market research helps and connects to streaming data, tracks meaningful patterns, finds insights, and delivers the best prescriptive actions in less than one second. AI also has huge benefits. Although they cannot replace people, AI makes them better by improving their potential and utilizing their time efficiently. AI empowers employees and systems to sense the client’s intent during every interaction. It assists them to adopt the next best action dynamically throughout the customer’s entire journey. Each second the employees waste on low-value tasks is another beneficial second for the competitors. AI helps in people to perform higher-value tasks that benefits the bottom line.
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In recent times, AI applications engage chatbots that not only answer user questions, but also learn from them, and derive more in-depth information about consumer behaviours. In market research, in the first level application of AI, the aim is to improve the efficiency of existent workflows or certain tasks within a process. Till date, sentiment analyses, buzz analyses and network analyses have been extensively used for market research. Machine Learning (ML) methods introduce the social media analysis to classify the masses of data more precisely into categories and subcategories, and to highlight their complex relationships. For the second application level of AI in market research, it includes the IoT, which promises real-time research and real-time response. It is expected that in future, intelligent sensors will generate the data in only a fraction of a second. Lastly, the third application level of AI in market research relies on the emerging innovation field of affective computing. Affective computing refers to the research and development of systems that can recognise and interpret human emotions. Its aim is to enable machines to take into account the emotional state of the user and to adapt their behaviour in order to provide an appropriate reaction to the user’s emotions.
It is well-established now that traditional marketing are comparatively less efficient in winning and retaining a customer as they used to be. AI is crucial to gain sustainable competitive advantage in this always connected, real time world. This is the time where marketers are required to deliver continuous, customized, insight-driven interactions with clients on an individual basis. Businesses that have realized the value of AI and have established the right system in place have successfully created a competitive advantage which is very difficult to replicate.
The use of algorithms as well as machine learning is making market research faster and cheaper, reducing the project timelines from weeks and months to hours and days. With this change making the use of market research has become feasible beyond big decisions. Owing to quick results, it is possible to apply AI-based market research to everyday decisions. The ability to include real-time data from a variety of sources in market research projects is the fundamental change. It is now possible to add up-to-the-minute data from sources like sales, texts, social media, behavioural information, and passive data, which can transform market research from a backward-looking analytics function to a future-focused discipline.
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