AI & Data
Although Hollywood movies can lead you to believe that AI is an ominous thing, market researchers have nothing to fear and everything to gain from it. The new artificial intelligence technologies transform interaction and contribute to the hottest market research patterns, with everything from broad scale data processing to report production. Here are some ways in which AI will help market researchers achieve success in 2019 and beyond.
AI Analyzes Massive Data
Artificial intelligence is able to capture and interpret large quantities of data at a faster level than ever before and with greater precision. This helps market analysts to get a better view of their audience, not only what they want but why they like it. AI will provide real-time feedback to market analysts, and more easily automate repetitive activities.
AI Generates Reports
One such boring job will be to compose papers. Rather than poring over PowerPoint with categorized data points, AI saves time and energy by automatically producing reports. Like humans, AI can actually learn to make conclusions and decisions about the data, and then produce a report, just more quickly. This frees up the time available to market analysts to validate data generated by AI and establish hypotheses based on findings.
AI Reduces Bias
Regardless of how often market researchers strive to combat bias, it inevitably comes back. There are two kinds of prejudices in market research according to Forbes. The first is the researcher, the facilitator of the focus group or, in general, the individual doing the study, which may result from the use of certain terms or phrases, or even attention provided to certain information over others.
The second prejudice being studied inside the client. However, there is no bias in AI designed to collect data about user behavior and behaviors. Researchers may use AI to evaluate a more realistic portrayal of what people are really thinking and doing.
AI Maintains Engagement
AI will help market analysts in sustaining engagement with predictive modeling to classify users at risk of dropping out and producing higher-quality outcomes. One study found that the average interaction time increased by 25 percent by using artificial intelligence software to collect market data, and the survey response time fell by 23 percent , making it a more productive way to engage respondents.
AI Lowers Costs
AI performs repetitive and basic activities faster than humans, saving big money in terms of hourly pay and salaries for companies. AI can already search, and evaluate, vast quantities of open source data. It is expected that it would also be capable of extracting sense from published articles over time, which can also minimize research costs. Although this may mean that AI, as Martec puts it, will replace certain technical employee roles in the long run, it has the potential to create positions that require more basic skills such as "collaboration , communication and innovative problem-solving."
AI Improves Customer Relationships
AI 's rising success is one of the unintended side effects of its ability to cultivate real human relations between companies and consumers. That's because AI takes care of the busy work associated with deep analysis and data collecting, so companies can spend their resources interacting with the client directly.