AI can Reinvent the Market Research Industry

By CIOReview | Tuesday, August 13, 2019

It is now possible for the marketers to add  AI-driven market research tools to their marketing solution stack. The introduction of Artificial Intelligence can be a gamechanger for the market research industry.

FREMONT, CA: The market research industry is introducing Artificial Intelligence (AI) so that it can reduce the time consumption and the usage of expensive tools to complete high stakes marketing projects. AI-driven market research can bring together a wide range of research methodologies, machine learning techniques, and data type to automate the research procedures from the design to delivery. Here are the five cases where AI can be useful in market research and help marketers.

1.  Segmentation

Marketers want to efficiently target customers, refine, and optimize marketing strategies for which they take up segmentation projects. With the assistance of AI-based market research, it will become easy to build dynamic micro-segmentation models and create archetype segmentation. The segmentation can be used for messaging design purposes and develop attitudinal segmentation for understanding the mindset of a customer. It can also be used for optimizing marketing investment with country clustering.

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2.  Make Use of Data Already Collected

In a hurry to use AI for optimizing surveys and gather better data maximum of the time, people overlook the massive amount of data that is already present in the company record. AI can help the companies to unlock those operational data which can provide great insight into the company.

3.  Save Time Writing Reports

Maximum of the time a market researcher spent is in writing reports, but AI can help them in that department as well. An algorithm can quickly learn to make various assumptions and judgment about data and then generate a report. It will free up the time of market researchers and let them focus on higher-value tasks such as validating AI-produced findings, hypothesis, and communicating the results to the clients or stakeholders.

4.  Conduct Extensive Secondary Research

Secondary research work is necessary for both small and large organizations when they are looking into new markets, reviewing suppliers, or working on price strategies. However, secondary research is time-consuming, but AI can quickly analyze secondary research in seconds and show the themes and trends in data.

5.  Media Strategy

The proper AI-driven market research tools can assist a company with media planning and execution. Artificial Intelligence will bring diverse data, including social media and in-house sales data, and survey information so that improvement can be made in customer interactions.

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