Although it sounds straight out of a science fiction novel, the truth is that artificial intelligence is all around us, and most likely, involved in a lot of the different things you do every day.
Artificial intelligence is especially useful in the world of market research. When employed as a standalone market research service, or blended with traditional market research strategies, it unlocks a whole new world of insightful data that can help increase revenue and market share.
What is AI?
Artificial intelligence is defined as “the theory and development of computer systems able to perform tasks that normally require human intelligence, such as visual perception, speech recognition, decision-making, and translation between languages.” In layman’s terms, artificial intelligence is a “set it and forget it” solution that allows us to complete objectives completely free from human error. Artificial intelligence is instantaneous, multi-functional, and dead-center accurate.
Artificial intelligence is present in most everything you do when you interact with technology. It’s present in social media, mobile banking, in your online work platforms, and most likely, somewhere in your home. Since it’s inception, and particularly since the technology boost of the early 2000s, the expansion of artificial intelligence has touched just about every industry or operation out there – especially market research.
How is AI Used in Market Research?
Artificial intelligence is heavily present in modern market research services, particularly in gathering and reporting data.
Where researchers once had to send out a survey and wait for answers from potentially relevant parties, is now completely technologically streamlined. A company can create an online survey looking to gain insight from their target audience, and artificial intelligence will match that survey with the ideal user based on their profile specs. Not only does this allow a vast collection of data in a short amount of time, but recorded answers can be analyzed and reported in real-time – all with the help of AI.
How Does This Benefit a Company?
Collecting and observing data manually is labor-intensive and uses a lot of resources such as time and money. Replacing manual research with AI services can streamline market research which can waste fewer resources and produce a greater ROI.
Reduces Potential Bias
Traditionally, there are two types of biases that are present in traditional research – biases within the researcher, and biases with the subject. While this is completely natural because we’re human and have varying collective experiences, it doesn’t make for accurate research. AI services eliminates these biases with a more accurate representation of what people are really thinking or perceiving, because AI means of research record real human interaction (collecting eye movements, their usage of a mobile app, or consumer paths through retail spaces) versus collecting data based on unreliable factors such as a subject’s ability to recall certain instances.
Eliminates Human Error
Artificial intelligence, simply put, is much more accurate. Humans make mistakes as research subjects, as researchers, and during the collection, analysis, and reporting process. Numbers can be calculated wrong, misconstrued, etc. Artificial intelligence services in market research provide dead-center accuracy to help companies make high-stake decisions using fresh, relevant, predictive data free from human error.