The world of marketing has undergone significant changes since the advent of Artificial Intelligence. AI has been taking on a variety of different roles to tackle in digital marketing such as data analysis and research work. As marketers, leveraging AI’s vast potential can be a significant asset for your company.
In this article, we’ll explore the ins and outs of how AI is helping marketers and knowing its roles in market research.
What’s with the Hype about Artificial Intelligence?
The introduction of AI into the world of digital marketing has been positively received. Many market research facilities see AI as a means to make research work more efficient. Marketers perceive it as a cost-effective alternative to traditional market research. For context, traditional market research will require more resources than AI.
Furthermore, many marketers view it as a definitive substitute for analytics and insights. AI can provide your company with the necessary information from the beginning.
What is the Role of AI in Market Research?
Now that we’ve discussed what’s with the hype about AI, let’s explore its many roles in market research. You’ll also get to see how AI impacts the results of research work and how it affects your organization.
With that said, here are the roles that AI fulfills in market research and how it affects your company:
1. Provides Analysis of Open-Ended Text Responses
Artificial Intelligence will assist experts in market research firms to dive into the data that the company receives daily. Data sourced from reports, metrics, social media posts, and the like will be analyzed by AI to create a projection of what customers think. Aside from that, AI could determine what customers are looking for and what they feel through the use of flexible text analysis.
In short, AI has an incredible capability to gather data and process it to create valuable information for organizations. Companies will then use this gathered information to make better marketing decisions.
2. Assists in Report Generation
Most of the work done in market research firms is the generation and writing of reports. AI can be applied in generating reports for organizations. Programmers can set algorithms on the AI to learn what information has high value. In this way, the AI can make accurate judgments based on the gathered information.
After that, the AI can now generate reports for the organization which saves them a lot of time. The saved time can then be used by experts in dealing with more urgent digital marketing matters. Let’s use an example of how AI helps in report creation:
Consider having market research experts in your agency; they can rely on AI to assist them in creating data reports. That way, they can redirect their focus on creating theories, hypotheses and validating the AI’s findings based on the data it pulled.
3. Maintains Data Integrity
Data integrity is one of the common challenges faced by market research companies. Sometimes the data pulled through manual means may have a bias towards a specific metric. This bias might render the data pulled inaccurate as it doesn’t factor in the other criteria.
However, when AI pulls data from systems, it eliminates the risk of biases. The AI will pull all the necessary data and remove any human biases. Therefore, your organization will receive complete reports with every piece of data included.
4. Offers Fast Delivery of Research Results
Time is a critical factor for market research firms because the relevance of data may be short-lived. Any form of delay in delivering market research may present outdated insights and inaccurate information to organizations.
AI becomes a huge game-changer when it comes to delivering research results for your organization. You can program AI to learn the data you’d want to obtain and will deliver the results quicker and faster. Consequently, AI streamlines all market research procedures, enabling experts to focus on other tasks.
5. Assists in Desk or Secondary Research
Desk or secondary research is a method that utilizes data your organization already possesses. Your company would need to conduct secondary research so they can look at new markets to expand into or devise new marketing plans.
However, secondary research is very time-consuming and a delay in delivery can also present outdated info. AI fulfills this role by reviewing large volumes of information within seconds or minutes, depending on the quantity. They’ll present trends and themes in the data they gathered allowing your company to move fast and work on new ideas.
6. Conducts Competitor Research
AI can also be employed to conduct competitor research in the same niche of your organization. The AI will collate, compile and analyze all activities done by your competitors through a digital footprint. That means, your programmed AI will check their website, social media presence, and campaign efforts. Once it detects a pattern or opportunity, your organization can use this as an advantage to differentiate itself.
Outside of studying competitor activities, AI can also analyze price changes and customer reviews in your niche. These discoveries made by AI will allow your organization to adapt and tweak its strategies. Let’s use another example:
For instance, your organization is a manufacturer of smartphones. Your marketing experts notice an uptick in the competitor’s sales and can’t determine what’s causing it. Your organization will invest in and program an AI to study the competitors.
Upon getting programmed, the AI will study the behavior of your competitors and return with its findings. Based on AI’s competitor research findings, your marketing experts can develop new strategies and advertising approaches.
The Roles of AI in Market Research will Reshape Digital Marketing
We have already begun to experience the effects of AI since its introduction to the world of digital marketing. It’s already starting to take over tasks that were handled by research experts and does the work in a fraction of the time and effort. Organizations will see AI as a tool that will make a huge impact in various marketing campaigns.
Many companies will continue to use AI so that they can adapt and stay ahead of their competitors. As a result AI can build up better sales and form lasting customer relationships.