Artificial Intelligence is perhaps the greatest success story of our generation. In the last few years, AI has made a giant leap from academic research to a household name. This astronomical change can be credited, in part, to the fantastic yarn spun around AI by Hollywood and the development of AI-based industry-changing technology. In a recent post, we discussed the in-depth applications of AI that have revolutionized the retail industry. This article aims to shed light on the dimensions of AI-driven transformation that has helped next-gen market researchers succeed.
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Industries Touched by Artificial Intelligence
Artificial Intelligence is a science that is truly industry agnostic. AI has improved industries that are completely unrelated to each other.
Agriculture: Smart farmers use computer vision and cutting edge AI techniques to automatically identify crops that are ripe and ready to be harvested, hence improving their overall efficiency.
Academia: Educators today have incorporated AI-based innovation to grade homework, understand and act on student sentiment, and decide the subject matter.
Mining: AI has been used to identify large ore deposits for sustainable and profitable mining practices. Retail: The retail industry has been completely revamped with the aid of AI-based innovation. The gradual shift of the retail industry to personalization can be credited to the retail technology based on AI techniques.
Market Research: Artificial Intelligence has affected almost all the dimensions of market research. A survey was undertaken by Qualtrics, which indicated that 96 percent of market researchers feel AI is the next frontier that the industry will achieve in the coming decade.
Artificial Intelligence and Market Research
Almost 80 percent of Market researchers finish AI will harbor a positive influence on the current approaches of market research.
Let’s look at the reasons for this overwhelming optimism. Let’s take a closer look at the essentials of market research and how AI is helpful in it before jumping into the outstanding world of AI-based market research. Market researchers describe their success founded on 3 Es: Efficiency, Effectiveness, and Enhanced Results. AI has proven its worth by delivering on all these parameters.
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Efficiency: Artificial Intelligence-based market research is much more efficient than traditional market research. AI-based market research tools can deliver results in near real time, select the right target audience, and automatically classify and mine the text for key insights, all in a matter of hours or, at most, a day.
Effectiveness: Research has recognized that there is a direct connection between survey design and the value of data. Artificial Intelligence -based market research has opened doors to interactive surveys. Such surveys change on the basis of the respondent’s answers. Such dynamic surveys are way more effective than traditional static surveys.
Enhancement: Artificial Intelligence-based market research is an enhancement on the traditional methods. Real-time results have made vision finding faster than ever before. AI-generated results are more accurate and free of any human-induced errors or biases.
AI in marketing increasingly allows marketing professionals to engage with customers on a one to one basis. However small your business or company may be, if done correctly you will be able to integrate artificial intelligence into your marketing campaign both effectively and without spending huge amounts of money. Using AI in marketing allows you to efficiently and accurately analyze the large swathes of data that is necessary for an effective marketing campaign.
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