How Will AI Transform the Market Research Industry?

How Will AI Transform the Market Research Industry?

Posted on March 19, 2020

Artificial Intelligence or AI as we know it has already revolutionized the entire market with a wide variety of its uses in different fields of our daily lives starting right from our mobile phones to social media, and marketing and commerce. The feedback that we have been getting from the market concerning artificial intelligence has been so far so good, and this invention has democratized into many more fields in the coming years eventually. With a lot of space for expanding the growth as well as making the AI algorithms more ‘intelligent’, we can have a myriad of choices to implement the use of artificial intelligence. Some of the best results in the implementation of this are as follows:

  1. Detection of fake news
    The first and foremost thing that destroys market research is fake news or fraudulent news. These lead to incorrect data and mismanagement of indicators which determines the precision with which the data is handled. Many clients want clean and accurate data and this would be a major blow to those.
  2. A better understanding of the community
    Predictions related to the target audience or the community related to a product can be made by understanding behavioral patterns and this also has a positive impact on the company’s audience and community. This ensures customer loyalty, avoiding members who disengage and reduce the churn. AI can help improve this by coming up with better ways to engage with the community of a company and keep them in their good books.
  3. Curation of unstructured data
    A market data that has no structure or is unstructured can be no less than a goldmine. Numerous data related to business information can be analyzed time and again to add precision to it while filtering out unnecessary things. This way, marketing forecasts can be made with a better amount of accuracy than we have in the current scenario.
  4. Report analysis enhancement
    Let’s be honest, machines are a hundred times faster than human beings, so of course, the artificial intelligence would be of greater importance when it comes to reading and analyzing reports from all the research findings. Algorithms can be written and implemented for assessing that information and analyze them with utmost precision.

If you are still scared that you might lose your job as a market researcher, do not worry, with the advent of AI, only the mundane tasks and chores would be endangered, not yours.

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If you are looking for a reliable and cost-effective market research service provider, then your search ends here. Get in touch with us today!

Interested to know more?

  1. 4 Market Research Tips for Small Businesses
  2. Top Market Research Trends that Will Dominate the Industry
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