For businesses to remain consumer-centric, it’s not enough to keep up with rapidly changing consumer behavior but to always stay one step ahead. To do this, marketers and insight professionals will need a blend of AI and market research.
While market research helps you comprehensively understand your consumers, AI optimizes the research process to accelerate speed to insight. In the consumer insights landscape, AI-enabled Consumer Intelligence (AICI) platforms are changing how businesses gather and utilize market research data.
Where Innovation Meets Research
Market research combined with the automated capabilities of AI is ushering in a new era wherein consumer insights are comprehensive and predictive. Today’s research technology solutions go beyond the confines of traditional market research, tapping into various data sources such as social media, internal data, search queries, and surveys.
In-the-moment customer feedback gathered from social and non-social data sources provides substantial value for insights professionals in its ability to contribute to specific business outcomes. AI research platforms equip you with the necessary data sources, frameworks, and automated or machine-learning algorithms to answer critical questions tied to specific business outcomes.
These may include inquiries like "Where are the gaps in our product or service offerings, and what untapped market opportunities can we explore to address these gaps?" or "What is the sentiment around our brand, and how effective are our marketing strategies in shaping that sentiment?"
According to a 2023 report by NewVantage Partners, around 92% of organizations achieved measurable value from investing in data and analytics. AICI platforms enable brands to transition from a reactive to a predictive stance to gain a competitive advantage in the market. This translates into informed decisions and a newfound agility that could help businesses stay grounded in their customers’ realities.
AI-Powered Insights Across Business Functions
The convergence of AI and market research is essential to guiding business strategy. Using advanced AI systems, research platforms can generate valuable insights from processing vast amounts of data – influencing campaigns, product development, and brand equity decisions.
Traditional market research methods are supplemented with real-time data and predictive insights to indicate brand health and inform marketing communications strategies. Product and innovation teams leverage AI to determine emerging consumer needs and market opportunities. Furthermore, creative agencies can utilize AI's capabilities for precise audience targeting, resulting in more relevant campaigns.
The New Standard for Gathering Consumer Intelligence
The rising popularity of AI market research tools signifies a drastic shift in the consumer insights industry. Static snapshots of consumer behavior have become dynamic and transformative by consolidating data, tracking emerging channels, and generating actionable insights. AI-powered market research platforms provide a strategic catalyst that could help businesses align their revenue-generating and consumer-centric initiatives.
While it’s become apparent that these innovative solutions are here to stay, the key to maximizing the combined potential of AI and market research lies in choosing the right provider and platform that aligns with your organization's unique needs and objectives.
AI-powered Consumer Intelligence helps identify unmet consumer needs and unexplored opportunities within the market. Hybrid providers that combine technology with expert services and dedicated support play an essential role in this process. They employ predictive models, cultural insights, and industry expertise to ensure research data is analyzed and interpreted in the appropriate context – adding depth and nuance to your gathered insights.
Leverage the Abilities of AI Market Research with Quillit ai™
Quillit is an AI report-generating tool developed by Civicom for qualitative marketing researchers. Cut the time to produce your report by 80%. Quillit enables you to streamline your client reports by providing first-draft summaries and answers to specific questions, which you can enrich with your own research insights and perspectives. Contact us to learn more about this leading-edge AI solution.