How is AI transforming the market research industry? Our blog series continues by explaining how in an increasingly complex business landscape, obtaining timely and insightful data is vital for achieving that all-important competitive edge.
In an increasingly complex business landscape, obtaining timely and insightful data is vital for achieving that all-important competitive edge. Companies now have more choices and, in turn, more power than ever before. As such, businesses are becoming increasingly discerning about where they invest their resources and who they partner with. Market analysis has long been about predicting client behaviour - now AI-powered market analysis tools are not only enhancing this process - they are revolutionising it.
A report by Qualtrics found that 93% of respondents consider AI a force for good in the market research industry. As discussed in our recent blog, AI tools work to best effect when partnered with the human touch. This is where UP’s #AlwaysAddHuman approach plays a starring role. True consumer understanding requires both AI and human intelligence - the two complement each other. Our integrated approach enables us to glean enhanced and more insightful data for our clients.
“AI can’t replicate the role of market researchers. UP’s researchers are skilled in tailoring AI integrations, and addressing AI misinterpretations. AI algorithms might predict future trends and behaviours with a good degree of accuracy and at scale, but they can also be wrong. All conclusions and summaries need to be verified by skilled professionals by checking them with the source data.”
“By combining the power of AI algorithms with human experience, insight and interpretation, companies can obtain comprehensive and more accurate insights. This complementary approach maximises the strengths of both AI and traditional methods, ultimately leading to much more effective market analysis.”
- Founder and Senior Advisor UP FOR LIFE, Robert England
We're committed to staying ahead of the curve, hence why UP was an early adopter of embracing AI. We see AI as an unmatched opportunity to augment our abilities to deliver the best service for our clients. Let’s explore this further…
The integration of AI in market analysis is revolutionising the industry - vast swathes of the ‘leg work’ have been eliminated. AI platforms can streamline all components of market analysis - starting with real-time data collection through to analysis and reporting. This automation process enables market researchers to provide a more in-depth analysis of data. In many cases, this ultimately leads to actionable insights that are of superior quality and are more closely aligned to client requirements (including consumer preferences and the latest market trends).
One of the primary advantages of using AI in market research and analysis is its ability to eliminate human bias. AI algorithms analyse data objectively and without any subjective biases. This is one of the primary advantages of using AI for market research purposes - traditional approaches relied on human interpretation - often muddying the waters in the process.
The time-saving element is also key, the combined approach enables data-led decisions to be swiftly made and for companies to adapt to emerging market trends at pace - important for achieving that vital competitive edge.
Since inception, the UP team has provided creative and strategic services for all aspects of market research. UP Lab is our Market Analysis department offering in-depth analysis and market insights supercharged by transformative AI tools to help companies truly understand their customers. The team’s remit includes developing prototypes for gathering and processing audit data which provides them with an efficient understanding of customer and employee perspectives of a client’s brand - vital in any sector.
Potential risks of using AI market analysis tools in silo. Without specific analytical criteria being properly embedded, Generative AI (Gen AI) can often present people with rather run-of-the-mill answers. However when informed by hard data from carefully designed customer interviews and surveys, it can perform superbly. Additionally, any insights generated by AI can be easily checked by revisiting the raw data - thus mitigating the risk of AI hallucinations (incorrect predictions).
The benefits of using AI for market analysis don't just extend to generating data sets - they include its ability to synthesise it. Synthesising AI (Synth AI) analyses data sets and summarises them at pace - resulting in faster and cleaner analysis. This is again where vital human interaction comes into play - researchers with years of valuable experience can use their wisdom to qualify this data to the very best effect.
AI tools for market analysis include those supercharging the following:
- Surveys: Including respondent selection and ideation, content creation and programming
- Natural language processing / Analysing open-ended comments
- Data: Collection, cleaning and analysing
- Real-time reporting
UP’s Market Analysis team even uses AI to create dynamic videos showcasing their research findings. This enables clients to view a summary of the research in an innovative and engaging format.
Click here to learn more about UP’s AI services and here for more information about UP’s market analysis and research.
Do you like this series? Our future blogs will showcase how AI can help transform strategic development and help companies achieve their sustainability goals. Watch this (evolving) space!