Is your organization looking to expand its reach to a new market? Or do you want to refresh your knowledge of a current industry? Market research used to be a time-consuming and somewhat daunting task. Not anymore, thanks to a little help from AI.
Previously on our blog, I’ve explored using AI for audience research, and I am continuing on this journey of saving time on research-focused tasks. Here are a few ways you can use AI to jump-start your next market research project.
Three ways to use AI for market research
Whether you’ve recently been assigned a research task or it’s an ongoing project (that you maybe have been putting off), AI helps kick-start things. When used correctly, AI tools can get the information you need faster so that you can get into the fun stuff — marketing, of course!
Here are three ways you can use AI for market research:
1. Summarizing all those transcripts
Market research often includes interviews. When sitting down with industry experts and current or prospective customers, you will likely end up with many transcripts to review and analyze. Fortunately, the AI machine is hungry! With certain AI tools, you can upload your transcripts and ask for a summary of the key points and recurring themes. This can even be done with large reports and other market data. What once took many hours can now be done in just a few minutes.
AI tool to use: ChatGPT is a popular tool to use for summarizing large amounts of information. Purchasing a subscription is ideal for managing and organizing this type of work.
2. Monitoring news and social media
As marketers, monitoring news and social sentiment is part of our daily job. It is also an important part of researching a new market. Instead of manually scrolling through feeds, why not get a little help from a [robot] friend? Using AI to monitor and analyze news and social posts allows you more time to digest the information and identify opportunities for your organization.
AI tools to use: Both Hootsuite and Sprout Social have social media listening capabilities, though subscription fees may apply.
3. Kick your surveys up a notch
Thanks to AI, you can now create interactive and more personalized surveys at a shockingly fast clip. Not only will tools help you generate better-designed surveys, but they will also aid with question creation, data collection, analysis and insights. Some tools even have interactive capabilities. Depending on the respondent’s answer, the tool will feed the next most relevant question or response. This should increase engagement and give more pertinent data in the end.
AI tools to use: Survey Sparrow touts many great AI features, including personalized and responsive surveys. However, even the OG survey tools, such as SurveyMonkey have AI offerings.
Get expert help when needed
For any AI-assisted project or offering, human oversight and review is key. Make sure you and your team understand how to use the tools and are thoroughly reviewing the output. If something doesn’t feel right, try a different approach or tweak your prompt. When in doubt, phone a friend. Our agency, for example, has many years of experience in market research and can help you decipher results and output from AI and manual research.
When it comes to market research, the team at Content Matterz can’t wait to roll up our sleeves and dig in. If you want to start a new project or need help with a current one, reach out today for some friendly assistance.