Artificial intelligence has become a buzzword in the world of market research, but what do the experts think about its impact on the industry?
A recent survey conducted by Qualtrics, a software company, asked 250 market research decision-makers about what they think of AI. The results showed that 93% perceive AI as an opportunity, while only 7% see it as a threat.
In this article, we will discuss AI can be used by businesses to gain an edge over their competitors:
1. Automation of Routine Tasks
At the heart of AI’s power is its agility. Therefore, automation through AI has been a game-changer in the market research industry, as it frees up human analysts to focus on higher-level tasks such as identifying new market trends and developing innovative research methodologies.
2. Enhanced Personalization
In a matter of minutes, AI is capable of analyzing millions of voice and text responses to gain valuable insights into consumer behavior, preferences, and needs. As a result, the ability to personalize solutions enables companies to better meet the needs of their customers.
3. Improved Accuracy
With real-time monitoring, AI can quickly identify errors that arise from manual data entry, helping to prevent potential risks. As such, the use of AI has become an essential tool for improving the accuracy of market research.
4. Better Decision-Making
By processing large amounts of data, AI enables companies to obtain meaningful insights in a timely manner. This, in turn, saves money, identifies consumer behavior patterns that might have otherwise been overlooked and allows for smarter data-driven decisions that are better informed and more effective.
5. Email Marketing
Thanks to AI, companies can now create highly personalized and targeted email campaigns that better connect with their target audience. This helps to foster stronger relationships with customers.
In today’s fast-paced market, AI is essential for making better decisions and staying ahead of the competition.
Marketeers’ Smart Value™ Platform leverages AI technologies to help businesses optimize their decision-making processes and gain a competitive edge.