Recently, artiﬁcial intelligence (AI) in market research has considerably influenced marketing strategies, business models, customer service options and sales processes.
This performance-enhancement tool, which is gradually becoming a useful intelligent method in producing superior research project results globally is however not fully explored in Nigeria.
Artiﬁcial intelligence (AI) can be classiﬁed into sixteen categories, which includes: reasoning, programming, artiﬁcial life, belief revision, data mining, distributed AI, expert systems, genetic algorithms systems, knowledge representation, machine learning, natural language understanding, neural networks, theorem proving, constraint satisfaction and theory of computation.
Benefits of AI in Market Research
AI will no doubt fundamentally change market research, addressing costs, time, distribution and application. The use of algorithms and Machine Learning is making market research faster and cheaper, cutting down project timelines from weeks and months to hours and days.
See below some benefits of AI in Market Research:
- Swift Analysis of open-ended text responses- With AI reviewing lots of open-ended (free-hand) survey responses is now easier and faster.
- Group/segment consumer’s/target audience faster and effectively- AI can be used to review a wider pool of consumer’s/target audience, removing those who may not be suitable or potential candidates.
- Saves time writing reports- AI algorithm can also be used to make certain assumptions and judgements about data, and then generate insights.
- Remove human error and bias from processing data- AI produces higher-quality data by removing unconscious human bias and remembering all things equally as simple data.
- Continuous improvement to surveys- AI can nonetheless act as a final quality assurance (QA) to any surveys you send out, and a constant aid as the survey gathers responses. With AI, you can see where questions may need tweaking or reveal bias and capitalize on machine learning to optimize your surveys based on past respondents.
Artificial intelligence (AI) has brought about a new solution – by using algorithms developed for specific data mining, businesses can scan huge amounts of market research data in far less time than traditional methods.