Artificial intelligence (AI) is transforming most industries, and market research is no exception. Utilizing AI, like OpenAI's ChatGPT, can improve the efficiency, accuracy, and insights within your industry research activities. In this article, we’ll suggest a few ways you can use AI to better understand your audience, as well as share some best practices and precautions to take.
At market research agency Callosum Marketing, we and some of our clients are incorporating AI to improve various aspects of deriving consumer insights – here are some examples to consider:
Social Media Monitoring
AI can be used to track brand mentions, customer conversations, and sentiments on social media platforms. Additionally, you can identify & respond to trends, influencers, and potential PR concerns. It may be worth your investment to Implement an AI-based social media monitoring system for your brand(s).
Data Visualization
There are many AI programs that can generate easy-to-understand visual representations of complex datasets. This will help you to communicate customer insights and trends effectively to team members & stakeholders. Rather than relying solely on manual creation of charts & graphs, try leveraging AI-driven data visualization tools to create dynamic, interactive, and insightful representations of marketing data.
Predictive Analytics
By analyzing historical data with AI, you can forecast trends, customer sentiment, and changes in demand for your offer.
When prompting artificial intelligence, here are some tips that have helped us and our clients:
Be specific, clear, and avoid vague language.
“Analyze reviews” < “Analyze the sentiment of customer reviews for Product X on Amazon from the past 3 years”
Provide context in your query.
“How do people feel about it?” < “How do people feel about the new features introduced in our latest software update, based on the feedback on our Facebook page?”
Ask a series of smaller, more manageable questions.
“Determine the most liked features, least liked features, and trends from customer reviews” < Asking each of these items as an individual query.
Limit complexity and ensure your query is within the scope of the AI model.
“What are the marketing trends that will affect all aspects of the industry?” < “What are the top 3 marketing trends likely to influence growth marketing strategies in 2023?”
Some important things to consider!
Avoiding AI bias - Be aware of potential biases in your training data or AI algorithms. Consider Periodically assessing AI algorithms for biases and ensure equal representation in the training data to provide fair recommendations for all users.
Data privacy and security - Implement data protection measures to meet privacy standards and regulations (e.g., GDPR, CCPA). Additionally, Ensure AI models only process anonymous, non-sensitive data, or properly anonymize sensitive data.
Adhere to regulatory standards - Follow regulatory guidelines for AI usage in your industry and location. Keep up to date with the latest standards to avoid legal and compliance issues.
By combining AI tools such as ChatGPT with human creativity & validation, there is immense potential to improve how we conduct market research. We’re interested to hear about how you have been integrating AI into researching your target audience – send us a note at info@callosum.ca. We’d also be excited to discuss your upcoming customer research needs and propose a methodology that incorporates the latest technology.