Recent advancements in artificial intelligence — such as machine learning, deep learning, Internet of Things (IoT) and big data analytics — are helping to make market research more valuable and applicable, and at the same time, more accessible and cost-effective. Indeed, whereas in the past AI-augmented market research was something that only large enterprises could afford to invest in, today startups and small businesses can reap the rewards — and put themselves on track for long-term growth and profitability.
Below are three ways that the convergence of market research and artificial intelligence is helping businesses generate valuable insights about their customers, marketplace and competition:
Marketing Research & Artificial Intelligence Convergence: Improving Customer Experience
Businesses are using artificial intelligence technologies to collect an immense amount of customer data that goes beyond traditional metrics like number of inquiries, and reveals how customers want to be engaged (channel, touch point, method, medium, time, frequency, type of content, and so on). All of this insight being leveraged increases the chances that customer experience will be consistently positive across the buyer’s journey, from pre-sales research to post-sales loyalty and brand evangelism.
Marketing Research & Artificial Intelligence Convergence: Understanding Buyer Personas
Segmenting customers (current and prospective) is not a new concept. However, artificial intelligence technologies are taking buyer persona development — and especially accuracy — to unprecedented levels, so that businesses can profile and predict how various customer groups will respond to messages, pricing, products, promotions, and so on.
This is especially important in the B2B space, since according to Gartner research an average of 7 people are involved in a single purchase decision. If even one of these stakeholders is not engaged, informed and persuaded, then the deal can “die on the vine.”
Marketing Research & Artificial Intelligence Convergence: Improving Market Research Respondent Recruitment
While credible and professional market research firms already use several technologies, strategies and processes to ensure that participants are suitable, artificial intelligence technologies are making this process both faster and more effective — especially when it comes to identifying candidates that must fit into a specific profile based on the research objective (e.g. “procurement managers with at least two years of experience working in agricultural industry businesses, with at least 100 employees and revenues of over $1 million per year for at least the last 5 years”).
To learn more about how we leverage artificial technologies to improve market research results, recommendation and ROI, contact us today. You’ll speak with our co-CEO Colson Steber to determine if artificial technologies can help your market research efforts!