How many of us had even heard of a “Chat GPT” a few months ago? But now the question—that we pose to the artificial intelligence chatbots and ourselves—is how will these AI chatbots change the world? As fascinating as chatbots are, they are just one example of the near-future technologies that will change how the world does business. And in market research, the key is using information to improve and always stay ahead of the competition. So let’s consider coming tools that will make a huge difference in research, even in the next two-to-five years.
Big Data / AI as a Predictor
Data is nothing new in market research, and the amount of data collected and analyzed is continuing to grow at an astronomical rate. But we’re on the cusp of a new use for Big Data. Currently, most data is being used to target ideal customers and track their usage—to make sure they have what they need and are happy with what they have. In the coming years, though, Big Data will also predict what customers want. We’re not just talking about knowing when a customer’s supply is low. We’re talking about using data to forecast market trends, just as weathercasters use data to predict the coming weather. With Big Data and AI, we will be able to assess what products and services are the next “must-have,” even when they’re just at the development stage.
Soon you’ll be able to use virtual simulations in market research. From having customers use VR goggles to see a store’s redesign to freestanding holographs of products, you’ll be able to create realistic, scale mock-ups, then test how a customer responds to them before going into production. You’ll even have multiple versions you can test, and then make adjustments in real-time, all at a price that will be just a fraction of the cost of making the physical demos.
As sensors continue to grow smaller and more sensitive, products will contain embedded technology that allows incredible insight into how customers use their products. From wearables to geotags, customers can share real-time data—what they love or hate, why something broke, how they used a product or service in an unexpected way, and so much more. And you’ll be able to use that data to differentiate how regular and casual customers use the products and, therefore, more effectively meet your best clients’ needs.
For more insights on how to best use technology to help you understand your customers and coming trends, contact the team members at Ebony Marketing Systems. We are experts at conducting research that reaches people in a new way. For more information, call us at (718)742-0006 or send us a message today.