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Using AI to Understand Your Market Better: An Overview of the Role of AI in Market Research

Using market research to collect data and draw insights into consumer behavior is one of the most integral parts of marketing. And while there’s a large range of marketing technology tools and automation available, they aren’t game changers in the way Artificial Intelligence (AI) can be. 

Artificial intelligence programs aren’t the same as automation or software programs. AI can learn from huge datasets in the same way human brains do. The ability to learn and adapt is what differentiates artificial intelligence from other technology. It is closer to human intelligence than it is to machines or code. 

When it comes to market research, AI can plug the gaps between your consumers and you, helping you understand your consumer base in a way nothing else can. 

How AI Can Supercharge Market Research 

Here are a few ways AI can enhance your market research: 

Quickly scan billions of data points and create reports 

One of the most time-consuming parts of market research is analyzing data to draw conclusions about preferences, consumer behavior and other topics. Artificial intelligence programs can quickly, often instantly, scan billions and billions of data points and create data-based reports to help marketers understand their consumers. 

Draw insights that can be hard for humans to spot 

AI algorithms can be taught to analyze and spot patterns in vast amounts of data. This ability to connect the dots, identify trends and make predictions based on historical data is what puts AI programs eons ahead of any other technology-based marketing tools, or even human marketers. The human brain’s ability to spot patterns in data is limited, and this is one area where AI can give you an edge. 

Analyze text to understand sentiments and popularity 

AI can analyze data sourced from surveys or questionnaires and scan social media posts, news and other internet data to identify prevailing sentiments on a particular topic, or pinpoint the most popular trends in music, memes, products or entertainment. This can be hugely beneficial to marketers looking to understand a target demographic that is unfamiliar to them, like Gen Z consumers, or a particular cultural community. 

Predict consumer behavior 

AI’s top advantage over human marketers is its ability to examine consumer data and draw conclusions about the future. AI programs can look at consumption patterns and guess what other products or services consumers are likely to buy. 

At Ebony Marketing Systems, we understand the power of comprehensive and multicultural market research. We can help you glean business insights and develop a customized marketing plan to appeal to your target market. Call us at (718)742-0006 or contact us online

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