Market research: How will AI have a transformational effect on the market
Market research enables businesses to determine their target audience and then helps them obtain consumer feedback on a product's desirability. Companies can learn product desirability by conducting direct interviews with their target group.
Researchers demonstrate that marketing decision-makers have a low preference for traditional market research, despite the significance of this study. For instance, revenue decreased from a high of $46.1 billion in 2014 to $45.8 billion in 2017. Nevertheless, why has traditional market research declined in recent years? What has altered the market as a whole? How will AI improve conditions for more detailed and more accessible market research?
All of the questions will be answered in the preceding sections.
What changes have been made to traditional market research?
Market research is no longer a priority for businesses and decision-makers as it is costly, time-consuming, complicated, and ineffective across all fields. For those reasons, market research has been used almost exclusively to make high-stakes decisions regarding essential procedures such as brand identity, product design, and pricing.
Despite the significance of the market research process, as mentioned above, only a small number of employees possess and have access to these data when businesses discover results. In addition, these data were used only once to answer a business question before being discarded. Last but not least, the rise of big data causes the decline of traditional market research, as it is not valid and "important" anymore.
How will AI improve the market's efficiency?
AI is the capability of technology to perform tasks that generally require human intellectual ability, such as creative thinking. ΑΙ has been a source of dread and hope, and many people eagerly await its arrival out of either fear or impatience for a better professional future. What will AI bring to the market research industry? Which jobs will be modified, and which tasks will be eliminated?
To be as specific as possible, among 250 market research decision-makers, 93% of them believe AI will positively impact their daily work routine. In contrast, only 7% view it as a threat to the industry.
26% of decision-makers believe AI will increase the number of market research jobs, while 35% believe it will reduce the number of jobs overall. In addition, 39% believe the job market will remain the same because AI will change their tasks rather than their absolute position. 12% have considered leaving market research entirely in order to protect themselves from AI.
It remains to be seen exactly what will occur with AI in market research. However, as time passes, companies will become more familiar with AI, and tasks will be separated into "for humans" and "for AI."
Prior to becoming acquainted with AI, employees may require additional training to comprehend their roles, the new job's reality, their new responsibilities, and how to coexist with AI. Employees who cannot adapt to AI may need to change their professional orientation.
Traditional VS AI market research
AI is closer than one may believe; some businesses have already adopted it and are thrilled with its benefits. Moreover, AI has already given market research a new shape and dynamic, as it is closely tied to the digital process.
However, businesses have yet to witness the true power of artificial intelligence; it is about to fundamentally alter market research in terms of cost, time, and application. As a result, market research will become simpler, quicker, more accessible, and more affordable. Additionally, it will reduce research and project durations to hours and days.
This way, companies will use AI for all their research needs, not just the most significant or crucial ones, as they will always receive rapid and accurate results. Moreover, these results will be accessible to all employees, not just a select few.
Simultaneously incorporating real-time data from multiple sources into market research projects is a significant additional advantage. Organizations utilize AI-driven market research to demonstrate how the method expands data access driving tactical decision-making. However, other adjustments must be made regarding the company, and ongoing training is more than necessary.
What if companies can adapt AI right now?
Although AI has been a well-known technology for years, the time has come to implement it in the workplace, and not all employees are familiar with it.
Only 52% of market researchers are confident in their understanding of artificial intelligence and its impact on their field.
Why shouldn't every business learn AI and reap its benefits? Why not conduct superior market research and gain an in-depth understanding of the market using superior technologies? Through market intelligence, devToM now provides every company with all the benefits of artificial intelligence.
With AI market research tools, businesses can:
- Gain access to global databases
- Collect real-time market data via advanced search
- Quickly transform this information into actionable insights.
- Reports and insights will make information comprehensive for all, guide them through market trends, and assist them in planning their next steps.
- Identify risks and business opportunities ahead of the competition, act proactively, and skyrocket sales.
Now, market analysis can be conducted with the click of a button. Companies can now utilize filters and AI to acquire real-time market data and create innovative products. devToM AI Market Intelligence enables businesses to analyze data, connect it to published scientific research, and be helpful with accessing and exporting reports to aid in product development decisions.
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With devToM, businesses can use AI to locate consumer information, blogs, reviews for their product or another, product news from competitors, and competent professionals.
How can companies use devToM to thrive in AI intelligence?
Companies register their project to gain the devToM's advantages in AI intelligence. However, they can also register an idea if they have yet to reach out to a specific product.
Through registration, there are particular fields that each company must complete. By doing so, they develop their ideas even more, gaining a more comprehensive perspective.
After businesses have added their product or concept, they can click on ask ToM, navigate to the Market Intelligence section, and click on the above segments.
They can find helpful information regarding market research, like consumer insights, blogs and reviews, pricing insights, and product news. Furthermore, altering the relevant keywords in those four categories can make the search increasingly specific and different. In this way, companies have all the information they require regarding their consumers, their competitors, pricing insights, and general product news regarding their product through AI intelligence.
devToM is an AI-powered Product Development platform that converts and maintains product ideas, a SaaS application that enables product intelligence by combining the power of artificial intelligence, unstructured data, and a system of best practices.
Regarding devToM, professionals can quickly identify risks and opportunities, analyze the market using real-time data, design innovative products based on market trends, collaborate with their teams more effectively, and create successful products. Find more about devToM here.
Every business should try AI with devToM, given it is crucial, advantageous, and effective for the future of business and technology. Since AI is the industry's future and is essential, practical, and necessary, why wouldn't every business try devToM? Why not be one step ahead of the competition? When the rest of the companies train in AI, firms that already utilize devToM will be familiar with those market research results.
As AI becomes more intelligent, businesses incorporating AI-driven research into their operations will maintain a competitive advantage. devToM enables the AI solution to access the correct data and return actionable recommendations. Using a language anyone can comprehend, devToM allows more enterprise employees to utilize market research.
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