Market researchers usually have a hard time preparing and conducting surveys to gather valuable data on customers as well as competitors and sorting that data to offer actionable Intel to marketing heads to enable them to devise marketing strategies accordingly.
So, basically their job centers around data, data, and more data, it is solely reason enough for them to consider ditching their jaded and often erroneous data collecting system and step into the domain of AI by pursuing customer market analysis courses.
Despite recognizing and appreciating the manifold advantages of AI, some uneasiness lingers in most industries regarding its applications and full integration.
However, market researchers were thankfully, quick to recognize the pros the AI package has to offer. The implementation of AI would take most of the hassle way from their job. Surveys conducted over the past couple of years show that almost 80% of market researchers are in favor of AI and they believe that it will be the harbinger of new opportunities.
Any conversation with a seasoned market researcher would reveal the issues that continuously bug them. A huge amount of time and money that go into the process along with the enormity of data they have to process, can lead to frustration.
With rampant consumerism becoming a reality of modern society, the market researchers would need to deal with an even bigger amount of data.
Some agencies have already started migrating to AI solutions to address these concerns and they are seeing the difference already. Machine Learning Using Python is becoming a trend which they are veering towards.
Although companies are still holding back from fully integrating AI into their operations, in near future the scenario might change considering the benefits AI can offer
Shortening data processing time: Usually, it takes months to complete projects, but, with AI-powered tools, the duration of the projects can be shortened. Data processing and producing insight based upon data findings can be almost instantaneous.
It would enable the marketing heads to tackle issues faster than ever before, thus gaining an edge over the competition. Report generation would take less time and the team can be employed to handle some other productive tasks.
Higher efficiency in data handling: Any organization has to deal with a huge amount of data, as every year new data gets added to their database. However, when it comes to market research, mostly experience data is put to use while operational data which is mainly old data is shifted to the backburner. AI integration can solve this issue by combining both data sets, and combing through this massive data to produce insights and find new patterns in customer behavior which was earlier missed by your team.
Implementation of AI can take the errors out of the present survey system and make it more efficient. Using ML and NLP, survey questions can be shaped in a conversational style which would immediately put the respondents in a comfort zone thereby improving the chance of eliciting an accurate response. AI-powered tools can also put together a list of respondents who are apt for the survey and eliminating random ones out of the list.
Customize marketing strategy: As AI gets integrated into your market research process, it starts analyzing customer behavior by going through the bounce rate, as well as login data. As a result, it points out those customer, marketing teams need to work on. They get a chance to customize a marketing strategy for them.
There is no denying the fact that AI can transform the way market researchers work. Integration and adoption of AI would certainly take time but, eventually, the merger would happen. Since AI is a highly specialized domain, the market research teams need to upgrade themselves. Enrolling in a premier artificial intelligence certification in delhi ncr, would help them be prepared for a smarter future.