Other challenges border on bias as AI algorithms may perpetuate existing biases in the data they analyze . This can lead to inaccurate insights and discriminatory practices . AI algorithms also can only analyze data that has been inputted into the system . This means that market researchers must ensure that they are asking the right questions and collecting the right data to ensure that the insights generated by AI are relevant and accurate .
Barring the challenges associated with AI adoption in market research , such as data privacy concerns and the need for skilled professionals who can effectively use and interpret AI-powered tools and technologies , AI-enabled market research is a novel concept worth investing in for various reasons .
Historically , social listening and monitoring have been used by marketers to keep an eye on what consumers are saying about the brand , get a pulse on general sentiment , and market more effectively . Today ’ s applications of consumer intelligence stretch far beyond traditional use cases and impact every stage of the customer lifecycle . The insights play a more strategic role in broader initiatives like understanding shifting behaviors and emerging models in a post-covid era .
Real-time AI-enabled consumer insights provide the necessary data sources to enable businesses to find answers to critical issues like how a brand is perceived , how campaigns are performing , and which trends are impacting the market and who influences them . AI further helps brands gain insights into unmet consumer needs and where there are whitespace opportunities .
With AI-enabled consumer intelligence programs , businesses can cut across internal data silos in social listening , customer relationship management , voice of the customer , customer feedback management , and more to create a single accurate source of truth - and reduce duplication of work across teams .
What ’ s more is the ability to create room for personalization . AI-powered tools can help researchers analyze data on an individual level , providing insights that can be used to personalize marketing messages and product offerings to specific target audiences .
Those are the reasons why businesses looking to enhance consumer-centricity and attain higher productivity among other
things are increasingly using AI consumer intelligence to understand new markets , new audiences , and launch new offerings .
With the understanding that AI-enabled market research will continue to reshape how brands incorporate consumer insights into everyday decision-making , the challenge is how brands should prepare for the future .
It is crystal clear that getting the pulse of consumers in 2023 and beyond will require new ( AI-powered ) tools and new skills . The role of AI in insights , marketing , and innovation is only going to expand , so teams need to prepare now to coordinate and consolidate efforts around a single source of truth and track emerging channels and data sources needed to get the full picture of consumers .
How individual brands adopt and roll out AI-enabled consumer insights will , however , depend on their focus , functional needs , and ultimately , their current digital and data maturity . Orienting your plan to where you are in the journey towards better consumer intelligence is also critical .
Before making a software investment , businesses need to consider which path suits their resources and insights aspirations .
For brands struggling to find qualified tech talent to support insights initiatives , they ’ ll have to lean on partners to fill gaps and support regional data collection and applications . This is where hybrid AI
Consumer Insight providers step in , to bring scale and substance - something which is only possible from integrated human-machine teams .
Businesses must therefore prepare to choose a trusted partner that brings data science and social intelligence expertise .
Ipsos has developed an AI-enabled consumer intelligence platform , Synthesio , to enable businesses make consumercentric decisions at scale by collecting , structuring , and analyzing billions of online conversations .
The platform helps brands to understand their ever-changing consumer by revealing the specific language patterns that defines and drives the online conversation , benchmark and track the impact of online conversations against business goals and brand performance . From the insights , companies can innovate their product and marketing strategies by surfacing new and emerging needs .
By tapping into AI-enabled consumer insights companies can make better informed decisions , improve customer satisfaction and loyalty , and drive growth and profitability .
Enock Wandera is the Chief Client Officer at Ipsos Limited . You can commune with him on this and related matters on mail via : Enock . Wandera @ ipsos . com .