Every industry has been impacted by artificial intelligence (AI) over the past decade. The market research realm is no exception to this change. AI has been playing an instrumental role in helping businesses boost lead volume, improve deal conversions, and supercharge sales performance through intelligent insights about their target market.
“37% of businesses are already employing AI in their operations.”
According to Dataprot, 37% of businesses are already employing AI in their operations. Integrating AI in business processes has given way to endless possibilities for streamlining business operations. From automating repetitive tasks, conducting thorough market research, and carrying out complex computational tasks, AI has come a long way in streamlining market research efforts.
No wonder, the global intelligence market size is expected to grow at a CAGR of 38.1% between 2022 to 2030.
The pace at which the AI industry is growing is fascinating. In this post, we shall share the top AI trends in the market research domain that will impact the market research industry in 2023.
Top 5 AI Trends That Will Shape the Market Research Industry in 2023
#1. AI-Powered Market Research for Price Optimization
The easiest way to boost the profitability of your business in today’s competitive industry is by optimizing the pricing of your offerings. Market research helps you find the perfect sweet spot to balance value with profit to transform your sales and lead your business to growth and success.
However, price optimization is a tedious process. It involves conducting extensive market research to analyze the market data, customer demands, competition, and seasonal trends for arriving at an optimal price point for the product or service.
AI helps in setting up an effective pricing strategy. Using an AI-powered market research solution can help the sales team to adjust the pricing by studying the data and efficacy of various pricing models on various business goals. This helps businesses to approach the price optimization process innovatively.
AI’s self-learning algorithms can evaluate vast amounts of data, such as market signals, customer preferences, and competitive intelligence. It can also look at various pricing models to suggest the most efficient pricing structure that will positively impact sales.
AI-powered market research will help businesses develop a competitive pricing strategy to drive growth. Further, integrating the results of this AI-powered market research with CPQ software will help sales teams to configure product offerings and generate proposals for the customers without any hassles. Businesses can leverage various CPQ pricing methods (configure price quotes) to generate quotations in no time.
As this technology offers immense potential to increase the bottom line, it is a lucrative AI trend that every market research team must keep an eye on in 2023.
#2. CX Market Research Applying Emotion AI
Customer experience has become an important aspect of the market research field over the last few years. Many businesses are leveraging market research companies to conduct studies on the customer journey and understand the factor that impacts customer loyalty and engagement. This study empowers businesses to observe the major touch points in customer journeys and understand their impact on the overall customer experience.
AI-driven CX market research leverages surveys, trackers, social monitoring tools, and other qualitative analysis software to collect customer data for each touchpoint. The AI engine then conducts a cross-analysis to identify the root causes that impact customer experiences. With the help of these right AI tools, businesses can identify the touchpoints that offer poor customer experiences. They will be able to immediately send a follow-up alert to the respective team automatically so that the issue can be addressed on time.
It helps businesses elevate the experience by prioritizing and executing intelligent solutions for mapping customer journeys, soliciting direct feedback, designing immersive experiences, predicting customer needs, and more. The CX researchers capture rich data with the help of sentiment tracking, innovation testing, and competitor tracking to learn about the factors governing customer purchase decisions.
Customer experience market research is another game-changing trend that is expected to flourish in 2023.
#3. The Rise of AI-Powered Survey Technology
Analyzing free-text survey responses is often considered to be one of the most time-consuming tasks of market research. Organizing and understanding answers to open-ended questions require a significant amount of effort. Here, AI-facilitated online surveys help in conducting extensive market research that presents thorough insights and analysis of customer behavior.
Leveraging AI-powered engines can read abundant survey data and categorize the textual answers into meaningful insights. In market research, AI can organize unstructured data by aligning it with the context and converting it into actionable insights that the researchers are looking for.
AI can understand all kinds of abbreviations, emojis, sentiments, and more and adequately filter out the noise or nonsensical text to provide clear information to the researchers. Its flexibility helps them to add new questions to the surveys and categorize them into various logical groups without hampering the data quality.
AI-powered survey technology produces an in-depth interpretation of qualitative data that contains the richest customer insights. With surveys becoming more customer-centric, pairing them with AI is a powerful technique for the market research industry.
#4. Inclusivity through AI Models
Diversity and inclusion are key factors in organizational and marketing strategies that businesses are investing in to reach their customers.
Inclusive market research empowers businesses to tap into a bigger consumer pool belonging to culturally diverse demographics. This ensures that the brands’ campaigns resonate with everyone, no matter who they are and where they come from. Making market research more inclusive ensures that the voice of all the potential customers is heard and brands build exclusive campaigns that understand the differences between diverse groups.
AI models leverage technologies, such as machine learning, deep learning, predictive analysis, and more to understand and mimic the customers’ decision-making abilities. They also provide intelligent insights for hyper-personalizing the businesses’ efforts for conducting market research.
The market research in 2023 will be aimed at increasing the chances for businesses to research a huge section of culturally diverse customers. This will help in making inclusive business decisions for product development, marketing, customer experience, and more.
#5. AI Applied to Social Media Market Research
Social media has always been popularized as an advertising and marketing tool. However, leveraging social media for market research offers businesses outstanding social and behavioral data insights about their customers. Social media market research helps facilitate better comprehension of the customers’ psychology and behavior.
AI helps in gathering authentic data that businesses can leverage to build creative campaigns for attracting target audiences to their offerings. AI-powered market research solutions help market research professionals to capture essential social media data and attain enhanced insights about customer intelligence.
AI has boosted the following aspects of social media market research – monitoring user behavior and engagement, refining content targeting, boosting efforts with better performance insights, and more.
Here are a few ways AI-based tools help in conducting market research on social media.
- AI-enabled tools can analyze trending and historical data and provide real-time insights about creating shareable content on social media.
- AI technology tools can also predict the performance of visual content strategy. They do this by observing the audience’s reaction to the picture composition, color palette, texture, and more thereby giving insights for enhancing the content reach and engagement.
- AI chatbots aid in enhancing the customer experience by providing instant solutions to customer issues, capturing their feedback, and delivering great customer experience.
- AI-enabled social listening tools monitor the customers’ behavior, brand mentions, hashtags, and more to provide a clear snapshot of their feelings about your brand.
So, will AI take over market research?
AI is no longer a new technology and the advancements in AI are certainly proving to be game-changers for conducting outstanding market research. By replacing intuition with intelligence, AI is improving the target outcomes by focusing on major data sets and providing intelligent insights into business success.
Keep an eye on these emerging AI trends and implement them to skyrocket your market research efforts in 2023.