Artificial Intelligence (AI) is changing how organisations do business, no matter their industry.
The new technology is disrupting traditional business processes, causing a digital transformation, reducing waste, and cutting overhead costs. In a fast-changing environment where brands struggle to stay ahead by developing innovative products and services, detecting and predicting trends ahead of the competition is necessary.
That is where social data and artificial intelligence come in.
AI is revolutionising the social market research industry by providing more cost-effective, fast and efficient ways to collect, analyse, and interpret data from social media platforms, online forums and other digital sources. With AI, businesses can get real-time insights that can help them respond quickly to changing market conditions and consumer behaviour.
But many companies still think AI-enabled consumer insights are limited in scope and short term. They see the high cost of development and deployment and aren't sure that AI is right for their businesses.
Recent studies, however, predict an exponential growth of the global AI market research industry driven by increasing demand for more accurate and real-time market insights. A 2020 report from Grand View Research titled "Artificial Intelligence in Market Research Market Size, Share and Trends Analysis By Application, By Region, And Segment Forecasts, 2020- 2027" estimates that the global AI in the market research industry will reach $4.05 billion (Sh562 billion) by 2027, driven by the increasing adoption of AI-powered tools and technologies by businesses across various industries.
A 2021 report from ResearchAndMarkets.com titled "AI in Market Research Market by Offering, Application, End-user, and Geography - Global Forecast to 2027" also predicts that the global AI market research industry will grow at a compound annual growth rate of 25.2 per cent from 2021 to 2027, driven by increasing demand for more accurate and real-time market insights.
As such, businesses that adopt AI-enabled market research will gain a competitive advantage by getting more accurate, timely, and actionable consumer insights and market trends.
These businesses recognise the need for better consumer intelligence that will allow them to explore their markets, spot unmet needs, and mitigate brand health risks, but many still need to make the case for the new solution.
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 behaviours 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 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 programmes, businesses can also cut across internal data silos in social listening, CRM, voice of the customer, customer feedback management, and more to create a single accurate source of truth - and reduce duplication of work across teams.
These are the reasons why businesses looking to enhance consumer-centricity and attain higher productivity 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.
