There are literally hundreds of different ways you could use AI in market research. It might be automatically categorizing text from surveys, generating executive summaries of studies, uploading synthetic samples into your data, or making AI-powered predictions on future trends.
In fact, if there's a process in your workflow that's taking a long time, chances are there's a way you can automate it with AI.
With so many different use cases of AI in market research, there are a host of different tools available for you to add to your tech stack.
Choosing the right tool for you and your business is going to depend on a number of different factors - your goals, your AI strategy, your customers, and your available resources. To help you find the right solution we have pulled together this guide to explain what some of the industry leaders do and how it could benefit you.
1. Displayr
Displayr AI allows market researchers to perform powerful analysis and generate valuable insights with speed and accuracy. AI-powered text analytics enables users to instantly find themes and classify responses from open-ended text data, then perform advanced analysis and visualize the findings.
Displayr's natural language interface serves as an in-built research assistant for market researchers, performing analysis, cleaning data, and enriching insights with the guidance of prompts.
2. ChatGPT
As mentioned above, budget is one of the main determining factors when selecting an AI tool for market researchers. Although ChatGPT offers paid plans with enhanced benefits, the free version is still a very useful tool for any market researcher, especially when used effectively. ChatGPT can easily write summaries of your reports, conduct competitor analysis or predict market trends. Be sure to brush up on your prompt-engineering skills before you get started.
You can experiment with market research in ChatGPT.
3. Qualtrics
Qualtrics offers a number of different AI solutions that help market researchers to work smarter and faster. It analyzes more than 3.5 billion conversations each year in 20 different languages, meaning it has a vast database of human sentiment to work from. As a result, the company has embedded AI capabilities across its product suites that allow users to predict customer needs, anticipate and address employee attrition, improve customer experience, and share feedback.
4. BoltChatAI
BoltChatAI is an automated qualitative research platform designed to deliver qualitative research at scale. It allows users to utilize AI-generated discussion guides based on consumer conversations and conversational consumer chats to carry out qualitative research. After the research is carried out, results are shared within 24 hours.
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5. Lucy
Lucy is an AI-powered knowledge management system designed to remove time-consuming processes of uploading, tagging, and curation while also ensuring new information and relevant updates are continually added to the system. This frees up time for team members and allows them to find answers easier.
6. Harmoni by Infotools
Harmoni by Infotools is a data-agnostic platform, designed to help market researchers process their data and generate insights. Use cases include; brand and advertising tracking, customer satisfaction, segmentation, usage, sales tracking, product testing and multi-level analysis and visualization.
7. Fairgen
Fairgen is a relative newcomer to the industry, launching in 2021. It offers AI solutions for the research, insights, and research technology industries. Researchers can use AI to generate insights decks and use synthetic sample boosters to improve the effective sample score of niche segments.
8. Quantilope
Founded in 2014, Quantilope has been designed to help market researchers automate consumer research. It has recently launched a number of AI tools and solutions, including automated survey creation and insight summaries, as well as an AI co-pilot to help improve productivity.
9. PRS IN VIVO
PRS IN VIVO is a research consultancy specializing in behavioral science and packaging. In 2021, it launched an AI solution to improve packaging effectiveness. The tool was designed to provide performance predictions for packaging design using an algorithm based on in-context behavioral data.
10. Blix
Blix provides a range of powerful features within its text analysis suite, including automatic topic identification, support for multiple languages, AI-driven coding, and the generation of automated summaries and reports. This makes it an excellent tool for professionals in market research, consumer insights, customer experience, and competitive intelligence.
11. Yabble
Yabble is known for its Virtual Audiences product, a synthetic data offering that allows researchers to generate insights without the traditional fieldwork stage. Virtual Audiences is based on Yabble's augmented data model, which collects relevant and timely information based on a user's topic of interest and synthesizes this data into a lake of knowledge.
12. NewtonX
NewtonX is a B2B research company, offering expert insights from business professionals spanning 140 industries. It has developed an AI-driven algorithm to help researchers find niche audiences at scale. The algorithm works by taking the research question, refining the audience, scanning professional networks, and then compiling a list of relevant professionals to speak with.
13. Canvs AI
Canvs AI offers tools for measuring emotions, analyzing topics and themes, and includes a generative AI assistant to help users. The platform allows users to customize their experience by adding, removing, or reclassifying emotions, topics, or codes. It's an invaluable resource for those involved in brand research, consumer behavior analysis, or testing new concepts.
14. Vurvey
Vurvey is a generative AI-based web platform that enhances video surveys with AI to add scale to market research projects. It offers AI Agents trained on customers' unique data and industry knowledge. This provides on-demand access to consumer intelligence, helping researchers make better-informed decisions.
Do you even need AI for market research?
Although tools like ChatGPT and Displayr offer useful free versions, implementing AI into your market research is going to come with a price tag. So do you even need to use AI when conducting market research?
The short answer is no. Market research existed long before AI was the phenomenon it is today, and every step in your workflow could be done manually if required. But in a competitive market, the speed and productivity gains that AI brings can be exactly what you need to get the edge over your competitors.
Displayr's (anecdotal) research has found that around 50% of market researchers are either using or experimenting with AI, while the other 50% are feeling anxious about it.
AI brings clear risks for market researchers, particularly around hallucinations and accuracy issues. However, these risks can be mitigated by human intervention (i.e., manually reviewing AI-generated outputs), and they do not outweigh the risk of being left behind.
Do more with less
Displayr AI lets you spend less time deciphering information and more time analyzing data. It's a one-stop market research AI tool for text analysis, crosstabs, statistical testing, driver analysis and more.
