Artificial Intelligence (A.I.) is becoming a significant aspect of our everyday life visible in aspects such as Netflix movies and Amazon products recommendations, hobbies related advertising, Uber prices establishing, email spam filters, smart personal assistant (Alexa, Siri, Google Assistant), text words prediction and correction, Facebook friends suggestion and so on.
Theses AI-powered tools widely ease our day-to-day existence, which makes one wonder how relevant are they from a work perspective? Interestingly, according to a Narrative Science recent study, 80% of executives believed that A.I. could improve work productivity and performance. Within the market research framework too, AI-powered tools can potentially assist marketers and researchers in a variety of ways as explored below.
The last decade has been characterized by extraordinary developments in technology. As computer power has increased exponentially, so too has the volume of data. This has resulted in countless opportunities in industries as varied as market research, healthcare and retail. One particular manifestation of this has been in the form of Big Data.
While market research is often mentioned as a way to assist a business in its growth, the various ways it can be used to attain this goal are not always understood or even known.
As data collection techniques embrace a more digital approach, researchers and marketers alike find themselves increasingly inundated with data from different sources- whether first party, second party or third party data. Whilst there is inherently value in all data sources, it would be naïve to assume that all three hold equal value across different contexts.
Some sixty years ago, Wendell R Smith developed the idea of segmenting consumers in a bid to better understand their purchasing patterns and motivations. Since then, the concept has become firmly entrenched in the fields of marketing and market research. As technology continues to revolutionize consumers’ shopping habits however, some are beginning to question whether segmenting consumers on the basis of demographics is still relevant today?
Market research can take a number of shapes and forms, from general market studies to employee or customer satisfaction surveys to feasibility studies and business plans, etc. Once the initial decision to conduct market research has been made, another key decision relates to whether the research should be conducted in-house or whether a third-party provider should step in.
In July 2016, an augmented reality game took the world and social media by storm. Launched by Niantic Labs, Pokémon Go became the most downloaded mobile app within the first week of its release in the history of the App Store. Twelve months on, no app launch has come remotely close to taking its place.