Market research is data driven evaluation of the potential of a new product or service, or understand what changes can be done to make a brand more attractive. This research allows businesses to identify their target audience, collect market information and analyze customer insights<\/a>. Moreover, the data helps overcome potential marketing challenges, and is the base for marketing strategies that improve brand innovation and success.<\/p>\n\n\n\n Market research is often conducted in two steps:<\/p>\n\n\n\n According to Forbes<\/a>, doing quality research before launching a new product or service provides you with information needed to make data driven decisions. The data informs pricing, branding, marketing design and potential brand innovation. It will also allow you to know if the new product or service is sought after by consumers. <\/p>\n\n\n\n Quality market research will also help you identify potential consumer markets. it’ll become clear who your target customers are, what are the best marketing channels to reach said audience. <\/p>\n\n\n\n Market research keeps businesses connected with their customers. Identifying current and potential consumer markets is the first step of primary market research. After finding the wider market, it is important to divide customers into smaller groups based on shared characteristics (similar needs, interests, lifestyles or demographic profiles). <\/p>\n\n\n\n Identifying customer sub-groups prior to performing CSAT surveys<\/a> or Social Listening<\/a> can provide a more accurate analysis and help businesses have a better understanding of their customers.<\/p>\n\n\n\n After identifying the consumer market, there are three main research methods:<\/p>\n\n\n\n The information extracted helps to better understand what customers are missing in the current market, and aggregate customer sentiment. <\/p>\n\n\n\n So, we know Market Research is great. And we already know that AI is great for eCommerce<\/a>. But let\u2019s talk about how AI will make it even better in 2020:<\/p>\n\n\n\n Market research needs to be done ASAP in order to maintain relevance. Delay in delivery often results in outdated insights and inaccurate sentiment analysis.<\/p>\n\n\n\n Most of a market researcher\u2019s time is spent writing reports. And It takes time. A lot of time. This results in delayed delivery, and often outdated data. AI-based market research delivers results in near real time. The AI technology collects the data form a selected target audience, automatically monitor and scan keywords or topics. And it does it all a lot faster than a human would.<\/p>\n\n\n\n For the Research to be effective and provide quality information, the data collection tool has to be designed with the target audience in mind. For example, Customer Satisfaction Surveys that aren\u2019t user friendly often cause low response rates that alter scoring or provide inaccurate information.<\/p>\n\n\n\n AI technology makes surveys more interactive and pliable by using customer\u2019s answers. Computer learning technology allows for a more dynamic analysis, and helps modify the existing tools to better suit the customers.<\/p>\n\n\n\n The research has to provide highly granular analysis for marketing campaign design and resource allocation. One of the biggest risks to research integrity is human-error or bias. For example, leading survey questions that will skew the data, and provide misleading analysis. Inaccurate data analysis results in unsuccessful marketing and lost sales.<\/p>\n\n\n\n AI enhances traditional CX analysis<\/a> methods. Research results are provided quickly, accurately and free of any human-errors or biases. The end product is a rapid, highly granular, spot on market research.<\/p>\n\n\n\n It is impossible to keep up with all the emails, open-ended survey responses, social media comments and call logs.<\/p>\n\n\n\n AI powered algorithms dive into those millions of words, perform quality text analysis<\/a>, and provide insight into what customers are thinking, feeling and looking for in the current market. Using both Natural Language Processing (NLP) and Sentiment Analysis<\/a>, AI technology runs through thousands of text comments, reviews and survey answers, and provides real-time quality analysis. <\/p>\n\n\n\n Revuze developed the first self-training, low touch AI technology that collects and analyzes customer feedback automatically and serve back valuable consumer insights. The data is independently scanned and analyzed by self learning algorithms. <\/p>\n\n\n\n The end result is highly granular Market Research that informes data-driven marketing design and resource allocation, improving sales and earnings.<\/p>\n","protected":false},"excerpt":{"rendered":" This article will explain what Market Research, discuss the impact AI technology has had on it, and will show four ways Artificial Intelligence will transform Market Research in 2020.<\/p>\n","protected":false},"author":17,"featured_media":6652,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/www.revuze.it\/blog\/wp-json\/wp\/v2\/posts\/4382"}],"collection":[{"href":"https:\/\/www.revuze.it\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.revuze.it\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.revuze.it\/blog\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/www.revuze.it\/blog\/wp-json\/wp\/v2\/comments?post=4382"}],"version-history":[{"count":0,"href":"https:\/\/www.revuze.it\/blog\/wp-json\/wp\/v2\/posts\/4382\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.revuze.it\/blog\/wp-json\/wp\/v2\/media\/6652"}],"wp:attachment":[{"href":"https:\/\/www.revuze.it\/blog\/wp-json\/wp\/v2\/media?parent=4382"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.revuze.it\/blog\/wp-json\/wp\/v2\/categories?post=4382"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.revuze.it\/blog\/wp-json\/wp\/v2\/tags?post=4382"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Why is Market Research important<\/strong> For Business?<\/h2>\n\n\n\n
Identify potential consumer markets and industry gaps<\/h4>\n\n\n\n
Stay in touch with your customers<\/h4>\n\n\n\n
Using surveys and questionnaires, brand can obtain consumer insights<\/a> that provide valuable knowledge of consumer desires, needs, and motivations. This way a brand can improve customer experience and increases sales.<\/p>\n\n\n\nHow to conduct Market Research<\/strong><\/h2>\n\n\n\n
How Artificial Intelligence will transform Market Research?<\/strong><\/h2>\n\n\n\n
Faster Research Delivery <\/h3>\n\n\n\n
More Flexible Solutions<\/h3>\n\n\n\n
![\"AI](\"https:\/\/www.revuze.it\/wp-content\/uploads\/2020\/06\/ai-and-market-research-1024x496.png\")
<\/figure>\n\n\n\nImprove CX Quality<\/h3>\n\n\n\n
Accurate Text Analysis<\/h3>\n\n\n\n
About Revuze<\/strong><\/h2>\n\n\n\n