3 Ways Generative AI is Transforming Market Research
It's 2024 and there's no shortage of generative AI solutions in the market, particularly for data-heavy industries like market research. With so many options, finding the best solution means starting with the problem you're trying to solve.
1 - Data Synthesis
After diligent data gathering, now you've got your data set, and you need to distill the data into an ingestible format. Dealing with large data sets, identifying themes, and summarizing points is a great low-hanging fruit for generative AI. Models like ChatGPT excel at taking large data sets and documents and returning summaries with callouts to key themes. What would have taken a team of researchers a few days to distill can now take minutes with little to no human input.
Platforms like ChatGPT can provide this functionality off the bat - simply upload transcripts and data sets to have the model output summaries.
2 - Chat-based surveys
As everyone started chatting with ChatGPT, a very clear impact area for market research emerged: ai-led chat-based surveys. Companies can create a survey, share the link with prospective survey takers, and have the LLM fully leads the conversation. The AI can follow up with respondents to clarify, probe on answers and create a “conversational rapport” for deeper responses. The outcome of these chats are distilled into key themes and learnings for each question in the survey.
Surveys can be ran completely autonomously, and results collected in days, not weeks. Companies like Outset provide a platform to set up and run chat-based surveys.
3 - AI Phone Surveys
One of the fastest feedback loops is through phone surveys. You know exactly when a participant is available to respond, and once they're on the phone, their responses can be gathered in a few minutes. Yet, the process of finding the right research participant (through pre-qualification), and being able to reach enough of them to have a decent pool size, can take weeks. This means hundreds of hours of phone agents dialling and going through prequalifying questions and finally the survey. Ensuring phone agents are available for the length of the survey also makes it a logistical challenge.
Enter AI voice agents that can run research conversations on the phone as well as a human. AI can run simultaneous conversations, across timezones, and always perform like your best agent. Researchers can also customise the voice, accent, and language of the survey to expand their markets and research pool.
Struct is the conversational voice AI agent that can automate any phone conversation. If you're interested in having our AI pre-qualify research candidates, and run fully autonomous research calls, connect with our team: https://cal.com/team/struct/30-minute
