Know how Artificial Intelligence can Impact your Market Research

1. KNOW HOW ARTIFICIAL INTELLIGENCE CAN IMPACT YOUR MARKET RESEARCH © 2019 All Rights Reserved, No part of this document should be modified/used without prior consent Guires Solutions Pvt Ltd INDIA : Nungambakkam, Chennai, 600 034. USA Mockingbird 1314 W, Mockingbird Lane, Suite 600W, Dallas, Texas, 75247 Sales : info@guires.com Support : support@guires.com www.guires.com

2. Impact of AI in Market Research Artificial Intelligence is the ability of machines to learn and adapt to make decisions themselves; the concept has been around for a while but now is the time for its physical manifestation. Still, in its nascent stage, AI is already making a huge impact everywhere it is being used. Before dwelling into AI’s impact onmarket research, it’s imperative to understand what Artificial Intelligence is. As the name implies it is the intelligence of machines, that is, the ability to process information to take a nuanced decision to achieve an intended outcome; to be more human-like in their faculty to distinguish variants in speech, understand and create arts and poetry, to understand emotions, at least, as a response variant; analogous to a human being with machine-like capabilities or vice versa. © 2019 All Rights Reserved, No part of this document should be modified/used without prior consent Guires Solutions Pvt Ltd INDIA : Nungambakkam, Chennai, 600 034. USA Mockingbird 1314 W, Mockingbird Lane, Suite 600W, Dallas, Texas, 75247 Sales : info@guires.com Support : support@guires.com www.guires.com

3. Market research is the process of gathering information about the market and customers. There are already many applications of Artificial Intelligence in market research; the prevalence of which is contained currently but is poised to increase with time. A specific example would be the engagement of IBM’s Watson by Kia motors two years ago for its super bowl ad to pick social media influencers to buoy its message across the audience. The VUCA nature of the market means that every company needs to be at its A-game to maintain its competitive edge, facilitating market research services to aid in the process. Market research analyses and provides information on the market to help industries connect better with their customers and build on it. With the onset of Artificial Intelligence, the efficacy of the process has seen considerable improvement. Perhaps, the most impactful usage of AI in market research is its application to process massive data sets. Large Scale Qualitative or Big Qual: Refers to the application of AI to process massive open-ended data sets to perform qualitative analysis effectively. Artificial Intelligence can go through any response; irrespective of scripture formalities usually needed for other software to analyse data. The applications of big qual in market research includes market intelligence analysis, planning of strategies, promotional concepts, and pricing, a deeper understanding of customer mindset, better positioning in the market, etc. The advantages are an increased speed of the process, global reach, accurate analysis and predictions, enhanced understanding of the market topography, and better interaction. AI has considerably reduced the process time required to carry on qualitative analysis which used to take days on end for human beings to complete. Artificial Intelligence in market research also enhances the predictive component of the research, providing more accurate predictions. Behavioural predictions: Artificial Intelligence can predict the behavioural patterns of the customers and people in general by analysing data sets. The accuracy of these predictions are high and enables better targeting the customer needs and engaging them at the right time for mutual benefit. © 2019 All Rights Reserved, No part of this document should be modified/used without prior consent Guires Solutions Pvt Ltd INDIA : Nungambakkam, Chennai, 600 034. USA Mockingbird 1314 W, Mockingbird Lane, Suite 600W, Dallas, Texas, 75247 Sales : info@guires.com Support : support@guires.com www.guires.com

4. Market predictions: Market predictions of AI can enable a company to make better decisions as a response to the ever- changing nature of markets. Given enough information, a definitive prediction on any market can be given by Artificial Intelligence via Big Data Analytics and Natural Language Processing, two of the essential applications of AI yet. The efficiency of AI in prediction lies in its ability to understand the changing factors in real time and calculate its impact to project a more reliable prediction. Artificial Intelligence has forever improved customer interaction and engagement. Personalisation: AI enhances user satisfaction by producing customised ads and suggestions. An example would be Netflix suggesting to you what to watch based on your watch history, searches, and interests. Personalisation of Ads and contents has been received favourably by internet users worldwide. Chatbot engagements: The efficiency of chatbots of today in websites is mostly limited to pre-programmed responses to specific questions. Siri can be cited as an example of a weak AI with an ability to provide a range of real-time responses. But with advancements and deployment of advanced AI in the future, user interaction is set to become more enhanced with machines with machines attaining moderator like status on the cards. User interaction has improved significantly with AI being able to provide satisfactory responses in real time. Although AI has not yet become ubiquitous in market research, it must be noted that Market Research outsourcing carried out in diverse businesses already engage open source AI like Google cloud Natural Language API, Microsoft cognitive toolkit, etc., to carry out effective research. Baby steps that are currently employed in the engagement of AI in market research will increase significantly in the coming decade with many experts in the field predicting a positive disruption of the field by Artificial Intelligence. © 2019 All Rights Reserved, No part of this document should be modified/used without prior consent Guires Solutions Pvt Ltd INDIA : Nungambakkam, Chennai, 600 034. USA Mockingbird 1314 W, Mockingbird Lane, Suite 600W, Dallas, Texas, 75247 Sales : info@guires.com Support : support@guires.com www.guires.com