Thanks to AI market research tools, the days of manually sorting through reviews, consumer data, and market trends may be coming to an end. Companies typically rely on specialized teams to conduct market research. Now, you can delegate some of this work to powerful, intelligent apps.
If you run an e-commerce business, it’s worth considering how AI can increase efficiency and enhance your market research. Learn what market research is, how to use AI market research tools, and the leading AI platforms to get started quickly.
What is market research?
Market research is an umbrella term for data collection and analysis that companies perform to understand the competitive landscape, market trends, and customer sentiment. You can conduct market research through surveys, competitor analysis, focus groups, interviews, and more. The goal is to gain valuable insights into customer preferences to make data-driven decisions that improve competitiveness.
If your sportswear company is launching a new pair of running shoes, market research can help you better understand your target audience. how do they run? What do they like and dislike about shoes? What kind of marketing will resonate with them? How does your product stack up against your competitors? Using this data, you can make informed decisions about marketing, colorways, and shoe features to improve your product for more sales. can be positioned.
4 ways to use AI in market research
Process data Identify consumer sentiment Adjust marketing efforts Save time and costs
E-commerce business owners have many challenges. Use AI technology to streamline the process and take some of the heavy lifting out of market research. Here are some practical ways to use AI tools:
1. Crunch your data
Most market research processes involve collecting complex data and organizing it in a way that makes it easier to analyze. Traditional methods of collecting vast amounts of data are often extremely tedious, but the speed with which AI can aggregate data is nearly instantaneous. Depending on your needs, you can use AI to organize existing internal data such as employee surveys, or leverage AI tools to find external data such as keywords for search engine optimization.
For example, Crayon, an AI tool for competitive analysis, compares your data with information from your competitors’ websites, social media, and job postings. Collecting this information manually is difficult and time-consuming.
2. Identify consumer psychology
AI-driven natural language processing sifts through social media comments, reviews, and customer service chats to gauge sentiment toward your products and services. These consumer insights give you a clear picture of your target audience’s perceptions and help you understand what’s working and where you can improve.
For example, Insight7 is an AI tool that analyzes videos, calls, and interviews to capture consumer sentiment and uncover pain points, desires, and behaviors to help improve customer experience workflows and products.
3. Customize your marketing efforts
AI tools use customer data, consumer behavior, and predictive analytics to provide marketing teams with deeper insights to create effective ads and promotions. You can tailor your marketing strategy to specific trends and customer preferences that are difficult to pinpoint without AI.
For example, market research tool Quantilope uses surveys for automated A/B testing. It’s a comparison tactic that gathers important information about multiple ads or products, revealing which ads resonate with viewers and which products are likely to sell.
4. Save time and money
Whether you need to generate ideas, speed up research processes, or streamline data extraction, AI outperforms human workers thanks to near-instantaneous processing speeds. Organize and analyze data much faster. For example, using a database of Net Promoter Score findings, AI can organize the data into graphs and suggest actionable steps in seconds.
This efficiency allows you to work in leaner teams, reduce salaries, and reallocate employees and resources to higher-level tasks such as marketing strategy.
Top AI Market Research Tools
AI market research tools offer a wide range of uses, but which platform is best for you? Below are the top tools with unique market research capabilities.
insight 7
Insight7 is a market research tool with a user-friendly interface. Analyzes consumer feedback from calls, videos, and interviews and provides detailed sentiment analysis, actionable recommendations, and data segmentation. It also integrates with apps from Google and Microsoft to automatically analyze internal video calls and documents.
Pricing: The starter tier, priced at $19 per month, gives one user access to the app’s core features. If you want to do extensive data analysis with multiple users, consider the Business tier, which costs $299 per month.
Chat GPT
ChatGPT, a popular large-scale language model, captures qualitative data such as interview transcripts and survey responses, performs complex data analysis, and measures consumer sentiment by parsing customer feedback and social media posts. It is a powerful tool for You can also use it to create buyer personas and narrow your marketing audience.
Price: Explore ChatGPT with the free version. For data analytics and workplace management, consider the Team tier, billed annually at $25 per user per month.
quanch rope
Quantilop accelerates the research process and saves time for small teams with automation features that provide real-time data monitoring, chart and graph generation, and customized survey creation. Quantilope includes 15 pre-programmed research techniques that categorize data into pricing, competitive analysis, and ad tracking.
Pricing: Quaantilope does not publish prices online, but you can contact them to request a demo or a customized package for your business.
crayon
When you need critical competitive insights, turn to Crayon, the all-in-one platform for competitive intelligence. Collect data from competitor websites, job listings, customer reviews, and social media posts and automatically flag price changes. With Crayon, you can also create “battle cards” to compare yourself to your top competitors and highlight the differentiators that help you stay ahead of the market.
Pricing: Crayon determines packages based on a company’s number of employees and specific needs. Contact our team for a demo version and pricing options.
Semlash Market Explorer
Semrush Market Explorer is for analyzing the market. Provides insights into market share and size, direct competitors, audience demographics, and customer behavior. When it comes to SEO, we offer keyword tracking and performance metrics to help you improve your search visibility by using the right terms.
Pricing: Small teams can benefit from the $140/month Pro plan, which provides 5 projects, 500 trackable keywords, and 10,000 results per report. Midsize businesses can choose the Guru plan, which offers 15 projects, 1,500 keywords, and 30,000 results per report for $250 per month.
pecan
Pecan is designed to analyze market trends and predict trends, so you can take your next move with confidence. Ideal for predicting product demand, measuring consumption, and predicting return on investment for marketing campaigns, Pecan stands out for its seamless integration with customer relationship management software Salesforce, storage service Amazon S3, and Oracle technology products.
Pricing: Pecan offers a starter tier with 250,000 predictions and 20 trained models for $950 per month, and a business tier with 600,000 predictions and 40 trained models for $1,750 per month.
Frequently asked questions about AI in market research
How is AI used in market research?
AI is becoming an essential tool in business, helping to quickly collect data, identify trends, and optimize marketing efforts. It provides a holistic understanding of the competition and industry, ultimately leading to informed decision-making and, ideally, more profitable outcomes.
Which AI is best for business research?
Choosing the right AI tool depends on your budget and the features your business requires. Starting with ChatGPT, which offers a free version, is a cost-effective and user-friendly way to explore AI and helps you understand its capabilities before investing in specialized options.
Can ChatGPT perform market research?
yes. Known for its versatile content creation features, ChatGPT is also a powerful tool for AI market research. Quickly analyze massive datasets, identify target audiences, and provide data-backed insights for strategic marketing.
