The Future of Market Research: AI and the Human Touch
If you blink, then you will definitely miss it.
That’s just how quick AI has been moving since the ChatGPT early demo was launched in November 2022. AI has taken the world by storm and every industry has felt its impact, market research included.
Artificial intelligence and the associated automation tools have transformed how we find, analyze, and present information available publicly on the internet. However, there’s just something generative AI can’t do well yet: understanding the context and nuances to provide useful and actionable insights.
In this article, we will look at what AI does extremely well in the market research space and where human expertise is absolutely necessary. We will also explore how getting Humans-in-the-Loop (HITL) will shape the future of market research.
The Role of AI in Market Research
1. Improved Data Collection and Analysis
AI helps analyze large volumes of data at incredibly high speeds and efficiently, thus making it easy for businesses to draw out meaningful insights from various sources of data.
For instance, AI-powered listening tools like sentiment analysis crawl social media, customer reviews, and feedback forms to track changes in consumer sentiment and find emerging trends.
According to a report by Qualtrics, AI-driven advanced data analysis will make a serious mark on the industry since businesses can trace patterns that they wouldn’t have done otherwise.
2. Automation of Repetitive Tasks
AI automates the time-consuming tasks of data entry, cleaning, and report writing to give more time to the researcher for strategic decisions rather than manually doing the tasks. It will also reduce operational costs for businesses while increasing efficiency.
3. Revolutionizing Data Visualization and Reporting
AI-powered tools help companies transform complex data into visual stories that can captivate an audience. Traditional market research reports are incomprehensible, with a plethora of charts, graphs, and technical jargon. In contrast, generative AI summarizes insights and crafts narratives in simple, understandable terms, making data accessible to non-technical users.
Limitations of AI in Market Research and Need for Human Expertise
While AI has transformed market research in improving efficiency, speed, and accuracy, there is also a limit to its capabilities that must be put into perspective.
1. Lack of Contextual Understanding
Probably the biggest limitation of AI is that it sometimes misses the context. It can process enormous volumes of information and find patterns in them, but it doesn’t understand why things happen in a certain way or why people behave in one way or another. It needs human analysts to give a contextual interpretation.
2. Bias of AI Models
AI models are only as good as the data they’re trained on. If the data contains biases, the AI’s insights will be biased as well. This can lead to skewed research findings, potentially causing businesses to make misinformed decisions.
There is also a need for ethical consideration in conducting market research. Human analysts will help assess ethical implications to make certain that AI-driven insights align with societal values and do not cause harm unintentionally.
3. Emotional and Cultural Nuances
AI tools lack emotional intelligence to truly understand cultural nuances and emotional drivers of customer behavior. Based on the flow of language, for example, an AI tool can interpret a negative comment that might actually carry sarcasm or humor, or perhaps be culturally explained.
4. Creativity and Innovation
AI is great with data analysis that already exists, but it can’t come up with new ideas or ways to approach the strategy. Human researchers bring creativity and innovation into market research by:
- Asking questions
- Exploring new angles
- Coming up with unique strategies
The Perfect Balance: Technology + Human Touch
The future of market research isn’t about choosing between technology or human analysts. It’s about combining both to achieve better results. At Marketiycs, we use advanced tools and data platforms to streamline data collection and processing, but we rely on our experienced research analysts to:
- Provide context to the data
- Ask the right questions
- Translate raw data into actionable insights
For example, AI tools might identify that a product category is trending upward, but our analysts will dig deeper to understand what’s driving the trend, who the key players are, and how your business can capitalize on the opportunity.
Embracing the Future of Market Research
As AI continues to shape the future of market research, businesses must remember that technology is a tool — not a replacement for human expertise. Automation can accelerate processes, but it’s the human touch that ensures insights are meaningful and actionable.
At Marketiycs, we are committed to harnessing the power of technology while maintaining our human-centered approach. Our team of experienced research analysts works tirelessly to interpret data, provide strategic recommendations, and help businesses make better decisions faster.
Ready to future-proof your market research? Contact us today to see how we can help your business leverage technology and human expertise for better results.