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Best step up – researchers and marketers. While the emergence of AI undoubtedly stole the show in 2023, the year ahead is set to see an explosion of innovation, experimentation, and exploration with AI across multiple industries and sectors.
And when it comes to innovation, market research is no exception.
While 2023 was all about the hype, 2024 will be the year we’ll see Artificial Intelligence really begin to embed itself into industries across sectors, as we all start to actually begin to get to grips with the new technology and possibilities of democratised Artificial Intelligence.
The market research industry specifically is perfectly poised to benefit from AI’s capabilities. But – as is so often the case with radical shifts – there will be many twists in the road ahead.
Our industry will likely traverse a challenging yet transformative path. 2024 will see it grapple with successes, setbacks, and invaluable lessons.
One thing is certain though – the year ahead will see us explore and redefine both the probable and the possible, as we collectively navigate the democratisation of AI’s potent capabilities.
The Future is Now: BoltChatAI’s AI-Powered Qualitative Research
Here at Bolt, we’re aiming to be at the forefront of innovation and adoption when it comes to AI and market research.
Our new flagship platform, BoltChatAI – the world’s first fully automated AI-powered qualitative market research platform – is built on the newfound agile scalability of AI when it comes to digital market research.
Powered by our proprietary AI-driven solution, built and augmented by the human expertise of our team of expert researchers and specialists.
With so much innovation on the horizon, staying ahead of the curve when it comes to knowledge and understanding will be key for brands and businesses alike this year.
But in order to leverage the possibilities – we first need to understand the capabilities. So with that in mind – what are the most exciting and most probable ways which Artificial Intelligence will augment and optimise market research, both this year – and on the road ahead?
At Bolt, we have 5 key predictions…
Top 5 AI Market Research Impacts:
1. AI-Powered Qualitative Research: AI-powered qualitative research will enable both marketers and researchers to conduct digital qualitative research at unprecedented speed and scale.
This will not only help deepen their audience understanding, but also broaden contextualised insights and leverage the power of qual research in a much more agile, cost-efficient, and scalable way than was previously possible.
And at Bolt – the future is (to coin a phrase) – now. BoltChatAI is already empowering our clients to conduct agile automated AI-powered qualitative research, to make informed decisions based on instant consumer feedback.
And it’s helping brands from Vodafone to Whyte & Mackay understand their customers and markets quicker than ever.
The integration of AI into qualitative research marks a pivotal shift in the industry, offering marketers and researchers an unprecedented ability to conduct digital qualitative research with unparalleled speed and scale.
This not only deepens audience understanding but also broadens insights in a contextualized manner.
2. Advanced Data Analysis: As AI continues to mature, we’ll see it further enable more sophisticated and nuanced analysis of vast datasets, allowing market researchers to extract deeper insights from consumer behaviour, preferences, and trends.
Evolving machine learning algorithms will identify patterns, correlations, and anomalies that may not be immediately apparent to human analysts. And we see this recognition capability helping fuel a more comprehensive understanding of market dynamics.
These advancements will help propel market researchers toward a more comprehensive understanding of market dynamics, providing insights that drive strategic decision-making.
These heightened analytical abilities will become a cornerstone for strategic decision-making, offering insights that extend beyond surface-level observations.
In the coming year, we anticipate a deepening reliance on advanced data analysis, propelling the market research industry into uncharted territories.
3. Predictive Analytics: We predict that AI-driven predictive modelling will become increasingly prevalent in market research as we move into 2024 and beyond.
By leveraging machine learning algorithms, researchers will be able to forecast market trends, consumer behaviour, and potential shifts in demand more accurately, and earlier than was previously possible.
With the ascent of AI-driven predictive modelling set to be a notable trend for market research in 2024, the proactive nature of predictive analytics will be a cornerstone for businesses aiming to set new standards for informed and proactive decision-making.
4. Personalised Consumer Insights: AI technologies will increasingly enhance the ability to gather and interpret personalized consumer data, enabling more targeted and relevant market research, as AI capabilities become embedded and integrated into companies’ own datasets.
Chatbots, sentiment analysis, and natural language processing (NLP) – long-time stalwarts in companies’ customer experience and social listening tech suites – will be overlayed and employed to further understand individual preferences and sentiments.
This fusion of new and existing solutions will help companies further tailor their products, services, and marketing strategies..
This symbiosis will not only enrich the quality of gathered data, but also empower companies to tailor their offerings and strategies to specific consumer segments.
As we see increasing personalisation across consumer insights in 2024, the convergence of AI technologies is set to redefine how businesses engage with and understand their audience on a granular level.
5. Automation of Routine Tasks: No list of AI-powered benefits would be complete without automation in there somewhere. And this one is no exception…
AI will increasingly automate those repetitive and time-consuming research tasks, such as data collection, quantitative analysis, and open-ended response analytics.
This automation will free up much needed time for researchers and human experts to focus on more strategic, consultative and creative aspects of their work, leading to increased efficiency and the ability to tackle more complex research questions.
All this will ensure the research findings are actionable, client-specific, and applicable for the specific use case and research objective.
Additionally, it may reduce the potential for human errors in mundane tasks, ensuring more accurate and consistently reliable results.
For 2024, we see the automation of routine tasks becoming not just a convenience, but a fundamental shift. Automation of the routine will ensure research findings will not only be accurate – but also imbued with the precision demanded by evolving market dynamics and business needs.
AI in Market Research: The Road Ahead…
All this is – in the broader scheme – just the tip of the iceberg. When it comes to Artificial Intelligence in market research, and all industries, we’re still very much in the discovery phase, where the potential applications and possibilities are still only mainly limited by our collective imaginations
Conclusion:
It’s exciting times in market research, and for any industry set to benefit from the power of Artificial Intelligence. At Bolt, we’re always looking to be at the forefront of discovery and innovation in market research and AI. Our mission is to continually push the envelope of what – and how – AI can help our clients to deepen their audience understanding. And in the process – make their consumer insights more actionable, agile, and meaningful with every step.
In navigating the integration of AI into research processes, it will be imperative to strike a balance. Critically – one that leverages AI’s strengths while preserving the invaluable human insights essential for contextual understanding and decision-making. If this balance can be effectively struck, the advent of AI will be a paradigm shift for researchers across all industries.
As we journey through 2024, the integration of AI promises to supercharge our methodologies, unleashing unprecedented efficiencies and unveiling intricate patterns within qualitative data.
By carefully leveraging AI’s potential, we can streamline processes, enhance the depth of analysis, and extract meaningful insights that transcend the limits of traditional approaches.
Its ability to navigate vast datasets with speed and precision empowers researchers to focus on nuanced interpretation and strategic decision-making, amplifying the value of qualitative insights.
Embracing AI in qualitative market research isn’t just an evolution; it’s a paradigm shift towards a future where human intuition harmoniously collaborates with artificial intelligence, unlocking unparalleled innovation and ushering in a new era of research excellence.
Want to learn more?…
If you want to join us on this mission of discovery – and find out how AI can supercharge your qualitative research and audience understanding – drop us a line or submit a brief with your use case, and let BoltChatAI do the rest!
Interested in running your own study? Get in touch to discover how Bolt’s digital insight solutions and AI-powered qualitative research can help you gain the market intelligence needed to help supercharge your growth, next product launch, or upcoming campaign.
