Last year at the Insight Innovation Exchange (IIEX) North America, speakers and attendees alike were apprehensive about the integration of AI into market research despite AI technologies having been a part of our toolkit for some time. This year, the narrative shifted dramatically. The discourse no longer centered on whether AI should be used but focused on its practical applications. The acceptance of AI, as indicated at IIEX 2024, shows the greater need for a new set of skills and ways of approaching research. Read more for my conference revelations:
While AI might take over the world, it is unlikely to take our jobs. Market research is about understanding people-who are complex beings who often act against rational decisions, are driven by emotions, communicate nonverbally, and are not homogenous. We are biologically hard-wired to react and respond with empathy, another skill that a computer does not yet have.
Several sessions delved into the nuances of human behavior, emphasizing that despite our advances, we are still unraveling the intricate facets of human nature. Integrating market research with anthropology, psychology, and neuroscience enriches our understanding, which can then be turned into strategies and actions that transform how business feels. That’s why CMB leverages the very best of advanced analytics (including AI), consumer psychology, and market strategy to track game-changing initiatives.
However, the urgency with which stakeholders demand insights remains unchanged—they want answers yesterday. Here, AI proves invaluable. It can sift through massive quantities of data at unprecedented speeds, identifying patterns and trends through automated web scraping, voice recognition, and IoT devices that gather data across diverse channels. AI-powered chatbots can simultaneously engage with thousands of consumers, gathering qualitative data at scale. Furthermore, machine learning algorithms and natural language processing enhance data analysis, enabling the processing of vast datasets and unstructured data like customer reviews and social media posts, ensuring that no valuable insight is missed.
AI’s capability for generating insights through predictive analytics can forecast trends, consumer behavior, and potential market shifts. It also allows market research projects to operate with grander scale and efficiency, automating repetitive tasks and employing sophisticated algorithms for deeper analysis.
Acknowledging this, several speakers highlighted that AI does not replace the researcher but augments their capabilities, freeing them to focus more on strategic decision-making and creative aspects of research. This underscores the inherently human-centric side, which still requires professional insight and innovation, but now with the added power of AI.
While AI is an indispensable tool in market research, it cannot replace the human-centric foundation essential to insights. At CMB, we embrace AI, developing our proprietary tools, themeAI and emotionAI, as well as establishing standards and best practices for utilizing AI. For those interested in a deeper dive into our approach and offerings in AI, please contact us today. You might start with our chatbot, but rest assured, you’ll soon engage with one of our knowledgeable product and/or AI experts.
Note: This blog was crafted with AI assistance, demonstrating AI’s powerful role in enhancing our ability to communicate and analyze complex ideas. However, I had to edit extensively to counter weird sentence structures, world salad, and lack of my “voice”. For AI to be truly effective, a humanistic lens is essential for effective and efficient results.