4 Potential Uses Of Artificial Intelligence In Market Research

In recent days, the launch of the fourth version of ChatGPT has taken center stage. This Artificial Intelligence has surprised locals and strangers for its possible uses. Some people have used it to solve tasks and answer questions. Others have thought about the threat it represents for some business models such as web page search engines. In any case, it has not left anyone indifferent.

Today the discussion has focused on the labor changes that it will bring with it. Some have come forward to affirm that ChatGPT is going to destroy thousands of jobs because it will replace analysts and researchers in different branches; including Market Research. Although the bases of these approaches have some support, it is also true that other great innovations in history were received with equal uncertainty.

To add to the debate, today we want to list four possible applications of this solution in tasks related to knowledge of people’s purchasing decisions.

Hypothesis validation. When the planning of a study begins, we usually start with an assumption or a series of assumptions. Based on these ideas we define the next steps to follow. Thanks to solutions such as ChatGPT, it will be possible to have a kind of virtual advisor who has access to a large number of data and information that would otherwise take a long time to compare.

Questionnaire design. Depending on the question, this will be the answer. In Market Research it is extremely important to know how to ask questions in such a way that we get the expected response. Determining the number, order, and paraphrasing of the items in an interview using this tool will allow us to substantially improve its relevance and applicability.

Review of graphs and tabulars. A part of the time considered within the projects is related to the preparation of materials that summarize and synthesize the findings obtained in the field. Although this task is usually refined with experience, tools that allow us to optimize times will always be welcome, and research-oriented artificial intelligences allow us to get closer to this benefit.

Reports generation. All people are different and that includes our range of skills and abilities. There are analysts with great ease in analyzing inputs, but they have areas of opportunity in preparing a report that tells a coherent story and adds value. ChatGPT can help us design reports considering different versions of the same inclusive.

Genuine and legitimate doubts about the true scope of Artificial Intelligence in our lives are still pending. Some people have started lawsuits against the authors of these solutions because some materials used to train them are protected by copyright; there is also the question of who is the author of a deliverable partially or totally generated by ChatGPT. This situation has only just begun.

Our perception of Artificial Intelligence is subject to some biases such as the Lindy effect, which we talked about in a post on our blog in September 2021 (read here). In any case, we will be following up on this new innovation that promises to break barriers.

Do you need to develop a market study in LATAM? At Acertiva we can help you. Write us today to tell you how we can be part of your next success story.

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