Applying Artificial Intelligence to Market Research
One of the greatest issues with market research today is the simple fact that it is an inefficient and bias-prone process. The Artificial Intelligence (AI) engine Predicta uses was developed to help solve these two fundamental issues, along with a host of other valuable improvements.
AI is a more effective research tool, primarily due to the simple fact that humans could not analyze the same volume of data in as little time. Much of the bias that is found in market research methods is also frequently linked with human error. Survey questions are written by people with an agenda, and the people being asked are often paid participants or are in an unnatural environment that affects their answers.
One of the other big issues with traditional market research methods is that once the data is collected, it has relevance for a very short period of time. Consumers today are constantly evolving. Their preferences transform based on an ever-shifting social landscape. The nature of AI allows for fresh and relevant data based on recent consumer content. This ensures that when a business decision is made, it can stand on the most current information representing the market.
While there are other automated options that make the process more efficient, they rely on technology that does not analyze on as deep a level. This is due primarily to keyword identifiers, based on Boolean search queries. The results of these queries will only identify keywords that are actively being searched for, meaning the "unknown" will be left out. Predicta's AI engine uses algorithms to analyze consumer comments and identify topics that do not rely on well-known keywords. Marketing and product development teams are constantly searching for the white space in the market, even the smallest detail that everyone else seems to miss.
You might say that Predicta specializes in the unknown. It's what excites us most.