Artificial Intelligence for consumer research. Is it worth the investment?

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Artificial Intelligence for consumer research. Is it worth the investment?

  • 21 Jun, 2022

  • 4 min.

21 Jun, 2022

4 min.

Artificial Intelligence for consumer research. Is it worth the investment?

Humans evolved because they were curious. Curious about planetary motions and plate tectonics, the hours spent on partial differential equations didn’t feed this curiosity fast enough. Finding E.T. became more critical than finding Nemo and the time-sensitivity of research became a priority. So, to save time and increase the speed at which research is conducted, humans created Artificial Intelligence, a simulation of human intelligence wherein the machines are programmed to mimic human actions and adapt according to the responses it receives. 

We still associate Artificial Intelligence with sci-fi dystopias. When Metropolis was released 100 years ago, it was just a writer’s imagination being paranoid. Still, we use A.I. almost everywhere without it attacking us and trying to take over the world. From self-driven cars to smartwatches, we rely on A.I. to make our lives more convenient. We have allowed A.I. to manage not just our finances but also our dating choices. So, why not let it optimize our research processes too? 

With the pandemic claiming lives and humans restricted to their homes, our day-to-day interactions have become primarily online, with every application we click on trying its best to give us a tailor-made experience. Every human likes attention and being in the spotlight. A.I. delivers this attention to you quietly and successfully. Finding your right target audience and customizing your product based on their requirements is vital to brand loyalty and gaining new customers. But, how can you understand their behavior? What goes on in their mind? You don’t have to be Charles Xavier to tap into the subconscious of your consumer. A.I. is here to help you. It can analyze vast amounts of data and generate insights based on trends and themes to give you a clear understanding of your product’s weaknesses and marketing campaigns. 

As a reader, you may feel that A.I. is just a supporting tool and can’t make decisions for us, so what is the use of fancy technology? Time is money, and using A.I. can help your business conduct consumer research much faster and more accurately, allowing you to make better data-driven decisions. And let’s be honest here, to err is human; a single mistake can cost millions if you don’t have a bullet-proof strategy in place. Moreover, maximizing revenue and profitability while reducing the overall risk is essential to any business, be it B2B, B2C, small or big, and catering to any industry. 

A.I. is untouched by the whims of emotions. Emotions are like a double-edged sword; they allow you to empathize with your customers and lead to faulty decision-making. The human mind is vulnerable to biases and is incapable of thinking in just black and white. Irrespective of which research method you choose- social surveys, unstructured interviews, participant observation, etc., there is always room for the moderator’s judgment and even the respondents’ views being corrupted by their perspective. Hence, AI is the most efficient tool available if you want to understand your audience and their behavior without it being subjected to any variables. 

Restaurants and even our own Bengaluru airport have started catering to customers using mini-robots for increasing efficiency and the overall experience. A.I. does not discriminate based on who you are or where you belong; this leads to the consumer getting a tailor-made experience. This improves the way a consumer perceives a particular brand. They not only feel heard but also nurtured. 

Investing in new technology always has its reservations but think of this as investing in stocks. A.I. is a growing technology, the potential it has is immense and untapped. A small investment now will give you ever-growing rewards with time. When the first P.C., the Altair, was developed by Intel, its commercial appeal was limited. What seemed like luxury then has now evolved, become accessible by almost everyone, and is an absolute necessity.  

It might seem like A.I. is just your usual side-kick, a fancy word, or just for the tech-savvy, but the beauty of this technology is that you don’t need to understand the mechanics and algorithms. You need to open your eyes and realize that A.I. is the key to innovation. It finds its use not only in research but in cybersecurity, client-relationship management, and as digital assistants; the possibilities are endless. Artificial Intelligence is an investment you need to make if you’re looking to provide a personalized experience to your customers. This will not only equip you to make better data-driven decisions but grow much faster while empathizing with them at every step of their consumer journey. 

Written by Tanvi Moitra.  

Tanvi can usually be found anxiously treading the office floor to score the next meeting, here at Entropik. When not absorbed by client calls, she loves to read, go for a swim, play badminton, paint, and otherwise spend too much time bingeing on the Office and cuddling her German Shepherd, Whiskey. An absolute foodie, she would love to cook and bake for you and even give you the best dessert suggestions in the office. 

 

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