How AI Is Revolutionizing Market Research: 2 Ways to Save Time and Boost Your Marketing Strategy

AI is unquestionably changing the way we do our work, so how can we utilize AI tools to our advantage? Deloitte’s CTO Bill Briggs discussed how AI is redefining careers, but as a support for the tasks that don’t bring you joy. Here are 2 ways you can utilize AI to upskill your marketing team and make your next market research project less painful.

Recruitment & Audience Identification

The logistics of identifying proper target audiences, conducting surveys and interviews, and synthesizing consumer insights can cost thousands of dollars in addition to weeks of time for marketing teams to coordinate. This AI tool called Subconscious.ai serves as a support for collapsing the recruitment process and freeing up time and budget for your marketing team to dive into the deeper insights. How? The tool combines real market research data with synthetic respondents to generate reliable results, fast. These respondents are “digital twins” - essentially an AI version of real humans. In this way, digital twins can also provide increased access to target audiences that are typically more difficult to recruit for. Moreover, the synthetic respondents allow the AI to replicate reliably accurate results from market research data, saving you the time and money it would take to identify and contact your target audiences to gather insights. The below “experiment” (market research study) ran in 90 seconds and returned the following:

The image above shows that this particular market research experiment returned 250 synthetic respondents (digital twins) from a sample size of 1,250 human participants. In this experiment, 90% of the variance can be explained by the data set. This percentage indicates how well features/ values explain and predict the subject of your research. You can review the full experiment here. 

Customer Segmentation & Insights Synthesis

So now you’ve gathered your audience and generated some insights, but how do you reach this audience through marketing and product strategy? A typical process might include additional team workshops, head’s down synthesis, or followup focus groups and interviews. With Subconscious.ai, the synthesis is delivered in the same 90 seconds it took to run the experiment.

Once the experiment is run and the Subconscious.ai platform recruits your audience, it then generates two viable “mindsets” (customer segments) for you to explore. In the following experiment, “What are the effects of new economic realities on retail business models?”, the platform generated two mindsets broken down by a variety of customer segmentation demographics:

• Mindset 1: Digital Transition Optimists (48.8%)

• Mindset 2: Fast and Conscious Consumers (51.2%)

This graph breaks down demographics alongside customer segments. Click on Mindsets to view the full list of demographics for this experiment. 

After identifying the primary customer segments, the platform suggests opportunities to address these segments and how to modify messaging strategy to reach them:

• Develop and promote a range of products within the $10-23 price range to cater to both Digital Transition Optimists and Fast and Conscious Consumers, emphasizing value for money to attract their price-sensitive nature.

• For Digital Transition Optimists, highlight the integration of technology in the shopping experience, such as seamless online transactions and digital loyalty programs, to align with their preference for technological adoption and digital transactions.

• Tailor marketing strategies for Fast and Conscious Consumers to focus on fast delivery services and the availability of sustainable products, showcasing the brand's commitment to eco-friendliness and efficiency.

• Implement policies and practices that boost consumer confidence, such as transparent communication on product sourcing and business practices, to appeal to both groups' high valuation of consumer confidence.

• Explore partnerships with small businesses and initiatives that support healthcare subsidies, to resonate with Digital Transition Optimists' values, while ensuring supply chain efficiency to meet Fast and Conscious Consumers' expectations for quick service.

How is your marketing team currently utilizing AI to alleviate some of the pains of conducting market research? We’d love to hear from you! 

If you’d like to try out the platform for yourself, you can run 2 free experiments by clicking “Get Started” here. Or, you can schedule a demo to learn more about how you can use the Subconscious AI platform for your own market research needs.