Lec 16-What is Marketing Research-I

Summary

This AI and Marketing certification course module delves into the transformative impact of AI on market research. It showcases how AI enhances problem identification, customizes research, and drives data-driven decisions. The course illustrates AI's role in both quantitative and qualitative research, using examples like Adobe's AI chatbot, which increased revenues by $10.8 million. It highlights the efficiency of AI in analyzing consumer behavior, preferences, and market dynamics, offering a more accurate and timely approach than traditional methods.

Takeaways

• 🧠 **AI in Marketing Research**: AI is transforming marketing research by enabling more customized and efficient insights into consumer behavior and market dynamics.
• 💡 **Adobe's AI Success**: Adobe leveraged AI chatbots to engage customers effectively, resulting in an additional $10.8 million in revenues, showcasing the power of AI in customer interaction.
• 🔍 **Problem Identification**: AI plays a crucial role in identifying consumer needs in real time and predicting future needs based on past usage and patterns.
• 📈 **Quantitative and Qualitative Shift**: AI has revolutionized both quantitative and qualitative research methods, making it possible to analyze vast amounts of data and consumer sentiments more efficiently.
• 📚 **Evolution of Market Research**: The script outlines the evolution from traditional manual methods to AI-driven research, highlighting the significant time and cost savings of AI.
• 🤖 **Technological Advancements**: AI technologies like facial coding, sentiment analysis, and voice AI are being integrated into qualitative research to provide deeper insights into consumer behavior.
• 📊 **Data-Driven Decisions**: AI enables businesses to make more informed decisions by analyzing real-time data from various sources, leading to better product development and marketing strategies.
• 🌐 **Global Market Insights**: AI allows for scanning market data in any language from a wide range of sources, making global market insights more accessible.
• 📝 **Research Instruments**: Traditional research instruments are being replaced with AI-driven tools that can analyze sentiments, tonality, and other cues in spoken responses for richer data.
• 📉 **Cost Efficiency**: AI significantly reduces the cost and time associated with market research, making it more accessible for businesses and accelerating product innovation.
• 🔑 **Sampling and Contact Methods**: AI aids in designing sampling plans and choosing respondents, with advanced contact methods like in-car sensors and heat maps providing more accurate consumer data.

Q & A

What is the main focus of Module 16 in the NBDL online certification course?

Module 16 focuses on marketing research, particularly on how AI can be used to conduct more customized research, its benefits in marketing research, and its role in problem identification and changing traditional research approaches.

How did Adobe use AI to increase its revenue, according to the script?

Adobe used an AI-powered chatbot from Drift to engage with website visitors in real time, guiding them to what they needed at the right moment and handing off conversations to humans when necessary. This led to an additional $10.8 million in revenue.

What are the key benefits of using AI in marketing research?

AI can help conduct more customized and accurate research, identify consumer needs in real-time, predict future needs based on past usage, and provide deeper insights into consumer behavior and market dynamics, which traditional methods often fail to capture.

How has AI changed the quantitative and qualitative approaches to marketing research?

AI has transformed both approaches by enabling large-scale analysis of qualitative data, such as customer feedback from multiple touchpoints in real time, and by improving the scalability and efficiency of quantitative surveys. AI tools can also analyze emotions and sentiments, providing richer insights into consumer behavior.

What is the first step in the marketing research process, and how does AI assist in it?

The first step is defining the problem and research objectives. AI assists in this by helping to identify consumer needs in real-time and predicting future needs based on past behaviors.

What are some technological research instruments mentioned in the script, and how do they enhance traditional methods?

Technological instruments like galvanometers, eye cameras, skin sensors, brain wave scanners, and full-body scanners enhance traditional methods by providing more precise and real-time data on consumer responses to ads, products, or services, which traditional survey methods often fail to capture.

How has AI improved the speed and cost-effectiveness of market research?

AI can analyze vast amounts of data in hours or days, compared to the months traditional methods might take. This speed reduces costs significantly, making market research more accessible and allowing businesses to make quicker, data-driven decisions.

What role does AI play in the development of a research plan in marketing research?

AI aids in developing the research plan by providing real-time data from various sources, enabling the selection of the most efficient data sources, research approaches, and sampling plans. It also helps in analyzing and interpreting the collected data more effectively.

What are some examples of AI-powered qualitative research tools mentioned in the script?

Examples include facial coding technology, sentiment analysis, and voice AI. These tools help researchers gain deeper insights into consumer emotions, attitudes, and behavior, which are crucial for developing successful marketing strategies.

Why is AI considered superior to traditional marketing research methods?

AI is considered superior because it can handle large volumes of data quickly and accurately, provide deeper insights into consumer behavior, and offer more cost-effective solutions. It also enables real-time analysis and decision-making, which traditional methods struggle to achieve.