Lec 16-What is Marketing Research-I
Summary
TLDRThis 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
- đ§ **AI in Marketing Research**: AI is transforming marketing research by enabling more customized and efficient insights into consumer behavior and market dynamics.
- đĄ **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.
- đ **Problem Identification**: AI plays a crucial role in identifying consumer needs in real time and predicting future needs based on past usage and patterns.
- đ **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.
- đ **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.
- đ€ **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.
- đ **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.
- đ **Global Market Insights**: AI allows for scanning market data in any language from a wide range of sources, making global market insights more accessible.
- đ **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.
- đ **Cost Efficiency**: AI significantly reduces the cost and time associated with market research, making it more accessible for businesses and accelerating product innovation.
- đ **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.
Outlines
đ§ Introduction to AI in Marketing Research
This paragraph introduces the topic of AI's role in marketing research, emphasizing its ability to conduct more customized research than traditional methods. It sets the stage for discussing the benefits of AI, its impact on problem identification, and its transformation of both quantitative and qualitative approaches in marketing research. The story of Adobe is highlighted to illustrate how AI can generate significant revenue by improving customer engagement through chatbots.
đ Understanding Marketing Research and AI's Role
This paragraph delves into the definition and importance of marketing research, which serves as a foundation for successful product or service launches. It explains the process of understanding consumer needs, expectations, and willingness to pay. The paragraph also discusses the evolution of marketing research from manual methods to the current era of AI, which has revolutionized data collection, analysis, and interpretation, enabling researchers to gain deeper insights into consumer behavior and market dynamics.
đ ïž AI's Impact on Problem Identification and Research Planning
The role of AI in problem identification within marketing research is explored, with AI systems capable of identifying consumer needs in real time and predicting future needs based on past usage patterns. The paragraph also outlines the steps in developing a research plan, including deciding on data sources, research approaches, research instruments, sampling plans, and contact methods, and how AI can streamline these processes by providing real-time data and analysis.
đ The Evolution of Qualitative Research with AI
This paragraph discusses the transformation of qualitative research through AI, which has enabled the analysis of customer sentiments and feedback across multiple touchpoints in real time. It highlights technologies such as facial coding, sentiment analysis, and voice AI that provide deeper insights into consumer behavior and preferences. The paragraph also emphasizes the importance of adopting AI-powered qualitative research platforms to stay competitive in the marketplace.
đ Technological Advancements in Marketing Research Instruments
The paragraph examines the evolution of marketing research instruments, from traditional methods to technological devices like galvanometers, eye cameras, and various sensors that measure consumer responses. It also discusses the impact of AI on these instruments, allowing for near real-time results, automatic classification, and extraction of key insights from vast amounts of data, thus enhancing the efficiency and effectiveness of market research.
đ AI's Broader Implications for Market Research
This final paragraph summarizes the benefits of using AI in marketing research, including its ability to provide effective information for decision-making, scan market data in any language and from a wide range of sources, and enable greater product innovation. It also touches on the importance of designing a sampling plan and choosing the right contact methods in market research, with AI offering new ways to engage with consumers and gather data.
Mindmap
Keywords
đĄArtificial Intelligence (AI)
đĄMarketing Research
đĄAdobe
đĄConversational AI
đĄProblem Identification
đĄQuantitative Research
đĄQualitative Research
đĄSentiment Analysis
đĄFacial Coding
đĄSampling Plan
Highlights
AI's role in enhancing marketing research by providing customized insights for specific marketing programs.
Benefits of AI in marketing research, including improved problem identification and more efficient data analysis.
Adobe's success story with an AI chatbot, generating over $10 million in revenue by engaging customers effectively.
The foundational importance of marketing research in understanding consumer needs and expectations for product or service launches.
How AI has transformed traditional marketing research methods, making them more efficient and insightful.
Evolution of market research from manual data collection to AI-driven insights and analysis.
The significance of problem identification in marketing research and AI's contribution to this process.
AI's ability to predict consumer needs in real-time and its impact on market research.
The development of research plans in marketing, including the types of data sources and approaches used.
AI's impact on both quantitative and qualitative research methods, offering new ways to analyze consumer behavior.
Technological devices and AI tools that have modernized the collection of consumer data in market research.
The use of AI in qualitative research, including facial coding and sentiment analysis for deeper consumer insights.
AI-powered platforms that streamline qualitative research and provide real-time consumer feedback.
The advantages of AI in market research, such as cost-effectiveness, time-saving, and improved decision-making.
How AI can analyze vast amounts of data quickly, providing businesses with immediate market insights.
The future potential of AI in qualitative research, with the expectation of even more advanced tools and methods.
The importance of adopting AI-led qualitative platforms for staying competitive in the rapidly changing marketplace.
Conclusion summarizing AI's impact on marketing research, from problem identification to the evolution of research methods.
Transcripts
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welcome to this nbdl online
certification course on artificial
intelligence andet marketing and now we
are talking about module 16 so we are
talking of chapter 3 that is AI for
market research we have seen in module
15 how marketing information system and
its components and the use of AI thereof
now in module 16 and 17 we will talk
about what is marketing research so let
us start with module uh 16 and this is
part one of this uh this point that is
what is marketing
research now let us start with
understanding what are the things that
will be covered in this module how AI
can help conducting more customized
research on a specific marketing
programs then traditional approaches so
that is the one thing first thing that
we will try to understand then we will
talk about the benefits of using AI in
marketing research and the role of AI in
the most important component most
important part of marketing research
that is problem identification so how AI
can be used for problem identification
how AI can change how AI has changed the
quantitative and qualitative
approach so what is marketing research
and we will start with the story of
adobe how Adobe generated dollar 10 10
million plus in revenues within AI
chatbot and connect website content is a
key way for consumers to learn about
your products and solutions and find
find answers to their top questions and
the software giant Adobe have a lot of
website content however with all the
website content the company has it is
sometime hard to keep consumers engaged
and find them exactly what they need at
any given moment so that is the biggest
problem engaging customers with what
they want at any given point in time to
solve this challenge adob turned to
conversational AI form drift so they
started using this AI drift
AI this drift chatbot uses AI to have
natural language conversations with site
visitors at every stage of their
Journey this chatbot was able to direct
visitors to what they needed when they
needed it it was also able to hand off
conversations to human when the time was
right so that was the biggest
functionality of his this to to give it
to
Human
at the right
time as a result users turned into
customers at a faster
rate generating an additional dollar
10.8 million in revenues for Adobe
marketing research is the foundation of
a successful product or service launch
it is the process of understanding what
people want and need one what people
want and need why they want it their
expectations of the compan is offering
and how much they are willing to pay for
product or service so by by this way by
this process of marketing research we
understand all these three things when
companies do not invest in marketing
research ahead of time they may end up
with a product failure so marketing
research is a function that links the
consumers the customers and public to
the marketers through information
information used to identify and Define
marketing opportunities and
problems generate refine and evaluate
marketing actions monitor marketing
performance and improve understanding of
marketing as a
process therefore marketing research
specifies the information required to
address these issues
design the method of collecting
information manages and implement the
data collection process analyze the
results and communicate the findings and
their implications and this is the
definition given by American Marketing
Association good marketers need insights
to help them interpret past performance
as well as plan future activities so
both of them them are important for good
uh
marketers to make the best best possible
tactical decisions in the short run and
strategic decisions in the long run they
need timely accurate and actionable
information about consumers competition
and their brands discovering a consumer
insight and understanding its marketing
implication can often lead to successful
product launch or spur the growth of a
brand so that is important customer
inside and understanding its marketing
implications so that will help in the
success ful product launch marketing
managers often commission formal
marketing studies of specific problems
and opportunities so this marketing
managers they also they always going for
the several times go for formal
marketing studies of specific problems
and opportunities that they are facing
they may request a market survey a
product preference test a sales forecast
by region or an advertising evaluation
it is a job of the marketing researcher
to produce insights into the customers
attitude and buying Behavior so they may
marketing managers may may ask for this
kind of data and it is the job of
marketing researchers to produce insight
into customer attitudes and the buying
Behavior marketing insights provide
diagnostic information about how and why
we observe certain effects in the
marketplace and what that means to the
marketer so it provides that diagnostic
information about how and why we are OB
observing certain effects in the
marketplace and what may be the
implications of that for the
marketer companies can use a combination
of marketing research resources and AI
to study their
Industries competitors audiences and
channel strategies now how has market
research evolved over a period of time
market research has long been a corner
store of business strategy helping
organization understand their target
audience
evaluate competition and make informed
decisions traditional market research
methods involved manual data collection
paper and Pen surveys focus groups and
statistical
analysis while valuable insights were
derived from these methods they are
often very timec consuming resource
intensive and limited in their ability
to capture the complexities of consumer
Behavior so although they they may
represent a lot of time and money but
still they were not able to capture the
complexities of the consumer Behavior
remote servey research then set in with
researchers leveraging phones to conduct
surveys this evolved even further with
the rise and Rise of mobile phones and
mobile based research in which geop is
the global leader in Mobile research has
given rise to multiple flexible research
methods which enable researchers to
transvers even the remotest part of the
world to collect data fast and has has
been one of the biggest shift in
research which was even more remarkable
during the covid-19 pandemic now enter
the era of artificial intelligence where
technological advancements have
propelled Market Research into a new
dimension AI algorithms and techniques
have revolutionized data collection
analysis and interpretation enabling
researchers to unlock hidden patterns
and gain deeper insights into consumer
preferences and marketing and Market d
dyamics so now this is the basic
importance here unlock hidden patterns
and gain deeper insights into consumer
preferences and market dynamics which
was not possible by way of your
traditional marketing
research by harnessing the power of AI
Market researchers can make faster more
accurate decis decisions that drive
business success now let us look at uh
the marketing research process the first
step in this process to define the
problem and research objectives so that
is the first and the most important
step the second step is to develop the
research plan followed by collection of
the
information analyzing the information
present the findings and making the
decision so these are the sixth step in
this marketing research process now let
us start with the step one that is
defining the problem it consists of
defining the problem
one decision Alternatives two and
research objectives three so these are
the three things marketers managers must
be careful not to define the problem too
broadly or too narrowly for the
marketing researchers for so it includes
the three things defining the
problem then the decision
Alternatives and the research
objectives these are the three things
that are carried out in this first step
so what is the role of AI in problem
identification AI systems can help
identify consumers needs in in real time
so that is what it does in real time for
example AI predicts the probability of
sudden Cardiac Arrest it can also deduct
need based on past usage and pattern
furthermore predictive analysis can
identify future needs so past usage
is used to analyze and predict the
future needs the second step is to
develop the research plan now developing
the research plan the second stage of
marketing research is where we develop
the most efficient plan for Gathering
the needed information and what that
will cost us here the decision involved
are one the the types of data sources
that will be
used what are the research approaches
that we will we will follow what is the
research instruments that will be used
what will be the sampling plan for
collecting the sample and determining
the sample size and the last one is the
contact method how we will contact the
respondents by way of uh personal
interviews or telephone or Internet Etc
now let us look at the first uh thing
that is the data source the researchers
can gather secondary data primary data
or or both secondary data data that were
collected for another purpose and it
already exists somewhere so that is the
main quality of this secondary data
while primary data are freshly gathered
for a specific purpose or for a specific
research project AI can get real-time
data from marketing environment and the
consumers so it will get you the
realtime data the next
thing that you do in uh in the marketing
research process uh is the research
approach that that is the second thing
the next thing that you do in at this is
step two that is developing the research
plan is is to look at uh what kind of
research approaches to use so marketers
collect primary data in five main ways
through one observation focus groups
survey behavioral data and experiments
now this can further be bifurcated as
qualitative and quantitative AI has
changed quantitative and qualitative
approaches quantitative surveys became
popular because they made it possible to
ask a huge number of customers what they
felt qualitative approaches like focus
group or manually reading and analyzing
customer feedback were too labor
intensive to scale now ai has changed
what is possible and tactics need to
catch up AI has has to flipped where and
how form are investing in their analysis
of customer sentiments AI provides the
right tool to analyze the qualitative
data for example customer relationship
management system social media customer
reviews emails call center notes CH chat
Bots Etc making it possible to hear what
consumers are thinking and feeling
across multiple touch points in real
time so that is the the the biggest
Advantage thinking and feeling across
multiple uh touch points and that to in
real time qualitative research has
evolved to include a wide range of
methods including in-depth interviews
online communities and social media
analysis the goal of qualitative market
research is to provide a rich nounced
understanding of consumer behavior and
preferences allowing businesses to make
informed decisions about product
development branding and marketing
strategies qualitative research has
become an essential tool for businesses
seeking to stay competitive in a rapidly
changing marketplace now revolutionizing
qualitative research with the help of ai
ai has penetrated business workflows and
operations promising to make life easier
and more efficient AI has empowered
marketing to become High hyper
personalized targeting consumers at the
right time and at the right
place qualitative research and integral
backbone of marketing is no exception
researchers are able to generate
insights that would have been impossible
to obtain using traditional research
methods so this is where this AI has
come in facial coding is one such AI
power technology that can analyze micro
expressions and emotional response
responses it can provide valuable
insights into consumer behavior and
preferences sentiment analysis on the
other hand can help researchers identify
the sentiments behind written or spoken
responses enabling them to understand
the emotional impact of campaigns
products or services on the consumers so
this helps in digging
deeper
to
understand more about the
customers confidence metrics a byproduct
of sentiment analysis is another
technology that is sought after by
Brands these days it measures the level
of certainty or conviction expressed by
respondents in their answers allowing
researchers to gain a deeper
understanding into the consumer
Behavior so now what we were not able to
do was to get into into a deeper
understanding of things of the consumers
with AI we are able to do go in deeper
to understand the consumer Behavior
voice AI meanwhiles can help researchers
analyze the tonality infliction and
other vocal cues in spoken responses
Prov providing additional insights into
consumer attitudes and
behavior so when the consumer is
speaking so that then it then the
various things from this can be used to
gain additional insights into consumer
attitudes and behavior by using
technology like facial coding sentiment
analysis and voice AI researchers are
able to tap into their leading to better
product development branding and
marketing strategies what are the AI
powered qual qualitative research
platforms they is a platform for almost
everything from recruiting respondents
to automating surveys and to generating
insights digital transformation of
qualitative research through AI has
transformed the way researchers execute
studies it is time that Brands take up
an AI Le qualitative platforms to
streamline their research efforts the
use of AI power technology such as
facial coding sentiment analysis
tonality analysis and voice AI can
enable business businesses to make
datadriven DEC decisions about product
development branding and marketing
strategies and stay competitive in the
rapidly changing Marketplace as AI
technology continues to evolve it is
likely that we will see even more
advanced tools and methods being
developed further enhancing the power
and potential of qualitative research so
adopt an AI Le qualitative platform
today before it is too late the next
thing that that uh we will talk about in
the second step is the research
instruments marketing researchers have a
choice of three main research
instruments in collecting primary data
one is the questionnaires second is
qualitative measures and the third is
technological devices so these are the
three main choices that are available
what is lacking with traditional
measures they are costly time taken and
inefficient data is uh is collected
widely used measures customer
satisfaction and net promoter score
fails to tell companies what consumers
really think and feel and can even mask
serious problems they cannot pick up
important emotional
responses now now let us look at the
technological research instruments there
have been much interest in recent in
various technological devices that has
replaced traditional survey Diaries one
are galvanometers they can measure the
interest or emotions aroused or by
exposure to a specific ad or picture
tach to scope flashes and add to an
subject with an exposure interval that
may vary after each exposure the
respondent describes everything he or
she is able to recall the third are the
eye cameras the study respondents eye
movement to see whether their eyes land
first how long they Linger on a given
item and so on other devices such as
Skin sensors brain wave scanners and
full body scanners
to get consumer responses example some
researchers study eye movement and brain
activity of web surface to see which ads
grab their attention audio meter
attached to television sets in
participating homes Now record when the
set is on and to which channel it is
tuned electronic devices can record the
number of radio programs a person is
exposed to during the day the global
position system technology can tell us
how many Billboards a person may walk or
driveby during a day now what are the
new research instruments and AI the
emergence of AI has significantly
altered the way Brands and businesses
interact with their
audience AI based marketing research
outweighs traditional marketing research
in numerous ways and extend the use of
technological advances discussed earlier
using Aid driven marketing research
tools businesses can Target the Right
audience deliver results in near real
time and can automatically classify and
extract key insights from texts within
hours or at the most within the day so
what used to be done in 6
months or 3
months now it is taking hours or a
day with the help of AI marketing
researchers can also now analyze
millions of comments
and they are coming in different forms
text and voice and get announced
understanding of their customer thoughts
and
requirements what does AI have to offer
here so effective information for
decision making the availability and use
of AI in marketing research will hugely
impact how companies build products
using unlimited information at their
finger trips Brands can make more
informed decisions in addition AI can
scan Market data in any language and
from a wide range of sources meaning
that market insights are accessible to
anyone anywhere and in any market
segments less time and more return AI
use to scan billions of data points and
generate market reports the cost saving
generated by using AI is
staggering while it would take an army
of analyst months or years to scan the
same amount of data AI can do so in
minutes by using algorithms developed
with data from sources like Amazon
Walmart and Target businesses can scan
vast amount of data research information
in far less time than traditional
methods so here the time has become more
important cost effective and
enabling Commerce firms are quickly
becoming aware that artificial
intelligence is cheaper than traditional
marketing
research market research used to be so
expensive as to be Out Of Reach for many
product teams now with the power of AI
and big data market research insights
are more accessible than ever before
enabling greater product
Innovation the next thing that we have
to understand here is the sampling plan
after deciding on the research approach
and instruments the market researchers
must design a sampling plan
and this calls for taking three
decisions decision number one is the
sampling unit whom should we
survey decision number two sample size
how many people should we survey and
decision number three sampling procedure
how should we choose the respondent so
these are the three issues that need to
be sorted out at this stage now let us
look at what is sampling plan and AI how
do they gel up AI can scan Market data
in languages and
form AI can scan Market data in any
language and form a wide range of
sources AI can scan Market data in any
language and from a wide range of
sources meaning that market insights are
accessible to anyone anywhere and in any
Market segment contact method now the
market researchers must decide how to
contact the subjects by
mail by telephone in person online
marketers can also host a realtime
contact measure contact methods and AI
tools like incar
sensors heat Maps video surveillance
have made marketers get in touch with
consumer in literal senses so now we are
we have moved past all this to incar
sensors heat Maps video surveillance so
that gives much more accurate data in
order to conclude in this module we have
understood how AI can help conducting
more customized research on a specific
marketing programs than the traditional
ones which used to give
more General
data we have described the benefit of
using AI in marketing research further
we explained the role of AI in problem
identification lastly we have discussed
how AI has changed the quantitative and
the qualitative approaches and these are
the four books from which the material
for this module was taken thank
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