In a recent post on Greenbook, a leading market research firm, Senior VP of Kantar Marketplace, Heath Greenfield, notes that “AI will play a pivotal role in the future of market research.” The advantage of AI, Greenfield points out, is its ability to analyze customer behavior, parse large data sets to identify patterns and trends, and extract meaning from conversations using natural language processing.
Not only does AI improve research practices, it also has the ability to reduce bias inherent in surveys, which limit outcomes to one or a few options rather than leading to a transformative idea.
For example, using a survey, participants were asked their views regarding an advertising campaign highlighting new yoga pants that had sheer panels on the sides and back. Despite a great ad campaign, the company in question lost $67 million in revenue when outraged customers rejected the new pants.
Had the yoga manufacturer used a different process -- facilitated by AI -- in which customers and employees were encouraged to openly and anonymously share their opinions with others on the ad campaign, the group might have aligned on the decision that these pants were immodest, dysfunctional, and needed to be completely redesigned before an ad campaign could even be created.
That’s the value-add offered by CrowdSmart, a streaming service that uses AI technology to engage your customers and gain alignment around any issue to generate revenue-generating results. It’s a new technology designed to bring marketing research into the 21st century with the advancements of machine learning and natural language processing.
CrowdSmart amplifies the collective human intelligence across your customer and employee community with the power of patented AI technology. Here’s how it works:
Most AI programs are difficult to use, but CrowdSmart is easily deployed on demand by any business leader or market researcher to address their unique business priorities. CrowdSmart provides templates configured to support any topic and then helps create a virtual workshop, where an exchange of ideas can take place.
Combining natural language processing and patented AI software, CrowdSmart quickly discovers key insights and knowledge from your selected group – whether composed of 10 or even 100,000 participants. Your participants respond on an anonymous basis, which reduces bias so opinions are shared more openly.
Next, our patented AI acts as a group facilitator in your virtual workshop, engaging participants with the ideas others have cited as most relevant. The technology then refines and aligns key ideas, allowing leaders to gain an understanding of what is important. It also allows researchers to identify top influencers (although participants remain anonymous to each other). Because the technology builds alignment, decision makers can move forward together with their customers with greater success because they have already gained customer buy-in.
Whether you want to reinvent customer relationships, design a powerful advertising campaign, or optimize productive innovations for competitive advantage, with the help of CrowdSmart, businesses can now better predict the outcome of proposed solutions. In the process, your customers will feel valued for their input and be more motivated to remain loyal to your brand.
Check out CrowdSmart.ai today to elevate your market research with AI, engage your customers, and move your business into the 21st century.