All successful business strategies commence with an appreciation of two prime factors: the customers and the competitors. But let's face it: most of us cannot afford to spend much time running markets and thus require affordable hair products. Lacking sufficient knowledge of your market, your target clients, and your competition can present significant difficulties in marketing your products and your services.
Fortunately, with AI in 2024, business market research has been more challenging and faster. Now, you can use modern research technologies to find the key information that will bring success this year. The contemporary trends in AI research for 2024 demonstrate how such tools are not only fast but also efficient.
While AI market research tools can be incredibly beneficial, the big question is: which ones should you choose? In this article, let me reveal the key characteristics that define this year's AI market research tools as exceptional. Now, let's look at the 5 Top AI Tools simple yet powerful tools that can make your research even better!
Table of contents
- The Rise of AI in Market Research
- Why AI Tools Are a Game-Changer
- 5 best AI Market Research Tools
- How to Pick the Best AI Tool for Your Business
- Conclusion
The Rise of AI in Market Research
One more sphere in which a growing number of companies use AI is market research, and it is really clear why this is happening. How about getting information from everywhere at once—the buzz on social media, survey results, and sales figures? This means that one can understand what the customers really want and be in a position to see trends before they go viral.
With AI in its exponential phase of intelligence enhancement, it has become almost a norm to have it in any organization that best wants to compete in the market. With the help of AI tools and their analysis, organizations may focus on quality decision-making and proper reaction to market conditions. This means that you will always feel like you have a superhero power when it comes to the audience!
Why AI Tools Are a Game-Changer
The use of AI tools is beneficial for several reasons.
- Lightning-Fast Data Insights: AI works way faster than manual production, many times faster. It provides answers in a shorter space of time, and hence, businesses can make wise decisions in the shortest time possible.
- Streamlined Workflows: Automation deals with recurrent processes that have previously consumed employee time, enabling workers to concentrate on value-adding processes.
- Spot-On Accuracy: It is noteworthy that AI is capable of identifying certain trends and relatively dormant details, which may by far contribute to the discrete accuracy of the decision-making process.
- Cost-Effective Solutions: Compared to other resources that may be required to undertake a comprehensive market study, AI tools may be a better option because they will only be required to help collect critical information.
- Up-to-date Information: AI offers the current or latest information, which assists businesses in competing for current market trends.
5 best AI Market Research Tools
1. Qualtrics XM
Overview: Qualtrics XM is a tool that enables organizations to capture and manage information about their customers. It uses surveys coupled with AI technology to provide useful information.
Key Features:
- For the purpose of the users, easy templates and personal questions can be chosen to match the audience.
- Survey answers are used by the AI to identify patterns and emotions that are significant for business decisions.
- Business people can review feedback as it is posted, which means that they can address what customers require immediately.
Why It’s Great: Qualtrics XM is ideal for organizations in need of client experiences with full experience insights.
2. SurveyMonkey Genius
Overview: SurveyMonkey Genius is the new advanced form of the commonly used survey creating tool. It uses artificial intelligence in survey creation and explanation of survey results.
Key Features:
- The AI proposes questions from the surveys that had already been conducted, allowing users to build good surveys within a short amount of time.
- It can determine which of the questions will serve better to give users a richer understanding of a scenario.
- The audience can also view trends and profiles of the people responding, providing a better understanding of the audience.
Why It’s Great: SurveyMonkey Genius removes the complexity of the survey process and increases the quality of the insights, which makes it ideal for quick surveys.
3. Sprout Social
Overview: Sprout Social is an application that allows businesses to work more efficiently and interact with their audience on social media platforms.
Key Features:
- It tracks social media, looking for when people talk about your brand so you can know what consumers are saying.
- It makes it easy to reply to comments and messages, and therefore, social media marketing is an easy way to get through to your target market.
- The tool provides precise reports on your social media activity, highlighting what is effective and what can be done differently.
Why It’s Great: The tool is best suited for companies that want to increase the effectiveness of their use of social media platforms and learn their clients’ needs.
4. Attest
Overview: Attest is an artificial intelligence tool that businesses can adopt to gather consumer insights as easily as possible.
Key Features:
- Asking and answering a few questions takes only a few hours, which can help you make fast decisions.
- Such research is advantageous to business entities because it saves time and effort and ensures that the study's outcomes resonate with the intended target clients.
- Improve the understanding offers different proposals and guidance obtained from the assembled data to assist companies in making proper modifications.
Why It’s Great: The platform is excellent for businesses that want immediate, valuable information that can enhance their plans.
5. Crimson Hexagon (Brandwatch) for social media analysis.
Overview: Crimson Hexagon is one of the major tools whose primary concern is social media analysis and consumer insights.
Key Features:
- The tool is basic, using only bar and line charts to display information, which helps simplify large data sets.
- Basically, it is an intelligent product that analyses a large amount of social media data and identifies patterns and trends.
- Users can know how they stand in the market by comparing their brand to that of their competitors.
Why It’s Great: Crimson Hexagon is perfect for organizations that seek to analyze social media data further in order to discover how they can have a competitive advantage.
How to Pick the Best AI Tool for Your Business
In the following five steps, it will be possible to select the right AI tool and contribute to the development of the business.
Figure Out What You Need
Think about the AI tool's purpose. Are you in need of survey and market research or help with Social networks? This will enable you to make the right decision in choosing a tool that fits your needs and abilities.
Look for Options
Go online to look for different AI tools. Learn what users have written about them and what their features are. The most useful tools are those recommended by other individuals.
Choose Easy-to-Use Tools
Choose a user-friendly tool. Its design and instructions should be easily understandable so that you and your team do not have to spend too much time using it.
Check Cost and value.
Search the tool’s price and determine if it fits your financial capacity. Focus on graphics tools that provide you with good features at reasonable costs.
Try before you buy
Most AI tools allow users to try them for free. Free versions can be a way to learn how the tool works and whether it is appropriate for a given organization before purchasing it.
Conclusion
AI is transforming market research in a huge way. Some of the popular tools include Qualtrics XM, SurveyMonkey Genius, Brandwatch, Attest, and Crimson Hexagon to help businesses get some important customer and competitor insights. They also can reduce time spent on tasks, increase effectiveness, and offer helpful information immediately to help in the decision-making process. Choosing the correct AI tool is difficult for a business that needs to increase its existing strategies and be one step forward of its competitors.
