AI is revolutionising consumer Insights, firms better be ready

These businesses recognise the need for better consumer intelligence that will allow them to explore their markets, spot unmet needs, and mitigate brand health risks, but many still need to make the case for the new solution.

Barring the challenges associated with AI adoption in market research, such as data privacy concerns and the need for skilled professionals who can effectively use and interpret AI-powered tools and technologies, AI-enabled market research is a novel concept worth investing in for various reasons.

Historically, social listening and monitoring have been used by marketers to keep an eye on what consumers are saying about the brand, get a pulse on general sentiment, and market more effectively.

Today's applications of consumer intelligence stretch far beyond traditional use cases and impact every stage of the customer lifecycle. The insights play a more strategic role in broader initiatives like understanding shifting behaviours and emerging models in a post-Covid era.

Real-time AI-enabled consumer insights provide the necessary data sources to enable businesses to find answers to critical like how a brand is perceived, how campaigns are performing and which trends are impacting the market and who influences them.

AI further helps brands gain insights into unmet consumer needs and where there are whitespace opportunities.

With AI-enabled consumer intelligence programmes, businesses can also cut across internal data silos in social listening, CRM, voice of the customer, customer feedback management, and more to create a single accurate source of truth - and reduce duplication of work across teams.

These are the reasons why businesses looking to enhance consumer-centricity and attain higher productivity are increasingly using AI consumer intelligence to understand new markets, new audiences, and launch new offerings.

With the understanding that AI-enabled market research will continue to reshape how brands incorporate consumer insights into everyday decision-making, the challenge is how brands should prepare for the future.