The $100,000 omnibus market research study your company pays for every year has just landed on your desk with a directive from your boss: show me how your new marketing plan will address the issues in this study to increase profits for your division next fiscal. Your immediate top two questions should be:
- How do I know that this research is accurate?
- Can I test my new strategy against these findings to ensure my campaign brings intended results?
Fortunately, with today’s AI-driven market research, you can have your market research validated the way clinicians validate their drug trials. And you can confidently build a plan that you know is not only based on accurate date, but you can test your new strategies directly against the AI that was used for the market research, to prove to your boss that you really have produced the winning strategy. Here’s what you need to know:
- Validate your market research
Clinicians studying the effectiveness of a new drug are confident in their research findings because they run multiple trials. If you test the drug in 20 different geographies, and in 19 of them the drug brings intended results 85% of the time, then you can have confidence your drug works and can calculate the margin of error.
Has your market research been run multiple times? Was the sample size large and diverse enough to give you confidence? With AI-powered market research, the answer should always be yes. We are now able to get perfectly representative samples of any population on social media, with a large number of participants – tens of thousands for general population research, for example. With such large representative samples, we can break them down into smaller samples of say 10,000 people and run the research on different samples to see if we get the same results. While this would be prohibitively expensive to do with telephone polling, with AI there should be no added cost to you for this benefit.
- Test your strategy against the market research
Because the market research AI is already trained, she can be put to other useful tasks inside your organization relating to the topics addressed in your market research. So, for instance, if the AI shows that the in-store promotions used by the competition were primarily responsible for a fall in sales of your product, you can now test new in-store marketing concepts and creative with the AI to find out which one will work best before you launch.
While before this might involved months of AI testing, with the risk that your competition would see what you are up to, now it can be done inside of a week without exposing any of your ideas to the public (the AI doesn’t ask people questions, it gleans answers from what preferences they express, so no one sees any content!)
AI-driven market research gives marketers the most accurate insights and the best ability to test new concepts before they are launched. If you are not using the latest methodologies you need to modernize – because your competitors are on it!