7 Ways Artificial Intelligence will Impact Consumer Insights Gathering

Kolapo Imam
Product Evangelist

June 16, 2023

Being data-driven is a concept that goes beyond how businesses collect data, but more specifically on the efficiency of data collection and how organizations leverage consumer insights to drive decision-making. Over the years, businesses leverage artificial intelligence to collect and analyze consumer data for business growth but there is more to be achieved with the development in the artificial intelligence space.

Generative AI, such as ChatGPT and similar others possess the potential to enhance the ways surveys are conducted and how businesses can better understand consumer insights. In this article, we will explore the potential applications of Artificial Intelligence in the survey and consumer insight analysis and highlight some practical examples and use cases.

1. Improved Survey Design

Artificial Intelligence can help improve the design of surveys by generating questions that are more engaging and relevant to the target audience. For example, a FinTech company can use Versus AI to generate potential questions tailored to specific problems to help uncover insights across different demographics. By designing surveys that are more engaging and relevant, businesses can increase their response rates and generate more accurate insights.

2. Personalized Insights

Artificial Intelligence can analyze vast amounts of data to generate personalized insights for individual consumers. For example, a beauty brand can use AI to analyze a customer's skin type and preferences to recommend personalized skincare products. By providing personalized insights, businesses can improve their customer engagement and enhance their loyalty.

3. Improved Data Analysis

Artificial intelligence can analyze large volumes of data faster with more efficiency than any other tool. It can easily identify patterns and trends with a high level of accuracy, unlike humans. This can help businesses make informed decisions that are entirely data-driven for the success of the company.

For example, grocery stores can use AI to analyze customer purchase habits and identify which products are the most purchased on different days or months.

4. Automated Insights

Artificial Intelligence can be used to automate the insight-gathering process from across multiple sources like Versus Listen. A perfectly trained AI system can equally help generate insights and sentiment data about customer experience with a product or company. For example, a travel company can use AI to analyze survey data and generate sentiment analysis about recent travel campaigns or general customer preferences for different types of travel packages.

5. Real-Time Insights

Generative AI can generate real-time insights from consumer data through conversation and prompt engineering. It can help companies make important and time-bound decisions given the up-to-date insights from data. For example, an EdTech company can use AI to analyze students' feedback to identify areas for improvement in their course delivery or content quality.

6. Improved Predictive Analysis

Artificial Intelligence can analyze consumer data to predict future trends and behavior. It can help companies anticipate changes across their target market and plan ahead of the competition. For example, a beverage company can use AI to analyze consumer data to identify which flavors or packaging sizes are likely to be popular in the coming months or festive periods.

7. Enhanced Sentiment Analysis

Artificial Intelligence can analyze social media data to determine consumer sentiment about a particular product or brand. This can help businesses understand how their customers perceive them and identify areas for improvement. For example, a tech company can use AI to analyze social media data to determine how customers feel about their latest product release and get quality recommendations.

Overall, Artificial Intelligence has the potential to enhance survey and consumer insight analysis in many ways. From improved survey design to personalized insights, automated insights to real-time insights, the possibilities are endless. Given the constant evolution of software solutions and technology as an industry. It will be exciting to see how businesses leverage Artificial Intelligence to generate survey questions, identify insights and gain competitive advantage in the ever-demanding global market.

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