Impact of Generative AI on Market Research: by Market Researchers
In the first of this series of posts, I shared an overview of the findings from the survey/chat conducted among our peers on the impact of generative AI on their roles and their organizations. We learned that the majority of people answering the survey believe that Generative AI has the potential to improve their organization's competitiveness in the marketplace. At the same time, there are clearly uncertainties and concerns that need to be understood and addressed. We need to understand both sides to make out the implications of this groundbreaking technology and make the best use of it.
In this 2nd post, we will look into why there's a positive impact. Then, we'll save the reasons for a negative or no impact in the next post (the 3rd of the 4 posts).
Why positive? The optimism and specificity shared by our fellow market researchers speak volumes. The anticipated benefits range from efficiency and productivity to creativity and decision-making, from client service and knowledge to resource allocation and cost savings. Their comments are so vivid that I feel it would be a disservice if I didn’t include more quotes! More quotes from agencies:
A. We will learn how to develop a next level of thinking as much of the earlier time spent will be taken care by AI!
inca: What do you think will be the benefits of having AI take care of the earlier time spent?
A. Allow us to reach a new level of thinking and therefore appreciation of life going forward!
A. As a recently launched business, market disruption presents an opportunity for us to achieve a differentiated position in the market.
inca: How do you think generative AI can help you achieve a differentiated position in the market?
A. New and different creates a knowledge gap inside client organisations. By filling that gap, we can get in front of senior clients we wouldn't otherwise be able to.
A. I think the first generation of generative AI will allow us to produce more, better and quicker - i.e. scribbles to charts or tables to reports. But the second and third generations will really open opportunities, like intelligent digital assistants with broad capabilities and even completely new forms and methods of doing research.
inca: What do you think these new forms and methods of doing research will look like?
A. I have no idea but even if I did - I wouldn't tell you. You might steal it! ;o)
A. It will unleash a new super power to the industry
inca: What do you mean by a new superpower?
A. a new capability
A. We are a restech company. Good for competitive analysis, code reviews, blog writing, trouble-shooting (support logs), automated analysis, prompts in quant surveys.
inca: What specific applications of generative AI do you think will be most beneficial for your organization?
A. Development, support, marketing, competitive intelligence.
A. Because it is a great leveller and brings powerful ai capabilities to everyone
inca: What specific capabilities do you think generative AI will bring to your organization?
A. Add it into our product to supercharge it.
More quotes from the client side:
A. In my organization's industry, human service interactions are traditionally a part of the experience, but it is rarely a part of the experience that consumers look forward to as the goal of the interaction is largely functional. AI will likely replace that human experience with a very near human-like one with higher efficiency and order accuracy
Inca: How do you think Generative AI will be able to provide a near human-like experience?
A. ...Voices sound very natural and the AI's ability to generate language and grammar feels very natural.
A. Because it can help us see beneath the patterns we are choosing to see as humans
inca: How do you think Generative AI will help uncover patterns that humans may not be able to see?
A. We work with self-imposed constraints in mind in the form of preconceived notions but AI does analysis from scratch.
A. We develop products that use these AI technologies - and our research is being enhanced by these technologies.
inca: How do you think generative AI will enhance your research?
A. Secondary and desk research is more thorough and faster with GPT than previous searching. Ideas and hypothesis generation for surveys and interview guides are enhanced by GPT...
