Apply Artificial Intelligence In Market Research

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AI meets market research

The power of Artificial Intelligence (AI) is no longer limited to tech companies and has a pivotal role in the future of market research.

I was recently a panellist at the AI for Business event in Wellington, hosted by the Wellington Regional Economic Development Agency (WREDA) as part of the nationwide Tech Week.

There are two key ways we are currently using AI in market research;

• through text analytics to analyse the sentiment of what Kiwis have said in online questionnaires, and
• through machine learning techniques to find patterns in the data and improve efficiencies.

Text analysis

We can discover the overall sentiment of what someone has said about a topic as well as digging deeper into specific aspects. Text analytics looks at four key areas;

• Sentiment is the tone of the verbatim. Sentimentworks best when the question relates to ‘how something makes you feel’, or what you like or dislike about a particular aspect.

• Magnitude or the intensity of the text we’re analysing.

• Centrality measures how central a topic is to the context of the text.

• Popularity measures the frequency of topics that appear within and across the text.

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