Insights Alchemy: Transforming Consumer Data
In a recent episode of the AI Powered by People podcast, hosts Sarah Nagle and Chad Reynolds interviewed Dr. Ben Vaughan, an AI expert with a background in applied mathematics. He shared fascinating insights into how artificial intelligence is poised to transform market research, consumer data analysis and insight generation.
Unlocking Vast Amounts of Consumer Data
Dr. Ben highlights one of AI’s most exciting potentials: analyzing enormous amounts of consumer data that humans can’t process efficiently. He explains, “The ability of having AI to extract data from video surveys is going to be a major alteration in how market research works. You have the AI looking at stuff that we can’t see because there’s just too much data.”
Beyond Traditional Surveys
Traditional survey methods, like Likert scales, provide easy-to-process numerical data but often miss nuances. Dr. Ben notes, “The problem is, that throws away all of the finer details, the nuance to it. Why did they say it was a four and not a five? Why did they say it was a two or a three?”
The Power of AI-Powered Video Analysis
AI-powered analysis of video surveys offers a solution. Dr. Ben explains, “Vurvey collects video data, which is great because it provides a lot of detail. You have the voice, you have video, you have other sources of information.”
This technology analyzes not just what consumers say, but how they say it – including tone, facial expressions, and body language. The result? Deeper insights that could lead to more accurate market predictions, better products, and more effective marketing.
AI Agents: Representing Consumer Segments
Dr. Ben introduces the concept of AI agents trained on specific datasets. In market research, these agents could represent different consumer segments, allowing companies to efficiently gain insights from AI representations of their target audience.
The Importance of Fresh, Verifiable Data
While discussing AI in market research, Dr. Ben emphasizes the need for fresh, verifiable data. He notes that large language models may not always have up-to-date information. This is where targeted video surveys excel, providing current data to train accurate AI agents.
The Future: AI and Human Collaboration
Looking ahead, Dr. Ben envisions AI working alongside human researchers, enhancing rather than replacing their capabilities. He sees AI helping with tasks from analyzing open-ended survey responses to predicting consumer trends based on complex datasets.
A Bright Future for AI in Market Research
As AI evolves, its impact on market research will be significant. By harnessing machine learning and advanced data analysis, we can better understand consumers, develop targeted products, and improve business outcomes.
Dr. Ben’s insights show we’re just beginning to tap into AI’s potential. As research continues and technologies improve, we’re entering a new era of data-driven, nuanced consumer understanding that could transform how businesses connect with customers.