5 Minutes 
Uncover the practical ways in which AI can be harnessed to uncover deep, meaningful insights in our webinar, Harnessing AI in Market Research: A Roadmap to the Future
The impact of Artificial Intelligence (AI) across industries is undeniable. But how does this translate to the world of market research? We sat down with Sago’s Chief Client Officer, Raj Manocha, to gain insights into this.
AI’s Formidable Role in Market Research’s Future
When considering the integration of AI into market research, how do you see it shaping the future? Any particular advancements you anticipate?
Raj: Definitely. I foresee AI introducing profound advancements in market research, particularly in optimizing the research process. Picture a more efficient sample distribution, a swifter sales process, and chatbots handling more tasks. However, the story doesn’t end there. AI will transform methodological design, paving the way for even deeper insights. With tools like synthetic respondents, there’s potential to garner feedback from demographics we often find elusive. It’s not about replacing humans but augmenting the insights we can achieve. Consider our shift from phone to online; AI’s role in market research will be even more revolutionary. It’s about creating widespread and accessible methods and driving innovative research avenues we’re yet to explore.
Treading Carefully: Ethics in AI for Market Research
Given the increasing importance of AI, what ethical aspects should market research companies prioritize? How can we ensure responsible and unbiased AI use?
Raj: The ethical implications of AI in our field go deeper than just the technology; they resonate with the core of our research values. One major concern is the inherent bias and how the AI is built. However, biases already exist in everything we do – from how panels are built to the person conducting the research. Understanding biases and benchmarking, as always, will be paramount. And, while we talk about the power of AI, let’s not forget its foundation – human data. Keeping the human voice central to our approach can guide us in this ethical minefield. It’s not about letting AI take over but enabling AI to enhance the human experience – whether it’s the respondent or the insights professional. Finally, regulation will be at stake – staying updated with industry guidelines ensures that our AI strategies are both innovative and responsible.
Successes in AI Implementation
Could you share some instances of successful AI applications in market research, whether you’ve been directly involved or simply observed them?
Raj: Of course. We’ve seen Qualtrics utilizing AI for in-depth video response analysis. Companies like SimilarWeb are leveraging AI to optimize your digital channels. Here at Sago, we integrate digital qualitative tools with AI to foster richer conversations. We’re also looking at the advancement of synthetic respondents as a huge opportunity for companies to garner even more insights in their research journey. These aren’t just tech upgrades – they’re pivotal shifts in how we capture and interpret insights, ensuring our clients get the most valuable data.
Potential Challenges and Their Solutions
What hurdles might we encounter while discussing AI’s potential in its widespread adoption within market research? And how might we overcome them?
Raj: As with any groundbreaking innovation, AI’s journey isn’t without obstacles. There may be challenges in resources, financial investments, or simply an inherent resistance to drastic change. We’ve seen such hesitations in previous industry transitions. However, it all boils down to mindset. If researchers truly understand and embrace the strategic potential of AI, they can navigate these challenges – similar to moving online from phone or the surge of research technology tools. Clarity in vision and execution will dictate success. Remember, it’s less about the tool and more about the strategic application.
Enriching the Client Experience with AI
From your unique position as Chief Client Officer, how do you see AI redefining the client experience in our domain? What are the tangible benefits they can look forward to?
Raj: AI, in its essence, offers a dynamic array of insights and optimization at an unprecedented scale. This means quicker, more comprehensive, and more actionable feedback for our clients. We can create a more friction-free process while allowing the customer to be “in your pocket” and always accessible. This elevates the client experience to new heights and creates new possibilities for respondent engagement.
As AI becomes increasingly integral to market research, dialogues like these are crucial. They remind us to remain human-centric while embracing change. To stay updated on these evolving dynamics of AI in market research, tune into our series of insights and conversations with industry leaders. At Sago, we remain curious and proactive, ensuring that we’re always at the forefront of leveraging technology for insightful market research.
