Best Practices for Using AI in Market Research

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AI can revolutionize market research. Be sure to use these best practices for using AI in market research from Suzy to get the most out of your research.

Artificial intelligence (AI) platforms—or, more specifically, large language models (LLM)—are rapidly growing in popularity in the market research industry for a good reason. These powerful tools offer an efficient way to gain insights, refine skills, and tackle mundane tasks. And since they can analyze vast amounts of data quickly and free up market researchers to focus on strategic business decisions, it's no wonder AI is gaining popularity in the field.

Here are just a few use cases for AI in market research:

• Efficiently compile due diligence for specific products or categories

• Brainstorm innovative research methodologies to tackle business objectives effectively

• Generate surveys and sample compositions for launching research

• Create comprehensive lists of brands for comparative research

• Develop detailed attributes for respondents to provide feedback on

• Quantify brand mentions in open-ended awareness questions

• Summarize qualitative studies and analyze quantitative data

• Extract key findings from broader studies

However, it's important to keep in mind that AI is not infallible. While LLMs can generate and summarize studies at lightning speed, they lack a complete understanding of the greater context. To ensure the success of your AI-powered research, consider these guidelines:

• Embrace AI as your research assistant. Think of AI as enthusiastic juniors on your team, eager to assist you in gaining rich insights. However, clear instructions and verification are crucial to avoid errors. Double-check their work and ensure they align with best practices.

• Precision is key. Remember the saying, "Garbage In, Garbage Out." To maximize the usefulness of AI, provide precise instructions and examples of desired outputs. Iterate on prompts until you achieve the desired result. Understanding prompt engineering can yield consistent and reliable outcomes.

• Beware of hallucinations. AI can "hallucinate," generating responses that may sound accurate but lack factual grounding. Double-check your AI assistant's work to ensure accurate and relevant information.

• Follow research best practices. While AI may generate surveys, it may not adhere to industry best practices. Prevent bias and improve questionnaire structure by giving clear instructions and guidelines. Incorporate quality checks to ensure reliable data.

• Enhance Your Research with the Human Touch.  AI cannot replicate the invaluable "human touch" in research. An AI lacks the broader understanding of your research goals and the personal nuances you encounter with various stakeholders. It cannot grasp the complex emotions expressed in video open-ended responses or focus groups, nor can it comprehend the cultural nuances of today's society. Although you can incorporate these aspects to some extent, a human market researcher is indispensable for ensuring the quality of AI-generated work and tailoring it to these nuances.

• Consult Your Legal Team for Peace of Mind. Before incorporating AI language models into your work, especially if personal or confidential information is involved, ensure you consult your legal team. Their expertise will help you navigate any legal considerations and protect your interests.

Incorporating AI into your market research offers incredible benefits, but it's important to approach it with caution and thoughtful consideration. By embracing AI as your research assistant and providing clear instructions, you can harness its power to efficiently compile due diligence, generate surveys, summarize qualitative studies, and extract key findings. 

Remember to be vigilant for hallucinations and employ quality checks to ensure accuracy and reliability, and remember that AI cannot replace human researchers.  With these guidelines in mind, you can unlock the full potential of AI in your market research endeavors.

At Suzy, we understand the importance of blending cutting-edge technology with human expertise to deliver exceptional results. Our consumer research services leverage the power of AI while upholding the highest standards of quality and precision. Contact us today to discover how Suzy can revolutionize your market research efforts.