Enhance Your Marketing Strategy With Top 3 AI Market Research Tools

The fast-paced digital world requires marketers to be updated with the ongoing trends in real time. This is essential to stay ahead of the competitive landscape. It would take extra work, time, and effort to manually keep up with industry insights, shifting paradigms, and accurate information. AI can be a useful tool in this regard by automating consumer behavior, customer data, and predictive analytics. 

Traditional methods are time-consuming, and human error may result in inaccurate information. To avoid such inconveniences, AI market research tools can help amplify the research for more accurate data. This article discusses the top 3 AI market research tools, how they can be useful, and why marketers should utilize them. 

What is an AI Market Research Tool?

AI has stepped into almost every industry, boosting the workflow and helping with insightful decision-making. Marketing is one niche that requires cost-effective approaches and accurate data analysis. AI possesses that speed and efficiency, by analyzing large datasets in minutes.

Top 3 AI Market Research Tools 

There are multiple AI research tools offered that you can benefit from. Each serves a different purpose, fulfilling a distinct objective of research. Let’s discuss the top 3 AI market research tools that can help you upscale your marketing efforts with minimal to no cost.

YouScan 

Social media is a major channel deployed by almost all the businesses using digital marketing. According to a recent survey conducted on consumer behavior, 71% of online users make purchasing decisions based on reviews on social media. Therefore, it is important for businesses to track these reviews, and timely respond before losing potential customers, or even the existing ones. 

YouScan is a social media monitoring tool that analyzes customer responses and reviews on different products—using comments, likes, and the number of mentions of a product or service by people. 

In the example below, the consumer mentioned two flight booking platforms  facing an issue. The timely and positive response of Skyscanner leads to a positive customer experience, retaining this customer. It also portrayed the customer relationship management of Skyscanner, which is essential for any brand’s reputation. 

Key Features:

YouScan categorizes responses into positive and negative, analyzes the sentiments shared in a certain comment, for instance, and consolidates this data into actionable insights. 

Brand Management: 

YouScan tracks the sentiments and responses of customers on social media. It creates charts to help you see trends of which products make customers happy and which ones drive complaints. Businesses can use this data to improve their products or services to meet their average customer’s expectations. 

Crisis Management:

A brand that handles complaints faster and responds timely can save its reputation. It becomes crucial to act fast when your business’s hard earned reputation is at stake because of a negative experience or review. YouScan detects these events in real-time so you can respond promptly to threats. 

Competitor Analysis

YouScan collects data based on positive, negative, and neutral reviews of your product’s and your competitor’s as well. This gives an insight into what sets you apart, and identifies market gaps that your brand can capitalize on. 

It also tracks your brand’s online presence as compared to competitors, so you can design a marketing strategy that helps you reach most of your audience.

Trend Analysis

YouScan collects data around the world, which reflects the trends of consumer behavior and opinions on social media. This data is analyzed and converted into visually appealing charts and dashboards.

Lexalytics 

The internet is stormed with documents, whitepapers, ebooks, articles, etc., that are super useful for a marketer to create content that would resonate with its audience. However resourceful documents are, they are extensive. It would be highly time consuming to analyze those documents manually. 

Lexalytics is an AI tool that analyzes text documents and transforms them into usable data and insights significant for business decision making. This data includes patterns based on customer experience, employee experience, and market trends. 

It uses machine learning and NLP to detect sentiments, parts of speech, different themes, etc. This data once collected is converted into applicable findings. 

Key Features:

Text Analytics

Lexalytics operates on NLP and text mining. It is the practice of extracting useful text from raw materials, and using it to answer questions consumers ask. The text is extracted from comments, reviews, and opinions people post about a business or its products online. The data is divided into themes and analyzed for further actions. 

Social Media Monitoring

Social media users use slangs, hashtags, and abbreviations while commenting and expressing opinions. AI tools like Lexalytics detect, decode, and combine these slangs and hashtags into a comprehensible data of the sentiments of consumers regarding a business’s  product. This data is helpful in making important business decisions. 

Sentiment Analysis 

Machine learning and NLP are combined to analyze sentiments consumers express toward the services or products a business offers. These are categorized into positive, negative, or neutral. Based on the adjectives a user or consumer uses for a certain product/service, the phrase is labeled as positive or negative. These phrases determine how a customer feels about the brand and detects negative reviews to curb problems consumers are facing. This plays a pivotal role in generating a bigger revenue. 

3. Crayon 

Consumer preferences, most visited sites, keywords most searched for are all types of data that companies can greatly benefit from. Obtaining these gold mines of data have become convenient with AI tools such as Crayon. 

Crayon’s machine learning model rapidly analyzes competitor sites and their behavior online. It gathers the data, and tracks trends and changing patterns to suggest quick actions to keep up with the evolving, competitive industry (of your particular business). 

Key Features 

Competitor Analysis 

The world is so fast paced that viral trends change overnight, posing a threat for your business in the form of inaccurate decision making. You might be worming on a certain marketing strategy only to find out that consumers are not talking about this anymore. To prevent this, Crayon provides you a sneak peak into what strategies your competitor business are deploying to reach maximum audience and make an impact. It does not let your business miss out on the on-going trends and consumer preferences. 

Product Analysis 

Crayon also provides an in-depth analysis of your products to find gaps and areas of improvement. It compares it with the products or services your competitor companies are offering to see what you’re missing. Using AI and machine learning, Crayon ensures these assessments are accurate, saving you from negative reviews and feedback. 

Extracting Data to Offer Solutions 

Businesses face challenges that are inevitable. Data can rapidly offer solutions that work for your business to solve a certain problem. Crayon’s language models are trained to extract relevant data from all over the internet and provide you with an accurate answer in no time. 

If companies spend the majority of their time trying to identify the exact problem, they won’t be left with any time to invest into addressing those issues. Therefore, AI models come into play—they are trained to identify relevant data, combine trends and patterns to make sense of it similar to humans, and help make data-driven decisions. 

Why Invest in AI Market Research Tools?

AI market research tools offer data analysis on sentiments and consumer behavior, providing businesses with patterns and trends which are otherwise difficult to track manually. 

Predictive analytics is another feature of AI tools that forecasts market shifts, helping businesses pivot their strategies in time. This cuts costs, minimizes losses, and utilizes trends to maximize profits. 

These AI tools are designed using Learning Language Models (LLM) and Natural language processing (NLP), that mimic human responses and behavior. This enables AI to research and analyze according to a human’s thought process, but with greater efficiency and speed. 

AI research tools also provide competitor analysis, allowing businesses to understand their rival’s strengths and weaknesses. This helps them design and improve marketing strategies that stand out by solving problems and filling in market gaps. 

Summing it up, AI market research is extensive, efficient, and effective. It lets marketers make timely decisions based on accurate insights. It is this decision making that drives business’ and maximizes revenue. 

How to Implement AI Research Tools?

Now that you are equipped with the knowledge of why an AI research tool is integral to your success in business, let’s move to how you can implement these tools to maximize benefits. 

Define Your Goal 

Every business wants to achieve a distinct goal to add value. Understanding this can help you choose the AI tool that best fits your needs. For instance, your business could use competitor analysis to monitor market shifts, prices and fool-proof marketing strategies. 

Brand awareness, perception, and consumer behavior are equally important in setting goals for your business. 

Integrate AI Into Your Workflow

AI taking over the human race is a myth. AI complements human efforts to enhance them, avoiding lags and delays in decision making. You can integrate Crayon with platforms like Hubspot, Slack, and Salesforce, automating your workflows and saving tons of time scheduling, etc. 

Continuously Optimize 

Data insights without actions are not useful. Once you obtain data on what gaps to fill and which strategies to shift, you should act upon it without any delay. For instance, Lexalytics allows you to track sentiments and capitalize on what’s working for your consumers. Similarly, Crayon instantly tracks your competitor’s shift in strategy and informs you to make a timely, data-backed decision of shifting yours. 

Key Takeaways 

AI has revolutionized how businesses make decisions regarding their customer management and consumer behavior. It helps consolidate data from across the internet, analyze each culture’s or regions' sentiments based on various contexts, and provide business owners with accurate insights. This helps enhance customer experience and improve the reputation of your brand amidst competition in the industry.