AI-powered market research: 5 essential tools for businesses
From automating surveys to analysing brand performance, AI is changing the game. Discover how these tools can elevate your business strategy.
Market research is the answer to getting in-depth information about a target market but it is a rather time-consuming process. Meet AI, Artificial Intelligence, an intelligence technology that not only helps to automate reactive or bulky tasks but also interprets trends, customer sentiment and of course market research.
In today's article, we'll introduce you to 5 beneficial AI market research tools that you can use to develop effective business strategies.
Top 5 AI market research tools
Unlock unparalleled insights with effective AI market research tools, where precision meets efficiency.
ChatGPT is an LLM-based popular chatbot that OpenAI developed. You can add ChatGPT's browsing plugin to carry out market research efficiently. Business professionals can get crucial information about their competitors, demographic data, etc.
Here are a few ChatGPT prompts that will help you out:
- I need detailed market research and analysis to understand the [product or service] industry and identify potential opportunities
- I need data to compare [product or service] market across different countries and regions.
- I need a comprehensive analysis of the competitive landscape in the [product or service] industry to develop my business's pricing strategy.
Pricing: A free forever plan is available and the premium plan starts at $20/per month.
Browse AI is a no-code user-friendly tool that extracts and monitors data from any website. This automation tool comprises a robot that can be trained to scrape information from any site. To gain an in-depth understanding of your target audience, secondary market research can be performed.
This AI tool is suitable to assess the existing data about your target market. Overall, Browse AI can be leveraged to collect data, monitor trends and automate the process for efficiency.
Pricing: Browse AI offers a free forever plan with around 50 credits/ per month. The paid subscription starts from $19/per month for individuals and for teams it is available for $249/ per month.
Primary market research is the method of surveying or interviewing the target customers to know their preferences and purchasing habits. Typeform is an AI tool which can ease the process of surveying buyers.
This online form builder helps startups create visually appealing and interactive forms. There are multiple use cases such as product feedback, quizzes, etc. Additionally, it is a user-friendly online survey software tool that requires no coding.
Pricing: Free plan and paid subscription costs $19/ per month.
Poll the People
Poll the People is another useful primary market research tool that assists to automate survey analysis and build forms. There is a ChatGPT plugin also available that can be used to get queries solved, build business strategies according to data, improve product development, etc.
This tool also has a ChatGPT-like bot to help business professionals get quick insights from the surveys. Moreover, it offers many effective templates and creates research reports swiftly.
Pricing: They have flexible subscription such as Lite that is charged per response. Other monthly plans start from $50/ per month.
Latana AI is a tool to monitor a brand's performance in the target market. With machine learning algorithms and advanced AI capabilities, this tool provides accurate insights in real-time.
This AI-powered tool gathers data from various sources like social media, web analytics, etc to help businesses understand their brand awareness and customer's perception. In short, it assists marketers in making data-driven decisions to optimise their product or branding campaigns.
Pricing: This AI tool is quite costly and its pricing starts from €990/per market/per month or approximately $1044/per market/per month.
Embracing AI in market research is the key to unlocking deeper insights and crafting effective strategies. As technology continues to evolve, staying updated with the latest tools can give your business a competitive edge.