The rise of machine learning is hard to ignore. It’s happening fast. For the vast majority of digital marketers and forward-thinking companies, it’s an exciting time.
However, there are some concerns about the big picture.
As more companies adopt automated market research and AI, what does the future really look like for business? Moreover, how will it affect the people doing those jobs today?
The reality is, we can all gain a lot from embracing automation.
4 Benefits of Automated Market Research
Automation has been disrupting marketing for quite some time, and the benefits are already clear:
1. Saves Time
We at E29 have been working with a number of automated market research technology providers for some time now. ZappiStore is one such provider that we’ve had tremendous success with.
Together, we’ve sought to improve the results of concept testing for a number of our less established clients who have significant innovations looming, but whose timelines to market are tight. With automated market research in play, we’ve been able to aid them in making key decisions, often in less than a week.
2. Improves Accuracy
One of the most widespread uses of automation in market research is in data analytics.
Companies can track users onsite behaviors to gain deep insights into the needs and interests of their audience.
This enables ecommerce companies to tailor brand messaging and offer targeted product recommendations that get more engagement, and ultimately, more conversions.
3. Audience Growth
With online surveys, your business can curate a global audience of tens of thousands, either in targeted locations or spread across the world.
4. Marketing ROI
Automation is typically cheaper than traditional marketing methods. With fewer overheads, automated market research reaps a higher ROI on spend.
The Role of Humans With Automated Market Research
Research indicates that 93% of people view AI as a huge opportunity, while 7% consider it to be a threat, as many believe AI will be doing their job better than them within the next 10 years.
The buzz around machine learning and digital transformative technologies is understandable, however, it’s important to keep it in perspective.
On its own, automation technology still lacks a degree of sophistication. It is only when humans perform a deeper analysis of data that the value of the research can be measured.
Take, for example, the instance of an automated survey or interview. Sure, you can garner a wealth of information from numerous participants in a short space of time. However, automation alone is not yet at a point where it can probe or clarify points beyond the basic insights. Without a human present, creative thought is absent.
There’s no doubt that automated tools do enhance our ability to conduct qualitative analysis, which in turn gives marketers the power to improve their campaigns.
That being said, machines aren’t able to connect the dots without us – yet.
We Must Adapt and Embrace Automation Technology to Our Advantage
The people with the biggest concerns about the dawn of a new era in digital marketing are those who are currently working in market research.
Given that machine learning is already faster, more accurate, and more organized with data than any human could ever dream of, it’s easy to understand why some people are fearing for their jobs.
But they shouldn’t consider this with a doom-and-gloom outlook.
Instead, we should look to adapt and find new opportunities alongside automation.
Many people are already doing that, with 50% of people considering upskilling. Others are finding new roles where they can use automation in their job, rather than be supplanted by it.
For now, automation in market research is an innovative strategy that all businesses can leverage and profit from. But it cannot fulfill its potential without humans.
Learning how to work with these new technologies will set people and businesses up for a prosperous future.