Businesses need to make decision on how they approach the market every day, with market dynamics that are changing constantly. It's a real challenge for businesses of any size and a core reason why big businesses employ whole teams of market researchers who constantly keep an up to date view of the market. The question is how businesses who do not have that luxury can compete. How can you make validated decisions on your go-to-market strategy if you do not have a market research team?
Artificial Intelligence may hold the answer. Given its unique capabilities, we can use this as a machine based assistant, who constantly researches the market based on the questions we give it. This is where automated market research tools come into play, offering near real-time data and insights that allow smaller businesses to stay ahead of the curve. Let's explore how this technology is a game-changer for different roles in organisations.
Marketing Directors and CMOs: Strategic Agility through Real-Time Insights
Our core group of interest is Marketing Directors or CMO's. They are tasked at maximising the performance of the marketing team and contribute to the company's growth. When we spoke to smaller businesses, they often said that research is something they'd do once a year, or ad-hoc on an as needed basis. After that, they'd either rely on outdated data or gut feel.
With automated market research tools, they can now generate near real-time insights, enabling a quick response to market changes and providing the strategic guidance necessary to navigate through market decisions. This agility and confidence allows for a closer market match, a better alignment to customer's needs and create competitive advantage. What's more, it frees up resources in the team to do more.
Product Managers and Innovators: Fuelling Innovation with Market Needs Identification
Product Managers and Innovators are constantly looking for changes in market needs to drive innovation. Automated tools allow them to research in rapid iterations, exploring new solutions and directions at higher pace. The tools provide clear data on consumer behaviour and emerging trends, making any decision on product development closely align to what is really happening in the market.
This rapid insight generation facilitates a much faster innovation process, ensuring that new products meet the market's current and future demands. There is a real opportunity here to create long term competitive advantage and first mover advantage.
Entrepreneurs and Small Business Owners: Cost-Effective and Simple Solutions
Arguably Entrepreneurs and Small Business Owners stand gain the most from automated market research tools. They often operate with limited resources, whilst trying to establish their position in the market where potentially far larger providers have the advantage. They need insights that are both cost-effective and straightforward.
Automated market research tools offer a solution that doesn't compromise on quality or complexity. They provide market insights that are easy to understand and act upon, ensuring that even the smallest businesses can make informed decisions. It's giving small business a better chance to succeed and outmanoeuvre large corporations.
Digital and eCommerce Businesses: Instant Market Trend Analysis
Digital and eCommerce Businesses operate in an incredibly dynamic domain where consumer behaviour can shift overnight. The ability to access market trends and analysis at the click of a button can make a huge change to how they act on market changes. They run analyses for products, segments, messaging and promotion at scale, effectively creating bespoke strategies for each product line.
The up-to-date data make sure they stay aligned to the market, whilst automating the process allows them to limit the resources required to create a larger variety of strategies, boosting sales and positioning effectiveness.
Should You Care?
We think so. Generative AI is at the peak of expectations and businesses around the globe are exploring how they can adopt this technology in different areas, so they don't get left behind. Near real time data and insights have a real potential to impact the competitive advantage of early adopters.
A second benefit is how it frees up resources in the marketing team. Research is often one of the most resource heavy activities, which is why we do so little of it. Now imagine doing studies in a matter of hours, and using those associates who did the research to apply it in practice instead.
