How Generative AI is Transforming Market Research: Benefits and Opportunities for Agencies
In today's fast-paced digital age, the world of market research is undergoing a transformative shift. You might have heard whispers about generative AI-driven insights tools and wondered, "Is this the end of traditional market research agencies?" Let's set the record straight: Generative AI for insights is not a threat; it's an ally. It's here to empower you, the market researcher, to do more, better, and faster.
Imagine a world where market research is faster, more efficient, and incredibly precise. That's the promise of generative AI-driven insights tools across every stage in the research journey: data creation, data analysis, and data storytelling. Let’s explore how.
Virtual Audiences are revolutionizing access to insights
The market research domain is set to evolve dramatically with the introduction of AI generated data. This new type of data is often referred to as synthetic data, augmented data or virtual audiences, and it is truly going to revolutionize the insight creation process over the next 12 – 18 months. Why? Because it allows for insights to be created without the traditional fieldwork stage, meaning that insight generation can almost be instantaneous. What’s more, depending on the model being employed to create the data, the outputs are rich, detailed and insightful.
Yabble's Virtual Audiences product is a great example of using generative AI to create data. Yabble’s Virtual Audiences aren’t just simulations; they're dynamic AI-driven personas that emulate real customer interactions, providing invaluable insights into consumer behavior. Powered by Yabble’s Augmented Data model, Virtual Audiences offer real-time, in-depth insights on a variety of topics, markets and audiences by analyzing data from diverse sources, including proprietary databases, academic repositories, and real-time web trends.
By eliminating the wait associated with traditional surveys or interviews, they enable real-time conversations and quantified insights that can immediately shape business strategies. This innovative approach reduces research costs, enhances scalability, and ensures more inclusive findings by correcting biases in traditional datasets. To find out more about Yabble Virtual Audiences, click here.
Augmented Data: The engine that powers your data creation
The technology that powers Yabble’s Virtual Audiences – is a propriety Augmented Data model. Augmented data models work by bringing together a variety of disparate data sets and sources – synthesizing them to offer a deeper understanding of consumer patterns and shifts. It's not merely about accumulating data but enhancing its richness and insights. This is a game-changer for market research.
Leveraging the power of Large Language Models (LLMs), up-to-date trend insights, social metrics, behavioral stats, and, when suitable, your datasets, Yabble crafts a dynamic augmented data set to address your research inquiries. Through the Yabble platform, this innovative method ensures data is not only more relevant but also more current than what LLMs can offer by themselves.
Move past point-in-time limitations with living data
Researchers need not be limited to point-in-time data any longer. In the fast-paced world of business analytics, knowledge lakes, and living data are emerging as key enablers to drive business insights. Knowledge lakes, unlike traditional data storage, are vast, unstructured reservoirs of raw data from diverse sources. This data is continuously enriched by generative AI, creating an ever-evolving cycle of learning and knowledge. For you as an agency what this means is that insight data becomes ‘living’ i.e. it is no longer restricted to the point in time in which it was collected, it can evolve, it can be re-mined, it can be augmented. Yabble recognizes the transformative potential of these concepts and has tailored its platform to help users tap into this wealth of information. By embracing living data, agencies position themselves ahead in the innovation curve, making recommendations to their clients that are informed, strategic, and timely.
Replace manual coding with automated theming and sentiment coding
Extracting insights from open ended questions or consumer conversations has long been a pain point of researchers. But those days are behind us. Generative AI has taken text analytics to the next level, removing the need to manually code data, or spend time and resources training machine learning models to code our opened ended data. We can simply link or upload it into a platform like Yabble, and within minutes have actionable and practical insights. All 100% automated, and dynamic so can be used as effectively on ad hoc projects as it can be on tracking.
Yabble Count is an automated generative AI solution that takes the heavy lifting out of data coding. Just upload your data and let our automated AI solutions do the rest. Using a combination of cutting-edge technology and proprietary algorithms, it takes any unstructured text data and analyzes it for themes, sub-themes, and sentiment delivering you insights in a matter of minutes.
For researchers, this means enormous productivity gains and cost savings. For example, Yabble Count will save you up to 70% of your analysis time as it works 1000x faster than an expert human. The benefits of automated theming and coding for market research agencies are manifold. The insights Count provides enable you to immediately identify the key things you can do to drive business growth for your clients.
“Yabble is intuitive, smart and highly efficient. As market researchers we can spend hours and days trawling through qualitative, unstructured data trying to find the nuggets and themes. Yabble with its tool Hey Yabble has been able to make as faster and more efficient. By enabling us to code and analyze thousands of verbatim data in minutes, we now have more time for the high value work and creating powerful client stories from the data. The team is super responsive and always looking for ways to go the extra mile.”
Nichola Q. // Founder & CEO – Collected via G2
Create instant summaries
One of generative AI’s strengths is data summarization i.e. taking vast amounts of unstructured data and providing meaningful summaries of its content. What this means for researchers is that we no longer need to spend hours re-living interviews, watching focus group recordings or listening to meetings.
Yabble Summarize is a groundbreaking AI-powered tool that has transformed the way researchers analyze long-form data I.e. in-depth interviews, focus groups, meeting notes, call center data and more. It does this by automating the labor-intensive process of analyzing transcripts and other long-form data sources, Summarize not only saves unprecedented amounts of time but also ensures that teams can focus on strategic, value-adding activities. The tool can process a 10-to-15-page transcript in just 40 to 60 seconds, delivering rich, accurate summaries that highlight key data points and insights. Beyond the significant time savings, the AI technology behind Summarize ensures that the summaries produced are both accurate and comprehensive, capturing the essence of the data without missing out on critical details. The tool's output is structured to present key findings, challenges, opportunities, and an overall summary, making it perfect for sharing with clients or teams. Summarize offers a seamless blend of AI efficiency with human intelligence, making qualitative analysis more efficient and insightful.
“I used the Summarize product to analyze about 10 executive interviews. I usually plan between 2-3 hours per interview for analysis and report writing. The entire process using Yabble took 15 minutes (uploading and analysis). When I checked the quality versus what I would have written - there were no exclusions or inclusions that shouldn't have been. The final product I delivered to the client took about 3 hours instead of 30.”
Gregg Archibald // Managing Partner – Gen2 Advisors
Chat with your data
Most of us by now have at least had a toe dip into the world of ChatGPT. A place where we can chat via generative AI to create insights, answer questions or write cheesy poems.
This idea of using natural language to analyze data is fundamentally changing the insight landscape. Not only does it democratize the insight generation process, but it accelerates the speed to insight and enhances the ability of data to live in an organization.
With the emergence of generative AI tools like Yabble Gen, researchers can now interact with and chat with their data like never before. Yabble Gen is not your average chatbot; it's a sophisticated AI Research Assistant that has been meticulously trained by industry experts to deliver precise and considered answers. It's designed to handle vast amounts of verbatim comments, making it ideal for analyzing survey data, reviews, interview transcripts, focus group transcripts, e-qual boards, and even podcasts.
Gen's true power lies in its ability to engage conversationally with data. Once data is uploaded to the Yabble platform, users can prompt Gen to provide high-level insights or delve deeper for a holistic understanding, all within a secure environment. It's perfect for those tight deadlines, delivering insights in minutes and eliminating the manual labor typically associated with data mining. Gen's accuracy is backed by a combination of Large Language Models and extensive training by research experts. It works seamlessly with other Yabble tools, such as Count and Summarize, allowing users to identify macro patterns and then probe deeper into the "why" behind those themes. In essence, Gen is the future of data analysis, offering a blend of speed, accuracy, and depth.
Visualize your insights with ease – all in one platform
In today's data-rich world, effective communication is key. It's not enough to have heaps of data; you need to present it in a way that resonates. Stakeholder communication is less about overwhelming numbers and more about creating a clear, impactful narrative.
The use of generative AI to create meaningful insight presentations is still in its infancy, however, it will evolve fast. Meaning your days of PowerPoint creation really are coming to an end – much to our relief.
Yabble Stories is an evolving tool in this space, and it is more than just a tool; it's where technology and intuition converge, enabling researchers to transform data into compelling narratives. Whether you're working with NPS data, survey insights, or theme-counted data, Stories ensures your findings are not only clear but also actionable. With its versatile export options, your insights won't be left untouched but will actively shape strategies and futures.
Embrace the Opportunity
AI for insights isn't a looming threat; it's an opportunity. An opportunity for market researchers to elevate their role, to transition from data analysts to strategic consultants, and to infinitely improve efficiency at every stage of the research process: from data creation to analysis, through to storytelling. An opportunity for agencies to provide their clients with a competitive edge through insights that are both data-driven and human-centric.
So, if you're in the realm of market research, it's time to embrace AI-driven insights tools. Not with trepidation, but with excitement for the doors they'll open. Remember, in this dynamic partnership, AI might be the tool, but you're the craftsman, wielding it to create masterpieces of insight. Book your Yabble demo today to see how your market research agency might benefit from generative AI tools and join the insights revolution.