Although considered a vast marketplace, the market research industry has not been as progressive as anticipated in recent times—especially with regards to the usage of artificial intelligence for data analysis and extraction of insights. However, in such a scenario, London-based DigitalMR has been continuously employing the capabilities of AI, serving as a “crusader” of the use of AI for market research purposes. Michalis A. Michael, CEO of DigitalMR says, “AI, specifically supervised and unsupervised machine learning, can be used to extract accurate customer insights and to enhance traditional methods of conducting market research.”By leveraging AI and big data analytics, the firm utilizes a rich pool of data available on social platforms like Facebook, Instagram, Twitter, and other public websites to produce valuable insights. This is a positive move forward, breaking away from the traditional market research approach of conducting surveys and focus groups.
Incorporating AI into market research methods allows users to analyze unstructured data, which are mostly in the form of text, images, and videos. The use of AI facilitates social media analytics, where public insights are harvested from social media sites and public websites on brands, organizations, and people. These insights come from unsolicited online sources, thus making it more reliable than the traditional memory reliant ‘question-answer’ method.
DigitalMR adopts a unique market research approach named “Triple S Integration,” which combines three crucial elements of market research— surveys, social, and sales. The firm’s flagship solutions—listening247 and communities247—are designed to comply with this unique approach. listening247 is an advanced text and image analytics tool that utilizes AI to analyze images and text in any language.
AI, specifically supervised and unsupervised machine learning, can be used to extract accurate customer insights and to enhance traditional methods of conducting market research
It is applied in social media monitoring and text from any other source and has features that facilitate sentiment and semantic analysis conducted for brands and organizations. A brand can gain valuable insights like public opinion and its social media popularity using listening247 and can initiate efficient advertising campaigns across targeted social platforms. It helps brands evaluate the success of their digital campaigns and also compare public sentiment towards their brands against competitors.
Another benefit that the brands get is availability of a more granular sentiment analysis in the form of 14 different emotions and not just the basic emotions—positive, negative, and neutral. listening247 analyzes seven pairs of opposite emotions like love and hate and joy and sadness. Furthermore, the capability of listening247 is specifically aimed at eliminating irrelevant posts and confusions created by homophonous words (homonyms), thereby maximizing accuracy. communities247, on the other hand, gives brands the ability to invite hundreds or thousands of consumers to engage and conduct agile market research. The data obtained from online focus group discussions on communities247 can be analyzed via the text-analyzing capability of listening247, thus highlighting the integration capability of the two solutions. “Integration of these two platforms helps make good use of market researchers’ ability to find insights by asking questions and by listening,” says Michael. A popular kick-off deliverable of listening247 among clients is to first harvest data from the past 6 or 12 months about the brand or organization. After analysis of this data, the firm produces a report with insights, conclusions, and recommendations, after which the next step is to continuously track what consumers say online and receive weekly or monthly reports in the form of a dashboard or PowerPoint presentation. communities247 is more evolved than listening247 in terms of being a full ‘DIY service’ as opposed to a professional service.
DigitalMR’s market research solutions are both multilingual and can be used as enterprise solutions for local and global organizations. The firm’s solutions have a high level of accuracy owing to its AI-fueled custom models based on product category and vertical. DigitalMR is constantly innovating, which is highlighted by its latest R&D project that allows users to caption images in an automated way. Going forward, the firm plans to come up with video analytics tools and aspires to continue to champion the use of AI in the market research industry.