Imagine having a crystal ball that could give you insights into market trends, customer preferences, and more. That’s what AI tools are like!

They’re like your personal assistant, crunching numbers and analyzing data while you sip your coffee. From predicting future trends to understanding customer emotions, these tools are transforming market research.

And the best part? They’re designed for everyone – whether you’re a market research guru or just starting out.

So, let’s get started and explore some of these amazing AI Market Research tools together.

What Are AI Market Research Tools?

AI Market Research Tools are software tools that use artificial intelligence AI to automate and improve many parts of market research. These tools can swiftly process enormous volumes of data, detect patterns and connections, and forecast future trends.

What Are The Benefits of AI Tools for Market Research?

AI tools offer several benefits for market research:

• Efficiency: AI has the ability to swiftly handle vast quantities of data, which is especially beneficial when dealing with extensive datasets.
• Insight Discovery: AI is capable of detecting trends, correlations, and forecasting future patterns. It can also reveal concealed patterns within extensive datasets.
• Real-time Analysis: AI tools can deliver insights that are predictive, prescriptive, and in real time. They can access online discussions across various platforms like social media, blogs, forums, and more instantly.
• Enhanced Understanding: AI aids in understanding customer feelings and preferences through powerful text analysis. It quickly detects changes in consumer behavior and offers relevant recommendations.
• Automation: AI can automate monotonous tasks, allowing researchers to concentrate on interpretation and strategy.
• Data Integration: AI can utilize data from various sources such as social media, search engines, surveys, and more.

Top AI Tools for Market Research in 2024

1️⃣ Pecan AI

Pecan AI is the finest AI market research tool that offers insights into customer behavior to inform business strategies.

It’s a no-code solution that automates the process of data preparation and engineering, enabling the creation of AI-driven predictive models using a variety of deep neural networks.

Features of Pecan AI

• Fast, Simple Integration: Pecan AI can be easily integrated with your existing technology and data infrastructure.
• Predictive Analytics: It offers insights into customer behavior, helps optimize marketing strategies, and improves operational efficiency.
• Marketing Mix Modeling: It complements your marketing measurement strategy and assists in making optimal budget decisions.
• Predictive Campaign ROAS: It provides early predictions of Return on Ad Spend (ROAS) in the campaign lifecycle and helps focus campaigns on audiences with high value.
• Customer Churn Prediction: It helps in proactive customer retention by predicting churn before it happens.

Limitations of Pecan AI

• Cybersecurity Vulnerabilities: Like all AI tools, it could be susceptible to cybersecurity threats.
• Talent Shortages: There may be a lack of skilled personnel to effectively manage the AI technologies.
• Data Limitations: The data collected may be limited by the data provisions of your advertising platforms.

Pecan AI Reviews and Ratings

• G2: 4.8 out of 5 stars (‎11 reviews)
• Capterra: 5 out of 5 stars (1 review)
• Product Hunt: 4.3 out of 5 stars (‎22 reviews)

Pecan AI Pricing

✅ Finest AI Tools for Academic Research in 2024  ✅

2️⃣ Crayon AI

Crayon is an AI tool for market research that filters, prioritizes, and summarizes the most essential competitive insights.

It is intended to assist firms in staying ahead of the competition by giving real-time intelligence.

Features of Crayon AI

• Intelligent Filtering: Crayon AI can sift through a large amount of data and highlight the most relevant information for your competitive strategy.
• AI-Powered Summarization: The platform can automatically generate summaries of various content such as news articles, blog posts, and press releases.
• Automatic Tagging: Crayon AI can automatically categorize new intelligence into numerous subcategories.
• Sentiment Analysis: The platform uses natural language processing to analyze the sentiment of insights.
• Importance Scoring: Crayon AI uses a machine learning model to score intelligence based on its potential impact on your market.

Limitations of Crayon AI

• Limited Data Customization: The platform doesn’t offer many options for customizing data visualizations and reports.
• Lacks Advanced Search Capabilities: The platform doesn’t support advanced search features like keyword and synonym recognition, thematic search, proximity search, and sentiment analysis.
• Slow Workflow: The platform relies on human analysts which can slow down the research process.

Crayon AI Reviews and Ratings

• G2: 4.6 out of 5 stars (‎346 reviews)
• Glassdoor: 4.1 out of 5 stars (‎89 reviews)

Crayon AI Pricing

Crayon does not publish pricing information, but you can request a demo on their website.

3️⃣ Forrester AI

Forrester AI tool for market research is a methodologies that utilize vast amounts of data, including large language models, to produce new content.

It aims to supplement and improve existing business operations in previously unattainable ways.

Features of Forrester AI

• Generative AI: This feature allows the creation of new content such as text, video, images, audio, and code.
• Accelerates Workflows: It enhances the pace of iterations and ideations, speeding up workflows for visual designers.
• Automates Tasks: It empowers marketers with more creative control while taking care of challenging tasks.
• Content Generation: It can produce large volumes of content that consistently maintain a brand voice and engage customers.
• Security Applications: It offers new opportunities for security professionals, such as generating biometric data for penetration testing.

Limitations of Forrester AI

• Unverified Findings: The insights produced by the AI may not always be validated.
• Talent Shortages: If the AI is not managed strategically, there might be a shortage of skilled personnel.
• Trust-related Challenges: Companies are wary of the trust-related issues associated with AI.

Forrester AI Reviews and Ratings

• G2: 4.2 out of 5 stars (‎36 reviews)
• AmbitionBox: 4.5 out of 5 stars (‎15 reviews)

✅  34 Best AI Tools to Make Money Online in 2024 ✅

4️⃣ Hotjar AI

Hotjar is a n AI market research platform, that is designed to assist product teams and marketers in analyzing survey data and customer feedback.

It’s a component of the Hotjar platform, which is a popular Product Experience Insights platform used on over 900,000 websites globally. The tool aims to help users discover the insights they need with a research assistant that operates continuously at high speed.

Features of Hotjar AI

• Survey Generator: Hotjar AI enables users to generate surveys with a single click. Users simply inform Hotjar AI of their research objective, and it creates the survey.
• Automated Summary Reports: Hotjar AI can examine open-ended survey responses and provide a summary of the results, supporting quotes, and actionable recommendations for future steps.
• AI-Powered Research: Hotjar AI is designed to address actual user issues with its AI capabilities.
• User Behavior Analysis: Hotjar AI offers website behavior analytics and feedback data to assist businesses in better understanding their customers.
• Empathy with Users: Hotjar AI is designed to inspire change through empathy, assisting users in developing genuine empathy with their users.

Limitations of Hotjar AI

• Unverified Findings: There is a risk of unverified findings from the AI analysis.
• Talent Shortages: There can be talent shortages if AI technologies are not strategically governed.
• Lack of Predictive Analytics: Unlike some other tools like Google Analytics, Hotjar does not offer predictive analytics.

Hotjar AI Reviews and Ratings

• G2: 4.3 out of 5 stars (300 reviews)
• Capterra: 4.6 out of 5 stars (505 reviews)
• Glassdoor: 4.6 out of 5 stars (‎104 reviews)

Hotjar AI Pricing

✅  Discover 7 Best AI Tools for Research Paper Writing in 2024 ✅

5️⃣ Speak AI

Speak AI is a platform that uses artificial intelligence to transform the way market research is conducted.

It uses Natural Language Processing (NLP) to convert, scrutinize, and summarize discussions, focus groups, interviews, and even social media recordings into valuable business insights.

Features of Speak AI

• Automated Transcription: Converts audio or video files into text, saving hours of manual work.
• Deep Sentiment Analysis: Understands emotions and opinions, identifying positive, negative, and neutral sentiments.
• Theme Explorer: Discovers key themes and topics, grouping related statements for a comprehensive view of audience thoughts.
• Speaker Identification: Differentiates between multiple speakers in recordings to track individual opinions.
• Customizable Dashboards: Allows creation of visually appealing dashboards with charts, graphs, and key insights.

Limitations of Speak AI

• Data Quality: Accuracy depends on the quality of the audio or video. Background noise and unclear audio can affect results.
• Limited Nuance: This may miss subtle nuances in a human language like sarcasm or irony due to the evolving nature of NLP technology.
• Black Box Effect: The inner workings of NLP algorithms can be opaque, requiring additional analysis to understand the “why” behind insights.

Speak AI Reviews and Ratings

• G2: 4.9 out of 5 stars (‎15 reviews)
• Product Hunt: 4.8 out of 5 stars (4 reviews)

Speak AI Pricing

6️⃣ Poll the People

Poll the People is a AI tool for market research that uses OpenAI’s ChatGPT. It’s designed to carry out efficient consumer research with a panel of over half a million human participants.

The platform uses AI algorithms to analyze survey data, providing businesses with actionable insights that can help improve customer engagement and drive business growth.

Features of Poll the People

• Efficient Consumer Research: It enables you to carry out consumer research effortlessly with a large panel of human participants.
• ChatGPT-Powered Analysis Platform: The platform utilizes OpenAI’s ChatGPT to analyze survey responses.
• Time and Cost Efficiency: It aids in saving time and money by providing key insights from survey responses.
• Real-Time Insights: It offers businesses real-time insights into customer behavior.
• AI-Backed Analysis Tools: It provides analysis tools to understand which design resonates with the users through the use of AI-backed word clouds, audience demographics, and data.

Limitations of Poll the People

• Time Gap: Systematic marketing research projects require more time. By the time outcomes are available, situations might have changed.
• Problem of Rapid Change: Due to rapid changes in today’s market, marketing research results can become irrelevant or meaningless.
• Problem of Trust and Accuracy: Marketing research is based on trust and accuracy. Right from the identification of the problem to the final outcomes, all depends on trust.

Poll the People Reviews and Ratings

• G2: 4.5 out of 5 stars (‎10 reviews)
• Product Hunt: 5 out of 5 stars (‎2 reviews)

Poll the People Pricing

7️⃣ Brandwatch

Brandwatch is a sophisticated platform that empowers businesses to monitor and analyze online discussions, enabling them to gain valuable insights, make informed decisions, and evaluate their return on investment.

Features of Brandwatch

• Brandwatch boasts its own listening technology that ensures comprehensive data coverage.
• It offers a wide range of charting and analysis tools that can be tailored to meet specific needs.
• The platform allows an unlimited number of users and provides various options for data distribution, sharing, and permissions.
• Users can customize their dashboards with more than 25 different components.
• Brandwatch supports over 30 languages, including topic and sentiment analysis.

Limitations of Brandwatch

• Extracting or exporting data from dashboard widgets with all filters applied can be challenging.
• Conducting market research using Brandwatch can be costly, time-consuming, and difficult to execute properly.
• Analyzing data can be complex and time-consuming, particularly if you’re unsure what to look for.

Brandwatch Reviews and Ratings

• G2: 4.4 out of 5 stars (573 reviews)
• Capterra: 4.2 out of 5 stars (224 reviews)
• Garter: 4.6 out of 5 stars (‎17 reviews)

Brandwatch Pricing

How to Choose The Right AI Tools for Market Research?

Choosing the right AI tools for market research involves various procedure:

1. Consider your budget: The cost of AI tools can vary widely, so it’s important to determine how much you’re willing to spend before you start looking.
2. Consider your marketing goals: What do you want to accomplish with the help of AI?
3. Understand the capabilities of AI tools: There are many different features available in AI market research tools, such as the ability to automatically create surveys, clean data, and generate reports.
4. Evaluate the AI features: Look for tools that offer features like automated survey setup, advanced methods, LOI prediction, charting, and emotion and sentiment analysis.
5. Check for end-to-end solutions: Some AI tools provide comprehensive solutions, offering AI for everything from survey ideation and building to real-time fielding, data analysis, and report generation.

How to Use AI Tools for Market Research?

AI tools have a wide range of applications in market research. They can automate tasks, reveal patterns in large datasets, and provide actionable insights. Here’s how:

1. Sentiment Analysis: This involves using AI to analyze text data like social media posts, customer reviews, and survey responses to understand the emotions, opinions, and attitudes they express.
2. Predictive Analytics: AI can use historical data to predict future trends.
3. Consumer Segmentation: AI can categorize consumers based on various factors such as demographics, behavior, and preferences.
4. Image and Video Analysis: AI can examine images and videos to gain valuable insights.
5. Voice and Speech Analysis: AI tools that can analyze voice and speech can provide valuable insights from recorded phone calls, customer support interactions, and voice-based survey responses.
6. Social Media Listening: AI can monitor social media platforms to understand consumer sentiment and trends.
7. Chatbots and Virtual Assistants: These AI-powered tools can interact with consumers to gather insights.
8. Customer Journey Analysis: AI can examine the customer journey to identify key touchpoints and improve the customer experience.

Conclusion

As we conclude this comprehensive guide on best AI tools for market research, we trust that businesses and companies have found it beneficial.

We’ve delved into the top tools of 2024, their benefits, and how to choose and use them effectively. Our aim was to equip you with the knowledge to navigate this dynamic landscape.

Remember, the key to success lies in continuous learning and adaptation. Thank you for accompanying us on this journey.

Keep exploring, innovating, and pushing the boundaries. Until next time!