As technology is getting advanced day by day, we are also becoming smarter with the changing time. from finding the closest coffee shop to organizing family photos, everything is constantly changing. In this era of technology, the new industry catchphrase is machine learning (ML), which is playing a significant role to drive results.
According to research, 84% of marketing organizations are likely to implement or expand Artificial Intelligence (AI) and machine learning by 2018. About 75% of enterprises are currently using AI and MLto enhance customer satisfaction, find new ways of generating business and others. to improve the efficacy and personalization of messages, technology or machine continues to empower marketers worldwide. to target consumers, sort data, predict product performance and customer behavior, ML is proving advantageous. Machine learning attempts to predict future behaviour by use of past patterns. The algorithms in machine learning could also make use of navigational patterns to predict the likelihood of the visitor in any given website.
Reasons to embrace Machine learning in market research
- Less Consumer Bias
As traditional approaches including focus groups or online questionnaires rely on human memory, these can be biased. Technology can change the scenario and through technology, researchers can dive into pieces of consumers’ lives left online and retrace online activities.
- Recruitment Capabilities
Accomplishing work in narrowed search fields is impossible and this requires huge amounts of additional time and budget. There are tools available that can build rich profiles and to aggregate a panel of consumers almost instantaneously and with very little time or money spent on the human effort.
Human memory is a faulty tool and prone to leaping to conclusions, missing information, forgetting things. Following this, exact time will never be accurate and less known interest points might not be considered interesting or noteworthy. Due to this faulty memory, activity variety for each place will only be analyzed on the surface. Machine, on the other hand, allows you to know what happened, when, where and with whom by recreating the consumer journey.
- Real-time Insights
before they can deliver insights, traditional research tools need to conduct several steps of analysis. Therefore, delivering real-time insights seemed impossible. Through some advanced technology, this problem can also be solved.
machine learning has emerged as an important tool for researchers to use, including deep learning and data mining. Following the significant growth of ML, Market Quotient has also taken the help of this new-age technology to help its clients with more accurate insights in less time.