Faster, cheaper and more efficient: AI-powered market research is here
Response:now uses machine learning to save companies time and money with automatically produced, actionable research insights.
After finding success with clients such as Google and Mastercard abroad, Prague-based response:now is bringing their AI-powered app to the United States.
The company now offers a fully self-service, programmatic platform that creates research reports based on machine learning. Then it uses a human editor to tease out any undetected nuances and reconcile any disparities.
Fred Barber, newly appointed managing director of response:now in North America says it makes sense to use AI in research.
Since research is essentially data — and common metrics such as the Net Promoter score are basically formulas — an algorithm can learn to make reasonable assumptions and conclusions about the data it analyzes, Barber said. Using AI, response:now automatically creates reports, cutting down much of the time spent in traditional research environments.
According to Barber, 75-80 percent of the work effort in market research is in the writing of the reports. “It’s costly and time-consuming,” Barber said. In comparison to traditional research, response:now can deliver in “five days, not five weeks and for 2K instead of $20 (on average).”
In many cases, Barber says, the company can provide research at three times the speed and one-third the cost of current market research and DIY offerings.
The company enables their clients to get research on a wide variety of variables, including ad performance, packaging design, customer satisfaction and more.
“We’ve enabled market research to become a much more ubiquitous part of the business process,” Barber said.