Is synthetic data the key to better market research?
- Date: Wed, May 1, 2024
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Professor of Marketing Marius Claudy speaks to Raconteur
Market-research companies have found AI to be a useful analytical tool, particularly its ability to understand what consumers write on questionnaires and say in audio or video interviews. The technology can also reliably interpret their answers to reveal hidden insights. It can even suggest next steps.
But in the next wave of adoption, market researchers will test AI’s ability to use synthetic responses of its own devising, effectively cutting human interviewees out of the equation. If their experiments prove successful, AI could provide near-instant low-cost ‘consumer’ insights, reducing the need to conduct costly surveys and, potentially, enabling brands to reach lucrative niche markets.
To produce reliable responses, the technology must be able to understand the views of the target audience and provide results that match those elicited by traditional consumer research methods. The natural question at this stage of development is: can the synthetic data it will produce be trusted?
First published on Raconteur.net on April 29th, 2024. Read the full article here.
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