What can market researchers do that AI can’t perform in the future?
Generative AI is here to stay, and the speed at which everything progresses can be overwhelming.
My ongoing research has included tracking professions that are being predicted to be impacted by AI.
Earlier this week, Caleb Newquist’s article regarding the accounting profession led me to Eloundou et al.’s (2023) paper about the impact on the labor market by large language models (LLMs).
Market research is what I’m currently very interested in, and I started to brainstorm how researchers can focus on punctuating and hyper-focusing on the human side of market research. The question I wanted to answer is: what can market researchers do that AI can’t perform in the near future?
Market Research can place a heavier focus on the qualitative side
Finding a value proposition focusing on human elements has been at the top of my mind. In terms of market research focusing on a human-centric approach is that of qualitative research.
Conducting one-on-one, in-person, or even video interviews can capture more details such as facial expressions, body language, and vocal variety.
Another way market research can be conducted to flesh out deeper insights is through psychographics and behavioral patterns of potential customers.
Psychographics dig deeper into a target segment's values, opinions, and attributes. This allows the research to reflect what’s below the surface of typical categories such as demographics, geography, gender/age, etc.
Psychographics provide insights into what motivates and drives customers to desire and purchase certain products and services. Interviews or in-person focus groups should be designed to understand the actual benefits the potential customer is seeking. This will also help develop how a brand can differentiate itself and evoke more of an emotional bond with a brand.
For small businesses without substantial marketing budgets, hiring a market researcher to gain insights from a segment of your customer base can help understand their deeper motivations for continuing to purchase from you. Performing a qualitative interview can have a more significant impact in terms of human interaction when compared to a poll or an automated survey.
References:
Newquist, C. (2023). What if ChatGPT Rescues Accounting? On The Margins. Gusto Partner Resources. https://gusto.com/partner-resources/chatgpt-accounting
Eloundou, T., Manning, S., Mishkin, P. & Rock, D. (2023). GPTs are GPTs: An Early Look at the Labor Market Impact Potential of Large Language Models. OpenAI, OpenResearch, University of Pennsylvania. https://www.researchgate.net/publication/369369163_GPTs_are_GPTs_An_Early_Look_at_the_Labor_Market_Impact_Potential_of_Large_Language_Models
Additional In-depth Resources pertaining to other professions:
Ito, A. (2023). The end of coding as we know it. Insider. https://www.businessinsider.com/chatgpt-ai-technology-end-of-coding-software-developers-jobs-2023-4
