What Generative AI is doing to market research and what it means for the future of business

Timing and insights are critical in the field of market research. Surveys, focus groups, and interviews are all traditional ways to get information, but they can be slow, expensive, and not very useful. Enter Generative AI, a new technology that is not just changing but revolutionizing the way brands understand their customers and test their ideas, offering a promising future for business. Big language models like ChatGPT and Gemini can now simulate how customers will react, predict their needs, and even create market personas in just a few minutes. Want to try out an idea for a product? These tools can simulate thousands of possible responses from different groups of people, often showing early patterns without needing to do a survey.

Faster, Cheaper, Smarter, but Not Perfect

Generative AI is beneficial when you're just starting to develop a product or position a brand. It can help businesses:

• Quickly test ideas before they go to market

• Look into how people feel and act when they get a message

• Try to guess what problems or objections might come up

• Find problems with the design of the product or the way it works for customers

However, it's important to note that the technology isn't perfect. Models can only be as good as the data they were trained on, and if they don't have access to proprietary insights, their predictions may be either uninformative or biased. They also have a hard time keeping up with changes in the market, cultural differences, and small subcultures that human researchers naturally notice. This caution is necessary when considering the use of Generative AI in market research.

AI and people working together are the future of research.

The real power comes from putting together AI's speed with human creativity and understanding of the situation. Researchers can give AI tools specific instructions, check the results, and add strategic interpretations on top of them. This mixed method saves time, money, and improves the quality of market research as a whole.

Do you want to learn how to use tools like this?

Our AI for Business & Marketing program at Raffles Jakarta is an exciting opportunity for those who want to blend creative strategy with the latest technology. Students will gain hands-on experience with the tools that are shaping the industries of the future, from generative AI to predictive analytics.

Visit our website for all the information about the program and find out how to stay ahead in the age of wise decision-making.

Arman POUREISA

Marketing Manager

Business Management Lecturer

Raffles Jakarta