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How generative AI is changing market research 🛒
🛍️ How GenAI is influencing market research, ChatGPT in every classroom? and an ecommerce store with one prompt
Everyday AI
September 01, 2023
Outsmart The Future
Sup y’all!
Can’t wait to show you some great features and guests we have coming up for you. September is gonna be jam-packed with AI goodness.
But, we’re gonna take a short day-off for the Labor Day holiday this Monday. We’ll see you Tuesday!
✌️
Jordan
Today in Everyday AI
6 minute read
🎙 Daily Podcast Episode: Could we be seeing the wave of next-gen market research with AI? Is traditional market research on the way out? We take a closer look with an expert in the field. Give it a listen.
🕵️♂️ Fresh Finds: Generating an online store with a single prompt, Meta’s new open-source gives AI computer vision, and a new method that teaches AI to say no. Read on for Fresh Finds.
🗞 Byte Sized Daily AI News: OpenAI Wants ChatGPT as a classroom assistant, interview with former President Trump could actually be AI, and X announces it will use public data to train AI. For that and more, read on for Byte Sized News.
🚀 AI In 5: We review Ideogram, a Midjourney competitor with one MAJOR advantage! See more here
🧠 Learn & Leveraging AI: Market research is an industry that can be disrupted by AI. But, should it? We think so, and we talk with an expert who’s responsibly leading the charge. Keep reading for that!
↩️ Don’t miss out: Did you miss our last newsletter? We talked about who owns AI content with a leading legal mind, the US restricting NVIDIA chips to the Middle East, and how to create beautiful decks and visuals in seconds! Check it here!
Revolutionizing Market Research with AI 💁
Is traditional market research on its way out?
How will AI change the look and feel of market research as we know it?
Sidi Lemine, founder and CEO of Jade Kite, joins us to shed light on the future of market research and the integration of generative AI.
We explore the limitations of traditional market research, the power of generative AI in analyzing large volumes of data, and how it can provide valuable insights for businesses.
Whether you're a business owner, marketer, or simply curious about the intersection of AI and market research, this episode is for you.
Join the conversation and ask Sidi and Jordan any questions about AI and market research.
Also on the pod today:
• Synthetic respondents in market research 🤖
• Reducing biases in AI-lead research 👥
• Using AI judiciously in market research 🧑⚖️
It’ll be worth your 27 minutes:
Listen on our site:
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Upcoming Show
Don’t miss this special episode:
Here’s our favorite AI finds from across the web:
New AI Tool Spotlight – Marketsy.ai lets you generate an online store with a single prompt, AdmitGPT helps you get into your dream college, and myGPTBrain is an AI-powered assistant for your personal data and bookmarks.
Big Tech – Meta’s new open-source DINOv2 brings new updates to AI computer vision.
Trending in AI - Samsung has released a new app called Samsung Food, a personalized AI cooking assistant.
Business of AI – Google has partnered with the European Centre for Medium-Range Weather Forecasts to develop AI models for weather forecasting.
Read This – Check out this new method that teaches AI to say no.
1. OpenAI Wants ChatGPT as a Classroom Assistant 🍎
OpenAI is making waves in the education sector, advocating for ChatGPT's integration into classrooms. They believe this AI tool can assist teachers, offering personalized learning experiences for students. But as with all tech, there are skeptics.
2. Trump or AI? Real America's Voice Network's AI Confusion 🎙️
Real America's Voice Network had a real head-scratcher recently. They received a call that sounded eerily like former President Trump, but there's a twist: some alleged it was an AI voice. Was there AI involved or was it real? With technology advancing rapidly, distinguishing real from fake is becoming a challenge.
3. OpenAI's GPT-4 vs. Google's AI: The Tech Titans Clash 💥
OpenAI's GPT-4 is being pitted against Google's AI, and the tech community is all ears. A recent report suggested that Google’s new AI will “eat” ChatGPT. Sam Altman took to X (formerly Twitter) to dispute the claim. Will Google’s AI be enough to dethrone ChatGPT?
4. X Will Use Public Data to Train AI 🚀
Elon Musk's X is charting a new course for AI, planning to use public information as training data. While it promises more comprehensive AI models, concerns about privacy and data misuse are on the rise. Is this the future of AI training, or a step too far?
5. AI's Potential: A Double-Edged Sword ⚔️
AI is revolutionizing industries, but the Forbes Tech Council urges caution. While the potential is vast, the risks, especially in terms of security and ethics, are real and pressing. As we race towards an AI-driven future, are we prepared for the challenges? Explore the insights and warnings here.
Ideogram: A worthy Midjourney competitor? 🧠
Midjourney is amazing. When it comes to AI-generated art, we think Midjourney is in a class by itself.
Is a new contender entering the ring? Maybe.
Today we review Ideogram, an AI image generating tool that has one MAJOR advantage over Midjourney that makes it more flexible for everyday business use.
Find out in today’s AI in 5.
🤷♂️ What’s Going On and Why It Matters:
Can AI insights help build your company?
Apparently, yes.
That’s one of the topics we learned today from Sidi Lemine, the founder and CEO of Jade Kit, a qualitative AI-powered research company.
If you missed today’s show, you might wanna go check it out and ask some questions in the comments. (Sidi’s answering them all!)
Here’s our takeaway: traditional market research can be a bit time-consuming, expensive and a little archaic. We were shocked to learn that some market research companies will still read hundreds of pages of transcripts.
Effective? Yes. Our cup of tea? Not a chance shorty.
That’s where GenAI can move the needle, Sidi said. He gave us all a fast-pass comparison of traditional market research, how GenAI fits in, and the future of synthetic market research.
(Like, are we just gonna do all our market research on bots trained to reflect human audiences?)
Whether you are in a related industry or you just want to learn about AI-powered research and strategies, today’s episode delivers. This chat is a legit goldmine if you want to understand your customers better, create products that fit consumer needs, and supercharge your business.
Now, let’s break it down. 👇
🦾 How You Can Leverage:
Alright, so GenAI can help market researchers climb through mountains of studies and surveys in minutes instead of days. What’s it mean for all of us?
Depending on your day-to-day, the future of AI-powered market research may not impact you directly. Buuuuut, it’ll probably touch on every aspect of your life unknowingly.
The biggest brands, agencies and market research companies are already using Generative AI to research faster and deeper. So, it’s good for us all to take in today’s 1-2-3 on what the future of AI in market research means for all of us.
1 – Keep ethics in mind 🧠
The upside of GenAI in market research is also its downside.
Generative AI makes market research faster, cheaper and more accessible. But, it also can bring in NEW problems that tradition (human only) market research did not encounter: model bias. As Cecilia pointed out, models trained on the open internet will inherit the internet’s biases:
Try this: Keep ethics in mind. Whether you’re going to run market research for your company or are an advertiser or marketer looking to tap into these new methods. Keep in mind that AI models may reflect inheritance biases that models were trained on, so prioritize equality, equity and fairness if you are tapping into GenAI for large-scale market research. Check out this resource from neoteric about how to reduce bias.
2 – Real-time, real fast 🏎️
Real-talk: traditional market research can be time consuming.
Like, painting-wall-with-a-toothbrush-AND-watching-it-dry slow. One of the biggest benefits of tapping into artificial intelligence for market research is the time saved. Whether using AI to more quickly understand sentiment based on interview transcripts, or diving into the world of synthetic respondents, it’s undeniable that you can get research out WAY faster.
Try this: If you’re tapping into AI for market research, think of GenAI tools as a partner that augments your team, and not as a replacement. Aside from checking out Jade Kite, Sidi recommended other AI-powered market research options such as CoLoop and Yabble.
3 – Augmented = AI+humans 🤝
Combine the best of both worlds.
Use traditional methods like surveys and focus groups alongside AI-powered tools to extract insights from large amounts of data efficiently. Also, Sidi mentioned another added benefit of GenAI in market research – humans can spend more time thinking analytically with AI picking up some of the manual tasks, like data-crunching, trend analysis, and analyzing respondent sentiment.
Try this: Yeah, yeah, yeah, we’re Everyday AI, but we still ❤️ humans. No matter the shiny bells or distracting whistles that come along with Generative AI tools, make sure you keep humans involved in every step of the process. Sure, hand off a mountain of data analysis to an AI friend, but make sure humans are still involved on the front end and back end of the analysis, even if AI does the heavy lifting. (As a reminder, always be safe when uploading your data into AI systems!)
Especially as market research ultimately impacts buying decisions from real humans, make sure you have real humans (like Sidi at Jade Kite) involved in the process! And you can check out Jade Kite’s free Quick Start AI guide here.
Now This …
What are your thoughts? Should we have more or less AI in market research?
Also: 🍔 Burger or 🌭 Brats for Labor Day weekend?
Hit us with a reply!
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