Market Research Methods Transformed by AI Solutions
Artificial Intelligence (AI) has evolved out of the research labs and leaped straight into the real world. Today applied AI is synonymous with many mainstream industries. AI and Machine Learning techniques are slowly but surely automating and improving the efficiency of innumerable fields, touching the lives of professionals from every industry. Karna AI is revolutionizing market research methods by leveraging the power of AI.
Market Research is one such industry. One of the frontrunners when it comes to transforming the traditional market research methods is Karna, the market research division of ParallelDots.This article aims at discussing two of the major breakthroughs pertaining to advanced market research methods that Karna has devised and perfected over the years.
SmartGaze: Automating the Eye Tracking Coding Methodology
“what you see is what you buy”.
All the market research methods in the world aim broadly at building an understanding of the buyers mind and answering the fundamental question of why a consumer buys a particular product or service while completely overlooks another. One of the most rudimentary answer to this multi dimensional question is how good or attractive your product looks in the marketplace be it online or offline.
One way of judging this parameter is through a tool called eye tracking. The purpose of eye tracking, in a nutshell, is to figure out how a buyer responds to different types of visual merchandising, advertisement copies, web-page layouts, banner placements and more. Eye tracking technologies have the capability of generating very targeted results.
Eye tracking coding as we know it is done manually but Karna has figured out a way to employ AI techniques and truly automate this established market research method. Our solution is called SmartGaze.
TRADITIONAL EYE TRACKING CODING VS SMARTGAZE
Traditionally the coding for eye tracking is undertaken manually but this method has a lot of pitfalls attached to it. The prime reason for the failure of this type of coding methodology is that it is really labor intensive and cannot be scaled to a large number of videos. Check out thisblog post which discusses the problems with acquiring labeled data.
SmartGaze removes the sweat-shopping from the process of eye tracking coding and truly automates the process of tagging and coding without compromising on the accuracy. SmartGaze has revolutionized the process of eye tracking coding by making it highly scalable and very fast. Click here to schedule a free demo of Smart Gaze.
HOW DOES IT WORK?
Currently, SmartGaze is not a self-serving product that a researcher can log into and use from his workplace. We require raw gaze data captured from any eye tracking hardware and key areas of interest to start with the automated coding through SmartGaze. Our AI algorithm requires three days to train and code the gaze data as per the client’s requirement.
INDUSTRIES WE HAVE SUCCESSFULLY TRANSFORMED
Two of our major clients belong to the retail auditing industry and e-commerce market research industry. We have successfully handled their requirements by providing valuable and highly actionable eye tracking insights in a very short period of time.
SmartReader: Automating the Process of Open-Ended Feedback Analysis
One of the oldest and arguably the most effective market research method is feedback analysis. Consumers give feedback through many different channels, including survey responses, a review of product or service on an online marketplace such as Amazon and comments on social media forums such as facebook, twitter and blogs. The most insightful feedbacks are generally open-ended in nature. Research has shown that unstructured surveys are way more successful than structured ones because they reveal the provider’s true sentiment.
Why are structured surveys so famous? The key reason is the ease with which such feedback can be analyzed. Analyzing open-ended responses is perhaps the greatest pain point associated with unstructured feedback. Fortunately, Karna has got your back with SmartReader.
HOW SMARTREADER HAS TRANSFORMED THE TRADITIONAL METHODS OF FEEDBACK ANALYSIS?
Reviewing open-ended responses is a hectic task especially when the feedback has thousands of responses, something that large scale organizations often encounter. Even if an organization is willing to invest the required resources to carry out a full-scale analysis, there is considerable room for human errors and biases.
SmartReader by Karna applies a whole host of text analysis APIs to derive highly insightful results. The simple Excel-based tool is multidimensional and very fast in its analysis. SmartReader uses AI to first learn from what your consumers are saying, unveils key areas of concern that emerge and then classifies their responses into these key themes. SmartReader also figures out the sentiment behind each feedback and generates a keyword cloud pertaining to the positive and negative feedback to give the researcher a better understanding of the promoters and detractors. Click here to schedule a free demo.
HOW DOES SMARTREADER WORK?
SmartReader is an Excel-based solution that you can use from the comfort of your spreadsheet. All you will need is a csv file that you upload on your personalized dashboard and watch SmartReader unveil the magic. SmartReader trains on your data and generates a list of topics and you can choose from. Once you select the custom categories, SmartReader generates the insights to propel your organization to new heights. Click here to view the step by step guide on how to use SmartReader.
INDUSTRIES SMARTREADER HAS TRANSFORMED
The beauty of SmartReader is that it is industry agnostic. It has simplified work for researchers in the education, retailing, and even FMCG industries.
One of our biggest beneficiaries is SAE University from Australia. SmartReader helped them understand the sentiment of the students and improve the overall experience in a very targeted manner. Click here to read an in-depth case study about this revolutionary market research method.
We have also carried out many conceptual case studies to illustrate the impact SmartReader can have on the existing market research methods.
Looking to transform your organisations market research methods. Click here to schedule a free demo today.