We live in a world where technology is the answer to almost all our questions. That has made life so much easier than ever before. Even so, the best is yet to come.
Today, everybody is talking about artificial intelligence and food market research methods.
Market research is, in simple terms, the practice of studying and analyzing the market. The purpose is to inform the future decision-making process of a business. But this was not so effective until a few years back when AI came into the picture.
In this article, we will highlight the impacts of AI on the food industry market research.
Increased Accuracy and Timely Results
Food industry market research only makes sense if the results are accurate and delivered on time. Delayed results are outdated, inaccurate, and hence misleading.
Market research can be very tiring. It involves writing and double-checking reports, which takes a lot of time and may lead to delayed results.
AI market research, on the other hand, is fast, and the results are almost instant. It is also accurate and can perform multiple tasks all at a go. That is more than you can say about human beings.
More Flexibility with Artificial Intelligence
Something else to love about AI is the flexibility it brings to the table. Flexibility is the ability to adjust and adapt to different scenarios. It is essential to ensure the quality of information and the effectiveness of market research. To be more precise, this means using a data collection tool that best suits the target audience.
For instance, traditional methods such as focus groups, surveys, etc., are way too slow and demanding. They often lead to delayed results which are inaccurate and unreliable.
AI-based surveys are far more interactive and customer-oriented. They provide a far more compelling market analysis through Machine Learning.
Improved Customer Experience
One of the top objectives of market research is to enhance the customer experience by informing the decision-making process. Your research data must be very detailed, accurate, and precise to the point to achieve that. These are things you can never get through manual research methods due to human errors.
For instance, asking the wrong survey questions will provide you with irrelevant answers. Everything else that follows is misleading, from the analysis to the decisions you make. In the end, this will translate to poor customer experience, lost sales, and hence lost profit.
Artificial Intelligence provides more improved CX research methodologies. It ensures fast and accurate results that are free of human errors. Ultimately, AI technology protects data integrity for a better customer experience.
Better Understanding of the Adjacent Market
Adjacent marketing is when a business extends its operation into another totally different market other than its own. For instance, Uber rides are in the transport industry, but it has also ventured into an adjacent market (the food industry) with Uber Eats.
Tapping into an adjacent market is not only ideal for increasing sales, but it can also save a business from sinking in case of a crisis.
Uber was lucky to have Uber Eats during the pandemic when their rideshare market went down.
Understanding the adjacent markets is essential to identify the best adjacent market segment for your business. Most people are yet to understand the concept, but luckily, AI is there to cater for that.