5 Best AI Market Research Tools You Must Use in 2024

AI market research tools can significantly reduce the time taken for data collection and analysis. For instance, ProQuo AI surveys 1 million people every month, averaging 6 million data points a month and 200,000 a day. AI handles these jobs in seconds, which would otherwise take weeks for a market researcher or team to analyze. But that’s not all.

  • A survey by McKinsey suggests that AI can improve business efficiency by up to 40% and reduce operational costs by up to 30%.
  • AI has the potential to improve decision-making time by 40% in some companies by 2025, according to a Gartner survey.
  • Another Gartner survey showed that companies that have implemented AI have had a 37% reduction in errors in decision-making.

In my years of marketing and business, getting the market research right is often the difference between a failed business, product or campaign, and now with the help of AI tools, it can be done so much quicker and better. But it’s critical to find the right tool for the right job.

For those new to AI in market research, we have identified five user-friendly AI tools that stand out in their ability to provide deep market insights and competitive intelligence. These tools are not only powerful but also accessible, making them ideal for businesses eager to leverage AI for a strategic advantage.

Table of Contents

Kompyte: AI Competitive Intelligence Software

kompyte ai market research tools

Kompyte is a competitive intelligence software that leverages AI to track competitors’ updates across hundreds of sources and millions of data points. It filters out the noise and surfaces actionable updates, enabling businesses to make informed decisions based on real-time data.

Best for: Ideal for businesses that need to stay ahead of their competition, especially those with 10 or more sales reps. Particularly useful for sales, marketing, revenue, and executive teams

Features & Pricing:

  • Real-time tracking of competitors’ updates across hundreds of sources and millions of data points.
  • AI-powered noise filtering to surface actionable updates.
  • Analysis of competitors’ content, SEO, and digital marketing strategies.
  • Bi-directional CRM and sales tool integrations.
  • Automated alerts on competitors’ updates and changes.
  • No free plan; paid plans starting from $24/user/month.

Pros:

  • Enables strategic planning based on current market trends.
  • Provides real-time competitive intelligence at scale.
  • Helps in identifying gaps in competitors’ strategies.
  • Facilitates informed decision-making with real-time data.
  • Enhances marketing and product development efforts.
  • AI features provide up-to-the-minute insights and powerful workflows.

Cons:

  • Data export difficulties with common platforms like PowerPoint or Excel.
  • Not all competitors may be loaded into the dashboard, which may prevent businesses from getting a complete picture of their competitive landscape.

Poll the People: AI Market Survey Platform

poll the people ai market research

Poll the People is an AI-driven tool that leverages ChatGPT technology to conduct effective and large-scale market surveys. It allows users to quickly gather feedback and insights from a large respondent pool.

Best for: Marketers and businesses seeking rapid consumer feedback on advertisements, brand assets, and content.

Features & Pricing:

  • Access to over half a million respondents for diverse and comprehensive feedback.
  • Utilizes ChatGPT, an advanced AI technology, for efficient and insightful market research.
  • Quick setup and execution of market surveys.
  • Delivers dynamic surveys that adapt to the respondent, creating a highly personalized and engaging experience.
  • Useful for testing ad effectiveness and brand asset reception.
  • Free basic version; Premium version starting from $20/month with advanced features.

Pros:

  • Provides a more efficient and insightful approach to market research compared to traditional platforms.
  • Rapid feedback collection from a large and varied audience.
  • Analyzes objectively and eliminates assumptions, leading to valuable bias-free survey insights.
  • Provides updates on the spot, allowing businesses to make data-driven decisions in real time.
  • Direct insights into customer preferences and reactions.
  • Can analyze large volumes of data in seconds, providing immediate insights that would otherwise take a lot of time or money.

Cons:

  • May not provide the depth of insights found in more targeted, qualitative research methods.
  • Learning curve and a need for technical skills or assistance to set up and maintain.

SEMRush Market Explorer: AI-Driven Market & Competitor Analysis

semrush market explorer ai

SEMRush Market Explorer is an AI-driven tool that offers comprehensive insights into market trends and competitor analysis. It facilitates deep market understanding and strategic planning through data-driven insights.

Best for: Ideal for digital marketing professionals, SEO experts, and businesses seeking to gain a competitive edge through in-depth market analysis and competitor benchmarking.

Features & Pricing:

  • Detailed market analysis and competitor benchmarking.
  • Tools for assessing niche markets and target demographics.
  • Traffic generation strategies analysis allows you to compare key players’ traffic generation and social media strategies.
  • Customizable approaches to market research.
  • Offers regional and historical data filtering.
  • Trending keywords widget helps you identify trending keywords in your market.
  • Automated EyeOn tool sends a weekly email update that includes an overview of competitors.
  • SEMRush Market Explorer is part of the SEMRush .Trends package, which costs an additional $200/month on top of an existing SEMRush subscription.

Pros:

  • Provides comprehensive insights into market trends and competitor strategies.
  • Helps in identifying new market opportunities and trends.
  • Allows for the analysis of demographics and psychographics such as age, gender, and interests of the audience.
  • Used by over 10 million marketing professionals, indicating its popularity and reliability.
  • Offers a large database, with over 21.1 billion keywords.

Cons:

  • The tool’s dashboards can be complicated with many links and features, which may be overwhelming for some users.
  • Requires a SEMrush.Trends subscription for full functionality, which may increase costs.

AI Persona Builder: AI Audience Profiling Tool

ai persona builder ai market research

AI Persona Builder, part of WriterAccess, streamlines the creation of accurate and data-driven customer personas. It leverages AI to analyze data and craft detailed profiles tailored to a brand’s specific needs.

Best for: Ideal for marketing and sales professionals who need a robust and efficient solution for persona creation and management.

Features & Pricing:

  • Built-in Content Management System for organizing and storing buyer personas and their associated pain points, value propositions, etc.
  • Ability to create campaigns with more than 21,000 unique buyer persona variations.
  • Supports 120 different job titles for persona card creation.
  • Customization options to align with specific brand requirements.
  • AI Assistant designed to supplement campaign builder for rep-level content needs.
  • Integrated within the WriterAccess platform.
  • Integration with Salesforce CRM for persona card generation.
  • Call script builder for creating, implementing, and standardizing sales calls.
  • AI Persona Builder by Personal AI offers individual subscriptions priced at $400/year per AI persona with self-service, limited memory, and unlimited access.

Pros:

  • AI Persona Builder can generate personas much quicker than traditional research methods, saving valuable time.
  • Content Management System enhances the organization and storage of buyer personas.
  • The tool leverages a vast amount of data to create accurate and detailed personas.
  • The AI-generated content’s SEO-related capabilities are one of the software’s key selling points, which can be beneficial for online visibility.
  • Can create highly personalized content for each customer, leading to happier customers.
  • AI Assistant helps generate content ideas, saving time for higher value activities.
  • Seamless integration with Salesforce CRM for persona card generation.

Cons:

  • Accessible primarily to WriterAccess users or subscribers.
  • The platform’s AI capabilities may not always provide the desired level of detail or accuracy in persona creation.

Survey Sparrow: AI Market Survey Assistant

survey sparrow ai market research

Survey Sparrow is an AI-assisted tool designed to create and manage market research surveys. Its cloud-based platform simplifies survey creation, distribution, and analysis, making it a valuable tool for gathering market insights.

Best for: Ideal for businesses of all sizes looking to gather customer feedback, measure customer experience, and make data-driven decisions.

Features & Pricing:

  • AI-powered assistance for crafting effective survey questions.
  • Real-time analysis of survey responses.
  • Can conduct comprehensive employee performance assessments.
  • Features for assessing both customer and employee experiences.
  • AI Chatbots offer fast responses and predictive analytics to anticipate customer needs.
  • Integration with CRM systems like Zoho CRM, Microsoft Dynamics 365 CRM, HubSpot, and more.
  • Pricing includes various plans, from a basic free version to advanced options catering to different business needs.

Pros:

  • Automates the survey process, saving businesses time and resources.
  • The platform is easy to navigate, making it simple for businesses to create and distribute surveys.
  • Offers tools for a comprehensive understanding of customer feedback.
  • Provides real-time analytics, enabling informed decision-making.
  • Highly tailored experiences created by the platform can lead to improved customer satisfaction and loyalty.

Cons:

  • The anonymity of surveys can be a concern, which could potentially impact response rates and the honesty of feedback.
  • While powerful, the Expressions feature may require a learning curve to fully utilize.

FAQ

AI plays a crucial role in market research by automating tasks such as data collection, analysis, and insight generation, enabling market researchers to focus on deriving valuable insights rather than spending countless hours on manual data operations. It also helps in processing large volumes of data with speed and precision, which allows for real-time competitor data and predictive analytics

Advantages include improved efficiency, fast and accurate data processing, and optimized marketing campaigns. Disadvantages involve data privacy concerns, potential biases, and a lack of creativity

AI productivity tools can significantly enhance team collaboration. They can automate scheduling, facilitate communication, manage tasks, and provide insights from data, all of which can streamline collaboration. 

AI helps crawl through vast data reservoirs to mine for customer and market insights, find more insights than humans can, and respond more rapidly to market changes. It also assists in evaluating overall sentiment regarding factors such as strengths, weaknesses, pricing strategies, and much more

AI tools like Survey Sparrow offer AI-powered assistance for crafting effective survey questions, real-time analysis of survey responses, and integration with CRM systems, automating the survey process and providing comprehensive understanding of customer feedback

AI Persona Builder, for example, uses AI to analyze data and craft detailed customer personas, generating personas much quicker than traditional research methods and providing accurate and detailed personas

AI and machine learning can process unstructured data like descriptive texts or call recordings, enabling market researchers to expand their data analytics and reporting scope. AI-driven tools can also automate extracting valuable insights from user research and analysis

Challenges include data privacy concerns, lack of human touch, implementation complexity, and ethical considerations. Addressing these challenges involves careful planning, technical expertise, and consideration of ethical practices in AI deployment

Will Chen
Will Chen

Will Chen is an Australian tech and AI enthusiast with over two decades of experience in business and marketing. Known for being an early adopter of web, app, blockchain, and Web3 technologies, William has played a pivotal role in the digital innovation landscape. His insightful commentary has featured in various Australian news outlets. With a passion for AI and its transformative potential, William is dedicated to educating and empowering professionals and organizations to embrace and excel in the rapidly evolving tech world.

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