7 Top AI Market Research Tools in 2024

Market analysis is the spine of all advertising and marketing, and we are able to’t skip it.

In spite of everything, how will you promote any services and products in case you haven’t dug deep into your market, viewers, and competitors?

However, market analysis eats up a ton of time. So many entrepreneurs take it with no consideration and accept superficial analysis.

To keep away from this, make use of AI market analysis instruments. Which?

I examined seven AI market evaluation instruments and broke down which of them are price making an attempt.

Let’s bounce in.

Desk of Contents

What are AI market analysis instruments?

AI market analysis instruments use synthetic intelligence to assemble and analyze market information. They pull in information from completely different sources, spot developments, predict future shifts, and break down complicated information into easy insights.

These instruments additionally assist with viewers segmentation, monitoring opponents, and creating detailed reviews, making it easier for marketers to make good, data-driven choices.

Machine studying and pure language processing (NLP) allow these instruments to imitate human habits.

My curiosity in AI and its affect on markets led me to discover notable success tales from large names who’ve harnessed AI in marketing. One such instance is Spotify.

It applied AI for analysis final 12 months by means of its AI DJ feature.

The device continually collects suggestions and analyzes your listening patterns, basically conducting ongoing “market analysis” to fine-tune music selections and feed Spotify’s analysts with information on which songs so as to add to extend listening time, convey extra subscriptions, and many others.

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The AI DJ goes past fundamental suggestions and gives commentary on the songs and artists it performs, making the expertise extra participating.

Why use AI instruments for market analysis?

Many individuals nonetheless suppose that AI can’t perceive human nuances like an actual researcher can, however that’s simply one of many misconceptions, says Ashley S., Ph.D. in Anthropology and Co-Founding father of EmpathixAI.

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The reality is that AI has made enormous strides in greedy these subtleties and may present insights which might be simply as precious, if no more so, than conventional strategies.

Can I analysis the market with out AI? Positive. How exhausting is it on a scale of 1 to 10? 11.

That’s why giving these instruments an opportunity is greater than a good suggestion. Listed below are the highest three the explanation why you need to give it some thought:

Predictive Evaluation

AI algorithms can observe buyer habits and predict developments, giving entrepreneurs an opportunity to fine-tune their methods.

For instance, a broadcast firm was shedding market share to digital media, which was anticipated to dominate 50% of the market in five years.

The CFO wished to enhance content material to win again viewers and increase advert income. Scios Market, an AI market analysis device, helped analyze which present attributes, like content material high quality and forged, drove viewership and advert {dollars}.

Predictive evaluation and what-if forecasting recognized a present idea prone to obtain the best rankings. This method led to a brand new present with 42% increased rankings and allowed the corporate to double its advert charges.

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Personalization and Focusing on

AI can section audiences and personalize advertising and marketing methods based mostly on detailed buyer information. This results in extra correct focusing on, higher engagement, and better ROI.

The perfect instance is a Center Jap financial institution that noticed a $3.4 million increase in cardholder spending inside three months by utilizing Personalization Breeze from Dynamic Yield and Mastercard.

AI-driven personalised presents led to a 60% increase in journey transactions, a 30% enhance in premium card sign-ups, and a 15% rise in on a regular basis spending.

This instance reveals how good AI personalization can rapidly drive important development and enhance buyer engagement.

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And, in keeping with an Acxiom report, 47% of customers want personalised emails or adverts as a result of it helps them simply discover related merchandise and options.

Use HubSpot AI Email Writer to rapidly generate and customise gross sales outreach emails and advertising and marketing campaigns. No extra looking at a clean display screen — let AI deal with the heavy lifting and watch your e mail engagement enhance.

Improved Effectivity

AI market analysis instruments, like generative AI fashions, have significantly impacted productivity and effectivity in virtually all types of duties.

For example, final 12 months’s study by Shakked Noy and Whitney Zhang from MIT examined the consequences of ChatGPT on professionals’ doc writing effectivity.

The research concerned 444 enterprise professionals throughout completely different fields who had been tasked with writing two enterprise paperwork. One group used ChatGPT to help in analysis writing, whereas the opposite wrote with out AI help.

Key Findings:

1. Elevated Productiveness. Professionals who used the AI completed their paperwork in about 17 minutes, whereas those that did not use AI took 27 minutes. This implies a 59% enhance in productiveness. Primarily, professionals with ChatGPT might produce 59% extra paperwork in an 8-hour workday in comparison with these working with out it.

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2. Higher High quality. Regardless of taking much less time, AI-assisted paperwork had been rated increased in high quality. Paperwork created with ChatGPT had a mean high quality rating of 4.5 out of seven, whereas these written with out AI scored 3.8. This reveals that AI not solely saved time but in addition improved the standard of the work.

“AI is a device that will help you work sooner, not a substitute for vital pondering and problem-solving,” says Alex Cattoni from How To Use A.I. For FAST Market Research. “AI instruments like ChatGPT usually are not at all times related to the web by default, which suggests they will produce inaccurate and even dangerous outcomes.

This is named an AI hallucination. Even tech researchers fear that individuals rely too closely on these methods for necessary recommendation. Use it as a brainstorming device as an alternative.”

P.S. In case you’re questioning which AI tool writes the best marketing copy, Erica Santiago has examined a number of completely different instruments and shared her detailed opinions. I wholeheartedly advocate studying this text.

7 Greatest AI Market Analysis Instruments

After finding out plenty of case research and critiques and speaking to specialists who use AI instruments for market analysis, I pulled collectively an inventory of the seven greatest instruments to attempt.

I will stroll you thru their outstanding options, pricing, and what I discover thrilling about them.

1. Gong for name insights and gross sales analysis.

Gong.io makes a speciality of income intelligence and dialog analytics. It analyzes gross sales calls, conferences (each audio and video format), and buyer interactions to offer insights into gross sales processes, buyer behaviors, and market developments.

Options

• Analyzes gross sales conversations to determine developments, profitable techniques, and areas for enchancment.
• Offers visibility into the gross sales pipeline by monitoring deal progress and figuring out potential points.
• Presents insights and proposals for gross sales teaching based mostly on actual dialog information.
• Helps perceive how opponents are being mentioned in gross sales conversations and what methods work.

Pricing: Gong costs every license per consumer. Attain out to them to choose a personalized quote.

Greatest for: Gong is equally nice for researchers and entrepreneurs who continuously maintain buyer calls or viewers interviews.

What I like: Gong gives each contextual and referential insights. Contextual insights analyze real-time dialog particulars like tone and sentiment, whereas referential insights evaluate these interactions to previous information, figuring out patterns and greatest practices to enhance gross sales outcomes.

Strive HubSpot’s Free AI Chatbot Builder to e-book conferences and supply round the clock buyer help. Let it deal with widespread queries, set off e mail campaigns, and scale your interactions, releasing up your group’s time.

Testing It Out

I used Gong to research one among our firm’s gross sales calls, and the insights had been extremely good.

For example, its talk-to-listen ratio actually confirmed that the gross sales rep spent an excessive amount of time speaking and never sufficient listening, which Gong flagged as a possible problem based mostly on profitable previous conversations.

Elements of the decision had been color-coded, indicating completely different subjects, feelings, or ranges of engagement. It was tremendous straightforward to trace key moments and see when necessary points had been mentioned or when the client’s curiosity dropped.

I haven’t run into many points with Gong, however the speech-to-text function is usually a bit hit-or-miss generally. It often will get the job accomplished, however some components require refinement. Even so, it’s nonetheless one of many prime instruments on the market for this function.

2. YouScan for social media evaluation.

YouScan makes use of AI to watch social media and pictures, serving to you observe model mentions, perceive buyer emotions, and spot developments. It gives real-time insights into how individuals view your model.

For example, YouScan reveals whether or not persons are usually optimistic, damaging, or impartial about your model based mostly on their feedback or submit reactions.

Options

• Tracks mentions of your model, merchandise, or related subjects throughout completely different SM platforms.
• Analyzes sentiment and developments to gauge public opinion.
• Identifies and analyzes visible content material associated to your model or business.
• Helps observe brand utilization, model mentions in photographs, and user-generated content material.
• Makes use of AI to evaluate the emotional tone of posts and conversations.
• Detects rising developments and patterns in client habits.
• Displays opponents’ social media presence and efficiency.
• Generates detailed reviews and visualizations.

Pricing

• Starter 3 ($299 per thirty days): 3 subjects, limitless customers, and 30,000 month-to-month mentions.
• Limitless Plans: Configured to your necessities.

Greatest for: Corporations lively on social media that need to observe their model’s presence and affect throughout platforms.

What I like: It doesn’t depend on hashtags and captions solely, nevertheless it identifies subjects and text in images as nicely.

Right here’s a easy breakdown of the way it works:

1. The AI identifies and tags visible components in photographs, similar to logos, objects, and scenes.

2. It extracts related data from these photographs, like how your model’s brand is used or what merchandise are featured.

3. The device then analyzes this information to offer insights, similar to how your model is perceived or which merchandise are the preferred.

4. You should use filters to slender down the outcomes and think about detailed reviews.

Testing It Out

I believe each marketer, particularly social media managers, will fall in love with this device.

The analytics are in-depth and provides a transparent image of point out volumes, engagement, and sentiment developments.

For instance, in case your posts obtain numerous blissful or optimistic feedback, YouScan will usually replicate a optimistic sentiment. On the flip facet, if the posts present damaging reactions or dissatisfaction, the sentiment will probably be damaging as nicely.

The Insights Copilot, powered by ChatGPT, is my favourite half. It makes information evaluation a lot simpler by producing fast summaries and actionable insights.

For instance, you may ask what prospects like about your product, and it gives you a fast abstract based mostly on social media mentions.

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I additionally loved the flexibility to make customized dashboards in 1,000 alternative ways.

3. Consensus for fast and dependable scientific insights.

Consensus is an AI market evaluation device that digs into scientific research to offer you clear, actionable insights.

However as an alternative of simply supplying you with an inventory of educational papers like conventional search engines like google, Consensus scans these papers and summarizes the important thing findings.

It makes use of superior NLP and machine studying to know the content material and current probably the most related data in a easy, easy-to-read format.

Options

• Offers direct solutions to particular questions by analyzing scientific papers.
• Highlights the scientific consensus and proof supporting the findings.
• Summarizes key factors from a number of papers, saving customers time in reviewing literature.
• Presents hyperlinks to unique papers, permitting customers to confirm data and discover additional.

Pricing

• Free: Limitless AI filters, searches, and analysis indicators. Restricted Copilot, GPT-4 summaries, and Consensus Meter.
• Premium ($11.99/month): Full entry to Consensus Meter, bookmarks, GPT-4 summaries, and Copilot.
• Groups ($12.99 per seat/month): Central billing, reductions for 200+ seats, account administration.
• Enterprise (customized quote): Library integration, devoted help, large-scale consumer administration.

Greatest for: Lecturers, entrepreneurs, and anybody searching for dependable scientific data. It could possibly assist entrepreneurs reveal what components affect buying choices, how completely different demographics reply to varied advertising and marketing methods, and what developments are rising out there.

What I like: The Collaboration Hub function is nice for working in real-time along with your group members.

Testing It Out

I typed in one thing about mindfulness and sleep, and inside seconds, I had a concise abstract of the related analysis.

It pulled collectively key factors from a number of papers into one clear overview.

Then there’s the Copilot function, which provides even deeper insights utilizing GPT-style summaries, full with clickable citations for straightforward entry to the sources.

The Consensus Meter is a good function, too. I requested a sure/no query, and it broke down the analysis findings with percentages — giving me a fast snapshot of the place the science stands.

The flexibility to save lots of searches, export citations, and combine with instruments like Zotero makes it vital for critical analysis.

And who can profit from such analysis?

Concretely, all these findings can increase market analysis for sleep-related merchandise.

For instance, analysis reveals that mindfulness improves sleep, which might result in the event of dietary supplements or apps that assist with leisure. Knowledge on sleep patterns may assist create higher sleep trackers or extra comfy mattresses.

Furthermore, entrepreneurs can use this data to create focused adverts and content material. Understanding sleep patterns may help in designing promotional campaigns for sleep-related merchandise.

You see? Every little thing is related. 🙂

4. Lexalytics for superior textual content analytics and sentiment evaluation.

Lexalytics is a textual content evaluation device that helps companies perceive giant quantities of written information. It could possibly decide if persons are feeling optimistic or damaging, determine key names and locations, and decide what most important subjects are being mentioned.

As an instance an organization is getting ready to launch a brand new smartwatch.

Lexalytics scans social media and critiques to see if persons are enthusiastic about smartwatches. Then, the device tracks real-time discussions to determine what persons are speaking about most.

Is it battery life or design? The reply helps the corporate spotlight these developments of their product launch.

By figuring out key names (e.g., business influencers, opponents) and locations (e.g., tech hubs, main cities) talked about within the information, the corporate can tailor their advertising and marketing campaigns to focus on particular audiences or areas.

For instance, if some widespread tech influencer is buzzing round in conversations, the corporate might attain out to them and provide an unique overview or endorsement, turning that buzz into model hype.

Options

• Identifies and categorizes feelings in textual content, similar to optimistic, damaging, or impartial.
• Detects necessary names, locations, organizations, and merchandise talked about within the textual content.
• Permits customers to tailor textual content evaluation fashions and options to suit particular industries or wants.
• Offers rapid insights by analyzing textual content information as it’s obtained.
• Kinds and categorizes textual content into predefined classes for simpler evaluation.
• Handles textual content in a number of languages, making it appropriate for international purposes.
• Presents detailed visualizations and reviews.

Pricing: Request a demo to get extra information about pricing.

Greatest for: Advertising and marketing groups, product managers, buyer help, information analysts, and researchers who want to research and perceive sentiment developments in suggestions and information.

What I like: The device successfully handles nuances like negations and intensifiers, which makes outcomes extra correct.

Testing It Out

I made a decision to deal with sentiment evaluation to see how the device handles this facet.

First, I created a chart widget within the dashboard and chosen the sentiment polarity choice.

For my take a look at, I zeroed in on the highest 10 subjects, which gave me a superb vary of knowledge to research. I began by viewing the full variety of paperwork to know how sentiment was distributed — optimistic, damaging, and impartial — throughout these subjects.

Subsequent, I adjusted the widget to point out the odds of paperwork somewhat than uncooked counts.

This alteration supplied a clearer image of what fraction of the paperwork had been optimistic, damaging, or impartial for every subject. It was fascinating to check these percentages and see how sentiment diversified by subject.

5. Crayon for monitoring and analyzing competitor exercise.

Crayon lets you observe what your opponents are cooking. It gives aggressive intelligence and market analysis insights by means of AI-driven analytics.

Crayon repeatedly tracks competitor actions throughout varied channels — web sites, social media, and information sources.

With this inside scoop, you may see all their strikes and make savvy, well-informed choices.

Options

• Tracks opponents’ actions in actual time to maintain you knowledgeable about their newest strikes and techniques.
• Analyzes opponents’ advertising and marketing techniques and enterprise choices.
• Benchmarks your efficiency in opposition to opponents to spotlight areas for enchancment.
• Detects rising market developments and informs you about them.
• Offers detailed business reviews to offer you a transparent image of market situations and alternatives.
• Processes giant volumes of knowledge effectively.
• Forecasts future market developments based mostly on present and historic information.
• Sends customized alerts to maintain you up to date on necessary occasions.
• Visualizes complicated information with clear charts and graphs.

Pricing: Pricing will depend on your wants and group dimension. Attain out for a demo to get your quote.

Greatest for: People and groups who need to observe a number of opponents, handle detailed battle playing cards, and manage insights throughout varied subjects.

What I like: Compete Hub, which acts as a newsfeed for my newest bulletins and helps me keep on prime of business developments.

Testing It Out

Beforehand, I struggled with the tedious process of sifting by means of Google Alerts, which took time away from extra necessary duties.

Crayon AI modified that by offering actually good insights with only a click on. The platform’s machine studying algorithm prioritizes vital updates, similar to important adjustments to opponents’ homepages over minor social media posts.

I significantly love the every day e mail summaries, which ship a curated listing of a very powerful insights proper to my inbox, saving me from limitless alert checking.

Strive HubSpot AI Summarization to simply generate enterprise reviews, summarize buyer interactions, and increase productiveness with AI-driven insights.

6. Poll The People for crowdsourced decision-making powered by AI.

Ballot The Individuals helps you’ve gotten a worldwide dialog along with your target market. The platform presents extra than simply polls — it additionally incorporates public opinions and deeper surveys.

With Ballot The Individuals, companies can discover the collective ideas of a big group and make knowledgeable choices based mostly on widespread suggestions — curated and analyzed with Open AI to forestall biases and human-prone errors.

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Options

• Creates fast and straightforward polls to assemble suggestions quick.
• Generates real-time outcomes that will help you make swift choices.
• Targets particular demographics to get related suggestions.
• Presents each private and non-private ballot choices for varied wants.
• Offers numerous query codecs, together with multiple-choice and textual content enter.
• Customizes polls with branding and particular questions.
• Delivers on the spot evaluation for rapid insights.
• Exports ballot ends in varied codecs for detailed evaluation.
• Ensures nameless responses for sincere suggestions.

Pricing

• Lite (Free): 20+ templates, 250 responses per research, 3 exams per thirty days, and extra.
• Plus ($50/month): Every little thing in Lite, 500 responses per research, 7-day free trial, and 10 exams per thirty days.
• Premium ($100/month): Every little thing in Plus, help, 2,000 responses per research, and limitless exams.
• Enterprise (from $10,000/month): Every little thing in Premium, plus knowledgeable session, limitless responses, and extra help.

Greatest for: Entrepreneurs, product builders, UX/UI designers, enterprise house owners, and researchers who want fast, focused suggestions to make knowledgeable choices.

What I like: It’s not only a text-based device. Add photographs and get suggestions on particular designs or logos.

Testing It Out

I used it to get suggestions on potential titles for my e-book. I arrange a fast ballot asking for opinions on which title resonated greatest with readers.

Inside a brief interval, I obtained 100 responses that supplied precious insights into what my viewers likes.

The method was extremely simple.

I created the ballot with two-choice choices and focused the responses to ensure they got here from my supposed viewers.

Notice: I don’t advocate the free model since you pay per response; for instance, one response prices $1, so 100 responses would value $100. It’s cheaper to go for a month-to-month plan in case you want a bigger variety of responses.

7. ChatSpot for smarter analysis and information evaluation.

ChatSpot by HubSpot is an AI-powered assistant that simplifies market analysis. It combines the capabilities of ChatGPT to offer you highly effective insights and personalised responses.

You possibly can rapidly spot developments, observe buyer wants, and get precious information utilizing pre-made templates and real-time data. It integrates along with your HubSpot CRM, letting you join along with your information.

Scouting gross sales leads or digging into firm particulars like funding rounds and tech stacks? ChatSpot makes analysis straightforward and will get probably the most out of it.

Options

• Leverages information to trace and interpret market developments.
• Makes use of immediate templates and distinctive information sources for smarter insights.
• Drafts weblog posts, writes X posts, and creates AI-generated photographs.
• Identifies key alternatives rapidly with prospecting templates.
• Integrates with HubSpot CRM to work together along with your information in actual time.
• Offers deep insights into firm particulars like funding rounds and applied sciences.
• Presents intuitive solutions designed that will help you take motion.
• Means that you can handle contacts, duties, and notes utilizing pure language instructions.

Pricing: ChatSpot is free to make use of and routinely connects to your HubSpot account.

Greatest for: Entrepreneurs, gross sales groups, customer support reps, enterprise analysts, content material creators, small business owners, and project managers who need actionable insights and improved effectivity.

What I like: The accuracy of the information it gives. I additionally love ChatSpot’s Picture Generator, which creates a wide range of beautiful visuals.

Professional tip: Interview AI as if it had been your ideally suited consumer. Present it with demographic particulars and ask it to reply with motivations and struggles utilizing the language of your target market.

With only a few clicks, you may generate blogs, social posts, and emails. HubSpot Content Writer is ideal for saving time, overcoming author’s block, and scaling your content material with out additional prices.

Testing It Out

First, I examined ChatSpot’s main chat function by asking it a query about present ecommerce developments:

As you may see, it supplied a short however clear response, with bolded phrases that spotlight key ecommerce developments.

Then, I requested about what influences purchasers when selecting between Google Drive and Dropbox for cloud storage:

ChatSpot delivered a crisp reply in a short paragraph, highlighting the important thing factors with daring textual content once more.

However ChatSpot presents greater than only a question-answer function, and that’s what I like most about it — rapidly prospecting for gross sales with useful templates, drafting weblog posts and social media updates, and producing AI photographs. It additionally permits you to dig into firm information like funding and tech used.

Plus, you may handle your HubSpot CRM duties — like including contacts and creating notes — utilizing pure language instructions, making every little thing extra intuitive and environment friendly.

From Spending Days on Evaluation to Getting Leads to Seconds

If somebody had informed us just a few years in the past that every little thing we used to spend hours on — creating detailed analyses, charts, and combating Excel — could possibly be accomplished in only a few clicks, with outcomes sorted in seconds, we wouldn’t have believed it.

However, that‘s our actuality right now, and it’s solely getting higher.

That’s why I hate when individuals say, “AI takes jobs.” No, it makes them simpler.

We’re nonetheless those setting duties and making ultimate choices. However AI market analysis instruments assist us observe developments, analyze opponents, and evaluate information extra rapidly and effectively.

Simply as we now not use carriages to journey from level A to level B, there’s no must manually do duties when a sooner, smarter answer is correct at our fingertips.

Crucial factor is to seek out high-quality options that meet our wants and finances. That’s it. Don’t be afraid of AI. Let’s sustain with the instances.