30 August 2023Market insights
23 August 2023Digital Marketing
Asking the right questions – Limitations of Prompt AI when it comes down to market research.
There are questions on everyone’s lips as we see significant increases in AI use. How much can the boom in specifically Prompt AI provide a benefit to my business? What are the strengths and weaknesses of depending on Prompt AI in generating content or strategy? Can it help gain valuable insights into my target market or demographics?
With the rise of ChatGPT, and other artificial intelligence software, it is undeniably a remarkable technological achievement. The ability of Artificial intelligence to generate responses, hold conversations, and creative images, all from a prompt, is something that we have never seen before. Plucking data from a pool of information from the last decade, is machine learning at its finest. There are strengths in this for many businesses. The ability to broaden and inspire creative directions, gain insight into possible formulations to solve small scale issues, or to generate emails or copy to increase productivity.
But how much can we rely on prompt machine learning to give us valuable, applicable and appropriate responses that can be tailored to our business strategies and tactics? How can we achieve reputable and honest consumer insights in the process? Does it affect the execution of strategies in the long run?
While we should not be ignorant of the benefits of AI, artificial intelligence has areas of downfall that humans are masters of.
Brand Connection: Consumers value their connection with brands, and businesses. Without engaging with customers, businesses may risk valuable insights around their brand perception, and how consumers interact with brands based on attitudes and underlying emotions. Engaging with connective market research demonstrates the value of customer perspective and opinion, allowing consumers to actively participate in their marketplace. Investing in both qualitative and quantitative research can enrich a company's brand image value, an irreplaceable core competency.
Interpreting meaning with valuable and specific numerical data: big data is more for us to get to know what our customers do but we need primary market research to help understand why? Behaviors occur throughout markets, understanding the Why? Behind the behavior of our individual consumers can enrich our strategies and provide statistical benchmarks. Prompt AI draws upon general quantitative data in creating responses, but they are not specific to the individual business. This differs from professional research, as contracting out this research to a specialist in quantitative research would provide you with rich, actionable numerical insight. Prompt AI also misses the rich, specific and informative use of qualitative data which allows for the identification of underlying attitudes, emotions, and stimulus which underpin behavior. Relying on AI to gain insight into a business, markets and consumer does not provide the full picture, it merely gives one piece of the puzzle.
With the assumptive nature of ChatGPT, we not only need to think of the right prompts, but whether prompt AI is a suitable tactic to gain insight into purpose driven strategy. ChatGPT does not have the ability to predict the unpredictable nature of consumers and trends. Professional driven market research creates resilient businesses that put data and insights first in driving success in strategy, allowing for companies to see the why.