11 Innovative AI Tools for Market Research You Need to Try in 2024

In fact, if somebody asked you a direct ‘What is marketing’ question, you would have a difficult time describing the facet that was being referred to. That’s why marketing is so extensive because it includes a variety of business activities and processes. However, there’s one fundamental aspect everyone agrees on: first, it is the knowledge of what is going to happen: understanding your audience, competitors, and the industry you belong to.

That understanding you do not get over the Hathor’s head; it is built step by step through the investigative work. This is one of the most critical components of any sound marketing policies and procedures. The use of research, whether it is a new product to be introduced, the company’s image, or the market audience to be reached, is essential.

Conventional research processes are usually associated with a large number of time-consuming and sometimes stressful steps. That is where the AI tools for market research come in handy. They function as our personal executive assistants that assume the challenge of combing through enormous volumes of data to give crucial information.

As part of this blog post, we will discuss the common features and the cost of the most popular AI market research tools for 2021. Below you will find a list in which any marketer, regardless of how many years of experience they have or whether they are already engaged in market research at all, will be able to find something interesting for themselves.

Let’s Dive in!

Applications of AI Tools in Marketing Research

Market research is as if you are swimming in an ocean of information. One might think that it is about dissecting people’s behavior, and that certainly is a part of it. Market research entails understanding consumer tastes, market trends, competitors, their products, feedback, and many others.

To deal with this multifaceted reality, different tools based on AI have been created to support companies in data collection and analysis. Let’s explore some of these AI tools and how they revolutionize market research:

• Sentiment Analysis: Categorizing opinions from social media platforms, trip advisors, or polls as an endeavor towards gaining an understanding of how customers view the products or brands in question.
• Predictive Analytics: Analyzing past records as a way of predicting future patterns and conducts helpful in evaluating the stock and planning marketing techniques.
• Consumer Segmentation: Classification into segments to target them with relevant strategic marketing communication efforts for consumer solutions.
• Image and Video Analysis: Visual content analysis for business, concerning trends, preferences, and sentiment analysis, benefits product development and advertising initiatives.
• Voice and Speech Analysis: Verbatim capture of the conversation the customer had with the firm’s representative to discover ways to make the required services delivery more efficient.
• Social Media Listening: Engaging in social listening to identify business mentions, customers’ attitudes, and trends for effective management of the business’s brand image.
• Chatbots and Virtual Assistants: Customers can be reached through the help of chatbots that use artificial intelligence and provide data collection and assistance.
• Customer Journey Analysis: Translating customer insights gained from multiple interactions with them and figuring out ways to enhance the paradigm to increase sales and conversion.
• Concept Testing and Product Innovation: Market research before the actual release of a product or a new feature in a product to understand the reception of such a product or feature in the market.

With the background information on the various AI tools, it is now time to unveil the 11 best AI tools for market research in detail.

Bit. ai – Notes, Documents & Reports: Market Research

AI can help with surveying the market, and all these applications are linked by the fact that documents are prepared. It is much like a compilation of reports, working charts, graphs, and much more to it. In the current world, it is very rare to embark on any market research exercise without encountering documents in one form or another. In the case of working with documents, all necessary tools are located under one roof and are available to all participants.

Bit. ai is an AI-enhanced wiki and document used to optimize knowledge, co-authoring, and sharing among people and work groups. Being rather user-friendly and equipped with numerous functions that enable effective trading activity, Bit. ai provides facilities regarding document creation and sharing, document collaboration, wikis, and almost everything in one domain.

Think of a market survey on a newly introduced product into the market. With Bit. ai, you can design a collaborative virtual environment that will support researchers, marketers, and decision-makers to contribute information, data, and ideas to a central place. First, you write advice on a market analysis report concerning consumers and competition. Therefore, as one gathers more information within the same context, it can easily modify the document and incorporate fresh discoveries and enhanced analysis.

Bit. ai also widens your capability to incorporate graphics, including images, videos, and interactive elements such as charts to your findings, hence enhancing the understanding of the research findings. You can also sort your documents into nice folders, meaning when you need to search for particular reports or data sets, it is very easy to do so.

Moreover, Bit. ai’s collaboration utilities are most apparent when working with other people in different departments, freelancers, contractors, or outsourcing companies. Regardless of whether some of your coworkers are in the same building with you or apart in different parts of the world, they can easily get to the particular documents and work on them simultaneously because the documents are shared in real-time.

Bit. ai Features

• Customizable Workflows: Devise organizational-specific workflow patterns and improve the team’s work cycles and efficiency across departments.
• Unlimited Folder Hierarchy: Data and wikis can be arranged in an organized manner with no restriction on the number of folders or subfolders one can create, enabling easy retrieval of data.
• Smart Docs: Pay attention to the content that is being written to, and also Bit. ai takes care of the design and formatting of the documents, resulting in layouts that are appropriate for various layouts.
• Smart Wikis: Easily build wikis that are linked and make it easy to categorize the information in a hierarchy for better organization and sharing.
• AI Genius: Get a Personal Writing Assistant that offers AI writing services such as creating custom templates, conducting research, providing inspiration, and many others that will improve the productivity and creativity of a user.
• Smart Widgets: Introduce additional tools like tables embedded, code blocks, math, and weblink as bookmarks to help plant information in documents to be more attractive and useful.
• Rich Media Integration: Link content from different sources such as images, videos, audio, and much more to add more value and life to a document.
• Sharing: Allow multiple people to work on a common document, and add suggestions, comments, and edits in real time.
• Guest Access: Let people come to your workspace that has read-only or comment-only access, great for clients or data rooms.

Bit. ai Pricing

• Free Plan: The cost for each member will be $0 per member per month.
• Pro Plan: $12 for each member for a month.
• Business Plan: $20 for all members of the team per month.
• Add-on: The AI Genius Writing Assistant cost is $10 per 100K words of a single month.

SurveySparrow – Software for Market Survey

SurveySparrow Features

• Improved NPS (Net Promoter Score): Promote customer retention by monitoring overall adoption of NPS, identifying trends of scores, performing sentiment analysis on customers’ responses, and gathering valuable data on customer loyalty programs to improve.
• 360 Reviews: Measure workforce productivity through performance assessment reports that will be unique for each employee to enhance the employee’s performance at the workplace.
• Offline Data Collection: You will also be able to capture data without the internet with the help of the offline survey application, thus providing uninterrupted feedback.
• Multiple Users: Established as a child account to a parent account for the convenience of handling billing and flowing multiple accounts and work teams.
• Multi-language Surveys: Survey customers worldwide and in their preferred languages; this way, it is easier to reach out to more clients.
• Visual Workflows: Engage in automatic actions upon survey triggers & conditions and perform tasks with ease to enhance the working of an organization.
• Executive Dashboard: Design informative dashboards with survey results and successfully present them to the team and discuss ways of solving problems.
• Ticket Management: Transform survey replies into tickets for issue-solving and closing the feedback loop as fast as possible.
• Omnichannel Feedback Collection: Gather feedback from different sources like email, social networks, web addresses, integrated choices, and codes.
• Real-time Reports & Analysis: The survey gives timely reports that can be filtered to advance levels and cross-tabulate the responses for deeper analysis.
• Automation & Workflows: Expand possibilities with workflows, API, WebHooks, and connection solutions for automating business procedures as well as employing surveys.
• Audience Management: With the help of audience lists, it is easy to adjust contacts, import them from popular tools, and set up survey visibility by teams and folders.
• Video Surveys: Include videos in the surveys as backgrounds dedicated to engaging the users as they take their surveys.

SurveySparrow Pricing

SurveySparrow has a free 14-day trial period and does not request the users’ card details. Pricing is quite reasonable and can be adapted to the size and specific requirements of a business, whether big or small, starting, growing, or already at its peak. For the specifics of the pricing, the company has a section dedicated to the same on their website, or customers can reach out to the sales department.

Hotjar – Analyze User Behavior

Hotjar is a multifunctional tool aimed at providing you with detailed information on how users engage with your site. It provides a choice of features, from heat map analysis of the users’ activity to acquiring the users’ feedback. This enables businesses to fine-tune their sites and enhance the clients’ experience and conversion rates.

Hotjar Features

• Heatmaps: Visualize what a user interacts with, such as click, mouse movement, and scrolling on a webpage.
• Click Heatmaps: Highlight where the users click the most on your site.
• Move Heatmaps: Show regions of the screen where users were mousing over.
• Scrollmaps: Explain to what extent the users scroll down a page and show levels of engagement.
• Conversion Funnel Reports: Follow the user paths through the tiers of conversion and locate the points where people tend to leave to understand where the changes should be launched.
• Visitor Recordings: Includes actual sessions of users to help businesses capture the users’ activity and analyze the possible problems.
• Form Analysis: Determine the rate of completion for forms and other forms of conversion and then find some of the factors that may be causing a hindrance to conversions.
• Feedback Polls: Utilize the audience in getting feedback on the experience that a user goes through on the site.
• Surveys: Gather information of a more general nature about the users and their experience as well as preferences.

Hotjar Pricing

• Basic: Available now, 35 daily sessions for free, forever.
• Plus: USD $32 per month or $39 per month for an annual subscription up to 100 daily sessions.
• Business: $80 per month or $99 per month (annual plan), 500 daily accesses.
• Scale: It costs $171/month for monthly billing or $213 for yearly billing up to 500 daily sessions.

It has no restrictions regarding the number of team members, storage of the data for one year, and a money-back guarantee for 30 days. In addition to that, signing up for any of the Observe plans also includes an allowance for using Ask and Engage Basic functionalities.

Poll the People – Survey Analysis Platform

Poll the People is an online tool for market research that leverages actual people and artificial intelligence for analyzing the results of surveys fast and effectively. Therefore, thanks to the integration of the ChatGPT technological possibility, people are able to carry out consumer research through Poll the People without any effort and costs.

Poll the People Features

• Digital Ad Testing: Assess the efficacy of online ads ranging from Google to Facebook.
• Concept Testing: Gain insight into the consumers as to their awareness of your concept and their response to your prototypes.
• Brand Name Testing: Measure brand names, brand identity, simplicity and awareness, and, more importantly, the design of the brand.
• Logo Testing: Collect information from the consumers on the different logo designs.
• Content Testing: Gather information about headlines, copy, images, and other factors that may be involved in the content.
• Access to Deep Consumer Understanding: Leverage artificial intelligence to reveal deep insights about the consumers.
• Response Filtering: Filter out all responses that do not match the question and score the rest so that you can sort them out easily using OpenAI technology.
• Self-Service Platform: Carry out research and come up with reports from time to time without having to wait for contracts or any outside help.

Poll the People Pricing

• Lite (Pay-As-You-Go): $0/month, $1 per response, includes our chatbot, response filtering, ChatGPT-like insights, and more. Precise targeting that can be performed costs $0.50/criteria. Provide 3 tests per month per study with a maximum of 250 responses from human participants.
• Plus: $50/month; all Lite plan features + 7-day free trial, 10 tests per month, and a maximum of 500 responses to the study.
• Premium: $100/month, includes all Plus features but with no restrictions on testing, up to 2000 responses in the given study, and priority support.
• Enterprise: From $10,000/month, it expands the list of top functions of the Premium plan, and adds unlimited replies, personal assistance, and consultation by AI specialists.

Speak AI – Data Analysis and Transcription Software

The platform with the name Speak AI is a revolutionary application that provides integrated solutions for the recognition and analysis of voice and text data from audios, videos, and texts. The tool is intended for any professional and student who works or studies in marketing, business, or other related fields, allowing for simplifying data analysis and gaining profound insights.

Speak AI Features

• Automated Transcription: Transcribe audio and video files to text in a very accurate manner with ease, using impressive Artificial Intelligence transcription tools.
• AI Meeting Assistant: Enter meetings seamlessly and record and transcribe both voice and content on key platforms; Zoom, Microsoft Teams, Google Meet, CISCO Webex.
• Data Visualization: Designed to create potent research collections with graphical, precise search, and media players for rapidly revealing knowledge.
• Embeddable Recorder: Develop specific record-audio-and-video places that can be incorporated into websites and web applications.
• Sentiment Analysis: Analyze speaker sentiment in the transcript, videos, and audio and get an overview of the topics mentioned in the content.
• Entity Recognition: The utilization of AI on keywords assists in gaining information on the trends and the sentiment analysis of the content through named entity recognition.

Speak AI Pricing

• Pay-As-You-Go: $0/mo – With transcription services being paid for individually.
• Starter: $23/month billed annually – Comes with 10 hours a month, 500K Magic Prompts Char, and one premium add-on.
• Custom: Business plans – Here you have the option of unlimited hours, users, and storage options, but you choose only the options that you require. Promises customers having large transcription orders that they will avail of volume discounts.

FormX – Data Extraction Tool

FormX is an AI-based software solution that helps business organizations in automating data extraction and digital transformation services. It deals with data conversion and extraction of forms and document types, thereby assisting businesses in handling and applying the data.

FormX Features

• Document Extraction: Capture data from forms and papers in many forms.
• Pre-configured Models: It opens with models for ordinary documents, including the receipt and identity card, among others.
• API Integration: It can be easily integrated with other programs and apps using API.
• User-friendly Interface: Easy-to-use web-based CMS portal that can be configured easily.
• Mobile Scanning: Taking of the document photos should be done via mobile phones.

FormX Pricing

• Free Trial: 100 free pages, no custom extractor.
• Starter: Their prices are as follows; USD 299 per month per extractor, with one thousand pages allowed.
• Enterprise: Special propositions corresponding to the business requirements of the company. Contact sales for pricing.

Crayon – Competitive Intelligence Software

Crayon is a competitive intelligence tool that enables you to monitor competitors, gain insights, guide organization’s decisions, and help sales teams to close more deals.

Crayon Features

• Competitor Monitoring: Monitor rivals’ activity online, and notify the audience about the changes.
• AI-Powered Summarization: Use AI to extract insights from articles on competitors.
• Automatic Tagging and Importance Scoring: Try to classify intelligence and the rates from market influence.
• Anomaly Detection: Alert managers of major changes in competitors’ behaviors to help them make anticipatory strategy shifts.
• Enablement Tools: Assist in the preparation and dissemination of battle cards, newsletters, and official announcements.
• Competitive Analysis and Sales Support: Incorporate insights within the sales enablement assets employees and support salespeople in closing the sale.
• Performance Measurement: Log battlecard use, wins, and boosted revenue for measuring the return on investment.

Crayon Pricing

The interested parties are encouraged to contact the company to get a one-on-one demonstration where they will be given prices depending on their kind of business.

WEVO – UX Research Platform

WEVO can be identified as a robust UX research tool that supports all the critical research activities and provides a wealth of information with little hassle. To draw a summary of the current analysis into perspective, WEVO leverages the utilization of artificial intelligence in conjunction with human input to deliver timely and accurate recommendations and solutions to its teams enabling efficient delivery of superior customer experiences.

WEVO Features

• High-Volume Feedback: Gather lots of user feedback and balance between numerical data and the voice of the customers effectively.
• AI-Powered Analysis: Quick analysis due to the use of artificial intelligence, hence cutting the time and energy to do research for the product & marketing/research teams.
• Usability Metrics Tracking: Observe the usage of the system in terms of the work accomplished and the frequency and speed of the tasks accomplished as well as the simplicity of the tasks. Identify precise sections to help routinely improve the general use of the software program.
• Journey Mapping: Mine user flows to find out what good and bad elements they include. It helps to identify customers’ likes and dislikes regarding some of the page components based on the given quotes.
• Expectation Management: Bridge the experience gap between the expectations and the reality of the visitors. Attempting to grasp users’ aspirations and fears to guarantee the relevance of your offering.
• Benchmarking: Report your experiences in relation to the collected benchmarks. It is possible to filter feedback according to the demographic data, sentiment analysis, and topics, thus helping to make the right decisions.
• Competitor Analysis: Get more of a competitive edge by comparing your newly developed designs with those of your competitors usually faster. The following are some appropriate responses to strengths and weaknesses when developing a firm’s products and services.
• Expert Analysis: Retrieve value-added, more easily understandable test results from professional analysts. This paper presents a view of applying artificial intelligence together with human intelligence to come up with a solution to the current problem hindering the progress of the health sector.

WEVO Pricing

For prices-related information, one should turn to the WEVO sales team.

Prelaunch – Product Validation Platform

Prelaunch is a reliable marketplace for checking the market’s interest in a specific product idea before it is produced and launched on the market.

Prelaunch Features

• Concept Validation: Determine the demand for your product idea before you invest resources in implementing the idea. Potential customers show their interest in the product by giving their emails which act as a confirmation in this case.
• Price Validation: To learn more about the customers and their buying behavior, try setting up the products at various price levels. In this case, users can draw comparisons from the metrics to learn how they should price their products.
• Audience Positioning: Obtain details on the client’s demographic and psychographic characteristics and the industries represented by the target audience. This also assists in the right positioning of your product within the market structure.
• Color Preference Analysis: A feedback collection on which color customers prefer more so that companies can align their products with customers’ favorite colors. Appreciation of customer trends gives room for change in the product design to fit the markets’ needs.
• Reservation Model: Customers book a product with a money deposit of $10-$20, showing their intent of buying the product. Sales through deposits attract customers’ special offers on the product when it is released to the market; hence the commitment created will push customers to purchase the product.
• AI Market Research Assistant: Make use of competitive review by applying them to the assessment of the market sentiments within a short span of time and also act as feedback to areas requiring organizational attention. Listen to what customers like and/or dislike about competitors’ offerings.
• Comprehensive Analytics Suite: Record up to 35 different metrics for each visit to capture all the necessary information on the clients. It is possible to compare the initial business venture’s target with industry standards to determine the level of success within the product launch.
• Post-Purchase Insights: Secure way of obtaining their feedback is when they make a reservation for the product/brand. Use these findings to respond to issues and progressively enhance the merchandise.
• Landing Page Builder: Your landing pages can be quite responsive, and this does not require any designing or coding. Select from the list of design blocks to make your presentation look interesting.

Prelaunch Pricing

Prelaunch has a reservation strategy, where the customer has to pay a $10-$20 deposit to secure the product. Such deposits enable customers to get rebates when a new product is out in the market. Moreover, such targeting plans for creators also may contain the costs of accessing the other levels of service and analytics.

Similar Group Inc – Web Analytics and Market Intelligence Platform

Similar Group Inc is a software development and data aggregation company based in America that particularly deals with web analytics, web traffic, performance among others. In digital behavior, it offers the full picture that assists different industries to make the right decisions.

SimilarWeb Features

• Digital Research Intelligence: With ease, clients can better understand their competitors through website and app review, industry reports, and audience measurement.
• Digital Marketing Intelligence: Access what is often viewed as competitive intelligence tools for local SEO, paid search, affiliate marketing, and ad copy.
• Shopper Intelligence: Gain insights into customer behavior patterns, fine-tune products, and on-site search to increase the success of the customer experience and successful branding.
• Stock Intelligence: Understand how initial ideas for an investment are generated, how they are monitored, how their performance is expected to develop, and how due diligence is performed.
• Sales Intelligence: To lead the generation of prospects, enhance the quality of prospects, reach out to prospects to convert them to clients, and generally supervise key accounts to increase the efficiency of selling.

SimilarWeb Pricing

• Starter: Starting at $125 a month billed annually or $149 month-to-month, great for any new business owner just looking to get started with website traffic analysis and/or competitive intelligence.
• Professional: There is the basic version at $333 per month billed annually and $399 per month billed monthly, ideal for strategists and analysts building marketing strategies and mapping competitors’ spaces.
• Team and Enterprise: Another tier is for marketing teams and companies of the mature level with additional features and dedicated support and cost.

Lexalytics – Text Analytics and Natural Language Processing

Lexalytics Features

• Fully Featured NLP Stack: Lexalytics is unrivaled in its feature sets for NLP and has seen incremental growth with an added library, configuration, or model every 45 days over nearly two decades of the company’s existence.
• Sentiment Analysis: The objective of text analysis is to find whether the given text content is positive, negative, or neutral, which will help analyze customer reports and reviews.
• Categorization: Enables the categorization of documents and groups them in a manner that is customizable to an outfit’s needs, thus enhancing the flow of information as well as simplifying the process of finding some of these documents.
• Entity Extraction: Specify and isolate objects, including persons, locations, time references, enterprises, goods, and others, which will make data analysis and management easier.
• Intent Detection: Automatically interpret the customer or reviewer words and the probable intentions behind them helpful for decision making.
• Flexible Deployment: Further, ensure that the text analytics and NLP systems can be implemented across different kinds of infrastructure solutions and environments; these are on-premise, private cloud, hybrid cloud, and public cloud to suit different organizational needs.

Lexalytics Pricing

Sales personnel should be contacted for questions on the price.

Table of Comparison

Final Thoughts

If we are to listen to the growing numbers, it becomes apparent that the use of AI in market research is a growing trend. At present, over 50% of marketers are employing AI in marketing processes, and it is impossible to predict anything other than its further expansion.

Currently, it is expected that the market for AI in Marketing Research will touch a level of $77B. By 2030, the free e-learning market is expected to grow to $4 billion, up from $12.2 billion in 2022. Therefore, any company, which is not following this trend, will be lagging behind other companies in the competitive environment.

Thus, the application of AI will remain vital in market research in the future. It will enable business organizations to market products in a better way, make the right choices, and improve the relationship between business and customers.

Leveraging AI instruments in the course of market research is necessary for those who want to succeed in business.