In today's AI-driven landscape, a whopping 91% of businesses agree that making good use of marketing research data is key to increasing sales. However, many marketers find themselves overwhelmed by the sheer volume of data, putting them at risk of being outpaced by competitors who master transformation of insights into actionable strategies.
As numerous internal AI initiatives unfold within organizations, C-suite executives must proactively explore existing alternatives to ensure they remain competitive while these initiatives come to fruition.
By understanding the possibilities, drawing inspiration, conducting test drives, or reaching outcomes faster, market research gives you the insights you need to cut through the noise, enabling you to make smart, strategic choices that drive success in an AI-driven business landscape.
Today, the sheer volume of data generated daily presents both immense opportunities and significant challenges for market researchers. Traditional methods of data collection and analysis often struggle to keep pace with the fast-moving digital landscape, leading to delays and missed insights.
Robust AI-powered tools are needed to extract insights into customer preferences, the latest market trends, and competitive dynamics. By automating data collection, enhancing accuracy, and providing real-time insights, these tools empower organizations to make informed decisions swiftly.
In a world where every second counts, having access to reliable, actionable data is essential for success.
Let's dive into the top 11 AI tools that can elevate your market research game in 2024.
1) Clootrack
Clootrack is a powerful AI-driven patented market research tool that provides customer intelligence super fast. Its insights are based on a holistic set of data, including both first-party and online data. Further, it also does both quantitative and qualitative analysis. Its supported operation model helps you get to outcomes very fast, allowing companies to identify patterns and make data-driven decisions.
Founded: 2017
No. of Employees: 51-200 employees
G2 Rating: 4.6
Address: 1460 Broadway, New York, NY 10036, US
Pros:
- Clootrack offers a conversational interface (AskClootrack) that allows users to ask questions and receive instant answers based on real-time data.
- Analyzes data from various sources to analyze the sentiments expressed in open-ended responses, providing a clearer picture of customer feelings and attitudes.
- Complement quantitative survey data with qualitative insights, leading to more informed and balanced decision-making.
- Clootrack enables unsupervised data analysis with the flexibility to configure modules tailored to specific needs, providing a comprehensive view of insights.
- An intuitive and user-friendly platform that swiftly analyzes results and generates actionable recommendations based on the themes and insights.
Cons:
- Relies on the accuracy and completeness of the data it analyzes.
- Requires a subscription to access all features and data.
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2) Gong
Gong is a powerful AI tool designed for sales and market research, helping businesses to gain access to prospect conversations. By capturing and analyzing conversations, it provides actionable insights that can drive sales performance and enhance customer engagement.
Founded: 2015
No. of Employees: 1,001-5,000 employees
G2 Rating: 4.7
Address: 201 Spear St., 13th Floor. San Francisco, California 94105, US
Pros:
- Provide comprehensive reporting capabilities to identify areas for improvement.
- Offers in-depth analysis of sales calls and meetings.
- The recording can be shared internally when it's relevant for other teams, which enhances team performance.
- The summary provided allows to quickly grasp the main points and takeaways without having to listen to the entire conversation.
Cons:
- Sometimes, even after granting permission, not all conversations are recorded.
- The transcription quality is average, and the AI features offer limited value to your sales process.
- While AI shows promise, the product still feels like it is in its early stages and requires further development to reach its full potential.
3) Qualtrics
Qualtrics is a leading experience management platform that empowers businesses to gather and analyze data through surveys and feedback tools. It enables organizations to understand customer, employee, product, and brand experiences effectively.
Founded: 2002
No. of Employees: 5,001-10,000 employees
G2 Rating: 4.4
Address: 333 W. River Park Drive Provo, UT 84604 US
Pros:
- Offers customizable templates and a diverse range of question types, enabling users to tailor surveys to meet specific research needs.
- Provide an overview of all survey activity, featuring a detailed audit trail and graphical displays for enhanced comprehension.
- Various integration options with other software facilitate data sharing and enhance functionality within existing workflows.
Cons:
- Cost-prohibitive for small businesses due to its expensive subscription plans and features.
- New users may face a steep learning curve due to the platform's complex interface and extensive functionalities.
- Collaboration features can be challenging when multiple team members work simultaneously on different survey sections.
4) Medallia
Medallia is an experience management platform that specializes in capturing and analyzing customer feedback to drive business insights. It enables organizations to understand consumer behavior through real-time data analysis and comprehensive survey tools.
Founded: 2001
No. of Employees: 1,001-5,000 employees
G2 Rating: 4.5
Address: 6220 Stoneridge Mall Rd Floor 2. Pleasanton, CA 94588. US
Pros:
- Offers customizable dashboards that provide tailored insights for different stakeholders, making it easier to compare performance metrics against competitors.
- Seamless integration with existing systems allows businesses to consolidate data from various sources.
- Automated reporting capabilities save time and resources, allowing teams to focus on analysis and action rather than data collection.
Cons:
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It can be expensive for smaller businesses, making it less accessible for organizations seeking efficient and budget-friendly options.
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The customization options are not as flexible in some reporting features.
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Users often struggle to extract meaningful insights and narratives from the analysis of unstructured data.
5) SurveySparrow
SurveySparrow is a versatile survey tool that enables businesses to create engaging surveys and gather valuable feedback from customers. Its user-friendly interface and customizable templates make it a popular choice for market research.
Founded: 2017
No. of Employees: 201-500 employees
G2 Rating: 4.4
Address: 2345 Yale St, FL 1, Palo Alto, CA 94306, US
Pros:
- Appreciated for its ease in building survey forms using provided templates and the ability to select a theme that matches the user's objective.
- Users can share surveys across multiple platforms, including email, social media, and web links, ensuring they reach their target audience effectively.
- The platform allows for white labeling, enabling users to customize surveys with their own logos, colors, and fonts to maintain brand consistency.
Cons:
- Some advanced features are restricted to higher pricing tiers, which may limit access for smaller teams or organizations looking for comprehensive functionality without incurring significant costs.
- New users often encounter a steep learning curve when navigating the platform, which can hinder their ability to quickly implement surveys and analyze data effectively.
- Although SurveySparrow offers an offline survey app, users have noted that its capabilities may not be sufficient for all scenarios, particularly in environments with unreliable internet connectivity.
6) Canvs AI
Canvs AI is an advanced market research platform that leverages artificial intelligence to analyze consumer emotions and sentiments. It helps businesses gain deeper insights into customer experiences by processing and interpreting large volumes of unstructured data from various sources, including social media, surveys, and customer reviews.
Founded: 2010
No. of Employees: 11-50 employees
G2 Rating: 4.4
Address: 26 Broadway, Manhattan, New York 10004, US
Pros:
- Automated analysis of open-ended text data reduces the time required for manual analysis.
- Offers exceptional customer support, with a dedicated team that is always available via chat to assist users.
- It provides helpful summaries that explain the data and key findings quickly and digestibly, allowing users to rapidly gain insights without getting bogged down in the details.
Cons:
- Canvs AI has restrictions in its language processing, particularly with translating non-English responses.
- The platform may struggle with the context-dependent nature of language, leading to potential misinterpretations of nuanced or culturally specific expressions.
- Interpretation of emotional data may vary based on cultural and linguistic differences.
7) Crayon
Crayon is an AI-powered competitive intelligence tool that assists businesses stay ahead of the curve by monitoring their competitors in real time. By monitoring market movements and analyzing data, Crayon allows sales teams to make well-informed decisions and stay ahead in an evolving business landscape.
Founded: 2015
No. of Employees: 51-200 employees
G2 Rating: 4.6
Address: 12221 Merit Dr #800, Dallas, Texas 75251, US
Pros:
- Crayon scrapes competitor information and sends automated emails with timely and relevant intelligence.
- Generates customized battle cards with competitor strengths, weaknesses, and differentiators.
- The platform enables users to set up saved searches to narrow in on specific topics of interest, such as pricing changes, new product launches, or marketing campaigns.
Cons:
- It requires users to manually update and add new competitors for each product line, as they do not automatically appear in the platform's tracking.
- The sheer volume of information from the platform can be overwhelming, making it difficult for users to distill the most critical insights.
- The platform is less scalable than similar tools, making it challenging for organizations with a large number of competitors to monitor effectively.
8) SurveyMonkey
SurveyMonkey is a well-known online survey platform, offering AI-powered features to streamline market research process. Its intuitive interface and extensive library of survey templates make it easy for businesses to gather customer feedback and insights.
Founded: 1999
No. of Employees: 1,001-5,000 employees
G2 Rating: 4.4
Address: 910 Park Pl, Suite 300, San Mateo, CA 94403, US
Pros:
- Provides an intuitive drag-and-drop survey builder that allows users of all skill levels to create surveys quickly and efficiently.
- Allows users to create and distribute a wide range of surveys, including customer satisfaction, employee engagement, and market research.
- The platform is easy to use, featuring a low learning curve that enables users to quickly create surveys without extensive training.
- Integrates with various applications and tools, such as CRM systems and marketing automation platforms.
Cons:
- Pricing can be expensive for users conducting larger surveys or requiring access to advanced features.
- The free SurveyMonkey plan imposes restrictions on the number of questions and responses per survey.
- The platform primarily operates online, which limits the ability to conduct surveys in environments without internet access.
- Paid plans can be perceived as expensive, particularly for organizations with limited budgets or those that conduct surveys infrequently.
9) Poll the People
Poll the People is an AI-powered market research platform that combines human intelligence with advanced analytics to provide quick and reliable insights. It offers a range of features for testing concepts, ads, brand names, logos, and content, enabling businesses to make data-driven decisions.
Founded: 2021
No. of Employees: 2-10 employees
G2 Rating: 4.5
Address: 117 Kendrick St, Needham Heights, Massachusetts 02494, US
Pros:
- The platform is designed to be easy to use, making it accessible for individuals and organizations without extensive technical expertise.
- Provides access to a large pool of human panelists, enabling users to gather a wide range of perspectives and insights.
- Allows for easy filtering and scoring of responses, streamlining the data analysis process.
- Users can target specific demographics for their polls, ensuring that the feedback collected is relevant and representative of the intended audience.
Cons:
- The paid plans can be considered expensive for users who require advanced features or frequent polling, starting at $50 per month.
- Lack of the introduction of new tools and features that enhance the functionality.
- While Poll the People offers some integration capabilities, users have noted that integrating the platform with other tools and systems is not always easy.
10) Zoho Survey
Zoho Survey is a versatile online market survey tool designed to streamline the process of data collection and analysis for organizations across various industries. It offers a comprehensive suite of features, including over 200 made templates across a wide range of topics, survey panels, and spam protection.
Founded: 2013
No. of Employees: 5,001-10,000 employees
G2 Rating: 4.4
Address: 4141 Hacienda Drive, Pleasanton, CA 94588, US
Pros:
- Allows response collection from nearly every medium and screen size, including offline capabilities.
- The platform supports collaborative editing, enabling multiple users to work on surveys simultaneously.
- Zoho Survey integrates seamlessly with various applications, enhancing data management.
- The survey builder is available in seven languages, making it accessible to a broader audience.
Cons:
- Customer support can be inconsistent, with some experiencing delays in response times or difficulty in resolving issues.
- The interface of the platform is less intuitive and more challenging to navigate compared to competitor platforms.
- While the platform offers a variety of features, the available templates can be repetitive in content and nature, limiting creativity.
11) ChatGPT
ChatGPT is an advanced AI language model developed by OpenAI, revolutionizing market research through its conversational capabilities. It efficiently analyzes large datasets, providing valuable insights into consumer behavior and wants. ChatGPT's versatility makes it a powerful tool for modern market research.
Founded: 2015
No. of Employees: 201-500 employees
G2 Rating: 4.7
Address: 3180 18th Street, San Francisco, CA 94110, US
Pros:
- Voice interaction capability allows for natural and engaging conversations, making interactions with the AI feel both intuitive and lifelike.
- Saves time on common tasks, such as summarizing PDFs and online articles or performing complex calculations.
- Automates the generation of insightful survey questions and customer personas.
- Ongoing updates and improvements allow it to adapt and enhance its capabilities based on user interactions and feedback.
Cons:
- The platform performance is heavily dependent on the availability and quality of data, and it may struggle in situations where relevant data is scarce.
- Responses are not authoritative sources of information and should not be treated as such, as they may contain errors or lack proper citations.
- The model may struggle to grasp nuanced language, sarcasm, or complex context, which can lead to misinterpretations of survey responses or market trends.
Conclusion
As the market research landscape continues to evolve, AI tools are becoming exponentially critical for businesses seeking to gain a competitive edge. The tools highlighted in this article—Clootrack, Gong, Qualtrics, Medallia, SurveySparrow, Canvs AI, Crayon, SurveyMonkey, Poll the People, Zoho, and ChatGPT—are among the best in 2024.
AI-backed market research tools are designed to help you navigate the complexities of today’s marketplace, from gaining a deeper understanding of your audience to predicting market trends. Whether you’re a seasoned executive or just embarking on your market research journey, harnessing the power of AI in your strategy will undoubtedly provide a competitive advantage. Embrace the power of AI in market research processes and unlock new opportunities for growth in the coming year.
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