11 Must-Try AI Tools for Market Research in 2024!

If we were to ask you to define marketing, you’d likely find it hard to narrow it down to just one aspect. That’s because marketing encompasses a wide array of activities. However, there’s one fundamental aspect that everyone would agree upon: it begins with understanding – understanding your audience, your competitors, and the ever-evolving landscape of your industry.

This understanding doesn’t just magically appear; it’s meticulously crafted through research. It’s the cornerstone of effective marketing strategies. Whether you’re launching a new product, refining your brand message, or identifying your target audience, thorough research is essential.

However, traditional research methods can be time-consuming and sometimes overwhelming. That’s where AI tools for market research step in. These tools are like your personal assistant, sifting through mountains of data at lightning speed to provide you with invaluable insights.

In this blog post, we’ll explore some of the top AI market research tools available today, highlighting their features and pricing options. Whether you’re a seasoned marketer or just dipping your toes into the world of market research, you will surely find something useful in the list below.

Let’s dive in!

What are the Applications of AI Tools in Market Research?

When we talk about market research, we’re diving into a vast ocean of information. It’s not just about understanding people’s behavior, although that’s a big part of it. Market research covers a wide range of things, like studying consumer preferences, trends in the market, competitor analysis, product feedback, and much more.

To tackle this complex landscape, various types of AI tools have been developed to help businesses gather, analyze, and interpret data more efficiently and effectively. Let’s explore some of these AI tools and how they revolutionize market research:

1. Sentiment Analysis: Analyzing sentiment from various sources like social media, reviews, and surveys to understand customer perceptions about products or brands.
2. Predictive Analytics: Using past data to forecast future trends and behaviors, aiding in inventory management and marketing strategy planning.
3. Consumer Segmentation: Grouping consumers based on similarities such as demographics and behavior to customize marketing efforts effectively.
4. Image and Video Analysis: Analyzing visual content to understand trends, preferences, and sentiments, which can be useful for product development and marketing campaigns.
5. Voice and Speech Analysis: Transcribing and analyzing customer interactions to improve customer service and identify areas for enhancement.
6. Social Media Listening: Monitoring social media conversations to track brand mentions, sentiment, and emerging trends, enabling proactive brand management.
7. Chatbots and Virtual Assistants: AI-powered chatbots can engage with customers, gather data, and provide support, enhancing customer service and feedback collection.
8. Customer Journey Analysis: Analyzing customer interactions across touchpoints to optimize the customer journey and improve conversion rates.
9. Concept Testing and Product Innovation: Testing new product concepts or features to gauge customer reception and refine offerings before launch.

Now that you’ve got a grasp of the different types of AI tools available, let’s dive into the top 11 AI tools for market research.

11 Best AI Tools for Market Research

Bit.ai – Market Research Notes, Documents & Reports

In our earlier discussion, we explored how AI assists in market research. What’s common among all these use cases is that they produce documents. Think reports, charts, graphs, and more. It’s virtually impossible to conduct market research without dealing with documents in one form or another. With document collaboration tools, everything is centralized and accessible to everyone involved.

Bit.ai is an AI-powered wiki and document collaboration tool designed to streamline knowledge management, creation, and collaboration for individuals and teams. With its intuitive interface and powerful features, Bit.ai empowers users to create, share, and collaborate on documents, wikis, and more, all in one place.

Say you’re conducting market research on a new product launch. With Bit.ai, you can create a central workspace where everyone involved—researchers, marketers, and decision-makers—can contribute insights, data, and ideas. You start by drafting a market analysis report outlining consumer trends and competitor analysis. As you gather more data, you can effortlessly update the document, adding new findings and refining your analysis.

Bit.ai also allows you to integrate multimedia elements like images, videos, and interactive charts into your documents, making your research findings more engaging and easier to comprehend. You can also organize your documents into neat folders, making it a breeze to locate specific reports or data sets when needed.

Moreover, Bit.ai’s collaboration features shine when you work with remote teams or external partners. Whether your colleagues are in the office or across the globe, they can access and contribute to the documents in real-time, ensuring everyone stays on the same page.

Simplify your process and ensure no vital details slip through the cracks with our market research template. This user-friendly template will guide you through key questions and data points essential to making informed decisions. Click here to access the template today!

But that’s not all! Bit.ai has many more features to elevate your marketing research game. Let’s take a look:

Type of Tool: Document and wiki collaboration tool

Features

• Customizable Workflows: Design workflows tailored to your team’s specific needs, streamlining processes and enhancing productivity across departments.
• Unlimited Folder Hierarchy: Organize documents and wikis effortlessly with an unlimited number of folders and subfolders, ensuring easy access to information.
• Smart Docs: Focus on content while Bit.ai handles design and formatting automatically, ensuring responsive and visually appealing documents.
• Smart Wikis: Create interconnected wikis effortlessly, organizing information in a hierarchical structure for easy access and sharing.
• AI Genius: Access AI-powered writing assistance for custom templates, research, brainstorming, and more, enhancing productivity and creativity.
• Smart Widgets: Enhance your documents with interactive elements such as tables, code blocks, math equations, and visual weblink bookmarks, making information more engaging and informative.
• Rich Media Integration: Seamlessly embed rich media content from various sources, including images, videos, audio files, and more, to create dynamic and engaging documents.
• Sharing: Collaborate in real-time with colleagues, clients, and partners, editing documents together and adding comments for streamlined teamwork.
• Guest Access: Invite guests to your workspace with read-only or comment-only access, perfect for client portals or data rooms.

Pricing

• Free Plan: $0 per member per month
• Pro Plan: $12 per member per month
• Business Plan: $20 per member per month
• Add-on: AI Genius Writing Assistant: $10 per 100K words per month

 Surveysparrow – Market Survey Software

SurveySparrow is an online survey software that goes beyond traditional survey tools by offering advanced features such as conversational surveys, offline survey capabilities, 360-degree feedback assessments, and robust reporting and analysis functionalities.

Type of Tool: Survey Software

Features

1. Improved NPS (Net Promoter Score): Drive customer loyalty by tracking NPS scores, analyzing trends, performing sentiment analysis, and gaining rich insights to enhance customer loyalty programs.
2. 360 Reviews: Assess employee performance with custom assessment reports tailored to each individual, fostering growth and productivity within the workforce.
3. Offline Data Collection: Collect data seamlessly even without an internet connection using the offline survey app, ensuring uninterrupted feedback collection.
4. Multiple Users: Manage multiple accounts and teams under a single parent account, offering centralized billing for hassle-free management.
5. Multi-language Surveys: Collect feedback globally in multiple languages, allowing respondents to choose their preferred language for better accessibility.
6. Visual Workflows: Automate actions based on survey triggers, set conditions, and perform tasks effortlessly to streamline processes.
7. Executive Dashboard: Create insightful dashboards to visualize survey data, share them with team members, and collaborate on analyzing and resolving issues.
8. Ticket Management: Convert survey responses into tickets for efficient issue resolution and closing the feedback loop in real time.
9. Omnichannel Feedback Collection: Collect feedback from multiple channels including email, social media, web links, embedded options, QR codes, and more.
10. Real-time Reports & Analysis: Gain rich insights with real-time reporting, advanced filtering options, and cross-tabulate responses for in-depth analysis.
11. Automation & Workflows: Extend capabilities with workflows, APIs, webhooks, and integrations to automate business processes and surveys.
12. Audience Management: Easily manage audience lists, import contacts from popular tools, and control survey visibility using teams and folders.
13. Video Surveys: Embed videos as backgrounds for surveys to enhance user engagement and interaction.

Pricing

SurveySparrow offers a 14-day free trial with no credit card required. Pricing plans are flexible and tailored to suit the needs of different businesses, with options for startups, growing enterprises, and large organizations. For detailed pricing information, users can visit the SurveySparrow website or contact their sales team directly.

Hotjar – User Behavior Analytics Software

Hotjar is a comprehensive tool designed to help you understand and analyze how visitors interact with your website. It offers a range of features, from visualizing user behavior through heatmaps to gathering feedback directly from users.

Type of Tool: User behavior analytics software

Features

• Heatmaps:
  • Click Heatmaps: Visualizes where users click the most on a webpage.
  • Move Heatmaps: Displays areas where users hover their mouse cursor.
  • Scrollmaps: Illustrates how far users scroll down on a page, indicating page engagement levels.
• Conversion Funnel Reports: Track user journeys through conversion processes, pinpointing drop-off points.
• Visitor Recordings: Provides video recordings of real user sessions, allowing businesses to observe user interactions and identify areas of improvement.
• Form Analysis: Assess form completion rates and identify obstacles hindering conversions.
• Feedback Polls: Engage users directly for real-time feedback on site experience.
• Surveys: Collect broader insights from users about their overall experience and preferences.

Pricing

1. Basic: Free forever, up to 35 daily sessions.
2. Plus: $32/month (billed monthly) or $39/month (billed annually), up to 100 daily sessions.
3. Business: $80/month (billed monthly) or $99/month (billed annually), up to 500 daily sessions.
4. Scale: $171/month (billed monthly) or $213/month (billed annually), up to 500 daily sessions.

All plans include unlimited team members, 365-day data storage, and a 30-day money-back guarantee. Subscribing to any Observe plan also grants access to Ask and Engage Basic features.

Poll the people – Survey Analysis Platform

PollthePeople is a market research tool that combines human panelists with AI-powered analysis to provide efficient and insightful survey results. With the help of ChatGPT technology, PollthePeople enables users to conduct consumer research effortlessly, saving both time and resources.

Type of Tool: Market Research and Survey Analysis Platform

Features:

1. Digital Ad Testing: Evaluate the effectiveness of digital ads across various platforms like Google and Facebook.
2. Concept Testing: Understand consumer perception and interaction with your concepts and prototypes.
3. Brand Name Testing: Test brand names, brand identity, awareness, and overall design.
4. Logo Testing: Gather feedback on different logo designs from consumers.
5. Content Testing: Collect insights on headlines, copy, images, and other content elements.
6. Access to Deep Consumer Understanding: Utilize AI-driven analysis to unlock profound insights into consumer behavior.
7. Response Filtering: Utilize OpenAI technology to filter out irrelevant responses and score them for easy sorting.
8. Self-Service Platform: Conduct research and generate reports without waiting for contracts or external assistance.

Pricing:

• Lite (Pay-As-You-Go): $0/month, $1 per response, includes ChatGPT-style chatbot, response filtering, ChatGPT insights, and more. Advanced targeting available for $0.50/criteria. Allows 3 tests per month with a limit of 250 human responses per study.
• Plus: $50/month, includes all Lite features plus a 7-day free trial, 10 tests per month, and a maximum of 500 responses per study.
• Premium: $100/month, includes all Plus features plus unlimited tests, a maximum of 2000 responses per study, and priority support.
• Enterprise: Starting at $10,000/month, includes all Premium features plus unlimited responses, dedicated support, and expert consultation.

Speakai.co – Data Analysis and Transcription Software.

Speak AI is an innovative platform that uses AI to automate the transcription and analysis of audio, video, and text data. It’s designed to cater to a wide range of users, including researchers, marketers, educators, and business professionals, offering a comprehensive suite of features to streamline data processing and uncover valuable insights.

Type of Tool: AI-powered data analysis and transcription software.

Main features:

• Automated Transcription: Convert audio and video files into text with high accuracy using intuitive AI transcription technology.
• AI Meeting Assistant: Automatically join meetings, capture, transcribe, and analyze discussions across major platforms like Zoom, Microsoft Teams, Google Meet, and Cisco Webex.
• Data Visualization: Generate powerful research repositories with data visualization, deep search, and media playback functionalities to uncover insights quickly.
• Embeddable Recorder: Create custom embeddable audio and video recorders for capturing responses directly on websites or web apps.
• Sentiment Analysis: Understand speaker sentiment and identify key topics discussed in transcripts, videos, and audio files.
• Entity Recognition: Gain insights into keywords, trends, and sentiment analysis with AI-driven named entity recognition capabilities.

Pricing:

• Pay-As-You-Go: $0/mo – Basic functionality with pay-as-you-go transcription.
• Starter: $23/mo billed annually – Includes 10 hours per month, 500K Magic Prompts Char, and one premium add-on.
• Custom: Custom pricing – Unlimited hours, users, and storage with the ability to pick only the features you need. Volume discounts available for large transcription orders.

FormX – Data Extraction Tool

FormX is an AI-powered solution designed to streamline data extraction and digital transformation processes for businesses. It automates the extraction and conversion of data from various types of forms and documents, enabling businesses to efficiently manage and utilize their data.

Type of Tool: Data extraction and document conversion platform powered by artificial intelligence.

Key Features:

• Document Extraction: Extract data from various forms and documents.
• Pre-configured Models: Includes models for common documents like receipts and identity cards.
• API Integration: Easily integrates with existing software via API.
• User-friendly Interface: Intuitive web portal for easy configuration.
• Mobile Scanning: Capture document photos using mobile phones.

Pricing:

• Free Trial: 100 free pages, no custom extractor.
• Starter: USD 299/month/extractor, includes 1,000 pages.
• Enterprise: Custom solutions tailored to business needs. Contact sales for pricing.

Crayon – Competitive Intelligence Software

Crayon is a comprehensive competitive intelligence software solution designed to track competitors’ activities, give relevant insights, facilitate strategic decision-making, and empower sales teams to win more deals.

Type of Tool: Competitive Intelligence Software

Features:

1. Competitor Monitoring: Tracks competitors’ digital footprints, alerts users to relevant changes.
2. AI-Powered Summarization: Utilizes AI to distill competitor-related articles into actionable insights.
3. Automatic Tagging and Importance Scoring: Classifies intelligence, scores based on market impact.
4. Anomaly Detection: Identifies significant deviations in competitors’ activities for proactive strategy adjustments.
5. Enablement Tools: Facilitates creation and distribution of battlecards, newsletters, and announcements.
6. Competitive Analysis and Sales Support: Embeds insights into sales enablement tools, aids sales reps in winning deals.
7. Performance Measurement: Tracks battlecard usage, win rates, and influenced revenue for ROI evaluation.

Pricing

Interested parties are encouraged to request a demo to receive customized pricing based on their business needs and requirements.

Wevo – UX Research Platform

WEVO stands out as a comprehensive UX research platform that streamlines the research process, delivering valuable insights with minimal effort. With its blend of AI-driven analysis and expert human input, WEVO empowers teams to make informed decisions and create exceptional customer experiences efficiently.

Type of Tool: UX Research Platform

1. High-Volume Feedback: WEVO collects extensive feedback from users, combining quantitative and qualitative insights effortlessly.
2. AI-Powered Analysis: Leveraging artificial intelligence, WEVO provides rapid analysis, saving time and effort for research, product, and marketing teams.
3. Usability Metrics Tracking: Monitor user behavior with metrics like task completion rate, time to complete, and ease of use. Pinpoint areas of struggle to enhance user experience.
4. Journey Mapping: Trace user journeys to identify successful elements and pain points. Understand user preferences and dislikes about specific page elements, backed by real quotes.
5. Expectation Management: Close the gap between visitor expectations and actual experiences. Understand user hopes and concerns, ensuring your product or service meets their needs.
6. Benchmarking: Evaluate your experiences against industry benchmarks. Filter feedback by demographic, sentiment, or topic, enabling data-driven decision-making.
7. Competitor Analysis: Stay ahead of the competition by testing new designs and comparing them directly with competitors. Learn from strengths and weaknesses to refine your offerings.
8. Expert Analysis: Gain synthesized, digestible test results from expert analysts. AI-driven analysis combined with human insights offers actionable recommendations for improvement.

Pricing:

Contact sales team of Wevo for pricing related information

Prelaunch – Product Validation Platform

Prelaunch is a robust product validation platform designed to assist creators and innovators in gauging the viability of their product concepts before bringing them to market.

Type of Tool: Product Validation Platform

Key Features:

1. Concept Validation: Assess the level of interest in your product concept before committing resources to development. Potential customers express their interest by providing their email addresses, serving as a strong indicator of validation.
2. Price Validation: Experiment with different price points to understand customers’ willingness to pay. By comparing metrics, users can gain insights into optimal pricing strategies for their products.
3. Audience Positioning: Gain comprehensive insights into your target audience’s demographics, interests, and industry affiliations. This helps in positioning your product effectively within the market landscape.
4. Color Preference Analysis: Collect feedback on color preferences to tailor product offerings accordingly. Understanding customer preferences enables adjustments in product design to align with market demands.
5. Reservation Model: Customers reserve the product by leaving a $10-$20 deposit, signaling genuine purchase intent. Deposits earn customers discounts upon product launch, incentivizing early commitment.
6. AI Market Research Assistant: Quickly analyze competitor reviews to understand market sentiment and identify areas for improvement. Receive insights on what customers love or dislike about competitor products.
7. Comprehensive Analytics Suite: Track 35+ data points for every visit to gain a comprehensive understanding of customer behavior. Comparison with industry benchmarks helps gauge the potential success of product launch.
8. Post-Purchase Insights: Gather honest feedback from customers immediately after they reserve the product. Utilize these insights to address concerns and iteratively improve the product.
9. Landing Page Builder: Easily create responsive landing pages without the need for design or coding skills. Choose from a variety of design blocks to ensure an appealing presentation.

Pricing:

Prelaunch operates on a reservation model, where customers leave a $10-$20 deposit to reserve the product. These deposits earn customers discounts upon product launch. Additionally, pricing plans for creators may include subscription fees for access to advanced features and analytics.

10. SimilarWeb – Web Analytics and Market Intelligence Platform

Similarweb Ltd. is an American software development and data aggregation company specializing in web analytics, web traffic, and performance. It provides comprehensive insights into digital behavior, aiding various sectors in making informed decisions.

Type of Tool: Web Analytics and Market Intelligence Platform

Features

1. Digital Research Intelligence: Effortlessly analyze your competitive landscape with in-depth website and app analysis, industry research, and audience insights.
2. Digital Marketing Intelligence: Gain a competitive edge with tools for competitive analysis, SEO, PPC, affiliate marketing, and advertising strategies.
3. Shopper Intelligence: Understand customer behavior, optimize products, and enhance on-site search to improve the customer journey and brand performance.
4. Stock Intelligence: Make informed investment decisions with insights into investment ideation, monitoring, forecasting, and due diligence.
5. Sales Intelligence: Drive lead generation, enrich leads, engage with potential clients, and monitor key accounts to boost sales effectiveness.

Pricing

1. Starter: $125 per month (billed yearly) or $149 month-to-month, ideal for entrepreneurs exploring website traffic analysis and competitive research.
2. Professional: $333 per month (billed yearly) or $399 month-to-month, suitable for professionals building marketing strategies and mapping competitive landscapes.
3. Team and Enterprise: Custom pricing for marketing teams and mature organizations, offering advanced features and tailored support.

Lexalytics – Text Analytics and Natural Language Processing

Lexalytics is a powerful text analytics and natural language processing (NLP) platform designed to transform complex textual data into actionable insights.

Type of Tool: Text Analytics and Natural Language Processing (NLP) platform.

Features:

1. Fully Featured NLP Stack: Lexalytics offers the most comprehensive NLP feature stack in the market, continuously enhanced with new libraries, configurations, and models over 19 years of development.
2. Sentiment Analysis: Determine the sentiment (positive, negative, or neutral) of textual content, aiding in understanding customer opinions and feedback.
3. Categorization: Organize and sort documents into customizable groups, facilitating efficient information management and retrieval.
4. Entity Extraction: Identify and extract entities such as people, places, dates, companies, products, and more, enhancing data understanding and organization.
5. Intent Detection: Analyze customer or reviewer expressions to determine their underlying intentions, providing valuable insights for decision-making.
6. Flexible Deployment: Deploy the text analytics and NLP systems across various infrastructure setups, including on-premise, private cloud, hybrid cloud, and public cloud, ensuring adaptability to diverse organizational needs.

Pricing: Contact the sales team for pricing-related inquiries.

Here are the 11 AI tools for market research. We’ve included a table at the end for a quick overview.

Table of Comparison

Final Thoughts

When we look at the numbers, it’s obvious that AI in market research is becoming increasingly important. More than half of marketers are already using AI in their marketing activities, and this trend is only going to grow.

The market for AI in marketing research is projected to reach a staggering $77.4 billion by 2030, up from $12.2 billion in 2022. So, if businesses don’t start investing in AI now, they risk falling behind their competitors.

AI will continue to play a crucial role in market research in the future. It will help businesses personalize their marketing, make better decisions, and build stronger relationships with customers.

So, if you want to stay ahead in the business world, using AI tools for market research is a must.

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