Natural language processing (NLP) AI is one of the most important technologies shaping what’s possible in market intelligence today. Marketers are using AI and NLP to make sense of big data, identify trends, and understand customer sentiment.
In this blog post, we’ll discuss how these technologies are being incorporated into market intelligence platforms to provide insights that would otherwise be unavailable. We will also explore the future of these technologies and how they will continue to shape the market research industry.
What is Market Intelligence?
Market intelligence is the process of gathering and analysing information for insights into their industry, customer sentiment, and the overall market landscape. Marketers use this information to make better decisions about their product or service offerings, target new markets, and stay ahead of the competition.
What is Natural Language Processing (NLP)?
NLP is a branch of AI that deals with understanding human language. NLP algorithms are used to analyse text and extract information from it. This information can be used for a variety of tasks, such as sentiment analysis and topic modelling.
How AI and NLP Are Transforming Market Intelligence
In the past, market intelligence was a manual process that required significant time and resources. Marketers would have to conduct extensive research and then sift through large amounts of data. This process was often prone to human error and time-consuming.
The advent of AI and NLP, along with increased accessibility to a vast amount of big data has transformed the capabilities of market intelligence platforms. These technologies have made it possible to automate many of the manual tasks associated with market research, including data collection and analysis.
Improved efficiency
With the help of market intelligence platforms, what were once time-consuming processes can now be done in a fraction of the time, freeing up manhours and resources for your business. This is particularly valuable for businesses that operate in fast-paced industries where timely information is essential, as well as for larger brands with access to a lot of consumer data.
Greater accuracy
As this technology evolves, it is also getting increasingly accurate and provides more detailed insights. Advanced NLP models are now capable of detecting subtle nuances and looking at the wider context to identify sentiment and intent more accurately.
One example is word ambiguity. The word “kill” in the pharma industry has extremely negative connotations. But the same word in the gaming industry may be positive. At Symanto, our technology can make these vital distinctions.
Psychographics
One of the most interesting developments in recent years is the application of psycholinguistics to NLP technology. The way we express ourselves through language can reveal core aspects of our personality and our values. At Symanto, we’ve created psychographic models that are capable of identifying key psychological characteristics from text excerpts.
With psychographics, you can identify and segment consumer groups, and better understand your target audience and the audience of your key competitors.
Thorough competitor intelligence
Before it became easy to gather and analyse large amounts of unstructured data, gathering market intelligence from social media and online reviews involved a lot of cherry-picking and guesswork. Analysts would do their best to collect representative samples, but without analysing larger datasets, it was difficult to know for sure.
Now, with AI and NLP technologies, it’s possible to collect and analyse like-for-like data from your competitors quickly and easily. This gives you a much more complete picture of your market, as well as insights into your competitor’s strategies.
What's Next for Market Intelligence?
As AI and NLP technology continues to evolve, market intelligence will become more sophisticated and accurate. These technologies have the potential to revolutionise the way businesses operate and make decisions. Marketers who embrace these technologies will be able to gain a competitive edge and stay ahead of the curve.
Summary
Market intelligence platforms are an essential tool for businesses of all sizes, and the benefits are clear. With the help of AI and NLP, market intelligence is evolving and becoming more accurate, efficient, and detailed than ever before. These technologies are giving businesses the insights they need to make better decisions, target new markets and stay ahead of the competition.
Get Started with Symanto
If you’re not already using market intelligence platforms that use the most advanced AI and NLP for market intelligence, now is the time to start.
Symanto is at the cutting edge of NLP research and technology. We apply the most innovative models to our suite of tools. We have created personalised solutions from companies of all sizes and markets and have pre-prepared use cases for major industries including banking, hospitality, retail and pharma.
To learn more and get started, get in touch or book your free personalised demonstration today .
