What is ChatGPT and how can you use it in market research?

You've probably been wondering lately, what ChatGPT is and why everyone involved in the world of market research, marketing and customer experience is talking about it on social networks and various media.

Well, it turns out that it is true, artificial intelligence has made its way into these industries and today it is necessary to know what it is and how to use it to improve your processes and results.

That's why in this article we've compiled all the information you need to know about what ChatGPT is and how you can use it in market research and various application areas.

What is ChatGPT?

ChatGPT is a linguistic model in the form of a highly trained chatbot that offers the user the opportunity to ask questions conversationally and receive answers from a trained AI with a wide range of instructions.

ChatGPT can also answer follow-up questions, admit its mistakes, challenge false premises, and reject inappropriate requests. It can be used to generate hypotheses, ideas, and writings on a large scale.

Launched in 2020, ChatGPT is based on GPT-3, a state-of-the-art natural language processing (NLP) AI model developed by OpenAI.

This makes it capable of generating human-like text and has a wide range of applications, e.g. B. Language translation, language modeling and copywriting for applications such as chatbots.

How popular is ChatGPT?

A recent one about QuestionPro's Instant Answers The survey conducted found that in countries like the US, the majority of people (48%) have not heard of this tool, 22% consider it an AI tool and 11% consider it a type of customer self-service.

This highlights the great opportunity that lies in exploiting the advantages of this tool in various application areas, one of the most important being market research, along with customer experience and content marketing.

Advantages of ChatGPT for market research

Some benefits of using ChatGPT as a market research technology are:

1. Automated data collection: ChatGPT can efficiently collect large amounts of data through user interaction, eliminating the need for manual data entry.
2. Improved response rates: ChatGPT can interact with respondents in real-time, resulting in higher engagement and better response rates compared to traditional surveys.
3. Individual experience: ChatGPT can customize the survey experience for each respondent based on their answers, making the survey more engaging and increasing the likelihood of accurate answers.
4. Multilingual support: ChatGPT can interact with users in multiple languages, making it easier to reach a larger audience and collect data from a variety of respondents.
5. Greater cost efficiency: ChatGPT eliminates the need for manual data collection and can reduce the cost of conducting market research compared to traditional methods.
6. Faster data analysis: ChatGPT can process and analyse data automatically and in real time, reducing the time and resources spent on data analysis.
7. Flexibility: ChatGPT can be integrated into various platforms such as websites, messaging apps and virtual assistants, providing flexibility in conducting market research.

Disadvantages of ChatGPT for market research

The boom of ChatGPT has led many professionals to use it to improve their processes, but it is not advisable to risk using it indiscriminately.

Here are some disadvantages you should also be aware of:

1. Privacy concerns: This is probably one of the most important warning signs. ChatGPT collects and processes sensitive data and there may be concerns about the security and privacy of the data collected.
2. Bias and Accuracy: ChatGPT relies on pre-trained linguistic models and the answers obtained may be biased or inaccurate, resulting in incorrect data and insights.
3. Technical limitations: This technology may have limitations in the types of questions you can effectively ask or the complexity of the data it can analyse.
4. Lack of human interaction: ChatGPT may lack the personal touch of a human researcher and may not be able to understand or effectively answer more complex or sensitive questions.
5. Script dependency: ChatGPT's responses are limited by the script used to train it, and it may not be able to handle unexpected or unstructured responses.
6. Limited group of respondents: ChatGPT can only interact with users who are able to use the chosen platform and may not be able to reach a representative sample of the target market.
7. Limited Personalization: ChatGPT may have limited personalization options and may not be able to effectively handle more complex or customized research projects.

How can ChatGPT be used in market research?

ChatGPT can be used for market research in many ways. Here are the most important of them:

1. Reduce the time it takes to create surveys to minutes

One of the easiest ways to use ChatGPT in market research is to use a survey platform that integrates this tool to create different types of questionnaires in seconds, like QuestionPro does.

In this way, you save a lot of time when developing the individual questions and their possible answers and can concentrate on the most important thing: collecting valuable data.

2. Streamline existing processes

By condensing and analyzing the unimaginably large amounts of data it trains, ChatGPT can save market researchers significant effort in integrating data, exploring new categories, identifying audience needs, and formulating hypotheses about consumer behavior.

This tool can also help market researchers better understand customer feedback and social media conversations, which can be easily uploaded on a project-by-project basis.

3. generate hypotheses, ideas and suggestions on a large scale.

This can be particularly useful in the early stages of market research when identifying potential audience needs, frustrations, and opportunities for refinement, validation, and sizing.

With the right guidance, you can save yourself several days of hard work and achieve richer, higher quality, and more effectively communicated results than you would have achieved on your own.

4. Automate customer feedback collection

This is also one of the biggest opportunities that market research can take advantage of with ChatGPT.

This AI tool allows you to have natural language conversations with customers through a chat interface and collect information about their experiences and preferences.

Additionally, multiple interactions via ChatGPT can reduce customer service department time and effort.

5. Creating marketing content

The conversational AI tool's ability to create interesting and relevant content based on specific input or user interests is a great way to increase engagement and drive online traffic to a company's website or social media channels increase.

6. Get a quick summary of information

ChatGPT can search the internet for specific user queries and provide a quick summary of relevant information to help marketers optimize their campaigns and improve customer experiences.

With the help of this tool, you can quickly research any topic online and select relevant content from a variety of sources. This can help companies develop a coherent and effective content marketing plan and saves a significant amount of time and even investment in employees dedicated to this work.

7. Use keyword targeting suggestions

ChatGPT can help marketers with keyword research by identifying synonyms for main keywords. For example, let’s say the main keyword is “bespoke kitchens”.

ChatGPT provides alternative synonyms such as “bespoke kitchens”, “unique kitchens” or “bespoke kitchens” to help marketers incorporate them into landing pages, blog posts or pay-per-click (PPC) campaigns and strengthen their optimization strategy.

Create surveys with ChatGPT on QuestionPro!

QuestionPro always strives to be at the forefront of technologies that make life easier for researchers, and with the advent of tools like ChatGPT, we couldn't stay behind.

That's why we developed QxBot, a tool that leverages ChatGPT's generative artificial intelligence to create any type of survey in moments.

Simply enter what type of survey you want and QxBot will automatically generate a large number of questions with answer options. You simply select all or the questions you want, edit them if necessary, and voila! Your survey is ready.

If you want to be among the first to try it, Arrange appointment with our experts and reap the benefits today!

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Do you have any questions about the content of this blog? Simply contact us via contact form. We look forward to a dialogue with you! You too can test QuestionPro for 10 days free of charge and without risk in depth!

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KEYWORDS OF THIS BLOG POST

Chat GPT | Market research | Artificial intelligence