How AI Is Reshaping The Survey and Market Research Industry

Let’s Talk About AI: New Keatext Interview Series

No doubt you have heard a lot about AI lately, especially in the survey and market research space. To help shed some light on how survey companies can use artificial technologies to provide more value to their customers, we chatted with Radu Vrabie, Digital Marketing Specialist at Omniconvert, a CRO tool dedicated to help e-commerce businesses thrive in ever more competitive markets.

What are the biggest business challenges/obstacles your customers are facing right now?

In terms of business, the most common problem our customers face is them waking up to the reality that spending money on traffic acquisition is no longer enough. They then realize that conversion rate is a key metric that needs improving if they are to survive on the long run.

The world of conversion rate optimization (CRO) now is quite similar to the early days of search engine optimization (SEO) when online business regarded it as something optional, but fast forward 10 years and now nobody affords not do to SEO. We see the same evolution with conversion rate optimization. Other common problems that our customers face is the lack of time, resources & know-how related to implementing optimization strategies. Our aim is to help them solve these issues by offering an easy to use product, educational resources and dedicated support from our experienced team members.

Do your survey tools allow your customers to ask open-ended responses?

Our survey tool does indeed have the option to ask open-ended questions. Some of the most common examples of such questions in the CRO context are:

  • “What do you like most about our website?” (similarly what do you dislike most)
  • “What made you to almost not buy from us?”

These are incredibly revealing questions because they offer the visitor complete liberty in terms of answer possibilities, so they usually generate valuable & unexpected business insights.

What do you believe are the technology trends shaping the survey and market research industry in 2017?

I think that the future of this industry in 2017 and onward is intimately related to big data and artificial intelligence. We already started to see these trends shaping out in 2016 and I expect for them only to intensify in the coming months and years.

Artificial intelligence technologies, like text analytics, are said to be a game-changer in the market research/survey software industry. Does your company offer any AI solutions for your customers?

There’s no doubt that AI will reshape the survey software industry by automated text analytics and other features such as personalized question creation, result interpretation and so forth. Right now we don’t have any AI-powered survey features but this is something that’s definitely on our roadmap. We’re actually planning to make our whole platform AI-driven in the future. We firmly believe that this is the only way forward…

How do you believe companies can benefit from AI technology?

For now, it’s quite difficult to predict the whole extent to which AI technology will influence the business environment because we’re still at its infancy phase. But some things are for sure: it will increase the degree of product and service personalization, it will minimize costs and reduce errors but in the same time it will create problems that need to be solved such as human capital replacement.

Which industries do you believe can benefit the most from integrating survey tools into their overall business strategy?

I think that any business that has an online presence should implement some kind of surveys in their marketing activities. Depending on the industry and business goals there are different types of surveys they might want to run.

For example we had great success with lead collection surveys in the financial vertical where we implemented lead qualification surveys with the help of our branching logic technology. Our e-commerce clients for example make great use of cart abandonment surveys that help them find out why their visitors leave the website without completing the checkout process.

Another very popular type of survey we run is the net promoter score (NPS) which can be implemented by any business, regardless of the industry. The NPS score is a great metric that helps determine the loyalty degree of the customers to the brand. These are just a few examples but online surveys are so versatile that they can cater for a great deal of needs regardless of the industry. They are a must-have tool for any online marketer that wants to keep up with their customers needs and requirements.

 

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