The following is an excerpt from an article written by the Ruder Finn Asia team that was originally published on WARC.

Every brand needs insights into the markets they’re serving to identify the relevant opportunities and threats present. While previously you may have had to invest in market research firms or subscription websites like Statista to obtain the insights that you need, generative AI can be an oftentimes free alternative for basic insights.

It’s important to note though, that the research generative AI does for you is mainly just groundwork - you’re not going to get detailed metrics and data. Generative AI research remains limited as many databases have yet to be updated with the latest information. However, it’s still a useful tool to give you a sense of context, and a starting point to dive deeper.

Between assessing consumer sentiment, analyzing your competition, and discovering the appropriate channels that would best appeal to your target audience, generative AI can collect the relevant insights to allow you to make informed marketing decisions that serve your brand’s best interest.

You can uncover all the nuances of your target audience—from their demands to the best, most effective communication channels to reach them, all of which are key to a well-planned, comprehensive digital marketing strategy.

Case in point, L’oreal, which utilizes generative AI to analyze online comments, images, and videos relating to their brand. With the information that they collected, they would use it to identify potential opportunities for product innovation.

Other than that, research into your market’s demands and trends would prove useful for budget planning and determining your pricing strategy. Understanding customer sentiments goes a long way in allowing you to set and adjust the strategy accordingly, ensuring that your customers are happy and satisfied, and in the same vein, that your brand performs well too.

Originally published on WARC.

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