Everyday AI Podcast – An AI and ChatGPT Podcast - EP 93: Revolutionizing Market Research with AI

Episode Date: September 1, 2023

Is traditional market research on its way out? How will AI change the look and feel of market research as we know it? Today Sidi Lemine, CEO of Jade Kite, joins us to discuss next-gen market research with AI. Newsletter: Sign up for our free daily newsletterMore on this: Episode PageJoin the discussion: Ask Sidi and Jordan questions about AI and market researchUpcoming Episodes: Check out the upcoming Everyday AI Livestream lineupWebsite: YourEverydayAI.comEmail The Show: [e-mail] with Jordan on LinkedInTimestamps:[00:01:30] Daily AI news[00:04:00] About Sidi and Jade Kite[00:05:40] Using AI with traditional market research[00:10:00] Synthetic respondents in market research[00:14:02] Can AI be better than humans?[00:16:27] Ensuring diversity when using Gen AI[00:19:20] Using AI judiciously in market research[00:24:00] Advice on using Gen AITopics Covered in This Episode:Primary topic: AI news updates- Discussion of a chatbot fight between open AI CEO and Google's new language model- Risks associated with generative AI in business- A news network's investigation into an AI-generated interview with former President TrumpPrimary topic: Traditional market research- Definition and purpose of traditional market research- Methods used in traditional market research, such as surveys and focus groupsPrimary topic: Introduction of generative AI in market research- Overview of Jade Kite and its role in market research and AI- Explanation of how generative AI can enhance market research by analyzing transcripts and providing key insightsPrimary topic: Traditional vs. generative AI in market research- Comparison of traditional methods, where transcripts are manually read, with generative AI's ability to accelerate the analysis process- Possible advantages of traditional methods in terms of in-depth thinking and expert analysisPrimary topic: Benefits of generative AI in market research- Faster turnaround time for results and reports- Ability to analyze a large volume of data and identify key patterns and insights- Potential for more accurate strategies and decision-making in market researchKeywords:traditional market research, broken, AI, better, worse, change, guest, dive, future, market research, generative AI, learn, customers, clients, live stream, podcast, free daily newsletter, questions, bring on, AI news, chatbot fight, open AI CEO, Sam Altman, Twitter, slamming, report, Google, secret, large language model, Gemini, powerful, ChatGPT, blog post, researchers, eat, GPT 4, risks, generative Send Everyday AI and Jordan a text message. (We can't reply back unless you leave contact info) Start Here ▶️Not sure where to start when it comes to AI? Start with our Start Here Series. You can listen to the first drop -- Episode 691 -- or get free access to our Inner Cricle community and all episodes: StartHereSeries.com Also, here's a link to the entire series on a Spotify playlist. 

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Will AI help make it better? Make it worse? Completely change it? I'm not sure. I don't have the answers to these questions, but they're not rhetorical. We have a guest today that's going to help us dive into everything about the future of market research

and also what it means putting generative AI into that mix. so we can learn more about our customers and clients. Welcome. Thank you for joining us. My name's Jordan Wilson. I'm the host. This is Everyday AI. We are a daily live stream, podcast, and free daily newsletter,

helping everyday people learn and understand AI. Yeah, that's right. Someone was confused every day. They say, so what day is this? And it's every single day, Monday through Friday. So if you're joining us live, thank you. Make sure to get your questions in. What questions do you have about?

market research and AI. Let us know, get your questions in now. That's why we bring on a guest so we can all learn about this together. All right, but before we get into that, let's go over the AI news of the day. All right, very excited. We got some big stories, some big stories. So, number one, there is a chatbot fight of sorts. So, the The Open AI CEO, Sam Altman, just responded on Twitter, kind of slamming, I would say, a recent report that said that Google's new kind of secret large language model called Gemini would be about five times as powerful as chat GPT. So this was put out in a kind of a blog post by some researchers that said Google's new large language model. would eat, I believe it said it would eat GPD 4. So if you want to follow that catfight, jump on Twitter and follow along.

Next, there is real risks with generative AI, and especially when it comes to how business leaders are using it in the office. So a new Forbes report kind of looks at it and talks about how some of these risks are real. And it's not just, you know, sci-fi or make-believe. So make sure you check that article out. in the daily newsletter. It's very interesting. All right.

And last but not least, this is not a political story, but it's dealing with politics. But did a news network really just interview a fake President Trump? Yes, this actually might have happened. So a TV news network I've never heard of it called Real America's Voice aired a 17-minute broadcast. And now the network is investigating whether it was an AI generated Trump or a real Trump. The network said they are not sure. Essentially, everyone called them out and said, this doesn't sound like President Trump, former President Trump. They said this is AI.

So, wow. I mean, when we talk about AI and politics as the 2024 elections are heating up here in the U.S., I wonder if this is not the last time that something like this happens. All right. But that's not why you tuned in. You tuned in today to talk about market research and AI. And I'm excited for our guest today. So let me bring on Cidi Lamine.

He is the founder and CEO of Jade Kite. C.D. Thank you for joining us. Thank you for having me, Jordan. I'm excited. Oh, fantastic. Let's get into it. Just real quick, tell everyone just high level.

What is Jade Kite? What do you all do in the areas of, kind of market research and AI? Yeah, so we're a market research agency. We do qualitative research and quantitative, and we're just trying to move the needle and make things a little bit different from how they were in the 60s. The marketplace has changed a lot.

You can't compete in the same way you used to. You need to have a different understanding of your customers, and that's what we bring with traditional methods and AI. Yeah. So let's talk real quick. Let's go high level. I think some people, especially if you're in market research or if you're a business owner or if you're an advertising or marketing, you probably know what research is, you know,

market research is, but give people what is kind of traditional market research before we shift into how AI may be impacting that. Absolutely. You want to understand your customers. You want to make products that fit them and adverts that fit them. And so to understand them traditionally, you've got two options. You've got surveys, right, answer 30 questions between one and five, yes or no. Or qualitative, which is focus groups, interviews, of which you can only do a certain amount,

and ultimately you're confined to understanding just what they answered consciously. That's your two options, broadly speaking. Okay. And then talk a little bit, C.D, about what it means to have AI, generative AI, involved in market research. So before we even dig into the details, like, what the heck does that even mean to start integrating generative AI into traditional market research? So imagine you talked to maybe 25 people, right? one in a row for an hour or two hours each. You've got transcripts of what's been said. You've asked them tons of questions. You end up with maybe 600 pages of tightly written transcripts.

You can read through those, have someone in your team read through those. Are you going to get everything? Are you going to get everything in time when actually the client needs, you know, you need results in a few days? So what can you do to accelerate? that a little bit to make sure you're not missing anything. You can apply generative AI to read through this transcripts, give you the top line of what's being said, interrogate them. And that's one way that generative AI can really help is to

make sure you keep the big picture and are able to dive in into the detail as well. I have so many, so many interesting follow-ups on that. But before we get to it, just want to shout out everyone joining us live and excited to learn here. So Jordan, thank you for joining us. Brian said, is he looking forward to this one. Peter, the show of the show, the one and truly the best. Thank you, Peter. Appreciate that.

Good morning, Woozy. Yo, gosh. Yo, gosh. Thanks for the intro. CD is awesome. Agree. Trey asking, is everyone here in AI? I think I'm real.

I think CED is real. But no, we're all here to learn AI. So real quick, Citi, because I'm very interested in that. So you kind of said, hey, traditional market research, is essentially you're getting transcripts, right? Are people still, like market research companies, still doing it that way where they're still literally reading hundreds of pages of transcripts?

Most of them, yeah. It's how it's always been done, and it's how most people still operate. The other option is to try and watch all of those interviews and watch the recordings, et cetera. It's not, it's actually slower. You know, you're going to spend a week doing that, And it's just not the kind of turn around that we can allow ourselves anymore.

Sure. So for me, kind of the traditional way seems archaic, right? It seems very antiquated. But I'm sure there's people on the other side of the fence that maybe would defend it. So I'm going to ask you to maybe play devil's advocate. Why would marketing research companies still maybe say, let's not use generative AI. I want to sit down and read this 600-page transcript. I guess what's the rationale for companies still going the traditional route

before we kind of talk about the benefits of the generative AI route? Very simply, you put your finger on it when you say sit down and read, right? Research, strategy, these are disciplines that require a lot of thinking. the more time an expert spends thinking, the better the results, the more insight for the reports, and the more accurate the strategy. So spending a lot of time thinking is good, particularly when you don't have all the expertise from a category or from an audience. So not everyone has that expertise. And so for a lot of people who are coming to grips with a new subject, it's a good thing that they have, you know, maybe an excuse to spend all that time on the subject.

It's not a bad thing. Yeah. You know, May Britt just saying she has so many ideas in terms of improved market research. So even with that, so what are new by tapping into generative AI? What are some new facets of market research that maybe weren't available or maybe even feasible before? So I guess what new functionalities or insights are companies able to get when they can, you know, kind of use this generative AI approach to market research? So there's one that will create a lot of debate, if anyone listening is in market research?

Please get in touch with me so we can have a heated argument later. But one thing that came on a scene very recently is synthetic respondents. So traditionally, you have to find exactly. the right people. So let's say you're selling luxury shoes to men in their 50s. You have to go out, find the right category of people to talk to and ask them how they feel about your new product, right? And that takes time and you're in the middle of a really important workshop and you just want to check something. You don't have two weeks. You want something in the next hour. And so what some companies have been developing is synthetic respondents, which are tailored, exactly.

to your audience and are loaded up in some version of chat GPT or equivalent. And you can just ask them questions and you can show them your ideas and they will respond instantly. They're always ready. So obviously you can imagine this would get a lot of people up in arms on its validity, how good it is, which way it takes the industry, but it's something that is completely new that was absolutely impossible a few months ago. What's your, not to put you on the spot, what's your personal take on something like that? Is it, are there benefits to it? Is it too early to know?

Because I have a hot take on this, but I want to hear, I want to hear your take first on the synthetic research. So yeah, instead of talking to hundreds of humans, you know, essentially talking to, you know, dozens or hundreds, I don't know, of AI personas. What's, what's your take? This is what I'm going to say. Like I mentioned, it's something that was. impossible. You need result in an hour. Before that, you couldn't. Are the results perfect? No.

Is this something that a multi-billion dollar industry should base its next big ambition on? No. But as a pre-check, as a really quick sense check, as an idea generator, it has a lot of value. and if you're going to go into research, let's say you have, you've developed 25 great ideas with your team, are you going to go into research and absolutely test each one of these ideas and check them and try to optimize each? No, you're going to put these to the tests, quickly run them through your synthetic participants, maybe keep the six best ones. And then your real research, quote-on-quote, with human participants, is going to be so much tighter, so much more productive, and so much more fruitful.

Yeah. That makes sense. I guess it is giving capabilities that were never there. But here, I'll do my hot take, and then I have a question. I think that consumer behavior is changing faster than it ever has before, mainly because of generative AI. Because, you know, consumers now are getting probably, I don't know, at least double or triple the amount of high quality personalized content because it's so much easier to create that at scale with generative AI. So I do think consumers, but behaviors are changing a little bit.

But a great question here from Yogesh, former guest. Thank you, Yogesh, for tuning in. So he's asking, can Gen AI pick up on nuances? that a human can pick up. So is it better than a human, a trained human? Can AI be as good or better? I've always got the same answer frustratingly. Thanks, Yogesh, by the way.

Good to see you. When someone asks, can AI do this? Can Gen AI do this? My answer is always, you know, are you talking about this week's Gen AI, last week's Gen AI or next week? It's constantly evolving. I'm sure you've seen the ideogram new generative AI image generator.

What? Three months ago, the big joke was, you know, generative AI can never do hands, and it can never write correctly. You tell you to write something and you get a jumble of letters, and now we've got both for free. Yeah. And it's just constantly changing. Can it pick up nuances in response in what's being said as well as a human?

I will also ask which human? If you've got a junior out of university, maybe. If you've got an expert that's been doing this job for 20 years, probably not. We're not there yet. So I wouldn't recommend replacing humans with AI now, but just assisting them. Adobe just introduced an entirely new way to create, bringing the power and precision of its creative suite into one conversational, experience. Meet Firefly AI Assistant, now live in the Adobe Firefly app, the all-in-one

creative AI studio. Powered by Adobe's creative agent, Firefly AI assistant lets you start with your vision, just describe what you want, and shape the outcome as it takes form with the assistant. The assistant orchestrates multi-step workflows, drawing on 60-plus pro-grade tools across Adobe Creative Cloud apps, including Photoshop, Illustrator, Premiere, Lightroom Express, and more to help bring your ideas to life. You can also get started with creative skills, a growing library of pre-built workflows for common creative tasks, like batch editing photos,

creating mood boards, portrait retouching, and creating social variations. Every step the assistant takes is visible, so you can refine, redirect, or take over at any time. You stay in the driver's seat as the creative director. Adobe Firefly AI assistant now in public beta. See it today at Firefly. dot adobe.com. That's a very interesting, an interesting take. And it's kind of,

kind of related to this question here from Jackie. So great transition. So Jackie saying, she's worked for market research companies and asking, can it be that they think they are losing value? So digging their heels in the sand. So maybe is that one of the reasons why we're not seeing even more generative AI and market research, maybe because companies have built up large companies by doing it the old school traditional way, which requires a lot of time, right? So you can bill, right? Hey, I'll say the quiet part out loud. But is that, is there something to that that, you know, they don't want to lose value of, you know, we have all these humans that have been doing this for decades? I don't want to go that way. I don't want to go that

I don't want to think of my colleagues this way. I think genuinely all of my colleagues are trying to do great work and deliver great insights that help their clients perform better. I'm pretty sure that's the general consensus. A great question here from Cecilia, and we'll see. So she's asking, who develops the prompts for synthetic participants to ensure true diversity, which is a great point, Cecilia, because as we know, any generative AI models are trained essentially on the data

just of the open Internet, right? And so much of the information that is being used to train models of all different mediums, it is inherently biased. It is inherently has stereotypes. What's your take on Cecilia's point? that, hey, is this what, like the information that is being used with, you know, synthetic participants, let's just let's go down that route. Is it even reliable?

Because a lot of that information may be very biased. It could be. Yeah, absolutely. Hi, Celia. Thank you for such a really, really good, really important question. Obviously, diversity is at the heart of everything we do. And representativeness is at the heart of market research. If you, in this, even with human people, if you go out and you only talk to, you know, 18 to 25 white males about your new soft drink, you're going to miss out on so much richness of how people view it.

And so it's all about the way the participants are built. And not all providers are the same. Some will basically plug you into chat, GPT, add a few prompts, and off you go. And there you get all the biases inherent to whatever. generative AI. The beauty of it is when you go out and you build them consciously, you build your participants from very deep understanding of who your market is, who your audience is, and you build in all of that diversity. And so you will talk to a diverse crowd, get all of the information from them of who they are, what are their attitudes, how do they feel,

segment them. And then you can make sure that when you do your synthetic research, you can address each of your different types of participants, each of your different segments of your audience individually or together and get that richness. Yeah. It's, yeah, it's one of those things. Cassidy, I get, I get where you're coming from. But I also get, you know, because other people here, it looks like we have people in the comments that are in market research, you know.

here we go from from Brian saying research needs to be done in a more efficient way, given the volume of what we are trying to assist in many cases. And then goes to the same point that Jackie's making here, saying sometimes you just need an answer that is close enough and good enough. And sometimes you need to be exact. So I'm guessing, you know, even companies that are using generative AI and market research, it seems like they need to, you know, and maybe going back to. Cecilia's point, maybe they shouldn't be applying this approach across the board unilaterally.

Maybe they should be a little judicious about where they should be applying generative AI research versus where they should be still having humans involved, at least on the front and the back. Is that kind of the way that you see it? Yeah, that's spot on. That's spot on. Ask yourself, can I do market research now? So I have time?

And if the answer is no, because millions and billions of decisions are made every day without any market research, just shut in the dark, five people around the table, this is probably it. If that's the case, there might be a new solution now that helps you at least get a sense check before you have to make the big commitment. Yeah. I think we got our connection issues. Thank you for those of you that in the comments we're asking. And harsh, this is live. This is live. We're taking questions live. We do it every single week, weekday, 7.30 a.m. Central Standard. So here's, here's another question. We'll take this one, live CD. Great question from Maybrit asking could synthetic respondents. And I know that's not

your background. You know, your Jade Kite is is more of, you know, combining generative AI. And there's a big difference, probably between generative AI powered, you know, market research versus synthetic. But, you know, great question here. You know, what about for a product or a company that maybe doesn't exist like a startup in the MVP stage? How could, we'll go both routes. So quickly, could generative AI-powered research work and then could synthetic work for a company that doesn't exist yet? Yeah, 100%. Startups, particularly at MVP stage, have a lot to gain from AI-enhanced methods. Sympathetic respondents is one of those cases because things move even faster for a startup and you don't always have the time or the budget to go out and do big,

proper research. So this would work really well. Another thing that works really well is what we're doing the most stuff, which is emotional analysis. And that can give you a definite advantage on quote-unquote the big dinosaurs in your marketplace. Yeah, yeah, that's such a good point. You know, another great question here from Val. Val, thanks for joining us. So aside, and don't worry, guys, like we're going to put in the newsletter. So make sure you go, subscribe to that your everyday AI.com. So CD's been driving a lot of great information. We're going to link to Jade Kite so you can check out more about them.

But maybe for the everyday person, CD, those who maybe aren't in the position to even hire a company such as yours, what are some tools or, you know, recommended software that people can just jump in and they can at least get some good insights? So that's kind of what Val's asking, you know, is that. they're a plug-in in chat GPT or what other software can be used to at least get people started and get their foot wet, so to speak? So first thing I want to say is, as you can guess, I'm always super excited to talk about this stuff. So get in touch. And you might not be able to hire us. I might not be appropriate. But I love talking. I love giving advice. So find me on

LinkedIn, connect, and we'll have a chat. And I can absolutely fill you in on what's new and best. In terms of tools, apps you can use, it really depends where you are in your market research journey and expertise. I wouldn't necessarily recommend to just go ahead and do it yourself right out of the box. If you are already doing market research, you want to enhance it with AI, with generative AI. I would recommend looking up KOLUP, C-O-O-O-O-P. They do absolutely fantastic work to help do what I'd said at the beginning. and go through a lot of transcripts, go through a lot of data really quickly

and keep that detail. YABL is another one, Y-A-B-B-B-L-E, that do something very similar as well, but with a slightly different angle. Yeah, I love that. I love that. All right, so we've gone over a lot, top-to-bottom city,

but I do have maybe one or two just as hot-pressing questions before we wrap up. what would be your advice to the everyday person? And now they're thinking a little bit differently. Maybe they weren't thinking that generative AI had a place in helping them, you know, make decisions about the future of their company. What are just some practical tips or guidelines that you can give to people who are now

maybe interested just in this, in this approach at all first? And maybe they weren't before. So maybe some learnings that. you've experienced or best practices, red flags to look for, what would you say to people that are now interested in using Gen AI and market research? So I would say, ask yourself a couple of questions. And particularly ask yourself, what do you believe that you cannot know about your customers? Right? Because ideally you would know everything there is to know about them. And there are probably some blind spots that you think are unavoidable or that you don't have the budget or the

time for and I would say look at these square in the face and reconsider there is probably a solution right now that exists that lets you have that knowledge quickly and within your budget so that's the first thing the other one is you know talk to a small company talk to someone who's um medium-sized or small who's on the market and that has been doing a lot of things with AI. The community is actually a lot friendlier than we think. When we think, you know, market research company, we think about the big multinationals, very faceless. But actually, it's a very warm, very generous community. And particularly the few of us that are focused on AI as well as maintaining tradition are very sharing and always really excited to talk about it.

So, you know, reconsider your limitations and then just reach out and have a chat. I love it. I love it. Thank you. Wow. I mean, we got to so much here. I'm going to have my work cut out for me today, CD, when we put together the newsletter to, you know, kind of recap this for everyone.

So, you know, don't worry if you miss some things. We're going to be sharing about it in the newsletter today a little bit more about Cidie and Jade Kite. So make sure you go to your everyday AI.com. Sign up for that free daily newsletter right there. It'll be out in a couple hours. Check it out on podcast. Thank you, everyone, for joining us.

You know, Jordan said from one Jordan to another, thanks for hosting, saying Jade Kite is amazing. Thank you. And, Citi, thank you for spending your time to help everyone understand a little bit more about generative AI in market research. This was a fascinating discussion. Appreciate your time. It's been a real pleasure, Jordan.

Thank you for everyone to join us as well. All right. So we're not going to see tomorrow. It's Friday, but that's fine. We hope to see you back next week. We have some amazing, amazing guests lined up over the next week or two, from entrepreneurs, startup people, sales, to some executives. Yeah, from IBM, Microsoft.

We're bringing in a whole range of great guests to help us all learn generative AI together. So hope to see you back next week for more everyday AI. Thanks, y'all. Meet Firefly AI Assistant. Now live in Adobe Firefly, the Allman One Creative AI Studio. Just describe what you want to create in your own words and the assistant handles the rest, orchestrating multi-step workflows across Adobe Creative Cloud apps, including Photoshop, Premiere Express, and more in one conversational interface.

You direct the outcome while the assistant accelerates execution. Stand control with the ability to step in and refine at any time. See it today at firefly.adobie.com. And that's a wrap for today's edition of Everyday AI. Thanks for joining us. If you enjoyed this episode, please subscribe and leave us a rating. It helps keep us going. For a little more AI magic, visit Your EverydayAI.com and sign up to our daily newsletter so you don't get left behind. Go break some barriers and we'll see you next time.