International market analysis and generative AI

How do we use AI for market research

Artificial intelligence (AI) is reshaping the field of market research, offering sophisticated tools for collecting, analysing and deriving actionable insights from a plethora of data. These AI-driven applications are particularly useful for companies looking to expand internationally, as they provide a precise understanding of global consumer behaviour, enabling them to refine strategies and make appropriate decisions.

Sentiment analysis
AI-based sentiment analysis tools can sift through large sets of textual data, such as social media conversations, customer feedback or chatbot conversations. An invaluable aid for companies wishing to assess the feelings of customers from different cultures and in different languages.

Example: We can analyse customer sentiment in different countries following a product launch, in order to adapt marketing strategies.

Competitor analysis
Competitor analysis tools provide a better understanding of the competition in different markets. These tools track a variety of data, such as traffic to competing websites. By analysing this data, Versatik can gain insight into what strategies are working for competitors in different international markets. This allows your company to identify gaps and make informed decisions to gain a competitive advantage.

Example: Versatik can analyse the effectiveness of competitors’ SEO strategies or the popularity of certain products. This data can then be used to refine international marketing strategies, ensuring that they are aligned with market trends and consumer preferences in different regions.

Predictive analysis of international trends
AI can examine data to identify and predict future market trends.

Example: Use predictive analysis to anticipate product demand, and optimise marketing actions and product stocks accordingly.

Consumer segmentation
AI algorithms can segment consumers into distinct groups based on their demographic characteristics and preferences, to develop localised marketing strategies.

Example: Versatik can identify customer segments in different countries and tailor marketing campaigns according to local cultures and preferences.

Image analysis
AI tools can analyse visual content to detect brand elements, objects and even emotions, helping to understand how international audiences interact with visual media.

Example: Versatik can analyse user-generated content from different countries for effective global marketing campaigns.

Multilingual conversation analysis
AI can transcribe and analyse customer interactions in multiple languages to better understand international customers and identify areas for improvement.

Example: Versatik can evaluate customer service calls from different countries to improve the customer experience.

International social network monitoring
AI tools can monitor conversations on social networking platforms around the world, providing insights into consumer behaviour and emerging trends.

Example: Versatik can track brand mentions in different countries to make data-driven marketing decisions and improve engagement with a global audience.

Multilingual chatbots and virtual assistants
AI chatbots can interact with consumers in multiple languages, collect data and offer personalised recommendations, which is crucial for customer engagement.

Example: Versatik can deploy multilingual chatbots to provide 24/7 global customer support and analyse conversations, improving satisfaction among international customers.

Demand forecasting for global markets
AI can predict future demand based on a variety of factors, helping global businesses optimise inventory and resource allocation.

Example: Versatik can predict demand for products in different countries, optimising the supply chain and inventory management on a global scale.

Secondary research
Small and large businesses use secondary research, also known as desk research, for tasks such as market exploration, pricing strategy formulation and supplier analysis. AI technology can quickly sift through vast amounts of secondary data, identifying trends in seconds. The increasing move towards digitisation has also made a multitude of resources such as magazines and reports readily available online, providing AI with a vast pool of data to analyse.