AI Is Making Market Insights Accessible to Businesses of Any Size — Not Just the Big Names. Here's How You Can Use It.Unbiased AI algorithms can now analyze online chatter and discover emerging product trends before they go mainstream, providing valuable insights for entrepreneurs.
ByAri Goldberg•
Key Takeaways
- Artificial intelligence can balance the scales between big companies and small to medium-sized businesses when it comes to market insights.
- However, there are still drawbacks to consider and ethical concerns to address.
Opinions expressed by Entrepreneur contributors are their own.
For decades, identifying the next bigconsumer trendsand products was an imprecise art dominated by guesswork. Companies would spend millions on market research, only to be caught off guard by sudden shifts in public taste. It was like throwing darts blindfolded. But artificial intelligence has transformed trend forecasting from a fuzzy guessing game into a data-driven science. Artificial intelligence algorithms can nowpredict hot consumer productsby analyzing massive datasets — articles, reviews, social media and search trends, for example — that humans can't process.
This monumental shift is on par with the discovery of electricity. Companies now have predictive insights once reserved for giants like P&G or Apple. For entrepreneurs, it's like being handed the answer key before the test. Consumer trends that used to appear out of the blue can now be detected months in advance, allowing startups to launch the right products at the right time. AI turns elusive market intelligence into an actionable advantage open to businesses of any size.
Related:AI Is Poised to Change How We Shop: Here's What You Need to Know
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