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Here’s how ChatGPT can prove to be advantageous in market research.

1. Puts NLP in Practice

Natural Language Processing or NLP is the ability of the computer to understand spoken and written human language, simply put. Chat GPT fairly accepts and processes NLP that helps researchers work on the data easily. Unlike complex codes in programming languages, it eliminates the need for manual data entry or cleaning. It gives an instant push to the market research process, providing great insights into customer preferences.

2. Automates Data Analysis

Free from the hassles of running codes, Chat GPT can analyze data much faster and more accurately than humans. It not only saves time but reduces the risk of human error. Researchers simply have to prepare a relevant prompt, and the AI chatbot furnishes the details in no time. This, if used sincerely, can serve huge benefits in market research.

3. Generate Virtual Assistants

ChatGPT is not limited to answering pre-research queries. It can also help develop chatbots and virtual assistants for market research. They can be personalized to gather customer data, analyze surveys and provide insights into customer behavior and preferences. Moreover, chatbots and virtual assistants can be integrated into systems according to the requirements and are cost-effective.

4. Predictive Modelling

When it comes to predictive analysis, Chat GPT can use time series forecasting or classification models in the marketing research process. It can analyze large chunks of data to let companies make more informed market decisions in the future. This way, the companies can stay a step ahead and updated with the current customer needs and preferences.

5. Efficient Processes

To enhance the customer experience, Chat GPT can save businesses time and resources by tackling multiple queries at a time. It allows for improving customer service by spending lesser time on a single query and directing the businesses to spend more time on priority tasks. Therefore, accuracy and efficiency can be achieved simultaneously.

Here is the full article 

https://www.geeksforgeeks.org/how-to-use-chat-gpt-for-market-research/amp/