Retrieval Augmented Generation For Market Research
Market research is a crucial aspect of any business or organization. It involves the systematic gathering, analysis, and interpretation of data about a specific market, product, or service. This process helps researchers, marketers, and organizations understand the current market trends, customer needs, and preferences, as well as identify potential opportunities for growth and improvement.
As a researcher, market research allows you to gain a deeper understanding of the market and its dynamics. It helps you gather valuable insights and data that can be used to make informed decisions and formulate effective strategies. By conducting market research, you can identify gaps in the market, understand consumer behavior, and predict future trends. This information is crucial for developing successful products, services, and campaigns.
For marketers, market research is essential for creating targeted and effective marketing campaigns. By analyzing the data gathered from market research, marketers can identify their target audience, understand their needs and preferences, and tailor their messages and offerings accordingly. This ensures that marketing efforts are focused and have a higher chance of success. Additionally, market research can help marketers identify the most effective channels and methods for reaching their target audience, resulting in a higher return on investment.
From an organizational perspective, market research is crucial for making strategic business decisions. By conducting market research, organizations can identify potential opportunities, understand their competition, and gain insights into their industry. This information is crucial for developing effective business strategies and staying ahead of the competition. Market research can also help organizations identify potential risks and challenges, allowing them to develop contingency plans and mitigate potential losses.
The Power of Retrieval Augmented Generation
Traditionally, market research has been a time-consuming and labor-intensive process. Researchers would have to manually gather and analyze data, which could take weeks or even months. However, with advancements in technology, market research has become more efficient and accurate.
One such advancement is the use of retrieval augmented generation (RAG) in market research. RAG is a combination of two powerful techniques – retrieval-based and generative-based methods. Retrieval-based methods involve retrieving information from existing data sources, while generative-based methods use machine learning algorithms to generate new data.
The use of RAG in market research has many benefits. Firstly, it allows researchers to gather and analyze data from a wide range of sources, including social media, online reviews, and customer feedback. This results in a more comprehensive and accurate understanding of the market, as it takes into account multiple data points and perspectives.
Secondly, RAG can process and analyze large volumes of data in a fraction of the time it would take a human researcher. This allows for real-time analysis, which is crucial in today’s fast-paced business environment. By using RAG, organizations can stay updated on market trends and consumer behavior, allowing them to make timely and informed decisions.
The Role of NLP and Large Language Models
At the core of RAG is the use of natural language processing (NLP) and large language models. NLP is a branch of artificial intelligence that focuses on understanding and processing human language. It allows machines to understand and interpret human language, making it a crucial technology in market research.
Large language models, on the other hand, are machine learning algorithms trained on vast amounts of text data. These models can generate human-like text and are a key component of RAG. By using large language models, RAG can generate new data and insights, resulting in a more comprehensive understanding of the market.
The Impact of Data Visualization
Another essential aspect of market research is data visualization. With RAG, data visualization has become more advanced and effective. The use of data visualization tools allows researchers to present complex data in a visually appealing and easy-to-understand format. This makes it easier for stakeholders to interpret and use the data for decision-making.
Moreover, data visualization also allows for interactive data exploration, where users can manipulate and analyze data in real-time. This feature is particularly useful for marketers and organizations as it allows them to get a deeper understanding of their target audience and make data-driven decisions.
In conclusion, the use of retrieval augmented generation in market research has revolutionized the way data is gathered, analyzed, and presented. It has made the process more efficient, accurate, and timely, resulting in better decision-making and business outcomes. With the integration of NLP, large language models, and data visualization, RAG has become a powerful tool for researchers, marketers, and organizations alike. As the business landscape continues to evolve, the use of RAG in market research will become even more crucial in gaining a competitive edge and driving success.
How To Use Speak’s Retrieval Augmented Generation For Market Research
Step 1: Create Your Speak Account
To start your transcription and analysis, you first need to create a Speak account. No worries, this is super easy to do!
Get a 14-day trial with 30 minutes of free audio and video transcription and analysis included when you sign up for Speak.
To sign up for Speak and start using Speak Magic Prompts with retrieval augmented generation, just visit the Speak app register page here.
Step 2: Upload Your Market Research
We typically recommend MP4s for video or MP3s for audio.
However, we accept a range of audio, video and text file types.
You can upload your file for transcription in several ways using Speak:
Accepted Audio File Types
Accepted Video File Types
Accepted Text File Types
- Word Doc
You can also upload CSVs of text files or audio and video files. You can learn more about CSV uploads and download Speak-compatible CSVs here.
With the CSVs, you can upload anything from dozens of YouTube videos to thousands of Market Research files.
Publicly Available URLs
You can also upload media to Speak through a publicly available URL.
As long as the file type extension is available at the end of the URL you will have no problem importing your recording for automatic transcription and analysis.
Speak is compatible with YouTube videos. All you have to do is copy the URL of the YouTube video (for example, https://www.youtube.com/watch?v=qKfcLcHeivc).
Speak will automatically find the file, calculate the length, and import the video.
If using YouTube videos, please make sure you use the full link and not the shortened YouTube snippet. Additionally, make sure you remove the channel name from the URL.
This library of integrations continues to grow! Have a request? Feel encouraged to send us a message.
Step 3: Calculate and Pay the Total Automatically
Once you have your file(s) ready and load it into Speak, it will automatically calculate the total cost (you get 30 minutes of audio and video free in the 14-day trial – take advantage of it!).
If you are uploading text data into Speak, you do not currently have to pay any cost. Only the Speak Magic Prompts analysis would create a fee which will be detailed below.
Once you go over your 30 minutes or need to use Speak Magic Prompts, you can pay by subscribing to a personalized plan using our real-time calculator.
Step 4: Wait for Speak to Analyze Your Market Research
If you are uploading audio and video, our automated transcription software will prepare your transcript quickly. Once completed, you will get an email notification that your transcript is complete.
That email will contain a link back to the file so you can access the interactive media player with the transcript, analysis, and export formats ready for you.
If you are importing CSVs or uploading text files Speak will generally analyze the information much more quickly.
Speak will automatically embed your data in a well-architected vector database which allows you to use retrieval augmented generation for Market Research.
Step 5: Visit Your File Or Folder
Speak is capable of analyzing both individual files and entire folders of data.
When you are viewing any individual file in Speak, all you have to do is click on the “Prompts” button.
If you want to analyze many files, all you have to do is add the files you want to analyze into a folder within Speak.
You can do that by adding new files into Speak or you can organize your current files into your desired folder with the software’s easy editing functionality.
Step 6: Select Speak Magic Prompts To Analyze Your Market Research
What Are Magic Prompts?
Speak Magic Prompts leverage innovation in artificial intelligence models often referred to as “generative AI”.
These models have analyzed huge amounts of data from across the internet to gain an understanding of language.
With that understanding, these “large language models” are capable of performing mind-bending tasks!
With Speak Magic Prompts, you can now perform those tasks on the audio, video and text data in your Speak account.
Retrieval augmented generation is what makes these Magic Prompts work so well.
Step 7: Select or Create Your Assistant Type
To help you get better results from Speak Magic Prompts, Speak has introduced “Assistant Type”.
These assistant types pre-set and provide context to the prompt engine for more concise, meaningful outputs based on your needs.
To begin, we have included:
Choose the most relevant assistant type from the dropdown.
You can also create your own custom Assistant Template Type.
If you visit the new page Account Preferences, you can see there is now an area where you can create your own custom Assistant.
This allows you to set the context of the engine for higher quality and more consistent outputs.
For example, you could say:
“We are [COMPANY NAME]. We are analyzing [DATA] to understand how to improve [GOAL]. We want all responses to be concise and in table format.”.
This becomes a reusable template in any of your manual or automated Magic Prompts.
You can create multiple templates for different use cases.
As an example, the analysis you run on a focus group may be different than a one-on-one interview.
Step 8: Create Or Select Your Desired Prompt
Here are some examples prompts that you can apply to any file right now:
- Create a SWOT Analysis
- Give me the top action items
- Create a bullet point list summary
- Tell me the key issues that were left unresolved
- Tell me what questions were asked
A modal will pop up so you can use the suggested prompts we shared above to instantly and magically get your answers.
If you have your own prompts you want to create, select “Custom Prompt” from the dropdown and another text box will open where you can ask anything you want of your data!
Step 9: Review & Share Responses
Speak will generate a concise response for you in a text box below the prompt selection dropdown. With Chat enabled, you can also continue to query that data to reveal more insights and reformat the information to your needs.
In this example, we ask to analyze all the Market Research in the folder at once for the top product dissatisfiers.
You can easily copy that response for your presentations, content, emails, team members and more!
Speak Magic Prompts Pricing
Our team at Speak Ai continues to optimize the pricing for Magic Prompts and Speak as a whole.
Right now, anyone in the 14-day trial of Speak gets 100,000 characters included in their account.
If you need more characters, you can easily include Speak Magic Prompts in your plan when you create a subscription.
You can also upgrade the number of characters in your account if you already have a subscription.
Both options are available on the subscription page.
Alternatively, you can use Speak Magic Prompts by adding a balance to your account. The balance will be used as you analyze characters.
Completely Personalize Your Plan 📝
Here at Speak, we’ve made it incredibly easy to personalize your subscription.
Once you sign up, just visit our custom plan builder and select the media volume, team size, and features you want to get a plan that fits your needs.
No more rigid plans. Upgrade, downgrade or cancel at any time.
Claim Your Special Offer 🎁
When you subscribe, you will also get a free premium add-on for three months!
That means you save up to $50 USD per month and $150 USD in total.
Once you subscribe to a plan, all you have to do is send us a live chat with your selected premium add-on from the list below:
- Premium Export Options (Word, CSV & More)
- Custom Categories & Insights
- Recorder Customization (Branding, Input & More)
- Media Player Customization
- Shareable Media Libraries
We will put the add-on live in your account free of charge!
What are you waiting for?
Refer Others & Earn Real Money 💸
If you have friends, peers and followers interested in using our platform, you can earn real monthly money.
You will get paid a percentage of all sales whether the customers you refer to pay for a plan, automatically transcribe media or leverage professional transcription services.
Use this link to become an official Speak affiliate.
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Book A Free Implementation Session 🤝
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Just use our Calendly link to find a time that works well for you. We look forward to meeting you!