10 Best AI Market Research Tools for Product Teams

Product managers need to understand customer needs, preferences, and market conditions. Without robust market research, there is no guarantee that products will make any impact.

The challenge is balancing this critical aspect of product management with all our other responsibilities. Fortunately, there is both good news and even better news. 

The good news is that the vast advancements in artificial intelligence mean tools are emerging in all industries. 

The great news is these leaps in technology don’t exclude product management. AI-powered tools designed especially for our profession are out there now, ready to be leveraged to streamline and harmonize all stages of product development. 

In this article, we explore why you should consider leveraging product management AI tools in your day-to-day market research processes and list the ten best tools that can streamline a complex and time-consuming part of your role. 

Why use AI for product market research?

What if you had an extra product manager team member working behind the scenes to gather all the valuable insights you need to enhance your decision-making and streamline your product initiatives? 

Leveraging product management-specific AI-powered tools can help you and your team increase the impact and effectiveness of your market research process. 

Here’s how:

• Gather user feedback: Quickly create user surveys tailored to each feature or product use case. 
• Distill and analyze large data sets: AI technology can read through large amounts of datasets in seconds and package responses into actionable insights in real-time. 
• Predictive analytics: AI tools can forecast and deliver market trends to your fingertips in seconds, ensuring you can proactively keep your strategy up-to-date in a competitive landscape.
• Segment customers: To help you deploy targeted marketing strategies, AI will segment your customers based on behaviors, use cases, focus groups, or demographics.
• Optimize pricing: Your AI copilot can help you determine the optimal price for your product by analyzing market pricing, giving you the competitive advantage you need.
• Customer satisfaction: With sentiment analysis from social media posts and reviews, you can track the user experience and sentiment to ensure a high-quality product that meets user needs. 
  

With these features and functionalities, an AI tool designed to be a reliable product manager can optimize and streamline your market research workflow. 

The ten best AI market research tools for product managers

Automation is the key to success. It ensures that you and your team design and launch a product that will meet user and business needs.

The following list includes product management-specific AI copilots that will harmonize the entire product lifecycle and other solutions that leverage AI to optimize market research workflows.

Let’s dive into the best market research tools.

1. Revo

As a product management-specific AI copilot, Revo provides comprehensive support to harmonize every stage of your product management lifecycle. Revo is your proactive research assistant. It works in the background, gathers the market analysis you need, and presents valuable insights in an approachable feed. 

Revo will analyze large amounts of data and send personalized insights to your team. The solution also provides automated alerts for insights based on real-time data analysis. All while maintaining a comprehensive understanding of your product’s ecosystem, Revo leverages past decisions and successes to provide insights that guide your current strategies.

Product managers leverage Revo to:

• Identify future product features or improvements that align with target audience needs and market demands. 
• Leverage data analytics from various sources to harvest market trends, customer feedback, and competitor analysis.
• Prepare for future market conditions through high-impact predictive capabilities designed to understand plain English. 
• Identify recurring issues and stakeholder concerns to prioritize research efforts. 

2. Mixpanel

Next, Mixpanel is a product analytics tool that helps you monitor your customers’ interactions with mobile and web applications. Product teams focusing on event analytics will find that Mixpanel empowers them to track user engagement in real-time. 

You can use Mixpanel to optimize customer experiences and maintain a competitive edge by tracking the impact of recent product changes. The funnel analysis feature is great for monitoring specific events to gain insights into user behavior and actions and generate tailored reports to measure your key metrics, including user engagement and retention. 

Mixpanel empowers product teams to:

• Product teams can track and optimize user conversion rates through funnel analysis throughout web and mobile apps.
• Run targeted analysis by segmenting users.
• Export raw data for integration with other tools for cross-platform analysis. 

3. Amplitude

Amplitude is a digital analytics platform that provides product managers with insights into user behavior to optimize engagement and retention. This solution's key focus is real-time analytics for web and mobile platforms. 

With comprehensive data on user interactions, product managers can leverage Amplitude to make informed decisions on feature prioritization and overall product improvements. A great help to product teams is the ability to use real-time analysis to monitor the progress and value of your marketing campaigns as they happen.

With Amplitude, product managers can:

• Gain insights into user engagement by tracking user interactions.
• Respond to emerging trends or issues in real-time.
• Build a holistic understanding of user behavior and preference by consolidating user data.

4. ChatGPT

OpenAI’s generative AI tool, ChatGPT, helps product teams speed up the survey creation process by tailoring the questions to specific research objectives to ensure wraparound data collection. 

ChatGPT works well for analyzing qualitative data from open-ended survey responses to identify key themes, trends, and insights. The tool can also analyze large volumes of text to pinpoint emerging sentiments within your target audience and generate market reports.

Product teams can use ChatGPT to:

• Generate plain English text through natural language processing (NLP) and conversation with the tool to improve interaction with research data. 
• Simulate potential market scenarios to help improve strategy. 
• Query data sets or reports to extract specific insights from customer data. 

5. SurveyMonkey

SurveyMonkey's famous survey platform enables product teams to create surveys, polls, and forms to gather market research, such as customer feedback. The solution includes AI-generated templates for creating surveys at pace for various respondents or user experience levels. 

You and your team can use SurveyMonkey to collect feedback from potential customers, validate product ideas, and refine features before the launch. You can also conduct a competitor analysis of your target market to benchmark your product. 

Product managers can use SurveyMonkey to:

• Leverage AI to create target audience-specific survey questions and maximize response rates.
• Measure net promoter score (NPS) to assess customer satisfaction.
• Real-time, continuous feedback collections through surveys and modals for agile product updates. 

6. UserTesting

UserTesting is a human insight platform that empowers teams to leverage real-time feedback from customers interacting with their products. The solution is designed to enhance digital experiences by offering product teams valuable insights into user behavior and preferences by leveraging various testing models.

You and your team can use the platform to gather customer feedback, track user experience and expectations rapidly, and streamline your product iteration cycles. By monitoring user engagement, product teams can pinpoint usability issues early on and integrate user feedback into every stage of product development. 

By leveraging UserTesting, product managers can:

• Streamline harvesting and analyzing user feedback with AI-enhanced surveys.
• Understand user emotions and attitudes through sentiment analysis.
• Quickly generate summaries of critical findings from user tests and prioritize insights.

7. Typeform

As a web-based platform, Typeform is designed to help product managers create engaging and interactive forms and surveys. 

You and your team can leverage Typeform to design and deploy surveys to harvest detailed user feedback to pinpoint their needs and preferences. For more targeted market research, the solution empowers you to segment your target audience for more focused market research. 

Product teams use Typeform to:

• Target specific research needs with a comprehensive range of design templates. 
• Gather real-time emerging patterns and user feedback by monitoring survey responses as they come in. 
• Transfer data seamlessly to CRMs with high integration with other tools.

8. Tableau

The data visualization tool Tableau can analyze large datasets and extract market insights, making it useful for market research. The solution’s interactive and user-friendly dashboards allow product teams to explore and analyze data quickly.

A big bonus of Tableau is that the dashboard simplifies complex market trends and patterns through visualization. You can also track your product’s KPIs to help inform your decision-making and streamline the implementation of your product roadmap. 

Product teams can use Tableau to:

• Easily connect and combine a range of data sources, including databases, spreadsheets, and cloud services.
• Interact with data in real-time in the interactive dashboards.
• Leverage AI-powered insights to keep a pulse on key metrics and market trends. 

9. Hotjar

With a targeted design for user experience and preferences, Hotjar is a behavior analytics and user feedback platform for researching how users interact with websites or products. 

Leveraging visual features such as heatmaps and session recordings, Hotjar helps product teams visualize consumer interactions with sites to identify areas of friction and opportunities for improvement. The platform’s surveys and feedback widgets are a great way to get direct feedback from users on their experience with the product. 

Product teams use Hotjar to: 

• Understand engagement patterns and identify areas for improvement through heatmap visualizations.
• Track user journeys on websites to pinpoint drop-off areas and optimize conversion paths. 
• Enhance data analysis capabilities through integrations with tools like Google Analytics.

10. Quantilope

Quantilope is a consumer intelligence platform that empowers product teams to automate quantitative and qualitative research methodologies to develop high-quality consumer insights.

Product teams can leverage Quantilope to ramp up complex research processes, harvest key insights quickly, and support faster decision-making. The tool also includes high scalability for large-scale market research across diverse demographics. 

Quantilope enables product teams to:

• Streamline the research process from survey design to data analysis.
• Real-time reporting as survey responses are collected. 
• Set up surveys at pace with a variety of customizable templates. 

Empowered product management with actionable market research

The use of AI is changing and streamlining the market research industry. As you have seen in the above list, there are AI-powered co-pilots and solutions for product management that include functionality for this critical part of the profession.

These tools will empower you and your team to focus on the other human-centric roles of product management. They will work in the background as your own market research team to deliver valuable consumer behavior insights or market trends to you when and where you need them.

A comprehensive, proactive product management-specific solution like Revo will help you orchestrate your entire workflow while empowering you with actionable insights to guide your overall product strategy and decision-making whenever you need—all you need to do is ask.