Hybrid Marketing Research: Large Language Models as an Assistant

60 Pages Posted: 17 Jan 2024 Last revised: 27 Mar 2024

See all articles by Neeraj Arora

Neeraj Arora

Wisconsin School of Business

Ishita Chakraborty

University of Wisconsin - Madison - Department of Marketing

Yohei Nishimura

University of Wisconsin - Madison - Department of Marketing

Date Written: January 3, 2024

Abstract

An area within marketing that is well poised for adoption of large language models (LLMs) is marketing research. In this paper the authors empirically investigate how LLMs could potentially assist at different stages of the marketing research process. They partnered with a Fortune 500 food company and replicated a qualitative and a quantitative study that the company conducted using GPT-4. The authors designed the system architecture and prompts necessary to create personas, ask questions, and obtain answers from synthetic respondents. Their findings suggest that LLMs present a big opportunity, especially for qualitative research. The LLMs can help determine the profile of individuals to interview, generate synthetic respondents, interview them, and even moderate a depth interview. The LLM-assisted responses are superior in terms of depth and insight. The authors conclude that the AI-human hybrid has great promise and LLMs could serve as an excellent collaborator/assistant for a qualitative marketing researcher. The findings for the quantitative study are less impressive. The LLM correctly picked the answer direction and valence but does not recover the true response distributions well. In the future, approaches such as few-shot learning and fine-tuning may result in synthetic survey data that mimic human data more accurately.

Keywords: Generative AI, Natural language processing, Qualitative research, Surveys

Suggested Citation

Arora, Neeraj and Chakraborty, Ishita and Nishimura, Yohei, Hybrid Marketing Research: Large Language Models as an Assistant (January 3, 2024). Available at SSRN: https://ssrn.com/abstract=4683054 or http://dx.doi.org/10.2139/ssrn.4683054

Neeraj Arora (Contact Author)

Wisconsin School of Business ( email )

975 University Ave
Madison, WI 53706
United States
6082621990 (Phone)

Ishita Chakraborty

University of Wisconsin - Madison - Department of Marketing ( email )

United States
53717 (Fax)

HOME PAGE: http://https://sites.google.com/view/ishitachakraborty/

Yohei Nishimura

University of Wisconsin - Madison - Department of Marketing ( email )

United States

HOME PAGE: http://business.wisc.edu/directory/profile/yohei-nishimura/

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