Market research is important when coming up with your app MVP (Minimum Viable Product) as a way of closing in on the success of the product. But what increments do you get to accelerate the process and indeed be more precise? That is where artificial intelligence (AI) comes in.

AI is already changing an industry, and market research is not the exception. A report carried out by Qualtrics confirms that 93 percent of researchers view AI as one of their significant opportunities, and 80 percent of the researchers are optimistic that it will have an overall positive impact on market research.

Then why is market research so important? In a nutshell, it can assist in ascertaining the existence of genuine necessity for your product. CB Insights also reports that one of the main causes of failure in startups lies in the absence of market demand with respect to the product. Thereby, with the help of AI in market research, you will be able to determine in a short period of time whether you should pursue your app idea or reconsider.

In this case, here are six ways that AI can speed up and improve your market research as you work to create your app MVP.

#1 Use AI for Efficient Market Research

AI is extraordinary in how it can process and analyze large volumes of data in a short period of time, which is important in carrying out market research. Normally, in market research, the information is based on details from varying sources, including surveys, questionnaires, comments in social media, interviews with users, and focus groups.

Sentiment analysis AI will help you analyze all this feedback in a matter of a fraction of the time. AI applications, such as those provided by Lexalytics, Semantria, and Stravito, are capable of analyzing and providing conclusions about multiple known platforms, such as social media, user reviews, and survey data, enabling you to determine the attitude towards your product idea.

This expedited feedback will enable you to know what your target audience is thinking and feeling more quickly, so that you will have an opportunity to improve your MVP and continue with more certainty.

Key Benefits of Using AI for Market Research

• Speed: AI can process huge amounts of data significantly faster than conventional research studies can, which saves valuable time.
• Accuracy: AI is more efficient in giving data-driven insights through an analysis of sentiment and trends in different sources, which makes the information more accurate.
• Cost-effective: AI tools do not necessarily use as many resources as those used in traditional market research, which makes the entire research process less expensive.

Another way in which AI increases the ease of handling data is on unstructured data, e.g., social media posts or open-ended survey responses, which gives you a more accurate picture on which to base your MVP development. AI can help you access data that you may otherwise miss; this is possible after automating data analysis over user-generated content.

#2 Conduct Competitive Analysis Using AI

A competitive analysis is one more crucial aspect of market research, and AI can facilitate it much more conveniently and quickly. Such tools as Determ and Lebesgue will help you get an AI-powered understanding of the competitor strategies and understand their performance, market share, and customer opinion.

Competition analysis carried out with the help of AI helps to reveal market changes, notice emerging trends, and change your product in a short period. The importance of keeping the competition at bay cannot be overemphasized, and this is particularly important at the MVP stage when the ability to have an edge increases the importance factor.

Benefits of Competitive Analysis Using AI

• Real-Time Monitoring: Keep track of what your competitors are doing on a real-time basis. You can respond right away when a competitor takes some action because AI can send you a timely alert.
• Improved Productivity: AI tools will automate the task of monitoring the performance of your competitors, both saving you time and labor.
• Market Insights: Obtain further understanding of the market dynamics and changes that are being leveraged by the competitors. AI will help you discover the missing gaps in the market by understanding the nature of competition by unveiling the patterns behind their behavior.

AI-powered competitive analysis also gives you access to keep track of competitor product features and customer ratings, and reviews. Through this, you are able to ascertain that your MVP has unique or better features. Moreover, artificial intelligence may be used to examine the prices of your competitors so that you can design your pricing formula using the information about your competitors.

#3 Speed Up MVP Development with AI

Time is the determining factor in the success of an MVP. The faster you will be able to present your idea to the real users, the quicker you will be able to gain some valuable feedback.

Automation will be one of the key activities provided by AI to accelerate the development of an MVP due to the repetitiveness of certain tasks. Your engineers can be assisted by using tools such as GitHub Copilot and Tabnine, which automatically write boilerplate code, leaving your engineers able to concentrate on more rewarding challenges. Such code assistants based on AI offer smart code hints that allow engineers to create more effective and bug-free code much quicker.

Developers mention their productivity and efficiency growth upon using AI coding assistants and consequently achieving faster development cycles, as emphasized in a survey of GitHub Copilot users.

How AI Accelerates MVP Development

• Automates Repetitive Jobs: AI can automate repetitive coding so that developers have more time. This will allow energetic engineers to concentrate on the more creative things involved in creating the app.
• Increases Productivity: AI will help in taking care of the drudgery of coding work, and developers can attend to more meaningful work. This enables you to construct features more productively.
• Reduces Development Time: The faster your development cycle, the sooner your app reaches the market and the sooner you can start getting user-formed feedback.

Using AI tools in your creation process will accelerate MVP and will help to quickly get it to market and gain a much-needed competitive advantage.

AI tools may also support automating quality assurance (QA) so that tests can be run in the absence of any human oversight, thus liberating engineers to concentrate on higher-value bugs. AI-powered QA solutions such as TestCraft and TestSigma allow you to test your app 24/7 so that when it goes live to the market, it is error-free and can perform.

#4 Use AI for Data Analytics

AI is so incredible as it pertains to analyzing the data. Along with the development of your MVP, you will have to learn about user behavior, growth patterns, and sources of money. According to McKinsey, data-driven organizations are 23 times more likely to acquire customers, 6 times more likely to maintain them, and 19 times more likely to be profitable.

With data analytics enabled through AI, it is possible to get insight into how your users behave, what the trends in the market are, and even gauge future growth. AI platforms such as Qualetics or Whatfix enable you to monitor and observe how people use your product in real time and make intelligent choices when it comes to developing your product and marketing it.

Analytics AI will also be useful to predict market trends and user growth, which is essential once you launch your MVP.

How AI Enhances Data Analytics for MVP Development

• Real-Time Insights: AI tools keep up to date with user activity, providing great insight into how users engage with your MVP.
• Growth Predictions: You will be able to better line out your next steps with AI assistance by predicting user growth and engagement rates.
• Data-Based Decision Making: AI allows you to make more intelligent, fact-based decisions as fast as possible. AI helps to save time on collecting data and accelerates decision-making.

Such data-informed decision-making is not only going to help you refine the MVP process but can even make it so that you make a product that people will love. Through the monitoring of real-time feedback and subsequent adaptation, the process of making a pivot becomes quicker and more efficient when it comes to the app.

#5 Improve Your MVP’s User Experience (UX) with AI

User experience (UX) may be considered the most significant aspect of the success of your app. Exceptional UX will result in increased retention of users, increased engagement, and improved reviews. This means that any kind of investment in UX at an early stage may pay back 9,900 percent or a 100-dollar profit per 1 dollar invested.

AI has the potential to enhance multiple dimensions of UX, including user onboarding and security. As an example, AI can be used to make the onboarding process personal to account for the preferences of each user: the introduction to your application will be smoother and more engaging. Duolingo is implemented with the help of AI: it customizes lessons to the skill level of the learner, building a personalized experience and increasing retention.

Also, the security systems may be AI-enabled, e.g., the enterprise immune system manufactured by Darktrace, which causes the data that the user generates to be secured, increasing the level of trust and perception of the product overall. Safe applications have a higher chance of keeping the user and gaining their confidence.

Ways AI Can Improve Your MVP’s UX

• Customized Onboarding: AI will help the onboarding process by customizing the experience to a person, and gone are the days when a new user is given irrelevant or a lot of information satisfying no one.
• Improved Security: AI tools make apps much more secure, so users have a feeling of data safety. This results in a better relationship of trust between the server and the app.
• Streamlined Interactions: AI analyzes the behavior of the users to make any modifications to the app content and the features to make it more accessible and optimized for the individual user.

When you invest in UX using AI, it will give you a better opportunity to create an app that people will love and hence continue using.

#6 Add Personalization to Your MVP Using AI

One thing that the app market of today cannot do without is personalization. The feelings of customization of experiences are what users seek, and AI will aid you in providing that at scale. Indeed, according to HubSpot research, personalized CTAs are performing 202 percent better than ordinary CTAs, and 56 percent of the customers indicate that they are going to be their repeat customers following a positive customized experience.

You can incorporate AI-based tools such as chatbots or recommendation engines into your MVP. As soon as the chatbot is designed for customer service, it can give its users immediate help to resolve common problems and enhance user satisfaction. The use of AI-driven recommendation engines, such as Amazon Personalize, is also possible, so that recommendations can be specific to a user, as is done by Amazon, which generates large volumes of revenue.

How AI Helps Personalize Your MVP

• AI Chatbots: Chatbots that use AI can enhance customer service as these bot solutions are instant and quick to offer support and help improve customer satisfaction.
• Individualized Suggestions: A recommendation (AI) engine, either owned by companies, such as Amazon or Alibaba, can serve to enhance user engagement and revenues as it delivers individualized content or goods suggestions.
• Tailored Experiences: Most users have different needs; this is why AI can provide the app content and functions to a specific user, which improves the user experience.

One of the best drivers of improving user retention is personalization, and AI can assist you in opting for that strategy successfully.

#7 Automate Testing and Quality Assurance (QA) with AI

Would you ever want to use an app that was riddled full of bugs? Naturally, you would not. Nor would your users.

The processes of testing and quality assurance (QA) cannot be overlooked, as they will ensure your MVP does not fail. And through AI, you will have the ability to complete them in less time and continue to uphold high standards. The key benefit of testing and QA automation is that testing may be executed at any time due to the 24/7 capability of automated testing.

This will imply that your QA engineers will be informed instantly that a bug has occurred. The QA process would be more effective, as AI tools are capable of automating a variety of testing (unit, integration, regression, performance, and more).

Benefits of AI for QA Automation

• Speed: Tests will be continuously run by AI, therefore making the experience bug-free.
• Accuracy: The result of AI checking is more accurate and can identify the issues quicker and more effectively than manual testing can.
• Scalability: AI enables you to expand your QA process and does not require additional manual work.

Some tools, such as TestCraft and TestSigma, can contribute to automating many processes that are related to testing, the efficiency, and the speed of your MVP creation.

To sum up

The use of AI can transform the process of creating your app MVP. It assists in all aspects of market research and competitive analysis to accelerate developmental efforts, maximize user experience, and create personalized features. Using AI in your development will help cut down time to market, increase the functionality of your app, and make information-based decisions, leading to an overall better MVP.

By using AI, you and your company will have a competitive advantage, and investors will be interested in your idea, and the final effect will be to produce a product that will do well, especially with the people it is intended for. Not only can AI automate coding and perform it faster, but it can also analyze the behavior of your users and give you infinite opportunities to streamline your MVP development. Therefore, do not hesitate to implement the tools of AI in your operations and bring your application to a new level.