The Impact of Custom GPTs on Efficiency and Innovation in Market Research

OpenAI recently introduced custom GPTs at their annual developer conference, and it's a big deal for the market research industry and everyone else. Creating these custom GPTs is easy – allowing users to define specific actions tailored to their needs. These GPTs offer transformative potential for the market research industry, enabling more efficient, accurate, and scalable solutions for data analysis, participant engagement, and administrative tasks.

GPTs don't just boost efficiency; they can change how research is done. If you train them with industry data or the latest OpenAI models, you get more accurate and relevant findings. They also keep data safe, addressing privacy concerns. There's even a chance to earn supplemental revenue by sharing custom GPTs in the GPT Store, showing off skills and earning recognition.

One particular use case that was on everyone’s mind here at Emporia when we saw the release of custom GPTs, was leveraging the technology to streamline and reduce the time and pain associated with procurement. As most market researchers will know, the process of being onboarded as a new vendor is very administrative in nature and is often laborious and time consuming, leading to bottlenecks in initiating works for clients. 

Custom GPTs present a simple solution to this challenge. By leveraging the power of these AI models, we at Emporia streamlined and largely automated the onboarding process by creating GPTs trained on the documentation requirements and armed with a repository of the necessary information to effectively answer procurement questions. Easy, static data points such as legal name, address, etc. to data points unique to the market research industry such as max feasibility by country, rate card information, and ESOMAR questions. This intelligent assistant could efficiently identify information requests and retrieve the relevant information needed to satisfy the requirement and be compliant, significantly expediting the onboarding journey.

Another use case that got me and the Emporia team excited was the ability to respond to participants' questions, especially related to incentives. Every day we get a myriad of questions from past and current participants, most pertaining to the logistics, timing, and distribution of incentives. The vast majority of these questions can be grouped into a few core categories and are frequently responded to with very similar answers. Loading a custom GPT with these answers to enable it to answer these questions automatically can significantly reduce the manual email correspondence back and forth and free up team members to work on more value-added activities. 

To sum up, custom GPTs could be a game-changer for market research tech. These AI tools don't just save time; they change how we do things, letting humans focus on the important parts. Custom GPTs are a big deal in market research, and MRX professionals should definitely check them out to learn how to speed up their own workflows and processes.

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