Hey there, marketers and researchers! If you missed our recent webinar hosted by Insight Platforms, don't worry – we've got you covered. Mike Stevens from Insight Platforms and Doug Guion from Yabble took the time to dive into the world of synthetic data for research and insights to uncover: what it is, where it comes from, how you can use it, and why it’s here to stay. Here’s a recap of what you need to know about this game-changing technology.
What Exactly is Synthetic Data?
Let's clear something up right away: synthetic data isn't "fake" data. Instead, it's a clever way of using existing information to create new, valuable insights. Doug Guion explained how synthetic data has been making waves in areas like defense, clinical trials, and even autonomous vehicles for many years now. In the research world, it’s a new way of transacting on existing data to generate useful business insights quickly.
Augmented Data (as we prefer to call the Yabble synthetic data model) is the layering of knowledge from multiple diverse sources. Instead of depending solely on surveys or human participants, generative AI acts as a stand-in for human feedback pulling data from multiple sources, synthesizing this data together, and using it to create large lakes of knowledge. This innovative method paves the way for deeper insights and expands the range of possible questions.
Addressing the Big Concerns
We get it—synthetic data can sound a bit daunting. Here are the top three concerns and how they're being tackled:
- Data Security: It’s all about keeping things safe and sound. Synthetic data ensures privacy while still being useful, as no personal identifiable information (PII) is required for the process.
- Realism: The goal is to make synthetic data as close to the real thing as possible. Our validation work with customers trialing Virtual Audiences has found that the insights generated using this augmented data solution is highly comparable to traditional research results*.
- Bias: Nobody wants skewed results. Efforts are in place to minimize bias and keep the data honest.
You can see some of the specific ways that Yabble is addressing concerns about security, realism, and bias in our recent response to ESOMAR’s 20 questions to help buyers of AI-based services for market research and insights – take a look on our blog.
How Synthetic Data Can Help You
The message is clear: synthetic data isn’t here to replace your tried-and-true methods but to give them a boost. Here’s how:
- Speed Up Data Collection: With AI in the mix, you can gather and analyze data faster than ever.
- Discover New Insights: Open up new possibilities for market segmentation, concept testing, market insights, and other familiar strategies.
- Test the Waters: Try out synthetic data with proof-of-concept trials and see how it stacks up against your usual methods.
Clearing Up Misunderstandings
One of the biggest hurdles? The name "synthetic data" can make it sound less than authentic. Education and clear communication are key to overcoming this hurdle. By understanding what synthetic data really is and what it can do, you’ll see its true value.
Generative AI can supplement and complement traditional surveys and human participants by using extensive, up-to-date datasets that provide more accurate, affordable, and up-to-the-minute insights. This method opens up new ways to gather information and expands the scope of access to insight. Virtual Audiences deliver immediate, comprehensive insights across various topics, markets, and demographics by processing data from multiple sources. It’s crucial to understand that augmented data is not "fake" – it is AI-generated from a plethora of reliable sources like traditional surveys, public statistics, and trend reports. In today's fast-changing market, real-time data synthesis is not just beneficial but increasingly essential.
Why You Should Care About Synthetic Data
Synthetic data is here to stay, and its importance will only grow as AI continues to evolve. Market researchers, it's time to get on board! Start integrating synthetic data into your workflow to stay ahead of the curve and unlock deeper insights.
Yabble’s Virtual Audiences is a prime example of synthetic data in action. By embracing this innovative technology, you can drive your research and marketing efforts to new heights.
So, let’s get curious about synthetic data and explore all the possibilities it has to offer. Ready to dive in?
*If you’d like to find out more about our proprietary validation methods and results, book a demo with our team today.
