AI based market research platform with synthetic profiles

Client

Our US-based client is an investment group that specializes in the expansion of technology-driven companies in the consumer insights and marketing services sector. Their mission is to thanks to AI/LLM technologies help clients efficiently transform data into actionable business intelligence, enabling quicker and more informed business decisions.

Challenge

As a strategic initiative of our Client, the AI platform should be designed to serve as a versatile framework for both internal and external development of market research tools and applications. This platform leverages advanced artificial intelligence technologies and provides a rich suite of APIs for comprehensive backend and front-end development. It’s conceived to enable not just our Client subsidiaries but also external partners to efficiently build and scale their market research solutions.

The final stage of development assumes, that the AI platform through machine learning and artificial intelligence learns broad patterns and builds synthetic profiles of the entire cross-section of society. Thanks to this, the answers created by the algorithms are very close to the representative social group targeted by market research. As a result, smaller companies and entities can afford the cross-sectional market research at an affordable price that the algorithm simulates. This is Stepwise’s most technologically advanced project to date.

Scope

The architecture of the AI Platform is designed with a focus on modularity, scalability, and ease of integration, tailored to meet the diverse demands of market research. It comprises several main components, two of which are crucial for innovation and market success:

• AI & Data Science framework – In the quest to drive our product forward through informed decision-making, our strategy rests on three fundamental pillars: the Observability Framework, the Experiments Framework, and Productionization. Together, these components form the backbone of our approach, enabling us to adapt and innovate with agility and precision. This chapter outlines how each pillar contributes to our overarching goal of making data-driven decisions that enhance our product’s value and user experience.
• Core Backend Services – Central to the platform, the core backend services are built upon a RESTful API framework that ensures flexibility for various integration scenarios. This layer is responsible for critical functionalities such as data management, user authentication, analytics, and leveraging artificial intelligence for deeper market insights. Built on a scalable cloud infrastructure, it guarantees high availability and robust performance to accommodate the needs of both small-scale and large-scale operations.

Results

We have built a working platform with an API First approach that focuses on creating flexible and well documented API, that can be used by many customers.

To build and maintain such a complex platform, we had to build extensive monitoring and altering. Different parts of the application have to have both technical and business monitoring that will trigger alerts for both Development and Business teams.

To keep the AI platform running smoothly, we had to use an off-the-shelf Google Cloud Platform with a focus on using SaaS and PaaS components, rather than creating our infrastructure setup. Both Cloud and other infrastructure components are managed by using an Infrastructure as a Code approach.

The product strategy is anchored in two primary goals: Conversion and Engagement. These goals are central to our mission of enhancing user experiences and driving the product’s success. By simplifying our focus to these core objectives, we aim to foster a more intuitive and rewarding interaction between our members and the product.

Conversion

Objective: To significantly exceed the market average conversion rate by ensuring that members can complete 80% or more of the surveys they accept, more than the market average of 15-20%.

Why Does It Matter?

• Enhanced User Satisfaction: By minimizing the time members waste on surveys they cannot complete, we directly enhance their experience and satisfaction with our platform.
• Increased Member Engagement: Higher conversion rates naturally lead to more engaged members. Satisfied members are more likely to participate in additional surveys, creating a virtuous cycle of engagement and activity.
• Direct Impact on Revenue: The increased engagement and survey completion directly contribute to higher revenue. More completed surveys mean more data, more satisfied clients, and ultimately, a stronger bottom line.
• Cost Efficiency: High member engagement and retention reduce the need for constant recruitment of new members, significantly lowering our cost of revenue and enhancing profitability.

Engagement

Objective: To foster a member experience so compelling that it encourages current members to remain active and reduces the need to invest heavily in recruitment.

Why Does It Matter?

• Cost Savings: It is considerably more cost-effective to retain an existing member than to recruit a new one. By investing in an engaging member experience, we significantly reduce our recruitment expenses.
• Sustainable Growth: A focus on engagement ensures sustainable growth. Satisfied members contribute to a positive community atmosphere, attract new members through word-of-mouth, and increase the overall value of our platform.
• Long-Term Profitability: Reducing the cost of generating revenue through higher member retention rates directly impacts our profitability. A stable, engaged member base provides a steady revenue stream and supports long-term financial health.