What Large Language Models could mean for market research
Siri on steroids or the future of the industry? We discuss the potential applications and limitations of Large Language Models.
Unless like Jared Leto, you were at a silent retreat and emerged not realising there was a global pandemic, you will be aware that ChatGPT, Bard and all their cousins are the centre of attention right now. Even Bill Gates has declared that ‘the age of AI has begun’.
But before diving into all the possible radical applications of the technology for the market research industry, let’s start at the beginning: What are Large Language Models? Simply put, Large Language Models (LLMs) are designed to predict the next word or phrase in a sequence. And with lots of exposure to large datasets, these models can learn statistical relationships between words through their co-occurrences. As an example: