As the term suggests, market research tools tell you a lot about your company’s impact on its targeted area. We might find a comfortable space in everything we do, but some things always require improvements or revisions. And who tells you about those needed improvements?
If you want to achieve a particular position in your industry and continue growing, you should maintain a healthy relationship with your consumers. And market research tools help you understand their response to your actions, which often tells you how to work better and achieve more. There is a pool of research tools to choose from.
What is Market Research?
Market research involves the gathering and analysis of information about a market, product, or service. This is an essential step for businesses to identify growth opportunities, understand their target market, and assess demand for their products.
To gather market information, market research can include interviews, focus groups, surveys, focus group, focus groups, and data analysis. Data is then analysed to find patterns, trends and insights that can be used by businesses to make informed decisions about products and services.
Market research provides businesses with an understanding of their target audience. This includes their demographics, buying habits, and preferences. Businesses can create products and services that are tailored to their customer’s needs and preferences by understanding their target audience. This can help increase sales and customer loyalty.
Businesses can also use market research to identify competitors, evaluate market trends, and create effective marketing strategies. Businesses can spot emerging opportunities by analyzing market trends and staying ahead of their competition.
Market research is essential for businesses in order to understand their target market, assess demand and identify growth opportunities. This involves analysing data and providing insights to support business decisions and strategies.
5 Benefits of market research
1. Identify market opportunities:
Market research is a great way for businesses to identify new markets and customer needs. Businesses can analyse market data to identify market gaps and create new products or services that satisfy customer needs. This will help businesses to stay ahead of their competition and be market leaders.
2. Know your target audience:
Businesses can use market research to gain a better understanding of their target audience. This includes their preferences and demographics. This information can help businesses tailor their products and services to better suit customers’ needs. This can result in increased customer satisfaction, loyalty, repeat business, and even higher customer retention. Businesses can create targeted marketing campaigns that appeal to customers and drive sales by understanding their target audience.
3. Develop effective marketing strategies:
Businesses can use market research to help them develop marketing strategies that reach the right people with the right messages. Businesses can create strategies that distinguish themselves from their competition by analysing market trends and customer behaviour. This can increase brand awareness, customer engagement, sales, and overall profitability.
4. Assess the competition:
Businesses can use market research to help them evaluate their competitors and identify their strengths and weaknesses. Businesses can analyse competitor data to identify areas where they can stand out from their competition, such as offering unique products and services or creating more effective marketing strategies. This will help businesses to stay ahead of their competitors and position themselves as market leaders.
5. Marketing effectiveness can be measured
Businesses can use market research to measure effectiveness and pinpoint areas that need improvement. Businesses can improve their marketing ROI by gathering feedback from customers and analysing sales data. This will help businesses improve their marketing strategies and get better results from their marketing campaigns.
Market Research Data: How to Use It
1. Develop customer personas:
To create customer personas, you can use customer data from market research. These personas should reflect your target audience. They should include information such as their age, gender and income. You can target specific customers with targeted marketing messages and increase the effectiveness of your marketing campaigns by creating customer personas.
2. Identify market trends:
Market research data can be used to identify new trends and shifts in consumer behaviour. You can adapt your marketing strategies to meet changing customer demands by staying current with market trends. This will help you distinguish your brand from other competitors and position yourself as a market leader.
3. Targeted marketing campaigns are possible:
To create targeted marketing campaigns that resonate, you can use data from your market research. You can create marketing messages that will grab attention and convert more customers by understanding the preferences and behaviour of your target audience. This will help increase customer engagement and brand awareness and drive sales.
4. Marketing ROI analysis:
Market research data can be used to assess the effectiveness of marketing campaigns and pinpoint areas that need improvement. You can make data-driven marketing decisions by analysing data about customer behaviour, sales and marketing ROI. This will help you optimise your marketing strategy and get better results from your marketing campaigns.
5. Try out new products and services:
Before launching new products or services to the marketplace, you can use market research data to test them with your target audience. You can get feedback from customers to identify potential areas for improvement and make adjustments to your product before you launch it. This will help you reduce the chance of your product or service failing and ensure it meets the preferences and needs of your target audience.
15 Best Market Research Tools for Startups
Used For: Market Data, Market Research, and Market Studies
Statista consolidates statistical data on over 80,000 topics from more than 22,500 sources and makes it available on four platforms: German, English, French, and Spanish. It has more than two million registered users. The company owns ecommercedb.com, a market analysis, lead generation, and benchmarking starting point.
You can gain comprehensive insights from web sales figures and KPIs through this platform. As an individual, you can research and create customised videos, infographics, and presentations using corporate templates.
As part of the free package, users can access the platform’s basic statistics. And if you opt for a premium account and want access to all the statistics, it will charge you $49 per month.
2. ProProfs Survey Maker
Used For: Online surveys
As the name suggests, ProProfs Survey Maker helps you create survey forms to meet your market research goals. The platform offers you choices in abundance regarding choosing from multiple formats. You can customise your forms by incorporating logos, colour schemes, and backgrounds of your choice.
The platform also provides insights as part of the Net Promoter Score (NPS), enabling companies to keep track of loyal, engaged, and satisfied customers and employees. At the same time, NPS also provides the company with enough data to analyse how to streamline the customer experience with its products and services. It also makes them think about increasing brand loyalty among their consumers. It provides an already-built-in dashboard with reports and analytics based on the survey information gathered. It comes at the cost of approximately $0.05 per month.
Used For: SEO, PPC, SMM, and Content
Semrush is a package deal that provides services like search engine optimisation (SEO), pay-per-click advertising (PPC), keyword research, competitive analysis, social media, public relations, and content marketing. Semrush’s ability to research the most searched and profitable keywords for your area of interest is one of its most notable features. It helps you save time on experimentation and provides you with the right keywords.
If you use all the tools it supports together, your competitor’s research takes a different turn, and the results are analytically flourishing in every department. The platform has four premium plans. And the starting value is $99.95 per month.
Used For: User Research and Customer Feedback
Qualaroo collects users’ real-time feedback when spending time on your website. The platform is efficient in helping you create customised surveys with the help of an in-app editor and already-available templates. It includes advanced audience targeting and design options to create attractive and appealing surveys.
And it also enables you to analyse the survey responses with the help of its AI-powered analytics feature. Through the platform, you can gather information about your customers, like where they are on your website, their visit history, and their payment history. It also creates exit surveys to record information about users not processing products in their carts and abandoning the website without acting on the options provided. Therefore, the platform will inform you of the points that work for your company and those that don’t. The platform works for you for $80 per month.
Used For: Split testing, Optimisation, and Instant Consumer Research
PickFu is your next-door feedback platform. Its power as a market research tool is reliable and impressive because it gets you many feedback and reviews in a minute. It reaches out to the audience that you select as your target for a particular question or a survey and delivers an unbiased response from actual respondents. Another striking feature of this platform is that it asks your respondents to explain why they made a particular choice.
You can narrow down your target audience based on your questions and focus on a specific group based on their demographic information to get your product or service reviewed or ask questions. It is an umbrella tool that houses most options, and you can design a survey, leaving the rest of the work as part of the platform’s responsibility. They locate and deliver responses in the shortest amount of time possible. It charges you as per your response.
6. Google Trends
Used For: Popular Search Queries
Google processes over 99,000 searches every single second. It is a go-to place for almost everyone who is looking for information. And the best part? Google always has answers. When finding the proper market research tool, the platform can quickly become your favourite space. When you use Google Trends, it stays true to its name and presents you with the most popular searches on the internet based on location and other details.
If you are worried about SEO for your company, you can rely on Google Trends for authentic insights. You can see how frequently a term has been searched on Google up against the website’s total search volume. It also tells you about the most popular keywords and helps you refine your searches. And the search is accessible on your laptop, mobile device, tablet, etc., with graphically represented data if needed. Google Trends is accessible to all and free to use.
7. Facebook Audience Insights
Used For: Taking Insights from Facebook
Facebook Audience Insights gives you an idea about your target audience’s interests, likes, and dislikes. It also gives you information about those on Facebook and allows you to bring them onto the same page as you. This practice makes it easier to plan the content that will resonate with both the audience connected to you and the potential leads. To access the Facebook Audience Insights option, click on the main menu on the top left of the Facebook Ads Manager, and under the “Plan” column, find “Audience Insights.” It is a free market research tool.
8. Tableau Software
Used For: Data Visualisation
Tableau helps you streamline complex data, thus proving to be a robust market research tool. Users can use this platform to connect with a data source and transform the information into appealing visuals and easy-to-interpret reports. Insights can be hard to comprehend, but Tableau converts them into colourful charts and tables and allows data from all sources like spreadsheets, PDFs, etc. It also has a shareable dashboard that enables you to analyse your data. You can access Tableau on all of your devices.
Used For: Online Surveys
You can gather a complete sense of all the market trends and customer sentiments by using surveys with the help of QuestionPro. It houses multiple numbers of templates listing different types of questions. And the templates are customisable.
It makes creating surveys easier if you are a beginner and saves you a lot of time and labour. Through surveys, you can gather a comprehensive insight into the market and get a chance to re-evaluate your content to boost engagement. It provides you with real-time reports of your surveys, enabling you to take immediate action to help your audience base grow. QuestionPro is priced at $99 per month.
Used For: User Research
Userlystics conducts extensive research on user experience and enables you to circulate various usability tests among the user base better to understand the quality of your products and services. Sometimes a company focuses on what it does best and, in the process, misses out on the needs of its customers. On the other hand, needs are often dynamic, so one needs to stay updated. To keep up with these kinds of changes, the tests prove helpful.
Users can use their built-in analytics dashboard to see their NPS scores, task results, and success metrics. Hence, Userlystics also promises transparency between your company and its consumers. They provide customisable packages based on your budget.
Used For: Online Form Building
If you want to create appealing feedback forms, you can use Typeform. Who would have thought that even forms could be appealing? As an added advantage, Typeform provides you with a detailed reporting and analytics section to record real-time survey responses. The surveys are customisable and open to experimenting to find the right fit for your brand image.
The format is one question at a time because Typeform focuses on keeping the surveys conversational. And users can add life to forms by using the built-in photo and video inventory. Depending on the responses, it attempts to narrow the focus and bring the appropriate questions to the forefront. It starts at $25 per month.
Used For: Customer Feedback and Analytics
Qualtrics runs on AI and enables you to extensively research the market to ensure a quality customer experience for your users. Multiple services, like customer feedback, analytics, audience segmentation, and competitive benchmarking, are present on the platform. And to provide insights about your brand’s performance, it uses statistical methods based on your chosen demographic. You can rely on Qualtrics for current market trends because it will keep you posted. It uses multiple channels, like phone calls and social media, to gather feedback. You can contact the company for a quote.
Used For: Online surveys and gather data
Temper is a market research tool that helps businesses and individuals to conduct online surveys and gather data to make informed decisions. The platform provides an intuitive interface for creating, launching, and managing surveys, as well as powerful analytics tools for analyzing survey results.
Some of the features of Temper include customizable survey templates, a wide range of question types, real-time reporting and analytics, and the ability to export data in multiple formats. The tool also provides insights into respondents’ behaviour and demographics, making it useful for targeted marketing and audience research.
14. Census bureau
Used For: Demographic data
This collection of tools and resources provided by the United States Census Bureau aims to make demographic data from that agency easy for users to access and analyze. With it, they can get access to population/housing info, economic info, as well as business/industry info. With just a few clicks they can create custom tables or maps with data files for further use in applications or analyses.
Designed with ease in mind by technical experts across various levels of proficiency, the Census Bureau tool serves as an invaluable resource for anyone needing access to demographic info for research or planning purposes.
15. Make My Persona:
Used for: Creating a buyer personas
HubSpot has developed a tool called Make My Persona that assists businesses in creating accurate and detailed buyer personas. A buyer persona is an imaginary representation of your ideal customer based on market research data as well as existing customer information. With this helpful resource, businesses can easily create accurate representations of their ideal customers with ease.
The Make My Persona tool guides users through a series of questions to learn about their target audience, including demographic information, interests, goals and challenges. It provides templates and suggestions for creating customer profiles as well as the option to add custom fields and details.
Make My Persona is a free tool available on HubSpot that helps businesses better comprehend their customers and tailor their marketing approaches accordingly. This can increase engagement and conversions, as well as enhance customer satisfaction and loyalty. Plus, this valuable resource is available at no cost on their website.
Market research should be your top priority while setting up your company and scaling it. It is integral to your venture because you need to know what you are stepping into to crack the algorithm that will boost your audience base. It also helps you constantly revise your content postings and keep quality checks on your products. There is an elementary logic to staying close to market research tools: research helps you to know your consumers, and that further assists you in delivering what they want. And the whole process of staying close to your clients is made accessible through these tools. So why not try them?
How can businesses maximise the benefits of using market research tools?
To maximise the benefits of using market research tools, businesses should first identify their specific research needs and goals. They should then choose a tool that aligns with those needs and goals and take advantage of all available features and resources, such as training materials and customer support. Additionally, businesses should analyze and interpret the data collected to inform strategic decision-making and drive business growth.
What are some key features to look for when choosing a market research tool?
When choosing a market research tool, it’s important to look for features such as ease of use, customisation and flexibility, data security and privacy, data visualisation and reporting capabilities, and customer support and training resources.
What are market research tools, and why are they important for businesses?
Market research tools are software or services that help businesses collect, analyse, and interpret data related to their target market, industry trends, and consumer behaviour. They are important for businesses because they provide valuable insights that can inform strategic decision-making and improve overall business performance.