Market research is a time-consuming process that entails learning about your target audience, competitors, and the environment in which your company operates. Knowing whether or not a product will be profitable in advance is beneficial to a company’s bottom line.
Software for conducting market research is beneficial to a company in every way. Market analysis software delivers reliable information from conception to launch.
Online market research software is also advantageous for data collection to determine whether or not a specific product or service meets customers’ needs. Good market research software can help a company gather information about current market trends, competitors, customer spending habits, and economic demographics.
You can make wise business decisions by gathering customer, target audience, and competitor data. Market research reveals the needs, wants, and desires of potential customers. It assists you in reaching out to customers through marketing. Knowing what your customers want in a product or service and what is important to them when purchasing will help you determine whether or not they will buy yours.
As a business owner, you want data-driven revenue-boosting decisions. To do so, you must have access to up-to-date market research. But where can you find trustworthy and relevant information about your intended audience? Fortunately, there are numerous market research tools available to you. These apps are specifically designed to assist you in gathering and analyzing the data you need to make informed business decisions.
The tools listed below are the most useful for conducting your own market research surveys and analyzing the results. They are best suited to businesses that lack access to large market research departments’ resources. Let’s examine the best five tools for market research and why you ought to use them.
1. Survey Monkey
Companies looking to conduct accurate and focused market research will find Survey Monkey an excellent option. The company has access to more than 90 million survey responses monthly, and it has more than 25 million users.
Survey Monkey allows you to build a survey to gather product or service research, choose a sample size of the target market to conduct your survey, and receive feedback once complete. Using this information, you can confirm or reject plans for a new product or service before undertaking any time-consuming or financially burdensome steps, such as product development.
2. Facebook Audience Insights
Similar to how it’s hard to talk about market research in the 21st century without discussing Google, it’s hard to do so without mentioning Facebook and its billion users. Subscribers can monitor important consumer trends by using Facebook Audience Insights.
It does this by utilizing the users of Facebook and their geolocation data to provide real-time information to local businesses. For instance, what customers in a company’s store neighborhood are most interested in and what they tend to buy. The data is collected anonymously and is continually updated. It provides incredible detail on the activities and attitudes of consumers. After gathering this information, businesses are better positioned to cater their goods and services to the consumers in their respective markets.
Whether it’s search engine optimization (SEO), pay-per-click advertising (PPC), or content, content marketing will be an essential component of future digital strategies. You need to have the appropriate content, but what’s even more important is ensuring your content is read or consumed by your audience.
BuzzSumo allows you to analyze your and your competitors’ data to determine which channels are producing the best results. Alternatively, can you say whether most of your shares come from LinkedIn or Facebook?
Using this information, you will be able to allocate your spending and resources more effectively to the channel from which your own personal audience is most likely to consume your content. BuzzSumo can provide you with a great deal of information, which can help you gain a competitive advantage over your rivals and extract valuable insights from the data they provide to advance your personal strategy.
BuzzSumo offers highly detailed and specific insights. Additionally, it will tell you:
- Topics that your competitors have shared most
- Types of content that are shared most
- Average share count
- Average word count
4. Think With Google
Fewer people are familiar with this Google service outside of data-driven marketing circles compared to the company’s other offerings. Think With Google, on the other hand, offers a unique perspective on the data that can assist any marketer looking for statistics, trends, and insights.
Think With Google is not the same as the real-time data that you would get from Google Analytics, which is a tool that is highly regarded among marketers. In addition, it has a narrower focus than its related product, Google Trends.
It is, in fact, a curated resource library of facts and figures that users can access without cost. It does this by combining the vast array of analytics data that Google collects with the knowledge and experience of human analysts to provide information that you might not find from other sources.
Even though you can conduct precise searches, features like consumer insights may serve you better as a source of creative inspiration rather than an answer to specific questions because they highlight what is happening in the world of commerce.
For instance, the Find My Audience tool on YouTube can provide fascinating profiles on customer searches in various target markets. You can view both “affinity audiences” and “in-market audiences.” Affinity audiences are buyer personas with routines and interests comparable to your offering (people searching for information about your offering or its competitors). Think With Google is, in essence, a collection of different tools for conducting market research that has been integrated onto a single platform; explore it to find out which ones are most useful to you.
Even though Yelp isn’t necessarily designed for businesses that conduct market research, it’s an absolute goldmine for gathering information and figuring out what customers anticipate when they spend their money.
It is a search engine and a review platform for local businesses, primarily those dealing with food and drink and local trade services such as plumbers and electricians. It is one of the most reliable sources of opinion because it contains an extensive archive of customer reviews.
Running a traditional storefront company can be a handy method for gaining insight into the aspects of your competitors’ practices that you should emulate and avoid. Other review sites such as TripAdvisor (for locations), Google Reviews (also for locations), Steam (for video games), Metacritic (for media), and Amazon can also provide you with insightful information (for consumer goods).
You can take this strategy to the next level by researching Reddit, Quora, and other online forums specifically dedicated to your sector. They are a fantastic alternative to online surveys as they enable direct communication with prospective clients.
Simply gathering information from online review sites, you can give yourself a significant leg up when developing your next marketing campaign or enhancing the experience you provide for your customers.
Send your first market research survey to a free and built-in audience. It is not necessary to use a credit card. For marketing professionals, Attest enables faster access to insights about brands and markets.
The platform Attest enables users to conduct a wide variety of market research, ranging from time-consuming tasks, such as conducting market and competitor analysis, to quick checks of intuition, such as comparing various creatives for advertising. Construct surveys, establish connections with our audience of more than 100 million consumers worldwide, and begin receiving the answers you require in real-time.
When you use the built-in audience, it is quick and easy to locate the information you require from your target market. What they believe, which brands they are familiar with and trust, as well as their purchasing routines and habits.
Companies like Gymshark, Santander, and Transferwise trust us as an unrivaled solution for conducting market research. Do you want to take a chance? Sign up for this free service, and you can start creating surveys in minutes. It is not necessary to use a credit card. Attest allows you to put your knowledge into action.
The cutting-edge consumer insights platform is not only simple to use but also inexpensive and global in scope. You will also receive dedicated assistance from the Customer Research Team, ensuring you obtain the most insightful feedback from your target demographic.
7. Google Trends
Google Trends, which aggregates data on trends across the internet, competes with Answer the Public in the same market. You can search locally or globally. Google Trends displays a term’s popularity over time and gives it a score out of 100. You can also compare other keywords to see how they perform when contrasted.
For the sake of illustration, let’s say that we use the term “Christmas” as the search term. A graph is shown to us, which demonstrates quite plainly that it reaches its highest level of trendiness in December, for self-evident reasons, and then drops to a very low level for the remaining 11 months of the year. And now, as I sit here in October 2020 and write this, it’s beginning the upward trend again, which is a sign that perhaps people are hoping that Christmas will come early.
8. Social Mention
A highly user-friendly tool that gathers real-time data from various social media platforms. This handy social media scanner functions like a search engine, pulling up examples of whatever you search for from across the social web. It could be blogs, videos, or posts on Reddit.
Sentiment analysis and estimates of the number of mentions per minute are also included in Social Mention. When I searched for ‘tired,’ for instance, the overwhelming majority of people’s responses reflected a negative attitude, whereas when I searched for ‘bubblewrap,’ the majority of people’s responses reflected a neutral or positive attitude.
Checking up on what’s happening in the world of social media can be done in a jiffy and easily accomplished manner with the assistance of this market research tool.
Imagine a focus group consisting of one thousand people. Doesn’t that sound like utter mayhem? Not when artificial intelligence is factored into the calculation. The software known as Remesh makes it simple to collect qualitative data that can be used to inform and improve marketing strategies.
You can have a live conversation with as many as one thousand people all at once when you use Remesh, and its innovative platform organizes all of the incoming qualitative data into insights that are straightforward and easy to comprehend on your behalf. If you are unsure about the distinction between qualitative and quantitative research, check out the informative article that we have provided.
10. Heartbeat Ai
The field of market research is continually developing, and as a result of technological progress, the tools that are used in market research are advancing all the time as well. Heartbeat Ai is not an exception to this rule; it is a piece of software that focuses on the ‘Human Experience’ and uses machine learning to determine the feelings conveyed in written content.
Heartbeat Ai believes that one of the most important aspects of market research that is frequently neglected is human emotion. You have the ability of word choice analysis to reveal a rich emotional world. I am not talking about yes/no indicators of acceptance here. Instead, you can generate far more nuanced and concrete insights about how people are triggered by what they experience.
11. Answer the Public
The homepage of Answer the Public states, “Google processes 3 billion searches every single day, and twenty percent of those searches have never been seen before.” You will understand what your customers think if you can access this information.
“Market research” has spawned a profusion of subtopics, from “how market research can inform product development” to “when market research goes wrong.” When you utilize Answer the Public, you enter a search query, like “market research,” which provides useful phrases and questions. It’s easy to understand the data because it’s well-organized.
Why do we even bother with this? You can better understand precisely what questions customers have by analyzing all of this data, enabling you to respond to their inquiries.
Market research collects, analyzes, and interprets client needs, desires, and behaviors. It contains customer feedback to better understand their needs, desires, and perceptions of your products or services. Some market research tools collect information from outside sources (such as social media, news outlets, and government databases), while others rely on internal surveys and analytics. Depending on your needs, it could be exploratory or confirmatory. It will assist you in developing, promoting, and selling products by determining how your target customer perceives them.
So, while I hope this list has given you new ideas for using these tools (and others), my main point is that if you want quality answers, never underestimate the importance of intuition when making decisions. No single market research tool can solve all issues. Google Analytics can tell you who visits and what they do, but not why or who does it better. Buzzsumo can help you find popular social media content, but not why.