Do you know which market research tools can help you in your business? Market research is an essential part of any business. However, the problem is that plenty of businesses end up making the wrong choices when it comes to market research, leading them to make costly mistakes.

Market research is an important step that you will need to do when starting your online business. The objective of market research is to find out the current state of the market, the products, services and ideas of others before launching your own business. Market research can be carried out in many ways, but there are certainly some online tools that make the process easier. Here are some different online tools that can be used for conducting your market research.

In the same realm as Answer the Public is Google Trends, which surfaces trends data from all over the internet. You can refine by the location you’re most interested in, or go worldwide. 

When you enter a term into Google Trends, it shows you how that term has been trending over time, and assigns it a score out of 100. You can also compare different terms to see how they hold up against each other.

As an example, let’s say we enter ‘Christmas’ as the search term. We’re presented with a graph that clearly shows that it hits peak trendiness in December, for obvious reasons, and then trends very low for the rest of the year. And now, as I write this in October 2020, it’s beginning the upward trend again – a sign that perhaps people are willing Christmas to come early.

What Are The Different Market Research Tools

Remesh

Imagine a focus group of 1,000 people. Sounds pretty chaotic, right? Not when you add AI into the equation.

Remesh is a tool that makes it easy to gather qualitative insights that shape your marketing strategy. Using Remesh, you can have a live conversation with up to 1,000 people at once, and its nifty platform sorts all of that incoming qualitative data for you into simple, easy to understand insights. 

Check out our handy article if you’re unsure about the difference between qualitative and quantitative research.

What Are The Different Market Research Tools

 Answer the Public

“There are 3 billion Google searches every day,” the Answer the Public homepage reads, “and 20% of those have never been seen before.” 

That’s a whole lot of insight into exactly what your consumers are thinking, if you know how to access it. 

With Answer the Public, you input a search query – let’s say ‘market research’ for example – and get back every useful phrase and question that people have asked around that topic, all neatly organised so you can quickly make sense of the data. The simple term ‘market research’ becomes everything from ‘how can market research inform product development’ to ‘when market research goes wrong’. 

What’s the point of this? All this data helps you get a sense of exactly what consumers are asking for, so that you can answer them. 

What Are The Different Market Research Tools

 Think With Google Research Tools

Think with Google market research tools

Wish you had information on your product’s likelihood of success? Think With Google’s marketing research tools offer interesting insights on whether anyone is looking for your product (Google Trends), which markets to launch to (Market Finder), and what retail categories rise as the months and seasons pass (Rising Retail Categories).

If you’d like to market your product through YouTube, the Find My Audience tool allows you to investigate what your potential viewers are interested in and what you should discuss in your brand’s YouTube channel.

Pricing: Free

Make My Persona

Make My Persona target buyer creator and market research tool

Make My Persona is a proprietary tool that allows you to create a buyer persona for your potential new product. Defining who might benefit from your product is key to marketing it in an effective way. In this tool, you pick a name for the persona, choose their age, identify their career characteristics, and identify their challenges, allowing you to pinpoint both demographic and psychographic information.

This tool is most suited for B2B product launches, because you’ll be prompted to document your buyer persona’s career objectives and role-specific challenges. As such, your product would ideally solve a problem for them in the workplace or help their company achieve revenue goals.

Pricing: Free

 Statista

Statista data visualization platform and market research tool

Statista is a data visualization website that takes data from reputable reports across the web and makes them easy and digestible for researchers, marketers, and product creators just like you.

It helps you find even the most specific data relating to your industry. Are you planning on launching a new video game and want to know how many hours people spend playing video games? There’s a chart for that.

One neat aspect of using Statista is that the same chart is updated as the years pass. Say that you want to allude to the value of the beauty market in your proposal. If your investor accesses that same graph a year from now, it will reflect updated numbers, as Statista always finds the most recent research to update their visualizations. (Note that Statista doesn’t carry out original research.)

PricingFree; $39/month (billed yearly); $1,950 (one-time 30-day access)

SurveyMonkey

SurveyMonkey market research tool for surveying panelists

SurveyMonkey is a powerful tool for creating in-depth market research surveys that will help you understand your market and consumer preferences.

With this tool, you can create targeted, uber-specific surveys that help you collect answers that pertain specifically to your product. While using a data source can give you a general overview of your target audience and market, SurveyMonkey can help you get more granular insights from real consumers.

SurveyMonkey offers dedicated market research solutions and services, including a global survey panel, a survey translation service for international research, and a reporting dashboard option that allows you to easily parse through the results.

PricingFree, $32/month (Advantage Annual), $99/month (Premier Annual), $99/month (Standard Monthly)$25/user/month (Team Advantage, minimum 3 users), $75/user/month (Team Premier, minimum 3 users), Enterprise (Contact for pricing)

 Upwave Instant Insights

Upwave Instant Insights tool for market and consumer research

Upwave Instant Insights is a consumer research tool that’s part of the Upwave brand marketing platform. While it isn’t advertised as a survey creation tool, it allows you to launch market research surveys specifically to get consumer insights.

Instant Insights allows you to target audiences on Upwave’s partner ecosystem and visualize the data for easy scanning by key stakeholders and investors. One pro of using this platform is that Upwave distributes your survey to real people — not just people taking surveys for the money, which could skew the results.

To create a survey, you sign up on the Upwave platform, click your name in the upper right-hand corner, and click “My Surveys,” where you can create as many surveys as you want. For the Basic option, you have a 6-question limit, while the Advanced option allows you to include unlimited questions.

Pricing$2/study participant (Basic); $3/study participant (Extended); $4/study participant (Advanced)

Pew Research Center

(Free)

What Are The Different Market Research Tools

Insightful, rigorous and transparent data. This is what you can expect from The Pew Research Center, a non-profit organization that conducts research and analysis across a diverse range of areas. These include:

  • US politics and policy
  • Public opinion polling
  • Social and demographic trends
  • News and media
  • Science
  • Religion
  • Technology and the internet
  • Hispanic interest
  • Global interest

More specific topics of interest and research include:

  • Social media
  • Online privacy
  • Broadband access
  • IoT (the internet of things)

Living Facts

(Free)

Described as the Pew Research Center’s sister site, and created by The Pew Charitable Trusts, Living Facts has the simple strapline, ‘about Americans today—who we are and how we live. Our goal is to inform and inspire. That’s it.’

What Are The Different Market Research Tools

With clean, colorful design and infographics, and chock-full of statistics, educational quizzes and fascinating facts, Living Facts covers:

  • Communities
  • Democracy
  • Demographics
  • Faith
  • Health
  • Money
  • Trends
  • Work

Sample Size Calculator

(Free)

What Are The Different Market Research Tools

You need to create surveys for a number of people so that they are representative of your target audience, but you don’t know how many. What do you do? Use our sample size calculator.

Put in:

  • confidence level
  • population size
  • margin of error

and it’ll calculate the sample size you’ll need within seconds.

Qualtrics Panels

(Contact us for a demo and quote)

What Are The Different Market Research Tools

It’s hard work finding the right respondents for your surveys, and a survey that no one takes is pretty useless. When you deploy our panel team, you’ll get access to hundreds of thousands of opt-in survey respondents, both B2B and B2C, who are already vetted and qualified. When our team handles your research project, you’ll be able to:

  • choose any target audience and access a representative sample
  • boost the accuracy of your tracking studies sampling that’s 47% more consistent than standard sampling methods
  • get support for your best-in-class study at every stage, from survey launch to results reporting.

Conclusion

It’s impracticable to conduct a survey on each and every segment of the customers you are targeting. Market research is an important tool that helps you collect information from a group of sources, both online and offline. Your market research tools consist of the primary as well as secondary resources for collecting data. These resources can be internal as well as external. In fact, there are many market research tools available to collect data from internal as well as external resources.

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