Market research could be daunting, but fortunately, there are some great tools out there to help you gather and analyze all of the market research data you need quickly, efficiently, and effectively.
Market research is used by companies to collect information about consumer behaviors and preferences, trends in the industry, data about main competitors, amongst other insights. The collected data is used to inform product development and marketing strategies. Utilized correctly, market research will drive business growth.
Informed decision-making depends on having comprehensive data and analysis of your target market. The following advantages of market research highlight why it is so valuable to your company.
The data you collect validates your marketing, product, or product feature direction. And if it doesn’t validate, it gives you the information you need to change course.
Inc. magazine reports that, according to Harvard Business School professor Clayton Christensen, each year over 300,000 new products are introduced—and 95% fail. And failure is expensive. There’s more to the picture than just lost revenue—there’s recovery from the mistake.
You have the data to support your claims, decisions, and statements, whether you’re establishing yourself as an expert or presenting ideas to leadership.
In business, you need to think fast and keep up with trends. When you use data-driven decision-making, your product or feature is more likely to succeed
There are some really great market research analysis tools out there. We’ll take a look at what each one is best used for, the key features of the tool, and pricing options. Some of the tools we cover are free, but don’t be put off by price tags. Many of the tools offer free options or trials so you can determine if they will be valuable to your market research.
Market research tools streamline the process of data collection and analysis. While you could gather a focus group of people in your target market to discuss your product, observe shoppers as they roam through store aisles, conduct in-depth interviews with each individual in-person or by phone, these practices lengthen your data collection and analysis process. Consider the difference in time between gathering a focus group and creating an online market research survey—think days vs. minutes.
The SurveyMonkey market research survey template is completely customizable and gives you a head start on collecting data.
The SurveyMonkey market research template is a good starting point for your market research. It has basic questions to get you started, and you can add more questions that are specific to your purpose.
Plans available for teams and organizations starting at $25 per user per month.
When you don’t have your own list of respondents, SurveyMonkey Audience will send your survey to the exact market you’re targeting.
With SurveyMonkey Audience, you can obtain survey results from your chosen target audience quickly and easily.
Pricing is dependent on the number of responses required.
When you need flexible solutions for market knowledge, product innovation, or brand and creative development, SurveyMonkey has the tools you need.
SurveyMonkey Market Research Solutions are comprehensive solutions for understanding your target market, decisions for product innovations, and creative analysis of branding and messaging.
While SurveyMonkey offers a whole suite of market research tools, we know that sometimes you need answers that we don’t provide—yet. So, here is our list of the best market research tools out there today.
When you need reliable statistics and data, you have several excellent choices, depending on what kind of data you’re looking for.
LivingFacts is a tool that offers human-focused data to help you identify your ideal consumer base. It was created by Pew Charitable Trusts, which has a reputation for thorough, high-quality data.
Use LivingFacts to find out demographic, work, faith, community, health, and other facts about Americans today. The site provides an interesting array of facts to start identifying your potential customers.
The company offers well-research facts in a variety of categories. Here are some examples of those categories and relevant facts:
This site is for broad research and to help you begin to understand your market with interesting facts in broad categories. Searches provide a wide variety of information, but if you’re looking for something specific, try another tool.
LivingFacts is free to all users.
The US Census Bureau generates economic data across the entire economy. Data is produced on a monthly, quarterly, yearly, and five-year basis.
US Census business data has detailed information about the American economy. This tool has the most in-depth information about businesses in the US. If you’re looking for specific statistics and data about any type of business, you’ll find it here. Each survey is supported by a detailed methodology.
This is a tiny sampling of what this tool has to offer. It has thorough data on all sectors of business and the economy in the US.
Using US Census for data and statistics is free
Statista is a global information platform. It provides business data across 170 industries and 150+ countries.
This tool is best for finding data to create buyer personas, reliable statistics for marketing communications, and anything that requires specific research-backed data.
In the Brands & Companies section, you can search over 19,000 detailed brand reports with detailed overviews, rankings, revenue, major competitors, company value, and the number of employees.
The pricing structure includes three plans for basic users and three for corporate users. Academic and government users can contact Statista for pricing information.
A basic account is free. User plans start at $39/month. Project accounts are $1,950 for 30 days. Corporate accounts start at $745/month.
Pew Research Center is considered the gold standard in market research. The Pew Research Center focuses on public opinion polling, demographic research, media content analysis, and other social science inquiries.
Pew Research Center is best for learning more about your target audience. You won’t be able to drill down deeply into specific segments, but you will find interesting, relevant data.
Your marketing plan will most certainly contain content—website, blogs, advertising, social media, marketing collateral, and video at the very least. These tools will help you determine what content will resonate with your target audience and how to make sure they can find it.
This simple, effective tool provides you with a visual look at the interest in a particular product or service as it fluctuates over time and across regions.
Google Trends is perfect for finding out what people are actually searching for online. Use the data to build your content marketing strategy.
Google Keyword Planner is a tool for keyword research to use in your search engine optimization (SEO) plans.
Google Keyword Planner is best for choosing keywords for advertising, but can also offer insights into the best keywords for your business or product.
Survey tools provide you with means to easily poll your target market and gather and analyze data.
SurveyMonkey allows you to gather valuable data from employees, customers, or your target market through easy-to-create surveys. It offers pre-written survey questions and templates for a variety of surveys, including many market research methods.
SurveyMonkey is best for gathering market research through online surveys.
SurveyMonkey offers flexible plans for individuals, teams, and enterprises. The Basic plan is free. It allows you to create multiple-choice surveys of up to 10 questions. Paid plans start at $16/month.
This tool from HubSpot helps you create detailed profiles of your ideal customers. Personas help you understand the data you’re collecting on a more human level.
This tool is best for learning about buyer personas and then developing one for your brand.
Take a peek at what your target audience does on social media. Do they interact with video more than images? Do they post regularly? What is their favorite channel? Find out their views on current trends and more with social listening tools.
This tool scours social media sites to find mentions of your brand, product, or competitors.
Instead of combing through the internet looking for mentions of your brand, this tool does the work for you. It pulls mentions from blogs, forums, online news, and social media. You can use the information to identify influencers, monitor your marketing campaign performance, better understand your audience, and research new content ideas.
Pricing starts at $99/month with a 7-day free trial.
This market research tool is used by businesses that advertise on Facebook. It provides insights into your target market and its demographics, behaviors, and more. This information can be used to build stronger buyer personas and to guide your social media marketing messages.
This tool is best for businesses that are planning to advertise on Facebook.
Free with an Ads Manager account.
These types of market research tools put the data you’ve collected into easy-to-digest visuals. Put them to work when sharing your data, presenting to leadership, and gaining a greater understanding of your statistics.
This visual analytics platform makes it easy to explore, manage, and share your data. It is part of the Salesforce family of brands.
Tableau makes data more accessible, understandable, and actionable. This is a great tool for providing visual representations of your data to make interpretation easier and presentations smoother with an easy-to-use interface. No programming knowledge is required.
Pricing starts at $15/user/month
Another Google tool to help you with your research! Google Data Studio provides you with easy-to-use tools for data visualization.
Google Data Studio is a simple interface so everyone on your team can visualize and customize data visualizations. Each viewer can then compare, filter, and organize exactly what data they need with a few clicks. Data Studio is easiest to use for those already using Analytics