Entrepreneurs make decisions every minute, and every such decision should be backed by data to minimize the chances of failure. This is where market research steps in.
Market research process is the practice that involves identifying a problem in a business that is to be dealt with, finding a solution to that problem by getting consumer feedback, and analysing the feedback to decide what is to be done to solve the issue in the most effective way possible.
Market research isn't easy. You not only require a hardworking team, but also a good set of tools to conduct an effective research.
Here is a list of 12 best market research tools to help you succeed in your venture.
Think with Google
Ever wondered how digital innovation results in changing of consumer behaviour? Google monitors and analyse every such change and shares the same with us through Think with Google.
Think with Google is a one-stop resource for consumer trends, marketing insights, and industry research. This free marketing research tool can be used along with other free marketing tools from Google like shopping insights, consumer barometer, Google trends, and market finder to get the best results.
Statista calls itself a facts destination. This market research tool has consolidated statistical data on over 80,000 topics from more than 22,500 sources and is available in English, German, French, and Spanish. The company also owns ecommercedb.com that allows you to analyse online shops and ecommerce markets in an instant.
It's a freemium tool which lets free users access basic statistics but charge $49 per month from premium account users who get a full access to all the statistics.
Statista also entertains individual research requests and creates customized infographics, videos, presentations, and publications in the corporate design of your choice.
Semrush is an all in one digital marketing suite which provides you tools for the following services:
- SEO (search engine optimization)
- PPC (pay-per-click advertising)
- Keyword Research
- Competitive Analysis
- Social Media
- Public Relations
- Content Marketing
These tools, when used holistically, not only can help you identify the different trends that happen within your niche, but also help you in competitor research. You can also conduct a research for the most searched keywords and the most profitable keywords of your niche using Semrush.
Semrush has four premium plans starting at $99.95 per month.
As the name suggests, ContentMine offers a broad range of text mining services and a free software to help researchers look for, download, analyse and extract data from academic papers using an open source mining code.
Besides text data mining services, ContentMine also offers consultancy services and deliver training and workshops too.
KNIME Analytics Platform
KNIME is an open source data analytics, reporting and integration platform which integrates components of machine learning and data mining through its modular data pipelining concept.
Its interface allows assembly of over 1000 native and embedded nodes for data access, data transformation, data analysis, data mining, and data visualization.
Pickfu is a powerful market research tool to get reliable and unbiased real-world feedback within minutes. It is an interesting tool not only because it lets you test your idea and collect feedback from people out of your first-degree network but also because it does it within minutes of creating a poll.
With Pickfu, you not only get a definite and unbiased result of your poll, but also you get to know the reasons of why people selected the given option as the tool also shares the demographic information about the participants so you can break down the preferences by gender, age, income, etc. This research tool even lets you target a demographic to give you a feedback on your product, design, idea, etc.
Pickfu is a freemium tool which charges you per response ($1).
Survata is a market research tool which lets you create a survey and define a preferable demographic or behavioural group that will respond to your survey. The surveys are then published on Survata’s high quality partner websites.
It also provides a premium option of letting experts review your survey and match it to the industry best practices. Survata also provides tools to measure your advertising efforts.
Facebook Audience Insights
Facebook Audience Insights is a free market research tool that helps you to learn more about your target audience and discover new target audience for your business.
The tool lets you create an audience persona and get consumer insights based off the persona created. You can use the insights for your research purpose or to create an advertisement on Facebook.
Worldometer gives you real-time world statistics on population, government, economics, society and media, environment, food, water, energy, and health.
They collect the data from sources like United Nations Population Division, WHO,FAO, IMF, and World Bank; analyse them, perform statistical analysis, and builds the algorithm which shows the real time estimate.
Google Public Data Explorer
Google public data explorer is a powerful free market research tool to create animated charts and maps of public economic, social, health, and population datasets sourced from national statistical offices, non-governmental organisations and research institutions.
Loop11 is an online usability testing tool. It allows you to create an online survey that includes tasks for users to complete on a website.
What makes this research tool unique is that it allows you test even your competitors' websites.Loop11 isn’t free, but it is more pocket friendly than other alternatives.
Followerwonk gives you an ability to dig more into your twitter analytics. Who is your audience? Where are they located? How your audience differs from your competitors’?
It’s a freemium tool where one profile is free but you’ll have to pay $29 to dig analytics of up to three profiles.