Market research tells businesses how they can improve their position within their industry by taking a deep dive into consumer metrics and trends.
💡 Read Consumer Behavior Analysis 101: How to Learn More About Your Customers
It analyzes demographic behavior, location, trends, and direct competitors to provide brands with data that can inform their next move.
And having the best tool for market research can make all the difference. Let’s explore the 5 best tools for market research out there.
What type of market research methods are there?
Effective market research enables businesses to identify unmet customer needs, assess demand for products, enhance value propositions, and create PR and marketing campaigns that resonate with their audience.
These are the most effective market research methods:
- Focus groups
- Surveys
- Social listening
- Interviews
- Experiments and field trials
- Competitive analysis
- Sales data analysis
Which ones you want to use will depend on your goals, but the market research process remains the same.
Some, for example, focus groups and experiments could be hard to put into practice. It takes a lot of preparation and some factors could skew your results. But these discussions could go into areas of discussion the organizer couldn’t have predicted previously. Thus, they could offer valuable insights.
Surveys and interviews are easier to conduct but still require preparation and involvement of several people inside the team, but can give a deeper understanding of consumers’ desires and needs.
The limitations of the previous methods are obvious – they rely on a limited number of respondents, thus turning a blind eye to the majority of potential customers.
Other methods, such as social listening offer insight into various unlimited number of topics, trends, and opinions.
Without further ado, let’s look at the best tools for market research that can make your job easier.
Read Industry Research vs Market Research: 3 Crucial Differences
5 Best Tools for Market Research
Social listening with Determ
Social media is everywhere. Everyone uses it and at this point, it’s integrated with our lives. Individuals freely express their opinions, thoughts and reactions on various social platforms.
The sheer volume of content shared on social media platforms, coupled with its instantaneous nature, gives a rich repository of data for market research. There is so much to monitor, track and dissect on the market.
Determ is a AI powered social listening platform that plays a crucial role in informing better business decisions by providing real-time insights into consumers, competitors and market trends. It tracks keywords or phrases across 100+ million sources in any language and location, helping identify relevant mentions.
By using a social listening platform like Determ, researchers can identify topics of interest and then analyze relevant social posts. For example, they can track mentions of their brand and what consumers are saying about the products by that brand. Or, they can track mentions of a certain topic and then see what people are saying.
Imagine you’re a skincare company and you’re launching a new product for hidration. A social listening tool like Determ can give you an overview of what people need and what they don’t like about the competitors’ products.
Social listening is useful for market research because it analyzes the vast amount of unfiltered information available. Because it’s unprompted, you can be sure that the information shared is genuine – as opposed to those available with different personal methods.
In summary, Determ social listening can be used to discover market trends, understand consumer behavior, analyze competitors and provide customizable data analytics. It replaces costly traditional research methods by providing real-time, global insights. Powerful, if you ask us. Want to know more about how Determ can help you understand your market better?
Surveys with SurveyMonkey
Surveys are an excellent method for conducting market research due to representative and quantitative data that come in a structured format. They allow you to ask specific questions tailored to your research objectives.
SurveyMonkey is a widely used online survey tool. SurveyMonkey provides 15 question types, including rating scales, multiple-choice and more. It can be tailored to suit your research needs. SurveyMonkey offers a question bank to ask accurate questions and it offers an AI-powered analysis tool to get expert feedback on the survey draft.
This platform offers real-time results which can be viewed graphically. This clear visualizations help understand the data.
Data visualization with Statista
Data visualization is super important for market research as it transforms complex data into clear, understandable visuals. This enables identification of patterns, trends and correlations.
These not only enhance the communication of insights but also aid decision making by enabling stakeholders to quickly grasp key findings and anomalies.
Out of all tools for market research, data visualization tool Statista aggregates information from credible reports scattered across the internet, combining them into easily understandable for researchers, marketers and product developers.
Imagine you’re gearing up to launch a new video game and wish to gauge the average hours gamers spend immersed in gameplay. Statista has a chart tailored to your query.
Statista is a great tool for portraying KPIs to understand the consumer market outlook. A notable feature of Statista lies in its dynamic charts, which evolve over time to reflect updated data. It’s important to note that Statista does not conduct original research.
Market trends with Google Trends
Google Trends stands out as an invaluable resource allowing users to examine both current and past search data, unveiling market trends and fresh consumer insights.
Harnessing this tool grants access to the most recent Google search trends, enabling users to pinpoint emerging interests and potential growth areas while staying attuned to consumer preferences. Simpler, when you enter a specific term into Google Trends, it will give you an accurate representation of how trendy that term has been over the course of time and also gives it a score out of 100.
Moreover, Google Trends offers location-based filtering options, providing insights into trending topics within specific markets. The bad news is that sometimes it shows irrelevant results for a searched term and only shows relative numbers, so a comparison analysis is necessary.
Online visibility with Semrush
Online visibility in the context of organic research is important for market research because it provides comprehensive insights into understanding your position in the market as well as your competitors.
A tool like SEMrush offers data on search trends, industry benchmarks and audience behavior. This helps businesses identify new opportunities and optimize their online presence for better visibility and engagement. It offers services sucha as SEO, PPC, SMM, Keyword research, Competitive research, Content Marketing, Marketing insights…
SEMrush can give you so much information on what you should be doing and creating to stay competitive.
Conclusion
In conclusion, market research serves as a compass guiding businesses toward improved industry positioning by delving into consumer metrics and trends. From demographic bahevior to direct competitor analysis, it provides invaluable insights.
Tools for market research like Determ, SurveyMonkey, Statista, Google Trends and Semrush provides businesses with a competitive advantage.
Embrace the multifaceted landscape of market research and drive sustainable growth in the market environment.
