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Market Research Tools

Learn how to keep pace with the market and its trends

If a business wants to stay on top of their specific industry, market research is incredibly important. Analyzing shifting patterns, trends, and performance in the marketplace gives a business owner the ability to nimbly react to changes. From research data to analytics, there are both real time and historical indexes that can be used.
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What is market research 1

What is Market Research?

Market research is all about discovering the way the market is moving, and what is driving it. Those who engage in market research do so to better understand what customers want and need. Market research also helps track changes and can thus help predict what future trends or changes can be expected.

Is market research expensive?

This is a complicated question, because the answer is both yes and no. There are many avenues of research that can be utilized that won’t cost anything. On the other hand, producing market research can be a very costly enterprise, and it can require access to expensive or exclusive information.

The difference in whether or not you will be paying a lot also comes down to what can be generated and understood without assistance. If you simply want analytics on how a product is doing, that type of information is readily available these days without a great deal of money required.

Tracking overall opinions and the movement of the market, this can be where things get expensive. An entire industry exists where professionals monitor and track market movements, this information can only be accessed by paying for it. However, a lot of this information can be accessed if you look in the right place.

So, the answer to this question remains, yes and no. Fortunately for entrepreneurs today there has never been an easier, cheaper time to get into market research. However, if you are truly committed to understanding the changes and flow of the market, it will cost money to gain insights to this level.

What are the best marketing research tools?

Let’s take a look at the best marketing research tools used by professional analysts. Learning how to use these tools and understanding the benefits they offer is critical to your own research and success.

Qualtrics

Qualtrics is a cloud-based platform for creating online surveys. It allows you to design a survey, distribute that survey and then analyze the findings. This software is so effective that it is used for both market research and academic purposes.

Qualtrics is considered unmatched, being an innovative product that leads the field in online survey and research analysis. If you want to be able to customize the survey and direct the research specifically, this is the tool needed to make that happen.

Google Analytics

One of the oldest and most effective analytics platforms, Google launched this service in 2005. What this product does, essentially, is allow the tracking of an activity to a specific website and what that traffic was doing there.

It essentially presents collected information in report/graph form. So when looking at the reports for your website, you will be able to see the type of traffic you are getting, what links they are using and what areas of the website see the most interaction.

Are you curious about how many people are watching your advertisements, ordering products, or what they are navigating to your product from? This is an irreplaceable tool in an arsenal of research and understanding. It is part of the larger Google Marketing platform, so there are other tools that come with it.

Google Trends

This tool is very useful in studying the trends and behaviors of customer searches on Google. It combines results from basic Google searches, Google image searches, Google news responses, and even from YouTube. This enables you to take a look at what the most popular terms and search criteria are.

This makes it an indispensable product when determining SEO and keyword research. If you want more people to visit your site, and have a higher score on Google searches, there is no replacement for Google Trends. It is also the best way to track the success of all SEO efforts.

Typeform

Typeform is a very versatile and useful tool to have a good command of. Whether you are creating surveys or apps, Typeform can help anyone, and it is used by major companies like Uber and Nike that have a long track record of delivering high-quality information and results.

The flexibility of Typeform is one of the things that makes it so useful. It makes collecting and sharing information extremely easy and intuitive. Anything can be customized from payment forms to online quizzes and contests with Typeform. It is a great product to invest time and energy into mastering.

SEMrush/AHREFS

SEMrush and AHREFS combine a vast array of tools and reports that help with almost all aspects of marketing research, SEO research, keyword research, and even public relations.

Whether you are seeking market insights, content marketing, or doing campaign management, these tools are able to give a lot of actionable insights. These types of software provide the key information that is needed to improve your ranking in searches and customize your SEO efforts.

Know your audience and your competitors audience

In the modern marketplace, Market Research is a vital component of any effective strategy. The reason for this is that you have to know exactly who your audience is, and the audience of your competitors. Analytic and research tools that provide this information can be a powerful edge against the competition.

The more you can adapt to the needs and wants of your audience, the more you can draw away customers from the competition. The loyalty this will help inspire in customers is irreplaceable, and the edge it gives competitively can’t be overstated.

Don’t allow the competition to gain an information edge. In business and marketing, knowledge is power. The more knowledge gained, the more powerful and effective marketing strategies will become.

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