8 Best Tools for Effective Market Research
7 Min Read
Although a eureka moment is amazing, you can’t keep waiting for it to happen.
After all, checking the viability of your business, and solving its problems, periodic slumps and loopholes need immediate attention. You need to think on your feet and find a solution, and a viable one on top of that.
But how would we do that? Through market research.
Market research helps you understand whether the market needs your product or not when you start a new business, but also when you are trying to expand or improve your existing business. It helps you understand exactly where you’re going wrong and how to solve that.
Then again, sampled surveys are biased and not everyone can burn the cash to collect in-person data.
So, to help you conduct effective market research we have compiled a list of the 8 best market research tools to help you research better, faster, and more economically.
Market Research Tools
1. Statista – An Ardent Market Research Tool
If you aren’t a fan of complicated numbers and long paragraphs of research data, then Statista might be just the right tool for you. The website collects data from various resources and converts it into charts and graphs to make it easy for you to understand.
Also, Statista divides its data based on relevance with different related questions to your field. For example, if you have a B&B business, and want to find out the average per night cost of a B&B, there’s a chart for it.
Another benefit of using Statista is that the charts are updated constantly. So, if you have a link stored from a year or two ago, you don’t need to worry about its relevance as the data is updated constantly.
But also keep in mind that Statista doesn’t conduct its own research, but collects data from several other resources.
Pricing: Free; $39 per month, billed annually: $1950 ( One-time 30-day access)
Finding or creating visuals for your data can be quite a job. But with Tableau, it no longer needs to be that way. With this tool, you can access data from any online source and create charts and other visual representations of it.
This makes it easier to store and analyze data and present it to your stakeholders and make your ideas and analytics easier to understand.
Tableau was created with a vision to make data analysis more accessible to people through visualization. And the best part is, that the software is constantly upgraded to take it one step closer to human analytical creativity.
Pricing: Tableau Viewer $12; Tableau Explorer $35; Tableau Creator $70
Social media networks are probably one of the biggest marketing tools of the 21st century. But keeping up with everything that happens on social media, even for the branding aspect can be tough.
Brandwatch keeps track of several brand conversations that occur across various social media platforms and gives you valuable data that you can use to improve your social media and marketing strategy.
You can also track market trends, brand reputation, and more across various aspects of the business. The site also offers tools like competitive analysis and data democratization.
Above all, Brandwatch is one of the top market research tools on the internet.
Pricing: Free; Pro $800; Enterprise $3000
NeilsenIQ is a consumer intelligence consultancy that works with your business to find the best consumer insights, distribution channels, and customer data and eventually helps you create a range of products or services that align with your customer’s needs. Which eventually helps your business thrive.
It also helps you analyze your product launch’s internal and external conditions and predict your sales forecasts. Nielsen also runs surveys to gain customer insights into your products as well.
What sets Neilsen apart from the other tools is that it works as a consultant more than a self-service software. Hence, it is good for brands with bigger product launch budgets.
Pricing: Available on request.
Upwave helps you create charts and visual data to represent it to your stakeholders and helps you create customized surveys for data collection.
The biggest advantage of Upwave’s market research tool is that it collects data from your actual target audience, instead of getting answers from people who are paid for their answers and this helps you avoid skewed results.
You can create as many surveys as you want once you subscribe to one of the plans. The basic plan has a limit of 6 questions per survey, you can add any number of questions with the more advanced options.
Pricing: $2 per study participant (Basic); $3 per study participant ( extended); $4 per study participant ( advanced)
Questback is another excellent tool to help you collect and analyze data, and eventually create meaningful solutions out of it. Be it creating surveys or presenting your data in a meaningful way, Questback can help you do all of it.
Questback helps you get meaningful insights at every stage of the engagement cycle. It captures all kinds of feedback from ad-hoc, process-based, scheduled, and on-demand feedback.
Overall, Questback helps you gain insight and act upon it at every step of your journey so your decisions are smarter, better, and more efficient.
Pricing: Starter Free; Business- Pricing available on request; Enterprise- Pricing available on request.
7. Attest – An Effective Market Research Tool
Attest is great software if you know who your target audience is. Because Attest survey allows you to access data from 110 million people across 49 countries and make your surveys as niche as possible for your business.
Apart from that, the data has a great quality as it goes through three layers of quality measures. Also, you get your survey results within days making it one of the most efficient market research tools out there.
Attest is great for anyone who has a partial or full idea of their target audience and would like to collect more data and analyze it.
There are also tools like
- Answer quota: which helps you set qualifying factors to improve the quality of your survey
- Statistical significance calculator: This helps you analyze how one factor differentiates two groups. Eg: The difference between groups of people who prefer Chinese or Italian food
- Tracker surveys: Sends your surveys multiple times to keep track of changing trends.
Pricing: Free; Professional- starts at $25000; Premium- starts at $44000; Enterprise- Pricing available on request
Remesh is an AI-based market research platform that helps you create conversation-based surveys for your customers. Your customers can start a conversation with the system and give you feedback on your product or service.
You can also add open-ended questions, polls, images, and videos to get a more in-depth response.
The biggest advantage of this tool is its speed and the possibility to make your surveys more interactive.
Pricing: Available on request
As no two businesses are built the same, there’s a high possibility that your market research needs would be different too. Hence, it is a good practice to go through all of your options and select the market research tool that checks off most of your business and marketing needs.
The software you choose would also be heavily based on the type of your target audience, the amount of time they have, the pace at which you need results, and so on.
Most of the above software services offer a free demo or consultation call, hence you can get to experience the tool firsthand before you start using it.
It is essential to do your market research and keep updating your data to stay at the top of your game.