It’s customary to have questions in mind before releasing a new product. For example, we often wonder how the market will respond to our products. Would customers like it? But what if you had a tool that would make it easier for you to get answers to such questions?
Sounds impressive, right?
An in-depth analysis of your past, present, and potential customers can help you find insights that can help you enhance your product or develop more potent marketing messages.
New brands and features are constantly being brought to the market to entice buyers. Sometimes we assume that we have a good understanding of our consumer base, but with each new product that enters the market, the expectations alter.
With the aid of market research software tools, you can quickly identify your target customer base and locate new ones. 29% of small firms use these technologies to understand customer needs better.
There are now many online tools available for market research, many of which are free or provide free and paid access. Although not all-inclusive, we’ve compiled a list of 5 excellent platforms that disseminate market data, insight, and information.
What is a market research tool?
Market research is the procedure of obtaining and examining data about your clients, both existing and potential, to enhance your corporate strategy. It helps comprehend the information and decode how to expand the business with confidence. In addition, you can use the tools to test product or service concepts, improve marketing efforts, and more.
B2B market research tools assist in lowering the risk of business decisions. A decent research tool should analyse the data as well as collect it. Would it be helpful to know the chances that your product would be successful?
Think Market Trends, Market Finder, and other marketing research tools provide intriguing insights on whether people are looking for your product, which markets to target for launch, and which retail categories are growing as the months and seasons go by. Because before making a purchase, 81% of customers research the platform’s goods and services online.
The ‘Find My Audience’ feature in the market research software tool enables you to research what your potential customers are passionate about and what you should cover in your brand’s marketing campaigns if you’d want to advertise your goods using social media.
It should give the knowledge needed to support market theories and make better decisions. You should be able to optimize sales strategies, marketing, etc., thanks to the insights!
The market categories where your goods or services are most likely to sell are revealed by research tools. For example, you may determine your target market by analysing client feedback to find out where the need for your product arises.
How can market research tools help you?
Consumer rejoices over their good fortune when they view an advertisement for a product that seems ideal for them, although this situation probably wasn’t (and shouldn’t have been) a matter of chance. Companies use strategic market research to make these situations conceivable.
A recent report by First Research Inc. estimates that market research tools contribute to $45 billion in annual global income. With proper knowledge about its target market, a business may produce products and design marketing initiatives directly speaking to consumers. But, the advantages don’t end there!
It is simply upon an intelligent business to ascertain a product’s potential for success after the initial glimmer of curiosity. You can do market research to find out if an opportunity exists, how to position a product or service, or what customers think once it has been released.
Start by exploring market research by utilizing these market research tools for startups and resources if you’re aware of the significant consequences of failure. Then, before a new launch, gathering data and opinions may help you increase success rates.
Organizations have learned some of the most significant industry revelations and the minor facts that most people miss, thanks to market research.
69% of startups estimated that they could target more customer base after using market research tools. Market research is crucial because it enables businesses to interpret information and make defensible judgments.
The following strategies of marketing research tools will help you attract potential clients and keep them hooked with a sustainable retention rate:
Understanding your customer base better is the primary goal of a market research tool, which is a crucial step in developing a customer-focused company. Customer experience is always put first in customer-centric businesses. According to HubSpot, customer-focused companies are 60% more profitable. It is clear why putting the needs and wants of the client first will lead to success.
You can learn about your target clients’ requirements and preferences, as well as other critical factors, through market research. You cannot successfully establish a customer-centric firm without an understanding of your customers.
Reduce risk by testing:
Any business effort must include some elements of risk. Businesses would limit their opportunity for the benefit if they didn’t take risks. Successful companies, however, typically take proactive measures to reduce their risks. Avoiding risk does not include being still and doing nothing. Firms should use market research tools instead to minimize risks and increase benefits.
Making sure a product is in demand is crucial in reducing risks. Numerous items actually fail. Research Inc. states the failure rate could be as high as 95%. Even if that estimate is probably too high, it is nevertheless true that many new products miss their target market and wind up in clearance racks.
Companies invest in market research tools to make their decisions more data-driven. However, decisions should not be made based just on intuition.
For instance, you might think it’s a smart business move to release a premium version of your product at a higher price point. But did you realize that consumers also associate expensive goods with premium labels? As a result, their trust may be lost if demands are not met. As a result, they might decide to leave you.
Conducting market research is the only way to be specific. However, to create your own survey and polls for an informed, fact-based decision, you can explore some inexpensive tools which are an alternative to Surveymonkey.
Stay on the top of trends:
Not only new enterprises should conduct market research. Businesses must adapt in order to improve client connections as consumers do. Keeping up with current trends can be accomplished with the help of market research. Secondary research is frequently used to study trends. Consumer interest in new product features can be discovered, for instance, through industry publications or research from your competitors.
Market research tools are crucial if you want to keep up with today’s rapid cultural changes. You must keep up with trends in various areas, including your target audience’s purchasing habits, the most effective advertising platforms, packaging preferences, product features, pertinent content, and much more.
Better connect with customers:
Regardless of your target, adopting a one-size-fits-all strategy for marketing channels can be an expensive error. The print magazines, television shows, and websites your audience frequents can be very different from those of the target market for your previous offering.
Making the proper marketing channel selections is a crucial first step in reaching your target audience. Still, to genuinely connect with them, you also need to customize the content of your marketing materials. Again, using the proper market research tool can allow you to excel at this.
5 Best Market Research Tools & Software’s for your Business
Market analysis tools increase your chances of long-term success significantly. You can only find the information you need to create a product or service that
- meets the needs of your potential customers
- distinguishes yourselves from the competition through market research.
You may learn a lot from each of these services, regardless of whether you work for a major corporation, a small business, or another type of organization. So here are the top 5 market analysis tools we’ve found and our recommendations for using them.
With the use of in-app screen captures, surveys, and feature request boards, Usersnap enables you to get additional product insights. Your one-stop tool for collecting consumer feedback.
Create unique feedback widgets and buttons to engage with your users. Provide feedback channels like a feature request form, screen recording with voice feedback, Net Promoter Score (NPS), Customer Effort Score (CES), Customer Satisfaction (CSAT) questionnaires, etc. Also, make user behaviour and URLs the basis for feedback surveys with segmenting and targeting options. Console log failures and user environment information are automatically attached.
- You may assign, classify, and discuss issues and requests in one dashboard.
- Efficiently manage customer feedback to boost satisfaction.
- You may update the status of your tickets and receive community support for your product ideas.
- With the reply-to-sender function, you may close the feedback loop.
- Enables you to launch and distribute testing pages to people
- Flexibility of usage and implementation
- Simple for customers to provide feedback from their point of view
- When it comes to enterprise solutions, the price is high for a self-service product.
- Lack of two-way integrations
Pricing: Starts from $19/ month.
Outgrow makes it simple for marketers to make calculators, suggestions, quizzes, and polls for better lead generation, qualification, and monetization. With Outgrow, marketers can quickly create these solutions without the assistance of a developer or designer.
- Outgrow has a host of design templates that are fully optimized for mobile, desktop, and tablet.
- Easily embeddable into your advertising, websites, mobile apps, social media, SMS, and email communication. In addition,
- There are over 1000 pre-made content pieces and funnels that are optimized to improve conversion so you can change the questions, make a few tweaks
- It’s consistent with your brand and has your own interactive content ready in minutes.
- The quiz is fun, and site visitors are likelier to return more than once.
- Outgrow has been the ultimate tool allowing us to connect with a youthful audience through quizzes and calculators
- The platform is intuitive and easy to navigate; no coding experience is required. As a professional marketer with a tight budget,
- The options to customize the design have some limitations
- Problematic to style if you aren’t on the top pricing plan, everything is an upcharge
Pricing: Starts from $25/ month.
With a wide variety of question types and a scalable framework, you may customize your survey to meet the demands of your organization.
Send your customized survey to your teams through a web link or email, and then quickly publish the results to strengthen customer interactions and increase customer retention.
- HubSpot will assist you with selecting the best feedback instrument and distribution mechanism, whether it be email, chat, or online link.
- To measure customer loyalty at each touchpoint, choose from pre-built Net Promoter Score (NPS), Customer Effort Score (CES), and Customer Satisfaction (CSAT) questionnaires.
- You can automate your customer care procedures with task creation, escalation, and ticket routing.
- Using a global, collaborative inbox that compiles customer emails, chats, and other correspondence, manage 1-to-1 customer communications at scale.
- Convert your clients’ most commonly asked support questions and issues into a comprehensive, search engine-indexed knowledge store of how-to guides and manuals.
- Use bots to direct consumers to pertinent support content, the right chat agent, and more to increase the efficiency of live chat and grow 1-to-1 discussions.
- The monthly cost of the Starter package is only $50. However, if your company is smaller or you’re simply on a restricted budget.
- HubSpot’s free edition has extremely few capabilities, so you can only use it for the bare minimum of tasks.
Pricing: Starts from $50/ month.
Make attractive surveys that people want to take. Create the ideal survey and include several questions, reasoning, and personalized branding. Real-time, graphical findings are displayed. Increase response rates by interacting with customers on their chosen platforms and devices. Deliver your survey via a landing page, or copy the code and paste it into your emails or website. Any survey is fully responsive and performs well on every platform and device.
- Send emails by default as soon as a form is submitted. To send customized notifications based on user preferences, use conditional logic and merge tags.
- You may easily see our entire website, landing pages, and Woorise dashboard on any device because they are all mobile-responsively designed.
- With a drag-and-drop interface, you can quickly alter any campaign component, including form fields and social media actions, without the assistance of a developer.
- Data from each participant is exported as a CSV file. Do You require more authority? For example, you can set optional filters and a date range to export only the required information.
- By breaking up complicated forms into separate steps, you can quickly and easily get more information from your prospects.
- There is insufficient documentation.
- Can’t remove watermark in simple plans
Pricing: Starts from $29/ month
You may gather feedback from website visitors and evaluate their experience using link surveys, QR codes, and in-app surveys. Reach out to customers remotely to learn more about their experiences via email embedded surveys, email button surveys, and email signature surveys. By holding live polls, you can determine the preferences and viewpoints of the public. After the poll, show the audience the live results.
- Use quizzes to engage your viewers, test their knowledge, and establish rapport. At the end of the test, display the scoreboard and the solutions.
- Take feedback from customers on-site and gather leads using touchscreen devices without WiFi. Automatic syncing.
- Create Dynamic Surveys using survey white-labelling, themes, multilingual surveys, pre-fill data, variables, answer piping, and logic.
- Use a straightforward NPS question to gauge customer loyalty.
- Follow the performance of the Customer Support Team.
- Ideal for transactions and post-service
- To reduce churn, lower customer effort
- The inability to skip questions with irrelevant sections.
- When leaving feedback, the screen occasionally takes a long time to load the app or tab on the home screen.
Pricing: Starts from $96/ year.
Utilizing market research will ultimately provide you with a significant competitive advantage. Due to the benefits listed above and the fact that less than 40% of marketers employ consumer research as a decision-making tool, this is the case.
One of the most effective methods to use market research data is to optimize and educate your marketing strategy from campaign conception to execution.
The future of marketing research is already here
According to market research numbers and trends, many of these trends have been boiling below the surface for the past few years. As a result, you are now prepared to command attention. Understanding the primary market research trends will put you in an excellent position to support your brand with intelligent customer intelligence.
Tools for market research are a priceless resource for learning precisely what your target audience is thinking. Whether you conduct your research using free or expensive technologies, you can find a wealth of information that could completely change the course of your company.
Stop making snap judgments; take the time to learn about your target audience and utilize that knowledge to guide your marketing plan.
Vineet is a software engineer by qualification and an online marketer by profession. He likes studying Google search algorithms and helps businesses by improving their online presence.