MARKET RESEARCH TOOLS: What You Should Know and Best Research Tools

MARKET RESEARCH TOOLS
Photo Credit: Kadence

Market research tools are a great way to get your business’s name out there and keep you connected with your customers. They can be used for internal research, such as customer satisfaction surveys and focus groups, or external research like online surveys and interviews. Market research tools help you identify what’s working for your customers and how you can improve the experience. Let’s look at some helpful market research tools that will help you get started on this journey!

What Are Market Research Tools?

Market research tools are used to collect, analyze, and communicate data about a business or brand. They can help you understand your customers’ needs, provide insights about competitors’ strategies and tactics, predict future trends in the marketplace (e.g., new technologies), etc.

Market research tools include:

  • Surveys—a type of questionnaire where participants answer questions about their experiences with a product or service; this information is used to gain insight into how people feel about what you’re offering
  • Questionnaires—a type of survey where respondents answer questions based on pre-defined prompts; for example: “What do you think about our new product?” This kind of questionnaire gives respondents more freedom than surveys because they have control over what they share with others who might respond!
  • Interviews—interviewing someone means asking them questions one at a time without interrupting while they’re talking; this method has been used since ancient times when it was first recorded by Aristotle who lived between 384 BC – 322 BC!

Best Market Research Tools

Market research is an important part of any business, but it’s often difficult to get the right information. That’s why I’ve put together this list of 10 market research tools that will help you find out what your customers are thinking and feeling. So let’s get started!

#1. Answer the Public

Answer the Public is a free, easy-to-use tool that provides insights into how people feel about brands and topics. You can use Answer the Public to learn what people think about a topic, understand how people feel about a person or brand, or even get an idea of how much influence you have in your community.

#2. Think With Google

Think with Google Research Tool is a free and easy way for you to find out about the latest trends in your industry, as well as how to make your business more successful. This tool helps you identify keywords that are trending, as well as provides insight into what people are searching for, what they are buying or not buying, and what they are talking about online.

#3. Spyfu

Spyfu is a paid tool, but it’s well worth the cost. This tool allows you to research keywords and competitors, as well as track backlinks and SEO metrics. You can also use their keyword research tools for competitive intelligence purposes—which means that you’ll be able to see what other sites are ranking for your target keywords, so you can understand which ones are most likely worth targeting for your campaigns.

Spyfu also has some great features for website audits: you’ll get suggestions on how best to optimize pages based on their analysis of each page’s content; they’ll even provide a link list at the end of each audit report (which includes links from other sites in both organic search results and paid advertisements).

#4. Latina

Latina is a tool that can help you find the best keywords for your target audience. It does this by analyzing your website, competitors’ websites, and Google’s search results for each keyword.

Latina is free to use but the paid version offers more features and allows access to their proprietary database of over 800 million monthly searches (with over 4 billion total). If you’re looking for something with more advanced functionality than just basic keyword research, then we recommend checking out Latina Pro instead!

#5. BuzzSumo

BuzzSumo is a tool that allows you to find the most shared content about a topic. It also allows you to filter by keyword, topic, date, and author. You can use it to find influencers and their most shared content as well as the best time of day to publish your content.

BuzzSumo is easy enough for anyone who has even a basic understanding of social media analytics—you enter in some keywords related to the business or brand in question and then see what comes up first on page 1 (or 2). If there isn’t much search volume around those words yet then that tells us something important: maybe people aren’t talking about what we want them to do yet!

#6. Statista

Statista is a statistics website that provides data on a wide range of topics. The site has one of the largest databases of statistics, and it provides data for free. It’s easy to navigate, has a simple user interface (it doesn’t require any knowledge of programming or Excel), and offers great insights into what people want when they’re making an online purchase decision.

The Statista app allows you to access your favorite reports from anywhere anytime even if you don’t have access via desktop or laptop computer (you can still use your smartphone).

#7. Typeform

Typeform is a questionnaire tool that allows you to collect data from your customers, employees, and more. It’s easy to use, has a good user experience, and is attractive. You can use it for collecting customer feedback on products or services as well as employee engagement surveys.

#8. Otter.ai

Otter.ai is a conversational tool that allows you to ask questions and get answers from the crowd. It can be used for market research, product development, and customer retention. Otter lets you ask questions in any language or format through its natural language processing engine, which understands human speech patterns and delivers accurate results faster than traditional methods, like surveys or questionnaires. You can also use it as a feedback mechanism for existing products or services; it’s great for gathering insights on what your customers want before launching new features or features based on their feedback!

#9. Dimensions.ai

A dimension is a tool that allows you to do a lot of different types of research, including competitor analysis, keyword research, and content optimization.

You can also use Dimensions to analyze your competitors’ social media accounts, which is very useful.

#10. Yelp

Yelp is a great place to start your market research. The site is full of reviews from real people who have used the company or service in question, so you can get an idea of what users think about a business or product and how they feel about the quality of service they received.

Depending on what kind of business you are looking for, Yelp may also include information about its location such as hours, directions, and map links. You can also find out if any other nearby businesses would complement yours nicely with their different offerings—and let’s face it: when it comes down to it (pun intended), we all want our food options to be diverse so that no matter where we go locally folks will always find something new!

Free Market Research Tools

Free Market Research Tools – A summary of what they are and why you should use them

Google Trends is a great tool for discovering what people are interested in, and how popular it is. It’s useful for finding out what people are searching for, and how many people are searching for something.

Google Trends allows you to see the popularity of a specific topic over time by showing you the number of searches that have been made per month since 2004 (when they first began keeping track). You can also use this information as an indicator of how much interest there may be in your topic—if few people are searching for something during a particular period, then there may not be much demand yet!

#2. SurveyMonkey

SurveyMonkey is a free tool that lets you conduct surveys and run contests.

You can use it to collect feedback on your business or create polls and forms for different purposes.

#3. Make My Persona

Make My Persona is a free tool that helps you create a digital persona for your target audience. In just minutes, you can create personas for each of your target audiences and share them with the rest of your team.

You might be thinking, “I don’t need to create personas! I already know what my audience wants and needs. Why would I need this?” You’d be right if only it weren’t so difficult to figure out what people want or need these days! With so much information available at our fingertips, we’re drowning in data (and confusion). The good news is that there are some things we still get right just by listening. If someone says they love puppies but they also hate dogs…who knows? Maybe they secretly want both!

#4. WordLift

WordLift is a free tool for doing keyword research. It allows you to analyze the search volume, difficulty, and competition of keywords. You can also get a list of related keywords based on your query.

What Are the 4 Types of Market Research Tools?

Market research tools are used to gather information about a particular market. The four main types of market research tools include focus groups, surveys, analytics, and ethnography.

  • Focus groups are one-on-one sessions where participants discuss their experiences with a product or service.
  • Surveys are sent out over email or social media platforms asking respondents questions about their opinions on various topics related to your product or service.
  • Analytics use data from your website to determine how many people visit specific pages on the site to determine how well these pages perform in terms of attracting visitors and converting them into sales leads.
  • Ethnography is another type of market research tool that involves observing real customers as they interact with products/services so you can learn more about their needs and wants before designing new products for them later down the road.

Amazon Market Research Research Tools

Amazon is the largest e-commerce site and a global powerhouse. It has an estimated revenue of almost $145 billion in 2018, making it one of the most popular websites in the world. The market research report for Amazon can give you valuable insights into its customer’s buying habits, competition, and products. The following list contains five tools that help you to find out more about this fascinating company:

#1. Helium 10

Helium 10 is a market research tool that allows you to see which products are selling well and which ones are not. You may also use Helium 10 to research trending keywords in your specific field.

#2. SellerApp

SellerApp is a powerful tool that helps you to find the best products to sell on Amazon. It will give you the ability to search for profitable products by keyword, category, and ASIN. You can also use it to find the best-selling products in any category.

It’s important to note that SellerApp has been around since 2009 and has been used by many sellers as their go-to tool when it comes to listing their items on Amazon Marketplace as well as other marketplaces like eBay or Etsy.

SellerApp offers a variety of tools including:

  • Keyword Research – This feature allows users to access their data from Google Adwords (which includes over 300 million searches from more than 100 million people), Bing (with over 1 billion searches), Yahoo!, Yandex (Russia), VKontakte (Russia) so they know what keywords are most popular with potential customers based on past performance.
  • Category Selection – This feature allows users to access thousands of categories within which they can list items.
  • Product Listing – Allows sellers total control over how they want their listings presented through templates created specifically for them by SellerApp’s team.

#3. IO Scout

IO Scout is a Chrome extension that allows you to search for information on any Amazon product. You can use it to find out what keywords are used in the listing, how many reviews the product has, and what the product’s price history looks like.

#4. Viral Launch

Viral Launch is a product research tool that helps you find the best products to sell on Amazon. It provides data and analytics on products, including sales rank, price, rank history, and more. It also gives you reviews, ratings, and keywords for each product so that you can make informed decisions about what to sell next time around.

#5. Jungle Scout

Jungle Scout is a software tool for Amazon sellers. It helps you find profitable products to sell on Amazon, and also helps you find profitable niches to sell in.

Jungle Scout is one of the most popular tools for researching your market, as it provides data on over 200 million listings from all categories including books, video games, and much more. The platform gives insight into what’s selling well at different price points so that you can understand which products are worth pursuing or not based on their net profit margins (NPV).

Stock Market Research Tools

The stock market is a complex, global system. It’s not just about buying and selling stocks — it’s also about analyzing trends over time, looking at what other investors are doing, and understanding how companies operate. That’s why you need tools like these to help you get better acquainted with the world of investing:

#1. Ycharts

Charts are a great tool for market research. It has a huge database of companies, financial data on each company, and the ability to create custom queries.

Ycharts is free to use!

#2. gurufocus

Gurufocus is a resource for investors, especially value investors. It’s a blog that offers stock screener tools and articles on investing in stocks with high growth potential.

The site also has an excellent stock screener that allows you to search for companies based on their current price-to-earnings ratios (P/E) or dividend yields. This feature makes it easy to find company-specific information about their business model, financial performance, and recent news releases with short summaries of each news item so you can keep track of what’s happening at your favorite companies.

#3. Morningstar Premium

Morningstar Premium is a subscription-based service that provides access to SEC filings, earnings calls, presentations, and more. It also provides access to analyst reports and ratings for stocks and mutual funds.

The Morningstar Premium website includes:

  • The ability to view all annual financials for publicly traded companies in the U.S., Canada, or Mexico;
  • Daily updates on major economic indicators such as GDP growth rates that affect stock prices;
  • Data from Morningstar’s database of investment ideas (which includes over 100 million stocks);

#4. S&P Capital IQ

S&P Capital IQ is a subscription-based service that provides information on stocks and ETFs. It also offers research tools, including data on companies, industries, and markets. The service can be accessed through the internet or mobile device.

S&P Capital IQ has several different packages available to users, including Basic ($99/year), Premium ($199/year), and Professional ($499/year).

#5. Finbox

Finbox is a free financial planning tool that helps you manage your finances. It allows you to view your bank accounts and make transfers from one account to another, as well as monitor your bills and credit score.

It even has a built-in mobile app so you can get access wherever you go!

Finbox offers many features:

  • Real-time data on all of your accounts (checking, savings) in one dashboard. You can also see how much money is coming in or going out of each account with ease; this helps keep track of where exactly everything is at any given time–which is especially important if there are lots of transactions happening throughout the day or week!
  • It also has handy calculators like a compound interest calculator (which will tell you how much interest accrues on an investment over time), a cash flow forecast calculator (useful for planning budgets), and a detected payment planner which helps determine how long it would take before getting rid of debt completely by paying off certain debts first, etc…

What Are Market Survey Techniques?

Market research is a technique used to collect data from a sample of individuals to understand a population as a whole. Market survey techniques are used for collecting data about opinions, behaviors, and attitudes. Survey researchers use various methods to conduct market surveys including mail surveys or phone interviews.

Market Research Tools Online

If you’re in the market for some marketing research, there are plenty of online tools out there to help. But how do you choose which one is right for your business? This post will explore five of the best online tools and show you how they can be used to find trends in customer behavior and make decisions about product development.

#1. Trendwatching

Trendwatching is one of many available online market research tools. It is a global research and advisory company that helps companies make better decisions by providing insights into the future of consumer behavior and cultural trends.

The company was founded in 1995 by a group of trend watchers from across the globe. Their goal was to create an online platform where they could share their knowledge with other professionals in industries like marketing, advertising, retailing, and fashion.

Google Trends is a tool that shows you how often a search term is entered relative to the total search volume across various regions of the world. It’s an excellent way to get an idea of what people are interested in and what is trending, so it can be used for research purposes as well as entertainment. You can find out about current events using this method by using keywords related to them or topics that might have been mentioned on television (for example: “World Cup 2022” or “Women’s Got Talent 2020).

#3. Think with Google

Think with Google is a web-based and one of the market online research tools that allow you to easily find answers to your questions. It’s ideal for market research, but there are some limitations that you should be aware of before using the tool:

  • The site offers only limited data on keywords and topics. This means that if you want more information about a keyword or topic, Think with Google will not be able to provide it because it doesn’t have enough data.
  • The site’s search engine isn’t as powerful as other tools like Ahrefs or SEMrush (more on those below). However, this isn’t necessarily bad news—it just means Think With Google isn’t going to give you as much specific detail in its results as other tools do when searching for similar terms!

#4. Omgili

Omgili is an online survey tool that allows you to conduct surveys on a variety of topics. The main benefit of using this site is the ability to see where your customers are coming from when they complete your surveys, which makes it easier for you to analyze their responses and make decisions about what kind of content or ads would be most effective in reaching them.

Omgili also allows users to create custom questionnaires with their questions, as well as access other features like exporting data into Excel tables for analysis. However, because it’s so easy to use and has few limitations (you only have 200 responses per day), there’s no need for additional software unless you want something more advanced than what Omgili offers—for example: if you want someone else outside your company (like an expert) conducting interviews instead of using online tools alone; or if there are legal restrictions preventing anyone else from accessing proprietary information stored within electronic files such as spreadsheets or word documents containing sensitive client details

#5. Specify

Specify is one of the online market research tools that helps you find the right keywords for your business. It shows you the most popular keywords in your industry as well as trending terms. You can also use it to find new keywords specific to your business or industry.

Conclusion

In this article, we have covered the different types of market research tools and their uses. We have also discussed how to use them effectively for your business. If you are looking for a way to improve your sales or marketing efforts, then you must start with proper research.

Market Research Tools FAQs

What are the 6 tools of research?

  • The library and its resources
  • The computer and its software,
  • Techniques of measurement
  • Statistics
  • The human mind
  • Language

What are the steps to doing market research?

  • Define the Problem or Opportunity
  • Develop Your Marketing Research Plan
  • Collect Relevant Data and Information
  • Analyze Data and Report Findings
  • Put Your Research into Action

Why pricing is important in marketing strategy?

It defines the value that your product is worth for you to make and for your customers to use.

References

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