The foundation of every company’s success has been built on the use of market research technologies. In an era when it appears that there is no end to competition, understanding your target audience inside and out may be more essential than ever.
According to a PwC survey, organizations that benchmark expects accelerated growth of 69% and greater productivity than those that don’t. Businesses have utilized market research to grasp some of the most important insights about the market and the smallest data that most people overlook.
Mapping the market allows businesses to read between the lines and make informed decisions, making it all the more essential. However, in this twenty-first century, business owners do not need to hire an inside source to provide the market data in the name of research.
Now we have a variety of cutting-edge software solutions at our disposal that can help us improve, develop, and empower the products and services we provide to clients. So if you’re looking to do business in unfamiliar territory, read on! This blog post will discuss some of the most effective tools for conducting market research in emerging markets.
What Is Market Research in Business?
Market research is obtaining data to better understand target demographics and consumers, allowing a company to promote itself more successfully and ultimately succeed in the market.
Market analysis is a must-have for any business, whether B2B or B2C, large or small business organization, new or old in the market. It allows companies to make better decisions by using data to base their choices.
Although most firms recognize the significance of market research, they may not be aware of just how important market research is to their company’s success. Thus, when you need to discover what’s going on in the market, learn more about your core customer, or fulfill a long list of other critical goals, conducting market research is the best solution.
What’s Market Research Software?
Market research gathers information to determine whether a product meets customers’ needs. The appropriate market research software can provide a wealth of data about present market trends, competitors, customer spending habits, economic situations, and demographics.
Knowing how well a product will perform is critical before putting it on the market. It’s unavoidable that a product sent straight from the incubator into a market without knowledge of the market’s current condition, trends, or competition will fail and shatter.
Many companies have chosen the research path to success, as evidenced by their numerous achievements. A new product launched at the right moment, with the right features to match customer demands, might swiftly take over an existing monopoly.
As a result, conducting in-depth research may not be given enough importance. A market research software is a powerful data-gathering instrument that gathers accurate information about customers, competitors, and the target market. And using recent advances in technology, such as Artificial Intelligence, these tools give you ever more power to stay ahead of the competition.
Why Is Market Research Software So Significant for Businesses?
It’s pretty beneficial to conduct well-planned research. However, you need excellent market research software to achieve optimal results. Market research entails targeting the right audience, asking pertinent questions, and obtaining insights from the data.
It also requires taking actionable steps based on the findings. A market research software can assist you in all of these critical touchpoints. Here’s why you need fantastic market research software for your business:
Understand the Necessity for Your Product or Service
Is there a genuine need for your product on the market right now? If so, what makes your product unique in an industry where many individuals are doing something similar?
Is it reasonable to think that your consumers would switch from competing firms to your product? These are some of the concerns that a market research program may help you answer about your product.
Determine Who Your Target Audience Is
It’s terrible news when your product is launched in the incorrect areas for the wrong people. Have a clear view of who will buy and use your product and why they would do so. A marketing research software that can help you identify the appropriate audience for your study is like a delicious slice of cake with exquisite icing.
Examine the Competition
When you put your product out there, you may be clashing with well-known competitors in the market.
However, don’t allow your product to be overwhelmed by the intense competition. Instead, a market research tool will assist you in determining who your most significant competition is, how to tackle them, and even surpass them in the future.
Gauge Customer Trends
What methods do you use to determine what your consumers want? That’s a round of questions-and-answer that takes the form of an online survey. Inquire about it.
What Are the Benefits of a Market Research Tool?
Identify Potential Customers
Is your market research solution capable of finding potential consumers for you? To accomplish this, you must first figure out your target audience. Who would use your product or service, and are they prepared to transition away from their current solution?
An effective online panel can help you find the right audience, which is essential. Reaching out to the appropriate people is the most efficient way of generating new customers.
It Helps to Develop New and More Successful Strategies
A fantastic market research tool helps you turn raw data into useful information. This will assist you in assessing the strengths and shortcomings of your company. As a result, you may use this information to guide your marketing efforts and improve your brand one step further.
Identify New Business Opportunities and Growth
Market research software provides a bird’s eye view of your market, not just from one perspective. It can tell you where to improve and expand your company by looking for areas of opportunity and ultimately new consumers.
Solve Your Most Pressing Business Challenges
Market research is more than just determining if your products or services have the potential to compete and survive in a competitive market. It’s also about discovering how to make an existing product more appealing to consumers.
Use your market research software to get a clear picture of your company’s most pressing issues and blind spots. Witness your company’s success grow.
When you have a lot of data, you may gather more insights. Thus, you’ll have a bigger perspective on events and an end-to-end view of possibilities.
A market research software allows you to extract every speck of information and subsequently influences your decisions. With helpful knowledge, you’ll be able to make better decisions and correct any mistakes or misconceptions from the equation.
The Top 9 Most Effective Market Research Tools in 2022 for Market Research in Emerging Markets
There are numerous online market research tool alternatives to choose from. The following are a list of the best market research tools that user like the most:
1. Google Trends
Google Trends shows what people look for on Google and other search-related data. It began operating in 2006 and follows the popularity of topics by location over time.
Currently, Google handles over 102,000 searches every second at this moment. That’s roughly 88 billion searches daily, putting Google at the top regarding search data sources.
The Google Trends interface allows you to examine this information in a summarized and categorized format. Enter a trend, and Google will graph it and give you a percentage rating to show how popular it is. You may also compare two terms to each other.
- Shows the percentage of your searched term that appears on Google about the overall search volume for a given amount of time.
- Filters are used to narrow your searches further even more.
- For improved visual comprehension, the graph is presented graphically.
- You may respond to surveys on any device, including cellphones, tablets, and computers.
- It integrates with numerous tools and services like Zapier and Integromat.
- The data is collected and organized into Google Sheets, which are readily accessible and easy to understand.
Pricing: Free to use
2. Social Mention
Social Mention is a fantastic tool for market research, which searches over 100 social media platforms such as Facebook, Twitter, WordPress, and others to see how often your brand or keyword has been mentioned.
It can accurately track and record what individuals say about your company.
- It shows how much your keyword research is shared across social media platforms.
- It distinguishes between favorable and unfavorable sentiments.
- Provides a comprehensive evaluation of the customer’s perception of your brand.
- Users may learn about the overall influence of their brand and make informed decisions.
- It supports essential integration with well-known social network platforms for more valuable data.
- Also, you can figure out how many people are discussing your keyword.
Pricing: Free to use
3. Think With Google
Think With Google is a one-stop information center for monitoring consumer behavior, accessing valuable marketing insights, and tracking industry developments. It’s a free, data-driven knowledge and research library that can help you improve your marketing efforts.
With Think Google, you can gain a big picture view of what’s happening worldwide. You can discover marketing patterns, learn about current consumer behavior, and obtain the insights you need to guide your marketing plan by searching the platform.
The site comprises four parts (Consumer Insights, Marketing Strategies, the Future of Marketing, and Tools) that you may use to discover what you want to know.
- Run a domain checkup to get personalized suggestions for improving site performance, usability, and other elements.
- Allows you to search for trends and actionable customer insights by location.
- Develop a long-term marketing plan by applying cutting-edge technologies to it.
- Create a basic test for your website to compare it to industry norms.
- Use Google Trends to research popular topics, new stories, and other timely themes.
Qualaroo is among the most popular market research tools and the best online surveys available. It is a leading provider of digital customer surveys that allows you to ask the correct questions at the appropriate time. It offers a simple to use market research platform that provides actionable findings.
Surveys are simple to set up, thanks to various pre-built designs and customization choices. Qualaroo distinguishes itself from other online surveys in that you may embed questionnaires onto your site, allowing you to gather real-time data with context. This ensures that their responses are far more valuable and informative.
- It is simple to use and can immediately start taking feedback after setting it up.
- Professionally created survey questionnaires allow you to get your answers the way you want.
- With context for relevant responses, it captures your visitors in real-time.
- Individuals conducting the survey can quickly determine who and where the survey targets are.
- Assist in the development of detailed customer journey maps.
- It is compatible with industry-standard tools like Hubspot, Zapier, and Slack.
Pricing: Starts at $ 0.0008 Tracked Pageview/mo with 15 days free trial.
SurveyMonkey is a survey tool that includes several new market research tools and various channels for individuals to express their opinions. If you want to research on your own, polls and surveys are one of the best ways to do it.
SurveyMonkey is a fantastic and highly used tool, with more than 20 million questions answered daily utilizing the platform. The business’s enterprise-grade technology allows you to set up, distribute, and evaluate surveys quickly.
A survey may be delivered via a link, email, social media, or linked-to website. Using the tool’s built-in reporting capabilities, you may sort through individual replies or create customized reports and graphs to examine data.
- Professionally developed question bank to ask relevant questions.
- Personalized survey methods include skip logic, branching logic, and so on.
- AI-powered analysis tool for expert feedback on the survey draft.
- Guarantees that the data acquired from over 144 million users worldwide is accurate.
- The ability to get expert assistance and dedicated account executives with the adaptable engagement approach.
- The capacity to keep an eye on the market changes in a specific product category over time.
Pricing: Starts at $25/user/month.
Statista tool is one of the best market research tools specializing in data visualization and market research. It takes data from reliable sources that may be found all over the internet and makes them simple to understand and consume for researchers and others.
It can figure out the precise data in your industry and generate a statistical study that would be far easier to comprehend. As a result of its regular updating, you can return to the same chart, again and again, to see how trends are changing.
It has a lot of information on various topics, making it an excellent learning tool for customer behavior and market trends, no matter your industry. Getting started with Statista is as simple as searching for a specific topic.
The site’s search capability is fantastic, and it offers hundreds of reports and dashboards to help you with your marketing campaigns.
- The ability to filter content by a specific category.
- There are several potential metrics to choose from, and you may personalize the visuals any way you want.
- There’s also a report for market forecasts and customer surveys.
- The ability to administer worldwide consumer surveys to figure out what attracts consumers. Ability to crack markets in nearly 150 countries.
- It does an excellent job of depicting global concerns and statistics visually appealingly.
- Users may integrate it with other marketing tools by simply pasting the HTML code.
Pricing: Starts at $39/month
7. Tableau Software
Tableau is a software that does not require any programming. Tableau presents data visually appealingly to help people better comprehend it through analytics, visualization, and business intelligence.
The goal of this initiative is to change the way individuals perceive and utilize data for them to make better decisions. Tableau equips its users with the most powerful market research tools to make the most of their data.
- It can help you picture data on anything.
- You may extract data from various documents, including PDFs, Excel spreadsheets, text files, Python scripts, and others.
- Its dashboard provides a comprehensive and all-encompassing view of your data.
- It allows the marketing team to access data from a variety of sources.
- Visualizes market research data to assist you in making significant decisions and acting quickly.
- It connects with other market research platforms like Qualtrics and Salesforce natively.
Pricing: Starts at $70/user/month.
BrandMentions is an excellent service that lets you see what people say about your brand. It’s a fantastic research tool for instantly finding every nook and cranny of the internet and monitoring brand interactions.
With this feature-rich platform, you may effectively do everything and more, from social listening to competitive intelligence.
- Track conversations on several social media sites, including Facebook, Instagram, and Twitter.
- Respond to brand remarks from the dashboard to establish an internet community.
- Find and interact with the relevant influencers to power your marketing campaign.
- Analyze the overall sentiment tone of people around your company using a proprietary content analytics tool.
- Conduct a competitive study to evaluate your competitors’ performance on the internet.
Pricing: Starts at $99/month
Ubersuggest is another fascinating research tool that may aid you in generating new keyword research ideas for your marketing campaigns. You only need to provide a domain or keyword.
Ubersuggest gives you data on keyword possibilities, monthly volume, and other information to assist you in finding the best targets for your target keyword. Neil Patel, who acquired Ubersuggest, has improved the product with several new features.
- Create long- and short-tail keyword suggestions for your target keyword.
- Optimize the top-ranking pages for any keywords by analyzing the most-viewed websites for each keyword.
- You can also evaluate sites for traffic, domain score, organic keywords, backlink score, and other essential metrics.
- This tool provides you with an SEO analyzer that will evaluate the health of your website and offer ideas for improvement.
Pricing: Free and paid plans start at $12/month.
Must-Have Features in Market Research Tools
You’ve already discovered what market research software tools can do and how they may benefit business owners. However, what makes a market research tool valuable and sought-after? The following are some of the qualities that every online market research tool should possess:
Identifying the Target Audience
Knowing your target market in the early stages is essential, but it all begins with understanding your intended consumer. If you’re not sure which target audience to concentrate on, your study will be meaningless, and the process will likely end.
As a result, long before you begin using market research tools, you should be able to find the right audience to pose your questions to.
Creating a Research Questionnaire
After you’ve identified the target audience, the next stage is to develop a research questionnaire that will offer you the information you’re searching for. Users should be able to create good market research questions in a helpful market research tool, which should allow them to:
- Make the survey research engaging
- Ensure the surveys are as short as possible.
- Always be sure to ask the proper questions
Sharing Your Research Questionnaire
The capacity to distribute a survey questionnaire on numerous platforms via several channels is an essential feature of any market research tool.
Collecting Data and Creating Information
A good market research software should be able to acquire raw data and process it in a way that gives valuable information to the user at all times. This is where a test and data analysis tool comes in handy.
The analysis offered by the research tool should provide practical market insights by breaking down data granularly and presenting it in an easily understandable format.
Conclusion: Start using market research tools today
Market research tools are an excellent approach to figuring out what your target audience is thinking. You may discover a wealth of information using free or paid market research tools, which may significantly impact your business.
Stop making impulsive decisions and start spending quality time understanding your clients and applying that knowledge to your marketing strategy.