15 Best Software for Market Research & Market Research Tools

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15 Best Software for Market Research & Market Research Tools month over month growth
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Want to conduct market research? You need a tool to help you create surveys, analyze survey feedback, generate actionable insights, and save you tons of effort & hours of time. We’re talking about market research software. 

In this blog, we’ve compiled a list of 15 best software for market research & market research tools with a comparison of their best features, pros & cons, and pricing plans. It will help you choose the one that fits your needs & suits your budget. 

But first, let’s take a closer look at some key concepts related to market research.

What is Market Research?

Market research is the process of gathering, analyzing, and interpreting information about a specific market, industry, or target audience to support informed business decisions. Market research results are used to make informed decisions regarding product development, pricing strategies, marketing campaigns, distribution channels, and overall business planning.

It is a crucial marketing and business strategy component, helping organizations understand their customers, competitors, and the overall business environment. 

Some key aspects of market research include

Data Collection: This involves collecting data from various sources, such as surveys, interviews, focus groups, observations, and online sources. The data can be quantitative (numbers and statistics) and qualitative (descriptive information).

Market Segmentation: Researchers often divide the market into segments based on demographics, psychographics, behavior, and geography. This segmentation helps businesses understand their target audience better.

Competitor Analysis: Assessing competitors in the market is essential to identify strengths, weaknesses, opportunities, and threats. This analysis helps businesses position themselves effectively and develop competitive strategies.

Consumer Behavior: Understanding how consumers make purchasing decisions, what influences their choices, and their preferences is vital for product development, pricing, and marketing strategies.

Trend Analysis: Monitoring and analyzing market trends, such as technological advancements, cultural shifts, and economic factors, can help businesses adapt and stay competitive.

Feasibility Studies: Market research can also include feasibility studies to determine whether a new product, service, or business venture is viable in the current market.

Risk Assessment: Identifying potential risks and challenges in the market allows businesses to develop risk mitigation strategies and make informed decisions.

What are the key elements of market research?

Market research is composed of several key elements that are fundamental to its success. Here are the key elements of market research:

Research Objectives: Clearly defined research objectives are the foundation of any market research effort. These objectives specify what you intend to achieve through the research, such as understanding customer preferences, assessing market size, or evaluating product feasibility.

Target Audience: Identifying and defining the target audience or market segment is crucial. Knowing who you want to study allows you to tailor your research methods and questions to gather relevant data.

Research Design: This element involves making decisions about the overall research approach, including the research method (e.g., surveys, interviews, focus groups, observations), sampling strategy (how participants are selected), and data collection instruments (questionnaires, interview guides).

Data Collection: Gathering data from the selected sample or data sources is a critical step. Depending on the research design, this may involve conducting surveys, interviews, observations, or using other data collection methods.

Data Analysis: After data collection, the information must be processed and analyzed to identify patterns, trends, and insights. Data analysis can be quantitative (using statistical techniques) or qualitative (coding and interpreting text-based data).

Interpretation: Interpretation involves making sense of the data in the context of the research objectives. Researchers draw conclusions, generate insights, and provide explanations for the findings.

Actionable Insights: Market research aims to provide actionable insights that inform decision-making. Insights should be specific, relevant, and useful for addressing business challenges or opportunities.

Reporting: Research findings are typically documented in a report or presentation. The report should present the research objectives, methodology, key findings, and recommendations in a clear and organized manner. Visual aids may enhance data presentation.

Ethical Considerations: Ethical principles are crucial in market research. Researchers must protect the privacy and confidentiality of participants, obtain informed consent when necessary, and adhere to ethical guidelines throughout the research process.

Quality Assurance: Ensuring the quality and reliability of data is essential. Quality assurance measures may include pre-testing research instruments, validating survey questions, and conducting regular data accuracy and consistency checks.

Budget and Resources Management: Managing the budget and resources allocated for market research is critical. Researchers must plan for data collection, analysis, and reporting costs while effectively allocating human resources and time.

Continuous Learning: Market research is an ongoing process. Organizations should be open to continuous learning, adapting research methods as needed, and staying updated on changes in the market and consumer behavior.

Feedback Loop: Establishing a feedback loop allows organizations to assess the impact of their decisions based on research findings. This feedback helps refine strategies and make necessary adjustments.

These key elements of market research ensure that the process is systematic, rigorous, and capable of providing valuable insights that support informed decision-making in businesses and organizations.

Now that you know what market research is all about, let’s introduce you to market research software.

Kickstart your market research with survey templates, a market research guide, the latest trends, and more.

What is the definition of market research software?

Market research software is a tool used by researchers, businesses, and organizations to conduct the market research process. It is mostly used to automate the most time-consuming tasks in the market research process, such as building & sharing surveys, analyzing data, generating reports, etc. 

Market research software can encompass a wide range of tools and applications, and its features may vary depending on the specific needs and objectives of the user. However, the best software for market research must have some non-negotiable features we’ve mentioned in the following section. Read on to know what those are.

What are some of the must-have features of the best market research software?

The features of the best market research software vary depending on the specific needs and objectives of the user. Still, several must-have features are essential for effective market research software. These features include

Survey and Questionnaire Design Tools:

  • User-friendly interface for creating and customizing surveys.
  • A variety of question types (multiple choice, open-ended, rating scales, etc.).
  • Logic and branching options to create dynamic surveys.
  • Templates and question libraries for efficiency.

Data Collection and Management:

  • Multichannel data collection (online surveys, email, mobile, social media).
  • Capabilities for capturing data offline and in real-time.
  • Integration with panel management tools.
  • Data validation and quality checks.

Data Analysis and Reporting:

  • Advanced data analysis tools, including statistical analysis.
  • Data visualization features (charts, graphs, heatmaps).
  • Customizable dashboards for real-time insights.
  • Report generation with export options (PDF, Excel, PowerPoint).

Data Security and Compliance:

  • Robust data encryption and secure storage.
  • Compliance with data privacy regulations (GDPR, HIPAA, etc.).
  • User access controls and permission settings.
  • Audit trails for tracking data changes and access.

Sample and Panel Management:

  • Panel creation and management tools.
  • Sampling and targeting options for specific demographics.
  • Automation of sample management tasks.

Integration and Compatibility:

  • Integration with other data sources and systems (CRM, analytics tools).
  • API support for custom integrations.
  • Compatibility with various devices and platforms.

Collaboration and Workflow:

  • Collaboration features for team-based research projects.
  • Task management and assignment capabilities.
  • Version control for survey design and reports.

Survey Distribution and Data Collection:

  • Email distribution and tracking.
  • Mobile optimization for respondent accessibility.
  • Offline data collection for field research.

Customer Support and Training:

  • Access to customer support and training resources.
  • Online documentation and tutorials.
  • User communities for peer support.

Scalability and Performance:

  • Scalability to handle large volumes of data and respondents.
  • Reliable performance and uptime.

Cost and Pricing Models:

  • Transparent pricing structures.
  • Flexible pricing options (subscription, pay-as-you-go).
  • Competitive pricing relative to features offered.

Usability and User Experience:

  • Intuitive interface for users of varying technical expertise.
  • Responsive design for mobile devices.
  • User-friendly reporting and data visualization tools.

Data Export and Portability:

  • Data export options to third-party tools.
  • Data portability to ensure users have control over their data.

Feedback and Survey Testing:

  • Tools for testing surveys before deployment.
  • Collecting feedback from respondents and users for improvements.

Analytics and Trend Monitoring:

When evaluating market research software, it’s essential to consider the specific requirements of your research projects and organization. The best software will align with your goals and provide the necessary features and capabilities for effective market research. 

Now, look at some of the best market research tools & software.

List of 15 best market research tools & software

1. Voxco survey software

Voxco is a scalable survey and feedback management platform with multilingual capabilities, robust analytics, and data collection options. Here are some features of Voxco survey software:

  • NPS dashboard for granular analysis
  • Built-in text & sentiment analytics
  • Omnichannel survey capabilities
  • Sample provider
  • Integration with Salesforce

2. Qualtrics

Qualtrics is a leading market research platform that offers a wide range of features, including survey creation, data collection, and analysis. It is a good choice for businesses of all sizes and industries.

3. SurveyMonkey

SurveyMonkey is another popular market research platform that is easy to use and affordable. It offers a variety of survey templates and features, making it a good option for businesses new to market research.

4. Google Forms

Google Forms is a free and easy-to-use survey tool that is perfect for small businesses and startups. It is not as feature-rich as some other options on this list, but it is a great way to get started with market research.

5. Typeform

Typeform is a visually appealing survey tool that captures attention. It offers a variety of templates and features, making it a good choice for businesses that want to create engaging surveys.

6. Alchemer

Alchemer (formerly SurveyGizmo) is a powerful market research platform that offers a wide range of features, including survey creation, data collection, and analysis. It is a good choice for businesses that need a more complex solution.

7. QuestionPro

QuestionPro is a user-friendly market research platform that offers a variety of features, including survey creation, data collection, and analysis. It is a good choice for businesses that want a cost-effective solution.

8. Zoho Survey

Zoho Survey is a cloud-based market research platform that offers a variety of features, including survey creation, data collection, and analysis. It is a good choice for businesses that need a scalable solution.

9. HubSpot Survey

HubSpot Survey is a free market research tool designed for businesses using HubSpot’s CRM platform. It offers a variety of features, including survey creation, data collection, and analysis.

10. KeySurvey

KeySurvey is a market research platform offering various features, including survey creation, data collection, and analysis. It is a good choice for businesses that need a customized solution.

11. Kwik Surveys

Kwik Surveys is a quick and easy way to create and distribute surveys. It is a good choice for businesses that need to get feedback quickly.

12. Confirmit

A comprehensive customer experience and research platform with advanced analytics and multichannel feedback management.

13. Think with Google

Think with Google is a free market research platform that offers insights into consumer behavior and trends. It is a good choice for businesses that want to learn more about their target market.

14. ProProfs Survey Maker

ProProfs Survey Maker is a cloud-based survey creation and analysis tool that helps businesses collect feedback from customers, employees, and other stakeholders. It offers a variety of features, including survey creation, data collection, data analysis, etc

15. Qualaroo

Qualaroo is a software platform that collects user feedback and conducts market research. It’s designed to help businesses and organizations gather insights from website visitors and customers to improve user experience, conversion rates, and overall satisfaction. 

Tabular comparison of the 15 best software for market research

Software

Features

Pros

Cons

Pricing

Voxco Survey Software

Survey design, data collection, reporting, multichannel.

Scalable, robust analytics, multilingual.

High learning curve for advanced features.

Contact for pricing; no free plan.

Qualtrics

Survey creation, data collection, analysis, A/B testing, segmentation, reporting

Wide range of features, powerful analytics, good customer support

Can be expensive

Starts at $1,000/month

SurveyMonkey

Survey creation, data collection, analysis, A/B testing, segmentation, reporting

Easy to use, affordable, templates and drag-and-drop features

Limited features compared to Qualtrics

Starts at $25/month

Google Forms

Survey creation, data collection, analysis

Free, easy to use, integrates with other Google products

Limited features compared to other options

Free

Typeform

Survey creation, data collection, analysis

Visually appealing, interactive surveys, good for collecting feedback

Can be expensive for advanced features

Starts at $35/month

Alchemer 

Survey creation, data collection, analysis, A/B testing, segmentation, reporting

Powerful features, good for complex projects

Can be complex to use

Starts at $299/month

QuestionPro

Survey creation, data collection, analysis, A/B testing, segmentation, reporting

User-friendly, affordable, good for small businesses

Limited features compared to Qualtrics

Starts at $19/month

Zoho Survey

Survey creation, data collection, analysis, A/B testing, segmentation, reporting

Cloud-based, scalable, good for businesses of all sizes

Limited features compared to Qualtrics

Starts at $14/month

HubSpot Survey

Survey creation, data collection, analysis

Free for HubSpot CRM users, easy to use

Limited features compared to other options

Free for HubSpot CRM users

KeySurvey

Survey creation, data collection, analysis, A/B testing, segmentation, reporting

Customizable, good for businesses with specific needs

Can be expensive

Starts at $199/month

Kwik Surveys

Survey creation, data collection, analysis

Quick and easy to use, good for small businesses

Limited features compared to other options

Starts at $19/month

Confirmit

Survey and feedback management, data analytics

Advanced analytics, multichannel feedback.

Complex, may not suit smaller businesses

NA

Think with Google

Consumer behavior insights, trends

Free, insights into target market

Limited features compared to other market research platforms

Free

ProProfs Survey Maker

Survey creation, data collection & analysis, reporting, A/B testing, integrations.

Easy to use, wide range of features, 24×7 customer support

Features confined to a paid plan, cluttered interface

Starts at $7/month

Qualaroo

Survey creation, behavioral targeting, real-time reporting

User-friendly, advanced targeting, integrations

High-pricing, limited survey types, complex interface

Starts from $69 per month.

How to choose the best software for market research?

When choosing a market research software, it is important to consider your budget, the features you need, and the size of your business. Here are some additional things to consider when choosing market research software:

The size of your business: If you are a small business, you may not need all of the features offered by a large enterprise solution.

Your budget: Market research software can range in price from free to hundreds of dollars per month.

Your needs: What specific features are you looking for in market research software? Do you need to create surveys, collect data, or analyze results?

Your level of experience: If you are new to market research, choose software that is easy to use.

The type of market research you need to conduct: There are many types of market research, such as surveys, focus groups, and interviews. Choose software that is designed for the type of research you need to conduct.

The features offered by the software: The software you choose to conduct market research should have some non-negotiable features that we mentioned earlier in this blog. These features include survey templates, tools for data analysis, visual dashboards, etc.

The customer support offered by the software: Make sure the software provider offers good customer support in case you need help using the software.

We recommend reading software reviews on credible sites like G2 and comparing options before deciding. Hence, you get an unbiased opinion of the market research tool you’re considering.

Ready to Choose the Best Software for Market Research?

Now that you’ve reviewed the list and compared the 15 best market research tools & software, choosing the one that fits your requirements shouldn’t be difficult. 

No matter which market research tool you choose, conducting market research will push you closer to gaining the correct insights for your project. Remember to consider the factors that affect the choice of your tool. Be wise and choose right!



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