Market research tools are the backbone of every organization. The tools aid in figuring out who your potential customers are, how to approach them, and their expectations.
Thankfully, market research is no longer a complex process as it was during the times of door-to-door surveys. You may now use internet resources to get the work done quickly and efficiently.
Everybody benefits by using a thoughtful combination of these tools, from small retail shops to e-commerce giants.
In this article, we’ve compiled a list of the finest market research tools, along with pros and cons, and costs.
Before we start going over the list, let us have a look at what tools of market research actually is.
Market research is an essential component for the success of an organization, and in an increasingly competitive world, knowing the complexities of your target market is more significant than ever.
Fortunately, it is now simpler than ever to obtain important insights. With the development of market research tools, you no longer need to be a market intelligence genius to begin gathering the data you want.
Software for market research helps you collect, analyze, and interpret data you gather on the market, customers, and competitors. It provides you with valuable insights into the target market. The insight helps you make informed decisions about business operations and strategies to drive growth.
The tool helps you accomplish several tasks, as follows.
1. Collecting data:
It helps you gather customer data from various sources, such as online surveys, phone surveys, and offline surveys.
2. Analyzing data:
The software enables you to analyze quantitative and qualitative data with ease. It helps you identify hidden patterns, trends, themes, and correlations in respondents’ feedback.
3. Interpret data:
The market research software allows you to create dashboards and dynamic reporting to interpret the data. It helps you use visual representation to understand what the insight means and how you can use it to make decisions.
A startup that wants to understand its target audience must conduct market research. Alternatively, if a company intends to offer a new product or service. Investigating potential consumers to determine how an audience would react.
Tools of market research help you gain consumer insights to build an effective marketing strategy. It helps you track brand awareness, analyze competitors, and uncover potential markets. There are many reasons why market research software is useful. Some of them are:
The list of the top software for market research mentions various functionalities that can help you use research data to its full potential. Market research software for small businesses or enterprises can help a business in several ways.
Selecting a target audience is a crucial step in market research. A lack of an appropriate target audience will ultimately lead to ineffective outcomes and halt the process.
Market research software must be primarily competent in choosing the right audience for better results.
It offers you insight into the target market, including industry trends and customers’ demographics, behavior, and needs. The tool helps you uncover hidden insights and identify opportunities for improvements and innovations.
Market research tools assist managers in making realistic judgments. Decisions based on empirical evidence and research are preferable to those based on intuition. The marketing researcher’s functions, such as description, assessment, explanation, and forecast, aid in practical decision-making.
As a result, it is a necessary tool not just for marketing managers but also for other functional managers. It helps you reduce the risk of making a business decision based on assumptions or incomplete information.
Tools of market research connect you with your customers, prospects, consumers, and the general public through information.
It assesses marketing efforts, marketing results, and marketing processes. This evaluation yields knowledge that brings the firm closer to its customers and society.
The best software for market research can help you identify opportunities for growing and expanding your business. It can help you identify new customers or untapped markets. By understanding the market trends and industry competition, you can develop strategies on how you can capitalize on the opportunities.
Market research tools help automate data collection and analysis. Additionally, it offers you multiple ways to reach a wider audience irrespective of geographical distance. So, you can efficiently reduce the time and resources spent on manual market research. This allows your research team to focus on the research while gathering valuable and reliable insights.
Investing in the best market research software can help your business gain a competitive edge and make informed decisions to drive success.
Let us get to know about the top market research tools and their cost and features through a table. Skip the table if you want a detailed description of these tools and move to the next section.
Market Research Tool | Features | Pricing |
Voxco Insights |
| Available on request |
Tableau |
| Starts at $70 per month |
Statista |
| Starts at $39 per month |
SEMRush |
| Starts at $119.95 per month |
Ahrefs |
| Starts at $99 per month |
Upwave Instant Insights |
| Plan starts from €8 per month |
Census Bureau |
| Free |
MakeMyPersona |
| Free |
Claritas MyBestSegments |
| Plan starts from $89 per report |
AnswerThePublic |
| Available on request |
Qualtrics |
| Starts at $1500/year |
SurveyMonkey |
| Team Premier Plan – Starts at $25/month |
BrandMentions |
| Plan starts at $99/month. |
Facebook Audience Insight |
| Free |
Google Trends |
| Free |
Market Research Tool | Features | Pricing |
Voxco Insights |
| Available on request |
Tableau |
| Starts at $70 per month |
Statista |
| Starts at $39 per month |
SEMRush |
| Starts at $119.95 per month |
Ahrefs |
| Starts at $99 per month |
Upwave Instant Insights |
| Plan starts from €8 per month |
Census Bureau |
| Free |
MakeMyPersona |
| Free |
Claritas MyBestSegments |
| Plan starts from $89 per report |
AnswerThePublic |
| Available on request |
Qualtrics |
| Starts at $1500/year |
SurveyMonkey |
| Team Premier Plan – Starts at $25/month |
BrandMentions |
| Plan starts at $99/month. |
Facebook Audience Insight |
| Free |
Google Trends |
| Free |
Here is the list of the best market research tools with their features, pros, and cons:
Voxco Insights is the industry’s most adaptable platform. It enables you to reach out to responders through different methods. As an omnichannel platform, regardless of how you conduct surveys, the channels integrate data to create a single picture.
Voxco offers multi-channel survey software that can be used for phone surveys, personal interviews, web surveys, and IVR systems. There are on-premise and hosted alternatives available, and data from all acquisition channels are kept in a single centralized database.
Features:
Pros:
Second on our list of market research tools is Tableau a data visualization business intelligence package that requires no programming experience. Tableau employs analytics, visualization, and business analysis to display data in a visually appealing manner for improved comprehension. It tries to change how we perceive and utilize data for decision-making.
Features:
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Statista fosters individuals all over the globe to make better, quicker fact-based business choices by offering an easy-to-use and cheap global business data platform. One of the reliable market research tools, it collects data from reliable sources available on the internet and converts it into insightful data.
It may uncover relevant facts about your sector and provide a statistical report that is much easier to grasp.
Features:
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Take a tour of our platform to see how Voxco can help you unlock the power of data with its robust functionalities.
SEMrush is a powerful tool that primarily focuses on increasing online visibility and uncovering marketing insights through services such as SEO, PPC, SMM, analytical tools for market research, PR, Content Marketing, Competitive Research, and Marketing Insights.
Its portfolio includes over 40 tools that may be utilized to attract more customers and enhance conversions.
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Ahrefs is the best tool for B2B SaaS SEO and company or market research, as it provides a complete array of lead generation capabilities. This broad piece of software is packed with features that can quickly turn anyone into an SEO master. It is an exceptionally efficient approach for backlinks, SEO research, and long-term SEO health management.
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Upwave, originally Survata, is one of the top analytical and market research tools for tracking the effectiveness of your brand promotional activities. You can utilize the built-in dashboard to track and adjust each campaign across several channels to increase ROI.
Upwave data has been highlighted in publications such as Forbes, USA Today, CBS News, and The New York Times.
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40+ Question Types, advanced logic, white-label, auto-translations in 100+ languages, and more. See all the features Voxco Online has to offer.
The Census Bureau provides a free website for accessing census data in the United States. For companies with limited budgets, this is one of the best market research tools. You can refine your search by age, income, year, and area. You can also access visualizations of the data using some of its shortcuts, allowing you to explore viable target audiences across the country.
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MakeMyPersona is a free interactive web application that allows you to quickly and simply create professional, customizable buyer personas. HubSpot’s market research tools enable you to ask specific questions geared to organize and comprehend your consumer’s persona.
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Ninth on our list of market research tools, Claritas MyBestSegments is a comprehensive consumer research database that includes demographic, regional, psychographic, and behavioral data. Users can create reports based on a variety of criteria to identify purchasing patterns, market potential, and more.
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AnswerThePublic is a tool for conducting keyword research. It helps you determine what themes to write or offer, and how to attract your target audience for marketing objectives. It listens for autocomplete data from search engines like Google and rapidly generates every meaningful term and query users ask.
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Agile Market Research Guide- Free!!
Good insights can be the difference between being a market leader and a laggard.
Agile methods can help transform your business, download the guide to start using the agile approach for your research.
Qualtrics is one of the most robust and cutting-edge market research tools. The platform enables you to gauge customer satisfaction, track brand awareness, evaluate products/services, and run market research. The platform also offers AI-based analytics to help you generate insights in real time.
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Related: Voxco Vs. Qualtrics
SurveyMonkey will help you create targeted surveys to understand your customer preferences and market trends. It offers an enterprise-grade platform suited for organizations of all sizes. As one of the best market research tools; this platform also offers a global survey panel, survey translation, and reporting dashboard.
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Related: Voxco Vs. SurveyMonkey
BrandMention is one of the best market research tools if your purpose if to learn what the audience is saying about your brand. The tool also allows you to monitor and spy on competitors’ social media mentions.
Track brand engagement and uncover when people are searching for your product on social media platforms. You can use this tool to generate insights on how people feel about the products you are launching, so you can refine your campaigns.
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Facebook has become one of the most popular platforms to gather market insights. It is one of the top free market research tools that allow you to reach 2.93 billion active users.
Facebook Audience Insights allows you to create a target audience and identify prospects who match your target market. However, it is limited to Facebook users. You can use robust survey software to expand your reach across other social platforms and online channels.
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Voxco helps the top 50 MR firms & 500+ global brands gather omnichannel feedback, measure sentiment, uncover insights and act on them.
See how Voxco can enhance your research efficiency.
Google Trends is one of the most used free tools for market research. The platform allows you to understand what people look for on Google. Introduced in 2006, it tracks the popularity of topics by location over time. Used as a market research tool, it helps you identify what’s trending among the audience.
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This concludes our list of best market research tools. The above marketing research tools can significantly improve your everyday toolset.
Software for market research helps businesses gain insights into their market, competitors, and customers. Using the tool allows you to make identify opportunities for growth, stay ahead of the competition, and make informed decisions. Small business owners or an enterprise investing in the best market research software can help you achieve long-term success and align business strategies with market needs.
Having said that, you now have to sit calmly and choose the best tool according to your requirements and the price that suits you the best.
Market research surveys help you understand your target audience and cater to their needs and demands.
Market research tools help you extend your reach and engage an audience worldwide. The tools allow you to learn about the target market, uncover prospects, and explore hidden opportunities.
There are several ways you can use tools for market research to collect customer data. Here are four common ways to run your research based on your goal or budget.
1. Surveys – You can conduct online surveys via email, SMS, web pop-up, or social media to gather quantitative or qualitative data. You can also conduct offline surveys using a mobile device to collect data without the internet.
2. Interviews – Use phone surveys to engage the audience in a one-on-one conversation. Or, use offline surveys to have an in-depth interview with your target audience wherever they are.
3. Focus groups – Study your target audience and engage in a lively discussion to gain deeper real-time insights.
4. Observation – Study the audience as they engage with your product/ or similar products in a natural setting. Observe their behavior and build a basis for further research.
Gauging the customers and prospects to understand their demands, buying experiences, pain points, and expectations is a part of market research.
User research, however, evaluates the usability of specific products. It measures the users’ experience with a particular product.
There is market research software for small businesses with flexible pricing and robust functionalities. The tools can help a small business automate data collection and analysis and provide valuable insights.
Businesses of all types and sizes can benefit from investing in market research tools. Startups looking to understand their target customers can leverage the tool. Or enterprise looking to enter a new market can use the tool to explore the possibilities, trends, and customer needs.
Any business looking to understand the customers, uncover market trends, and stay ahead of the competition can find such tools useful.
You can use the tool to gauge customers’ perceptions and brand awareness. Using the insights, you understand how customers react to your marketing messages and which campaigns drive their purchases.
Market research tools can help you gather insights into customers’ preferences, behavior, and needs. You can use the information to tailor marketing campaigns that resonate with the customers.
The ease of use depends on the software and the user’s experience level.
Most market research tools are designed to be user-friendly. You don’t need special training or any technical knowledge to use the tool. However, there are some tools that require more technical expertise.
Make sure to ask the research tool vendor to provide training and support to help you get started.
When you look for a market research tool, here are some of the important features to consider:
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