The Best Tools for Market Research

Market research tools have come a long way. The innovation of these tools have made the arduous task easier and more seamless. This blog tackles identifying the best market research tools for your business and how to efficiently use them.

But first, let’s cover the basics.

What is Market Research and its importance?

A process of gathering information to improve, evolve and craft products and services that your customers both need and want. Without proper market research, you’d end up spending your company’s capital in wrong places.

Market research allows you to understand your customer’s behaviour, your competitor’s best practices and deduce marketing channels to grow your business.

To reap the full benefits of market research, you can leverage on the following tools for your company.

Best Tools for Market Research

Social Mention

This is an online tool that enables you to gather real-time social media data on any site. By typing the website’s URL, the tool pulls all the social media mentions related to that site.

Tool Strengths:

See social media footprint for your brand across all the media platforms without having to aggregate the data yourself
Data and search results are laid out in a simple and easy to read format
Discover where and why your competitors are being mentioned to help you tailor your own marketing efforts
Know the hashtag, sources, and keywords most frequently associated to a target URL

Survey Monkey

A tool that gathers direct customer insights. You can create a survey or set of questions that are best answered by your customers to understand lead generation, conversion rates and customer retention rate.

Tool Strengths:

Survey is both PC and mobile compatible making it convenient for your customers/respondents
Can be integrated with other softwares and platforms
Has reporting features that enables easy analysis of survey results
Very user-friendly, can create surveys with only few clicks

Google Analytics

Although its entirety is not technically a wider tool in market research, Google Analytics can provide your customers behaviour whilst on your website. It shows which products are viewed most and it also illustrates what social media channels your customers are responding to.

Tool Strengths:

It automatically collect data that gives you immediate access to reports
Easy integration with third party tools basing on the strategy and the information you want to extract
Find top marketing campaigns in terms of traffic and conversions
Determine the location of your best visitors

GrowthBar

Perfect market research tool because it provides instant access to your competitors critical data points and their growth channels as well keywords that are working for them by giving you SEO, SEM, and Facebook advertising access.

Tool Strengths:

A simple Chrome extension that instantly allows you to do market research using your Google search page
Explore your competitors’ backlink data, social signals, keywords rank, best performing keywords and even spy on their facebook ads
most complete market research tool that is 100% free to try and more affordable than any alternative

Great Tool, Great Team

Having the right tool for your Research and Data Team is vital to help them accomplish their tasks easier and quicker. By doing so, your business’s overall efficiency and productivity can also increase. By having the right tools, it allows your R&D team to produce the most usable research that your company can benefit on.

But dealing with these tools can be overwhelming. Building a team of R&D experts and training them on utilizing these tools births another layer of operational responsibility especially and deviates your focus on your core responsibilities. In addition, there is a limited pool of talent in the research and data industry and the number of highly qualified candidates are in return shrinking.

One way to overcome this is by finding the right outsourcing partner who has access to world-class R&D talents who can equip and certify your team to put these tools to good use. The tools mentioned above along with other market research tools can also be expensive and can potentially break your bank. But with the right partner, you can save up to 70% on operational costs, yet assuring your team’s efficiency and productivity.

Partnership with Infinit-O

Infinit-O’s mission is to create endless opportunities for your company to realize its full potential.