15 Market Research Tools That Will Help You Uncover Incredible Insights

In a world of increasing competition, understanding your target market is vital.

Conducting thorough research of past, current, and prospective customers helps you uncover insights to improve your product or create more effective marketing messages.

Those insights don’t have to be hard-won, either. Thanks to new tools and data sources, businesses no longer have to rely on traditional methods like surveys and focus groups.

Ready to learn what your audience really wants? These are the 15 best market research tools to use.

Benefits of Leveraging Marketing Research

There’s a reason the global revenue of the market research industry has more than doubled since 2008 and is now valued in excess of $76.5 billion. It comes with a heap of benefits. Any business wanting to improve their product or launch a new marketing campaign will be at a significant disadvantage without it.

Market research keeps your target audience at the center of every decision. By understanding their needs and desires, you can tailor everything from your product to your marketing to your customer. In doing so, you’ll reduce the number of bad customer experiences—one or two of which are enough to make 66 percent of customers switch to a competitor.

Market research tools can also help you discover new business opportunities and threats. New markets become obvious when speaking to customers and understanding their behavior. So, too, do competitors and external threats that could threaten your business if you don’t act.

Ultimately, using market research will give you a huge competitive advantage. That’s because of the benefits above and because less than 40 percent of marketers are using consumer research to drive decisions.

How to Use Marketing Research Data in Your Marketing

You can leverage market research data in several ways, but using it to inform and optimize your marketing strategy, from campaign creation to execution, is one of the most powerful.

For instance, market research can ensure your new product launch goes off without a hitch. Almost half of all product launches are delayed, and 20 percent fail to meet targets. By understanding exactly what customers want, a successful product launch simply becomes a case of delivering it.

Market research can also help you focus your marketing efforts on areas where you have a competitive advantage. By understanding what customers are really searching for, you could identify untapped markets with very little competition in terms of paid ads or SEO. Focusing your efforts here, rather than on saturated verticals, will send your ROI soaring.

Finally, you can use market research data to optimize your marketing efforts after launch. Analyzing social media and other types of user engagement data can highlight how effective each message is so you can do more of what works and less of what doesn’t.

5 Best Free Marketing Research Tools

You don’t have to spend a dime to get the benefits of marketing research. There are plenty of free market research tools out there. I’ve highlighted five of my favorites below.

1. Google Trends

The Best Free Marketing Research Tools - Google Trends

Google Trends shows you what people are searching for on Google. It was introduced in 2006 and tracks the popularity of topics over time by location. You can see exactly how popular searches are for Taylor Swift in the U.S. this year. Or how searches for Brexit have declined in the U.K. since 2019.

At the time of writing, Google processes 102,000 searches every second. That’s 88 billion searches every day, making it the largest and most valuable search data source in existence. Google Trends gives you access to that data in a categorized and aggregated way.

Enter a trend and Google will show you how trendy that term is with a line graph and give you a score out of 100. You can also compare different terms.

Pros

  • easy to use
  • visually appealing
  • huge amount of data

Cons

  • doesn’t show the exact search volume
  • related topics aren’t always relevant

Price

Free.

2. Facebook Page Insights

The Best Free Marketing Research Tools - Facebook Page Insights

Facebook Page Insights is a fantastic and free market research if you use Facebook to market your business. If you don’t use Facebook for marketing yet, you probably should. With 2.9 billion monthly active users, it’s one of the best social media platforms for marketing.

The tool provides insights into your audience, post performance, and the health of your pages. You can use the tool to see who likes your page and why, which posts get the most engagement, and learn how to increase the reach of your content.

If you’re struggling to get started, Facebook offers two courses: one on how to generate insights and make data-driven recommendations and one on how to make the most of marketing insights.

Pros

  • unparalleled insight into your Facebook audience
  • easy to use
  • courses available

Cons

  • limited to your Facebook pages
  • not as comprehensive as it once was

Price

Free.

3. Think With Google

The Best Free Marketing Research Tools - ThinkWithGoogle

Think With Google is one of the search giant’s lesser-known tools, but that doesn’t make it any less powerful. It’s a free-to-use resource library of facts and figures based on Google’s own data and other research that can supercharge your marketing efforts.

If you want a broad understanding of what’s going on in the world, Think With Google is a great starting point. Search the platform, and you can uncover marketing trends, understand the latest consumer behavior and find the insights you need to drive your marketing strategy.

The site is split into four areas (Consumer Insights, Marketing Strategies, Future of Marketing, and Tools) which you can use to find the insights you’re looking for.

Pros

  • huge resource of statistics and studies
  • easy to use
  • great for marketing research

Cons

  • limited to marketing studies

Price

Free.

4. Living Facts

The Best Free Marketing Research Tools - Living Facts

As part of the Pew Research Center, LivingFacts provides a free overview of how Americans live today. It’s bursting with research, statistics, infographics, and videos that can help you understand the opinions of your U.S. customers on everything from religion and work to health and family.

The site gets its data from several sources, including the Pew Research Center’s American Trends Panel, the U.S. Census Bureau, and other reputable organizations. If that wasn’t reassuring enough, you should know the Pew Research Center has over 160 staff members and 11 different research teams. In other words, you can trust the data on LivingFacts.

Pros

  • great for understanding U.S. demographics
  • huge amount of free information
  • understand your target audience across multiple topics

Cons

  • limited to the U.S.
  • research can be too basic for some

Price

Free.

5. U.S. Census Bureau

The Best Free Marketing Research Tools - US Census Bureau

The U.S. Census Bureau website lets you search U.S. census data for free. The Bureau of the Census conducts over 130 surveys a year (which are used to allocate billions of dollars in federal funds), making it an in-depth source of reliable data.

You can filter by several variables, including age, location, and income. It also provides visualization of some data sets. One interesting way to use this data set is to filter the results using your business’ NAICS code to see where and with whom your industry is most popular. This is a great way to discover new target markets.

Pros

  • one of the biggest demographic resources online
  • easy to search through reports

Cons

  • limited to the U.S.
  • older census reports can become outdated quickly

Price

Free.

10 Best Paid Marketing Research Tools

Free market research tools are a great way to dip your toes into the industry. However, there will always be limitations when you don’t pay for the data. If you’re serious about market research, you’re going to want to pay for premium access. These are the best paid market research tools to use.

1. SurveyMonkey

survey monkey best market research tools

So far, we’ve only discussed secondary data sources. If you want to collect your own market research data, polls and surveys are one of the best methods. SurveyMonkey is one of the best and most popular tools to use, with over 20 million questions answered using the platform each day.

The company’s enterprise-grade platform makes it easy to create, send out, and analyze surveys. Surveys can be sent via a link, email, social media, or embedded into a web page. You can browse through individual responses or use the tool’s custom reports and charts to visualize data.

Pros

  • easy to use
  • good template selection
  • great free plan

Cons

  • analytics could be improved
  • lack of customer support

Price

Basic plan is free. Standard plan costs $99 per month.

2. Statista

The Best Paid Marketing Research Tools - Statista

Statista is a hub of visual data, market research reports, and statistics. It collates data from several reputable sources, turning most of them into graphs and charts that are easy to digest. Because Statista’s data is continually updated, you can keep coming back to the same chart year after year to see how trends are changing.

The site has data on almost any topic you can imagine, making it a great way to discover consumer behavior and market trends, no matter your business.

Getting started with Statista is as easy as searching for a particular topic. The site’s search functionality is excellent and will return hundreds of reports and dashboards that you can use to influence or support your marketing efforts.

Pros

  • one of the best statistical resources online
  • great UX
  • easy to search for data

Cons

  • free plan is limited
  • visuals aren’t the best

Price

Basic account is free. Premium account costs $59 per month.

3. Typeform

The Best Paid Marketing Research Tools - Typeform

Typeform is another survey-based market research tool and an alternative to SurveyMonkey. It benefits from a more user-friendly design with a bunch of pre-made templates, making it easy to create forms and online surveys that you can send to customers. Typeform drives more than 500 million digital interactions every year and integrates with hundreds of other apps.

You can format questions in multiple ways, including multiple-choice, scale ratings, and open-ended answers—perfect for collecting quantitative and qualitative data. You can even use conditional logic to change the structure of your survey based on a respondent’s answers.

The respondent experience is also different. Unlike other survey tools, respondents are only shown a single question at a time. This makes for a more user-friendly and less intimidating experience that can increase the number of responses.

Pros

  • easy to use
  • respondent-friendly
  • strong data visualization
  • mobile-optimized

Cons

  • lack of customer support
  • data reporting isn’t amazing

Price

Limited free plan available. Premium plans start from $25 per month billed annually.

4. ​​Buzzsumo

The Best Paid Marketing Research Tools - Buzzsumo

Think of Buzzsumo as the content marketing and social media market research tool. It analyzes over 8 billion articles and 300 trillion social engagements, so you can see which topics or types of content receive the most engagement, what’s getting shared on social media, and find influencers who can help increase the reach of your content.

This makes Buzzsumo an incredibly effective market research tool for any marketer looking to put together a content marketing strategy. There’s no need to second guess what’s going to rank well and receive engagement when you can use Buzzsumo to see what’s getting traction at the moment.

There are several ways you can use Buzzsumo. The easiest way is to use the tool’s Content Analyzer to search for a topic and see which articles have the most engagement. You can also set up alerts to monitor mentions of a particular optic or keywords.

Pros

  • accurate social share counts
  • great for competitor research

Cons

  • doesn’t include every social media channel
  • filtering could be better

Price

Free plan available. Premium plans start from $99 per month.

5. Qualtrics

The Best Paid Marketing Research Tools - Qualtrics

Qualtrics is an all-in-one market research tool. From creating advanced surveys to segmenting markets and analyzing data, Qualtrics does it all. Create your own survey to gather data or upload an existing data set and Qualtrics will run statistical tests and apply visualizations to help you gather insights.

There’s no need to spend time finding respondents for your surveys, either. You can use the platform to find a representative sample of your target audience and have them fill in your survey.

There’s even on-demand training to help you get the most from the platform.

Pros

  • easy to build surveys
  • excellent data reporting

Cons

  • software has a steep learning curve
  • limited customization of surveys

Price

Plans start from $1500 per annum.

6. Qualaroo

The Best Paid Marketing Research Tools - Qualaroo

Qualaroo is an advanced customer survey tool that helps you ask the right questions at the right times. What separates Qualaroo from other survey tools is that you can embed surveys into your site, allowing you to catch users in real-time, with context. That makes their responses significantly more valuable and insightful.

Creating surveys is easy thanks to a wide range of templates and customization options. Analyzing and reporting results is also a breeze thanks to the platform’s AI-powered analytics tool. There are also tons of other features like dozens of answer types, branching questions, and automatic language translation.

Pros

  • easy to create and deploy surveys
  • analytics reduces reporting time
  • easy to learn

Cons

  • pre-built templates can be generic
  • dashboards could be improved

Price

Plans start from $80 per month.

7. BrandMentions

The Best Paid Marketing Research Tools - BrandMentions

BrandMentions is another social media monitoring platform similar to Buzzsumo but with a greater emphasis on social media. It estimates it currently analyzes billions of social media mentions for over 10,000 companies.

You can use the tool to quickly understand social media users’ opinions on practically any topic. Simply search for a keyword, and BrandMentions will display the most recent social posts as well as the context in which it was used. So not only do you see what people are saying, you understand the broader sentiment around the topic.

The tool also shows a range of other metrics, including how many people view the topic each day, how many people engage with the topic, and which days the topic trends on.

Pros

  • great for social media research
  • can also be used for brand monitoring
  • intuitive UX

Cons

  • can be time-consuming to automate reports
  • only analyzes social media data

Price

Plans start from $99 per month.

8. Gartner

The Best Paid Marketing Research Tools - Gartner

Global research and advisory firm Gartner is a heavyweight when it comes to market research. The company has three core services (trusted insights, strategic advice, and practical tools). We’re only going to focus on its trusted insights offering here.

Trusted insights offer an incredible amount of detailed, verified, and peer-driven research. It’s a fantastic way to identify trends in your industry, spot gaps in the market, and discover other insights to power your business.

These reports are at another level compared to other research teams. Gartner boasts over 2,000 research experts and several proprietary research methodologies to deliver objective and unmatched insights.

Pros

  • unmatched insights
  • unbiased data

Cons

  • very expensive

Price

Plans start at $30,000.

9. Tableau

The Best Paid Marketing Research Tools - Tableau

Tableau is a business intelligence suite centered around data visualization. You can connect to almost any data source and Tableau will transform that data into beautiful visual reports that make it easy to analyze and share with stakeholders.

You don’t need to know any code to use Tableau, and the tool makes it easy to be as broad or granular as you like with data analysis. Import data from tons of different data sources, like PDFs, spreadsheets, and Google Analytics.

Tableau is a trusted market research tool for some of the country’s biggest companies, including Verizon, Lenovo, and Charles Schwab.

Pros

  • best visual data reporting tool
  • acts as a central repository for data
  • analyzing data is easy

Cons

  • can be slow to upload large data sources
  • requires you to source your own data

Price

Tableau Explorer starts at $42.

10. Ubersuggest

The Best Paid Marketing Research Tools - Ubersuggest

Ubersuggest is one of the best tools for doing SEO and PPC-focused market research. Put a phrase into the search bar and it will provide you with a list of other relevant keywords people are searching for, along with search volume and a difficulty score. You can also enter your own domain or that of a competitor to identify areas for improvement.

It’s a great tool for identifying the size of a potential market, how competitive that market is and what chance you have of ranking in it. You can also use it to get the low-down on a competitor and find out which audiences they’re targeting.

Pros

  • great UX
  • one of the best market research tools for digital marketing
  • wide range of affordable plans

Cons

  • limited to SEO and PPC data

Price

Plans start at $29 per month or $290 for lifetime access.

Market Research Tools Frequently Asked Questions

What are the primary market research techniques?

There are five main techniques for conducting primary research: surveys, one-on-one interviews, observational studies, focus groups, and field trials.

The best insight from market research is the discovery of a relevant and actionable insight about your target market you can use to improve your offering or influence your marketing efforts.

Are market research tools worth the cost?

If you are on a budget, there are plenty of free market research tools available. However, the best market research tools cost money and provide access to more data and additional capabilities that can increase the effectiveness of your market research.

Why is it important to do market research?

Market research uncovers important information about your business and target market that can highlight opportunities for your business that would otherwise be missed.

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Conclusion: Market Research Tools

Market research tools are an invaluable way to find out exactly what your target audience is thinking. Whether you use free market research tools or paid market research tools, you can uncover plenty of insights that can have a transformative effect on your business.

Stop making uninformed decisions and start taking time to understand your customers and use that information to inform your marketing strategy.

What are your favorite market research tools?

Algolia is hiring full-stack engineers to help us research a new kind of search

Article URL: https://www.algolia.com/careers/amer-senior-software-engineer-search-ranking-united-states

Comments URL: https://news.ycombinator.com/item?id=30414821

Points: 1

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Check Out These Tier 4 Business Credit Vendors That Can Help Strengthen Your Business Credit Score

At Credit Suite, we talk about building business credit by working through the vendor credit tiers. These tiers are how we classify vendors based on their ease of credit approval. Tier 1 vendors are likely to extend net terms based on meeting some basic Fundability guidelines. Meanwhile, Tier 4 vendors are likely to require a strong PAYDEX, among other things.

Are Tier 4 Business Credit Vendors Really Necessary?

First, not all vendors fall into tiers. Tiered vendors report payments to at least one business credit reporting agency. Vendors that do not report do not fall into a tier.  However, don’t discount them. They can still be very useful to your business.

Vendor credit as a whole is important to building a strong business credit portfolio. Still, we get questions from potential clients wondering if it is necessary to work the tiers in order.  Furthermore, is it necessary to have accounts from all the tiers?  Can you just get accounts in Tiers 1 and 2 and then stop?

It seems to some that if you have enough accounts in Tier 1 and Tier 2 to qualify for Tier 3 vendors, that should be enough. Enough for what though? Yes, you may have a decent business credit score at this point, but these accounts are not going to be enough to properly fund your business.  After all, that is the point of a strong business credit score. The goal is to qualify for as much funding as possible to run and grow your business.

Do You Have to Work Through the Business Credit Tiers in Order?

There are those out there that hold the idea that there is no need to work through the tiers. Some business owners will tell you they were able to skip straight to Tier 4 without applying for credit from vendors in tiers 1-3 first. Honestly, it’s possible.

If you have a large amount of income or want to use a personal guarantee, and if you have a long time in business, you MAY be able to get credit from Tier 4 vendors and even credit cards, without working through the other tiers.

So What’s the Point?

The whole point of the Credit Suite vendor tiers is to help our customers mix-up the “secret sauce” of business credit. Building business credit this way allows you to limit using a personal guarantee and protect your consumer credit.

It also allows for you to build your business credit portfolio and your business credit score at the same time. Even better, this way allows your business to scale and grow faster, because you can use the funding for things you need while you are building business credit.  Vendor accounts can help with a number of expenses including marketing, inventory, supplies, and more.

You do not have to incur large amounts of personal loans from the beginning.  There is no need to wait until you reach a certain point to start utilizing credit in the name of your business. Rather, you can work on building business credit and use business credit from the beginning. As you do so responsibly, you will begin to qualify for vendors that offer more money and better terms, hence the other tiers.

By continuing on with Tier 4 business credit vendors, you will have more access to what you need to run your business, expand your business credit portfolio, and continue building your business credit.

Tier 4 Business Credit Vendors

These vendors require a strong business credit score for approval, but they also report payment history to the business credit reporting agencies. Here are a few examples.

Ally Car Financing Through Credit Suite

Ally provides personal financing, but they will also report to business credit bureaus. If your business qualifies for financing without the owner’s guarantee, you can get financing in the business name only.  They  will report to Experian and Equifax.

Ally offers a Commercial Line of Credit. To qualify, you need:

  • To be an entity in good standing with the Secretary of State
  • An EIN
  • A business address- matching everywhere
  • A D-U-N-S number
  • All business licenses (if applicable)
  • A business bank account
  • Bank reference
  • Fleet financing references

If a personal guarantee is used Ally will not report to the personal credit bureaus unless the account defaults.

You can also get a lease or a loan through Ally.

To qualify, you need:

  • To be an entity in good standing with the Secretary of State
  • An EIN
  • A business address- matching everywhere
  • A D-U-N-S number
  • All business licenses (if applicable)
  • A business bank account

There is no minimum time in business requirement.

You can only apply in person, and the dealer will let you know if you are approved or if a Personal Guarantee (PG) is necessary.

Brex

Brex is a business money management system that integrates with your accounting software. It allows you to track expenses and, depending on the level of service you choose, can also help with paying bills and controlling spending.

The easiest way to use Brex for both managing finances and building business credit is to open a Brex Cash account. Brex is not a bank, but rather a banking alternative. They do have a partnership with the FDIC, so your funds are secure,

They have a couple of options, but the one that falls into Tier 4 is similar to a traditional business credit card when it comes to limits. Instead of checking your personal credit score, they base approval and credit limits on business financial information.  This may include available cash, spending patterns, and more.

If you qualify for this card, your entire balance will be paid monthly.  This makes it more like net financing, as you cannot carry a balance. Brex requires an average bank balance of $1M to qualify for net 30 terms.

Ford Commercial Vehicle Financing Through Credit Suite

Ford offers several commercial vehicle financing options. These include loans, lines, and leases to actual business entities. You can get a loan or a lease.

They may ask for a Personal Guarantee (PG) if you are not approved on the merit of your application. Ford will report to D&B, Experian, and Equifax. To qualify, you need:

  • To be an entity in good standing with Secretary of State
  • An EIN
  • A business address- matching everywhere
  • A D-U-N-S number
  • All needed business license(s)
  • A business bank account
  • Strong business credit history
  • A good Experian business credit score

Frost Bank Business Rewards Credit Card

Frost bank requires $5M annual revenue to avoid PG. Also, you have to apply in person. If you apply online a PG may be required regardless. They only offer financing to current customers, and there is no minimum time in business requirement.

Don’t Stop Building Business Credit

Business credit is something you continue to build upon and improve, not a path to a final destination. This is much like a business itself, and the two go hand in hand of course. You want your business to continue to grow and thrive indefinitely, and tier 4 business credit vendors can help with that.

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