What are the Best Tools for Conducting Market Research
Today, there are an immeasurable amount of market research tools, apps, and websites to get the best insights to grow your business. This blog is a compilation of a few such efficient tools that will up your marketing game.
A thorough evaluation is an indispensable part of generating revenue for any business to thrive. Great market research does that job. Market research is a methodical approach to gathering, structuring, analyzing, and interpreting useful data to draw actionable insights. The data can be about consumer behavior, competitors, market trends, or just the overall industry. This is the cornerstone of any flourishing business. The study serves a variety of reasons, from locating a new market to starting a new company.
Why is market research essential?
The market research presents a panoramic view of the industry which helps businesses determine where they stand in the long run. The data helps them improve their products and services, understand their target customers, and make better business strategies.
1. Helps evaluate your own business by drawing useful insights from your competitors.
2. Helps you identify your potential customers and provide accurate information about the existing ones
3. It also provides data on how your customers perceive your products and services.
4. It can help you discern whether a new strategy or product will thrive in the market or not based on how those strategies have performed in the market for others.
5. Additionally, it can assist in making informed decisions about promotional strategies and marketing campaigns.
Types of market research:
The two major categories are primary and secondary market research.
Research is conducted by directly gathering information from the target market using various tools and methods. it aids in gathering two types of results namely, exploratory and specific. Exploratory information helps to identify problems that weren’t looked into earlier. This can be either done via face-to-face interviews or customer surveys. And the specific information focuses on problem-solving by compiling the raw data.
Constitutes previously gathered data. it generally includes published market studies, focus groups, customer emails, surveys, feedback, etc.
Qualitative and Quantitative Research
Both are a collection of primary and secondary data which can be used to draw deeper business insights. A prime example of this type of research is mystery shopping. Professionally trained shoppers are employed to analyze the quality and standards of the products/ services of a particular business. This method helps improve customer experience.
Market Research tools to thrive your business
Take your marketing to the next level with these free and paid marketing tools. Gather relevant and accurate data so that you can target a wider audience and connect with them.
This tool helps you keep track of trends by gathering data on what others are searching on Google. Google processes over 99,000 searches each second. That’s over 8.5 billion searches per day. And, you can get this data with proper structure using Google Trends. Its simple user interface and appealing visuals can be used by even those who are not tech-savvy. it’s a free data library.
HS Brands for Mystery Shopping
HS Brands provides mystery shopping services for various industries. their audits are performed by an expert, independent evaluators that allow an unbiased opinion of your products/services. This can help you gather and analyze data critical to your business. It is an interactive platform with a consultative approach that has built its audits around intelligent surveys that give you accurate insights to improve your customer service.
Facebook Page Insights
With over 2.9 billion monthly active users, Facebook is an excellent platform to advertise your business. Facebook page insights provide useful information about your audience, post reach, and the condition of your page. It helps you analyze your most viewed posts and why. Moreover, it offers courses that can help you get started on how to maximize your profits by generating insights and how to develop data-driven suggestions.
A great tool if you want to conduct surveys. This tool produces easy-to-make surveys that can be conveniently distributed using a link to emails, social media, or websites. All of this is done with its enterprise-grade platform. To view data visually, you can either browse through individual replies or utilize the tool’s reports and graphics. Even though a paid tool, it has amazing free plans and numerous templates to choose from. A great tool to up your customer feedback game.
This tool uses business intelligence and analytics in a visually appealing way to drive wise business decisions. Even a person with no prior programming knowledge can use this intelligence suite. You can easily extract data from PDFs, Excel, SAS, Python, etc. It provides a comprehensive view of your data so that you can stay updated with emerging patterns in the market. Its flexibility makes it a widely used analytics platform.
Make My Persona
A free tool if you want to create a buyer or user persona. Make My persona is a research software from HubSpot that creates a buyer persona using the information you provide in the form. It asks for details like age, company size, job titles, goals, challenges, etc and you get a ready-to-use persona template for various client categories. There is a feature to add new sections manually and you can easily download and export the buyer persona with a click.
How to improve your market research?
1. Identify your purpose for market research: unless you don’t know what you’re looking for, any amount of data won’t be enough to tell you what sections your business is lacking in.
2. Utilize market research reports: There is a wide range of free data available online. Apart from that, use the company database to make comparisons in the data
3. Conduct field studies: research such as interviews, surveys, and feedback can significantly affect your strategies. Start asking the right questions.
4. Take services from a market research firm: outsourcing can help you focus on the aspects that were getting ignored otherwise. For eg. HS Brands for mystery shopping services.
Using the right market research tool, you can always find out what your customers think and even target a wider audience. Be it paid or free, the insights you gather can have huge benefits for your business. And if you want a more in-depth perspective of your customers, HS Brands is your go-to option. Receive transformative information with our full range of audits, regulatory inspections, and integrity checks.