Market research is essential whether you are starting a business or want to launch a new product, feature, or location. You need to make sure that the opportunity is there for your idea or product, that it has a unique selling proposition, and that there is a demand for it.
That seems obvious, but market research is often neglected by those who have a vision and want to go with their instincts rather than gathering data. People are irrational optimists – which on the one hand drives the market forward and on the other hand is responsible for countless failures.
To avoid mistakes, do your market research and go further than establishing your company or product’s place in the world of companies and products. Dive into the competitive research for ideas about product development, pricing options, marketing, and how to build a relationship with your target audience.
You will need a number of tools to do this type of research. We’re going to go over some of the best in this article to see how each can help you understand the market and make sure you come out a winner.
1. Awario: To understand your competitor’s popularity and reputation on social media and calculate your brand’s voting share.
Awario is a social listening tool that monitors social media networks, news, blogs, forums, and the web for mentions of a specific keyword. It is of great help in trying to understand more about the market and your competition.
Create notifications for your main competitors (just like Google Alerts) and wait for Awario to collect the data. The data shows you how much people are talking about your competitors, how this has changed over time, what the prevailing mood behind the conversation is (positive, negative or neutral) and where the conversation is taking place – in which languages, in which geographic locations, and social networks.
When creating an alert for your own brand, the tool will also show you your voice share metric: how much of the online conversation your brand makes relative to your competitors’ brands.
Pricing: $ 29 / month for the Starter Plan, $ 89 / month for Pro, and $ 299 / month for Enterprise. Save you 2 months with an annual plan. Offers a free 7-day trial.
2. Pew Research Center: To collect data about your target audience.
Collecting demographic and psychographic data is the starting point for exploring your target audience. From the Pew Research Center website, you can download free research reports that help you understand the life and personality of your target audience – from social media use to political views. You can find information that you may not even have thought of before opening the database. The sleek user interface and interactive charts make the process easy and even fun.
3. CLARITAS: To collect even more data on consumer behavior.
In market research, you can never have too much data. Claritas is a Nielsen product and an extensive database of consumer information. The original research helps marketers understand consumer preferences and buying patterns. Claritas segmentation tools identify unexpected habits and connections between and between user groups.
Pricing: Available upon request
4. MakeMyPersona: To create a buyer personality.
HubSpot’s MakeMyPersona is a simple tool that generates buyer personalities after answering a series of questions about your ideal customer. It helps to summarize customer profiles and identify their behavior. The tool is most helpful for marketers who have already done some research and have a grasp of their target audience, but need a more in-depth understanding of their buyer personality.
5. SurveyMonkey: To understand consumer preferences.
There is no market research without surveys and focus groups. Taking a survey seems like an easy task, but it isn’t, and you need a tool, just like anything else. SurveyMonkey is probably the most popular survey tool, and its popularity is justified. In-depth surveys can be easily created to help you understand market and consumer preferences.
Pricing: The business tier starts at $ 25 per user per month for three users and goes up to $ 75 per user price which offers more features. The third and highest level is Enterprise (pricing on request). There is also a personal tier with different pricing tiers.
6. Temperament: For a super-quick understanding of consumer preferences.
You don’t always need elaborate answers to find out something about your customers that interests you – especially because getting people to fill out questionnaires is not that easy.
Temper offers an alternative to traditional polls: it’s an add-on that allows you to create poll pop-ups with a question on your website. People are more likely to answer one-off questions as they navigate your website. This will give you the information you need.
Pricing: $ 12 / month for Hobby, $ 49 / month for Pro, $ 89 / month for Business, and $ 199 / month for White Label.
7. SimilarWeb: To understand your competitors’ ad strategies.
SimilarWeb is a go-to tool if you want to dive into competitor ad strategies and compare your efforts against those of your competitors and the industry. First, enter your competitor’s website URL in the search bar. The tool shows the search ads your competitor is running, if any, and their target keywords. You can also see if a competitor is running display ads and, if so, which platforms are driving the most traffic.
Pricing: Free. Paid plans are available upon request.
8. SEO SpyGlass: For backlink analysis.
Competitor information is based on competitive SEO research. SEO SpyGlass is a handy tool for backlink analysis and all things related. Launch the tool and create a project for one of your competitors. List your competitors’ websites and see how they compare.
SEO SpyGlass not only shows all the backlinks, it also shows the exact links that are bringing traffic and the exact number of visits from each backlink. Here you can see if your competitors are buying sitewide links and which anchors will work for your competition.
Pricing: Free. Paid plans are $ 124 / year for Professional and $ 299 / year for Enterprise.
9. BuzzSumo: To find content that is popular in your industry and see competitor content marketing results.
Content marketing is likely to be, or likely to be, part of your marketing strategy. While it is a potentially powerful tactic, content marketing can consume resources if you haven’t done your research beforehand. BuzzSumo is a simple tool that allows you to see the most shared content in your industry and on specific blogs (e.g., your competitor’s blogs) for the past year. This information will give you an idea of what to write for your audience in order to generate interest, traffic, and approvals.
Pricing: Free. Paid Plans: Pro is $ 99 / month, Plus is $ 179 / month, Large is $ 299 / month, and Enterprise is $ 499 + / month. Save you 20% with an annual plan.
10. Built with: To discover the technology behind websites.
BuiltWith is a great tool for finding out what technology your competitors are using. For companies that have recently gone online, the tool can be a lifesaver. Just enter your competitor’s website URL and BuiltWith will show you what technology the website is running on and what third-party scripts or plugins are used – from analytics systems and email marketing services to A / B testing tools and CRMs.
Pricing: Free. Paid Plans: $ 295 / month for Basic, $ 495 / month for Pro, and $ 995 / month for Team.
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Market research is impossible without the right tools. They save you time and money and nights with coffee fortune telling. But it is also important to plan and set priorities. Hopefully the previous list will help you figure out which answers you need first and what tools you can use to get them.
Most of the tools listed here are free or offer a budget-friendly option. So try out as many as you want, then settle on your list of the most important items.