Market research has always been key to successful businesses. Any business that wants to be ahead of its competitors and find new customers in the market must constantly research its target markets in order to keep abreast of the changes in the customers’ needs. Thankfully, with advancements in technology, you can use many intelligent market research tools for your businesses.
By understanding your market, you’ll know what to sell. In this article, we compiled a list of the eight best tools for product research. Read on to determine what will work best for your business.
What is a Product Research Tool?
Product research tools are designed to find the best winning products and provide the necessary information to decide whether to sell them. They help to speed up the process of product research thanks to automation and some other helpful features. Thanks to product research tools, you can scan through thousands of products quickly to discover the most popular, widely available, and best-selling products.
Reviews of the Best Product Research Tools
The following are some of the best tools for product research:
Best free tool for gaining customer insights
This tool by google provides insights, data, and ideas about consumers. Think with Google is free to use and provides a wide range of information containing figures and facts about trends in the commercial world. You have the liberty to select the region or continent you want to get information about, whether it is from the Middle East, Europe, Sub-Saharan Africa, etc.
- Think with Google is delimited into four areas: Consumer Insights, Marketing Strategies, Future of Marketing, and Tools.
- Consumer Insights provides case studies and articles that help you understand how changes in consumer behaviors, beliefs, and needs can “inspire powerful insights that drive your business.”
- It has a “Marketing Strategies” section that contain experts’ perspectives, information on new tools, and useful insights that can influence your marketing effectiveness.
- Think with Google also features tools like Market Finder, Google Trends, Keyword Planner, Marketing Kit, Test My Site, etc.
- Free to use.
- Contains a wide array of case studies, facts, and statistics for research.
- Provides up-to-date information on the market.
- Values are not indexed numbers
Best well-rounded research tool
This is one of the best market research tools as it is a well-rounded market research tool. Powered by Artificial Intelligence (AI), you can use it in creating advanced surveys, segmenting markets, and analyzing data. It enables you to carry out surveys on your own. It also has visualization tools for statistics and is helpful in generating insights for your market research.
In Qualtrics, you don’t need to pass through the hurdle of finding respondents for your surveys. Qualtrics helps you to find a representative sample of your target market that will fill in the survey questions.
- Market segmentation for tracking consumer behaviors.
- Market trends monitor your industry and keep you informed of what is happening.
- It provides respondents on demand to gather information from the people you need for your research.
- It has academic research tools.
- A/B testing and experiment: testing products and understanding planned changes’ effects on your business.
- Product development and pricing: used for gathering customer feedback on new products and services.
- It’s fast.
- It’s easy to use.
- You can ask for a demo to test the tools.
- It also has on-demand training.
- Difficulties in the navigation and checkout process
- The reporting functionality is somewhat limited
- Starts from $1500 per year
Best tool for search engine research
Answer The Public is a powerful market research tool that makes it possible for you to discover what people are asking about on search engines. With this tool, you get into the minds of your customers and understand the specific things they want in your products and the problems which they are seeking solutions for. This can be a source of ideas for improving your products and services.
All you need to do is enter the keyword or topic you are conducting your research on in the search box. After doing that, it will bring up the questions, topics, or related topics that people are searching for regarding that keyword. The beauty of it is that it has an option for you to input the location (country) you want it to get answers from. It also visualizes the result data.
This tool is great for public relations officers who want to know what the public thinks about their organization.
- Monitor and get alerts to new suggestions on a topic.
- Compare data over time.
- You can create folders to organize your research.
- Create a team’s workspace (similar to Google Docs, where team members can all have access to files).
- Has an option for education and training.
- However, you must pay for the Pro version to enjoy some of these features.
- Easy to navigate.
- Free data visualization of search results which can be saved as images.
- Very useful for public relations professionals.
- Monthly $99 per month
- Annual $79 per month
- Expert $199 per month
Best business data platform
This is one of the leading organizations globally in terms of providing market and consumer data online. It has over two million registered users and 80,000 topics, 31 million visits per month, and covers 170 industries. It is among the sources of the most reliable statistics and can help you make effective decisions for your business or organization.
- Provides market research and analysis: Statista collects and prepares information about a market, customers, and competitors.
- Content & Information Design: The organization is one of the best in terms of infographics. Statista creates customized infographics, videos, presentations, and publications for its customers.
- Global Consumer Survey: For analyzing behaviors of consumers and media usage in both the online and offline world.
- ecommerceDB.com: for market analyses, lead generation, and benchmarking in the eCommerce sector.
- For more access to the in-depth data that Statista offers, you will need to register for a paid account.
- The software is reliable
- Great in infographics
- Data can be time-consuming or otherwise costly to collect and clean
- Starter: EUR 4,700
- Silver: EUR 7,800
- Gold: EUR 13,800
- Platinum: Tailor-made
Best for creating user-friendly surveys
Established in 2012, Typeform is a platform for easily creating “people-friendly” forms, surveys, and quizzes. It sets out to make surveys personal and conversational, ensuring quality responses from respondents.
If you are looking for the best completion rates for your market research survey that people would relate well to, then this is the best platform for you (87% of its customers get higher completion rates).
- Creates surveys or quizzes in minutes without coding.
- It can be customized with your brand image.
- Mobile and desktop surveys.
- Easy to operate.
- Humanises your research.
- It doesn’t take time.
- No free trial
- No free premium consulting or integration services
- Essentials: $30 per month
- Professional $35 per month
- Premium: $59 per month
Best creating professional surveys
This one is quite popular among researchers. SurveyMonkey, as implied from its name, is an online software used in creating and running professional online surveys. These surveys range from online opinion polls to standard marketing surveys.
What makes it popular is its user-friendliness. Also, it has more vast features than other survey platforms. SurveyMonkey is probably the first result you see when you search for “survey” on google. It tells you how effective it is worldwide.
So, if you are conducting advanced marketing research that needs a detailed survey, this is the best market research tool for you.
- Enables you to create surveys from scratch (supposing you don’t fancy the templates).
- Easily integrates with other software
- 150+ survey templates that can be customized
- Gives room for advanced logic functions.
- Ability to score and grade quizzes automatically
- Flexible engagement model.
- The interface is easy to navigate
- Surveys can be quickly created
- Number of devices is incredibly limited
- Team Advantage: $25 per month billed annually
- Team Premier: $75 per month billed annually
Best for gaining customer insights on social media
Social Mention is especially important for digital marketers. It is a real-time search engine that focuses on mentions on social media. It enables you to track what your customers are discussing about your business on social media, whether it’s about your products or services or about other topics that can affect your business.
All you have to do is input the keyword you want to search for on the Social Mention website, and it will provide results based on the following:
- The reach: How far the keyword/topic went
- Number of engagements on that topic a day
- The number of people that googled the particular trend in a month
- Number of mentions by countries
- Top influencers of the keyword
- Languages and more
From the above, you can gain insights into what your customers (both current and potential) are talking about your business online and make decisions from the information.
- Real-time brand monitoring.
- Monitoring your business’ reputation online: For instance, if you are the public relations officer of your organization, this tool should be your handbag.
- It helps to locate the right social media influencer.
- It has a keyword, sentiment, and hashtag analysis features.
- Encompasses all popular social media.
- Easy to use
- Detailed analysis
- It also tracks old campaign data, searching keywords while tracking real-time data, which is wrong and gives wrong analysis.
- Solo: $29.00Per Month
- Pro: $99.00Per Month
- ProPlus: $199.00Per Month
Best automated tool to survey site visitors
Qualaroo is an automated market research tool that helps you gather insights from your customers to make decisions that will lead to the growth of your organization. It provides actionable insights, and it is easy to use. It is also used for surveys.
Qualaroo enables you to survey your site visitors at different points of their visits to generate sales leads. This tool is similar to Typeform.
- With the Nudge feature, you can easily survey your customers while they are performing an action on your site to get accurate feedback.
- Personalized survey techniques.
- Sentiment analysis engine: ability to analyze customers’ sentiments.
- Net Promoter Score (NPS) surveys: for measuring customer satisfaction and loyalty.
- Easy to set up.
- Instant feedback.
- Professionally designed templates.
- It needs more question types like the ranking question
- Essentials: $80 per month billed annually
- Premium $160 per month billed annually
What to Look Out For in a Product Research Tool?
When you’re looking for a product research tool, there are a few key things to keep in mind:
Accuracy and Up-to-dateness of Data
You’ll want to make sure that the tool can provide accurate and up-to-date data. This is essential for making informed decisions about your marketing strategy.
Consider the source of the data. Is it coming from a reputable, reliable source? Also, check to see if the data is current. Out-of-date data can lead to inaccurate results. Ensure that the tool you’re using can provide the specific data you need for your research.
By considering these factors, you can be sure that you’re using a product research tool that will give you the most accurate and up-to-date information possible.
Easy of Use
You’ll want to ensure that the market research tool is easy to use and navigate. This will save you time and frustration when gathering information about your target market. Your product research tool should allow you to create custom reports and dashboards tailored to your specific needs. It should also provide real-time data and insights to make informed decisions about your marketing campaigns.
You need to ensure that the product research tool you select offers a variety of features that meet your specific needs. By taking the time to find a tool that offers everything you need, you’ll get the most out of your market research and make better decisions for your business.
FAQs on Best Product Research Tools
Product research can be carried out through surveys, interviews, focus group discussions, or ethnographic studies, depending on which is suitable for your target market and the situation.
No. They differ. Market research methods are surveys, focus groups, interviews, observatory studies, and fifield work whereas market research tools are mere tools that facilitate market research. These include: Think with Google, Survey Monkey and other tools that we mentioned earlier in this article.
Survey method is the most popular of the methods. This is because surveys attract lesser costs, lesser time, and gather data from a wider range of people than you would using other methods.
A market research tool is a tool that helps you reach large audiences, and get useful data through a simple and logical process. An example is SurveyMonkey.
Among the 8 best market research tools I listed earlier, only Think with Google is totally free. Other marketing tools allow you to use only the basic features for free. Usually, the more useful or complex features of the tools are not used for free. You will be charged either on a one-time basics, weekly or monthly.
Marketing research is applied in areas like advertising research, sales analysis, market segmentation, product research, customer satisfaction research, distribution research, positioning research, demand forecasting and pricing research.
There are many other research tools you can use. They include: Latana, Spyfu, Facebook Page Insights, Otter.ai, Google Analytics, Gartner, Dimensions.ai, BrandMentions, Tableau, Ubersuggest, Questback, Buzzsumo etc. There are many other good tools which are not mentioned here.
In the fast-changing market condition that we live in today, using the best product research tools is imperative for your small or large businesses. The best tools include Think with Google, Qualtrics, Answer The Public, and more. If you’re looking for an excellent free tool for your research, you should use Think With Google.
But if creating and running professional online surveys is what you want, then you’re better off with SurveyMonkey. These tools have everything you need to create a well-thought-out strategy for creating a product your customers love.
It is important to note that when choosing any of the above tools, choose the one that is suitable for the research you are carrying out.