Top Market Research Tools for Business

image

POSTED ON 6th June 2014

Updated – June 2016. What’s the failure rate of small businesses in Australia? According to the Australian Bureau of Statistics, more than 60 percent of small businesses cease operating within the first three years of starting.

Creating a business takes a huge amount of blood, sweat and tears. You might think you have a great idea, but that’s not enough to ensure you’ll have a sustainable and successful business in the future.

At Marketing Angels, we know from the experience of working with hundreds of businesses over the years that market research is woefully underutilised by startups and established businesses.

Going into business or making significant changes to your brand or offering without understanding your customers and their needs, as well as what your competitors are doing, is very risky.

Market research can be low-cost and much of it you can do yourself . We’ve identified the tools to help you research your market and test your product/brand or message. But before you start, make sure you work with someone experienced in market research to design the questions to get the right outcome.

Keywords and market research

Market Research

A simple web search can reveal a lot. The “keywords” that people would use to find your type of products or services on the Internet will show you how much interest there is in these keywords – and how many competitors you have in this market.

Sites like WordTracker and Trellian’s Keyword Discovery can help you determine popular searches. You can also use this data to name a potentially product or service.

Online survey tools for market research

There are several cloud-based research tools to help you design and distribute an online survey – many of which are free. These include:

Online market research tool SurveyMonkeySurveyMonkey – This service offers both a free account with customizable surveys, and a paid account with enhanced features which includes data analysis, sample selection, bias elimination, and data representation tools. No wonder big brands such as Facebook, Salesforce, Samsung, and Kraft are among those who use it.

 

 

Online research tools - QualtricsQualtrics – This is an easy-to-use, full-featured, web-based tool for creating and conducting online surveys. It has beginner’s guide for creating a survey, and templates that you can customise based on your needs. There’s also a tool to send and track participation invitations and reminders. You can display survey results, graphically and statistically.

 

 

Online Market Research Tool - SurveyGizmoSurveyGizmo – Offers you all the tools you need to create and publish a questionnaire in one sitting. You can preview multiple versions, including displays for tablets and smartphones. The top bar outlines the process from beginning to end whilst every screen offers simple tips to help you understand what you’re doing. When you integrate your SurveyGizmo account with MailChimp, you’ll be able to select and send your SurveyGizmo survey as a campaign.

 

 

Online Market Research tools - Google FormsGoogle Forms – Allows you to collect information in an easy, streamlined way. All you need is a Google account. You can customise the fields to however you need them. Google Forms also allows you to collaborate or build forms with others in real-time. You can link it to a Google spreadsheet, where the responses will automatically be sent.

 

Social media and market research

Digitally mature businesses significantly outperform everyone else. They’re more profitable as they create value in new frontiers.

Social media is a quick and effective way of conducting market research. With the broad reach of social media sites such as Twitter, Facebook, LinkedIn and increasingly, Google+, you’ll have unlimited access to polls, blogs, forums, comments, product reviews, direct feedback, etc.

Other ways you can use social media for market research:

Do hashtag searches on Twitter

Set-up a few searches with hashtags related to your brand, industry or product. You can receive instant notifications when customers, clients or competitors use key terms.

Using social media for market research

The #chocaholic shows brands and words associated with chocolate lovers

Join group discussions on Linkedin

Ask questions within your group. This can provide you with quantitative and even qualitative data straight from the people who matter to you.

Linked In as a market research tool

A quick question posted in a Linkedin group can be very revealing.

Use Facebook to ask your biggest fans what they think

You can also search for your target audience’s reaction to industry trends using hashtags. When a customer likes your page, you’ll get access to their personal information, such as age, gender, location which can give you important insights into the make-up of your target market. Facebook is also a great way to keep an eye on the competition, their offers and how they are engaging with their customers.

Using social media for market research

Grill’d use Facebook often to research new product ideas.

Advertise

Advertising on social media is comparatively cheap and can be targeted by age, demographic, location and interest. Run a competition to incentivise your target audience and be surprised at how much data you are able to gather.

Using facebook advertising for market research

Use the Facebook ad manager to create an ad linking to an online survey.

3rd party research

A simple web search for trends on your industry will usually reveal a free report or survey that’s been conducted by a reputable consulting firm.

Accessing 3rd party market research

A quick web search will often reveal high quality research freely available. Often the work has already been done for you. Sites like the Australian Bureau of Statistics are a wealth of information on trends, behaviours and demographic data.

Old school conversations

Traditional market research tools

Often your own customer base or network of family and friends can provide invaluable feedback. Don’t be afraid to ask them for their feedback via one-on-one phone or face-to-face conversations. Make sure you have a structure for compiling and analysing any results.
Successful businesses conduct market research on a regular basis to keep up with market trends and to maintain a competitive edge.

It doesn’t matter if you’re starting or expanding your business. Market research is essential given your customers can often change their spending habits extremely quick. You just need to be careful about what kind of market research you hang your forecast on.

Consult a marketing expert to make sure you’re investing your money to get the right answers.

 

How can we help?

Please leave this field empty.





captcha
testimonial icon
Who said this?

“We love our new branding. It’s colourful, vibrant and best of all it shows off our values, education, nutrition and fun. Great job”