10 Market Research Tools to Take Advantage of in 2022
Why Great Market Research Tools Are Important
A successful marketing strategy is made possible by understanding your potential customers, what they’re talking about, and how your products will benefit them.
Understanding your potential customers is key to a successful marketing strategy. Knowing what they are talking about and how your product will benefit them is a critical start to your market research.
Market research is the analysis of the needs, preferences, and challenges of your target market.
Market research tools help streamline the research process. These tools allow businesses to collect customer feedback, gauge consumer trends, and discover critical knowledge.
The tools available today can help gather market data on areas, including:
Demographics
Pricing
Benchmarking
Workflow
Purchase patterns
By studying these types of metrics, businesses can evaluate the potential success of a new product and build a marketing campaign backed by consumer data.
Below, we’ve put together a list of top tools you can use to better understand your customer base and gain a competitive edge.
The Best Market Research Tools
Today’s market research software and online toolsets provide valuable insights.
Let’s dive into what these tools are and how they help brands make smarter business decisions:
1. Owler Max
Owler Max is a research tool that tracks and records crucial company data on over 14 million public and private businesses.
With Owler Max, information gathering is simplified. Supported by a broad network of company profiles, you and your team can conduct market research on your entire competitive landscape or discover potential customers and prospects that align with your company objectives.
Backed by real-time data, teams who use Owler Max gain access to actionable insights on key metrics. Market trends, acquisitions, major industry changes, and other important events affecting your target market can be tracked and monitored according to your business needs.
Additional features like the Daily Snapshot and the Newsfeed deliver critical updates, ensuring your research is accurate and timely.
2. Meltwater Engage
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Meltwater offers a diverse range of marketing software. On the research front, Meltwater’s social listening toolset helps teams stay on top of social media monitoring with comprehensive reporting.
With Meltwater, marketers can track real-time conversations and sentiments, harnessed directly from what users say across multiple social media platforms and websites.
Marketers may also use the platform’s behavior and trend analyses for more effective keyword research. Examine how internet users interact with essential topics, hashtags, and brands for more organic outreach opportunities.
3. Make My Persona
Make My Persona is a Hubspot creation designed to help you narrow down your buyer persona.
Based on existing customer data, this handy website will allow you to create a representation of your ideal customer. You may then use this character’s lifestyle and background to refine how your product or service will benefit them and others like them.
4. Google Trends
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Google Trends is a free tool that examines popular worldwide search terms.
You can search according to location, region, time, or search type (web, image, news, etc.) and pinpoint trending patterns of a specific word, phrase, or topic.
Google then assigns the term a popularity score out of 100. It can also compare the performance of different search terms, a useful feature for gauging seasonal trends and SEO-driven keywords.
Google Trends is a quick and easy way to note the volume in a particular market, and when paired with other tools, can be a great way of highlighting where your competitors are focusing their efforts.
Google Analytics
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Google Analytics is used to track web traffic. It monitors how visitors interact with a website and its pages, for how long, on what devices, and from which geographical location.
It also offers more advanced user reporting, such as page performance breakdowns, conversion rate tracking, and visitor segmentation.
Combined with other market research tools, like Tableau and Semrush, Google Analytics helps show a competitor’s traffic data at just a glance!
Google Keyword
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Google Keyword provides a keyword research and planner tool for Google Ad search campaigns.
With this tool, you gain an in-depth look at keyword search rates, discover relevant and competing terms, and evaluate the average cost for your ad to appear on these search terms.
With that data, you can further scope out new keywords, and thus new markets, that you may not be exploiting or aware of.
5. Pew Research Center
The Pew Research Center is a non-profit “fact tank” that performs transparent and objective research on the American public.
On their website, marketing teams will find demographic information, social media data, public opinion polls, studies on social issues, and other important subjects that are shaping today’s American beliefs and opinions.
The Pew Research Center is a great tool for starting off market research, as anyone can access its data for free.
6. Social Mention
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Social Mention is a free, social media-focused search engine. Type in your desired term, and it will search for relevant mentions of the term on over 100 different websites.
The results that Social Mention finds will display:
Top keywords and hashtags
How positively or negatively users appear to be interacting with the term
The average rate of mentions
What platform the term is most commonly mentioned on
Market researchers can use Social Mention to scope out certain demographics, what these demographics are talking about, and what might ultimately appeal to them.
7. SurveyMonkey
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Gathering customer feedback is an essential part of market research. SurveyMonkey simplifies this process with its online survey and questionnaire service.
With SurveyMonkey, businesses can quickly glean insight from focus groups and target audiences. Choose between several survey templates or use its survey tools to construct your own.
8. Tableau
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Tableau offers a free, user-friendly data visualization service for complex market data analysis, wherein a user can easily segment data based on demographics, geography, etc.
From Excel to Google Analytics, Tableau can extract data from a multitude of sources. No programming experience required!
After analysis, Tableau presents the data pictorially via an interactive dashboard. This dashboard features collective datasets, sharable figures, and customizable charts and graphs for a more comprehensive view of your market.
9. Qualtrics
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Qualtrics is an experience management platform used to create and distribute online surveys.
It utilizes advanced, AI-supported research tools to gather information on your target audience and sources data from thousands of panel respondents. Anything from market trends to optimizing your customer’s experiences can be addressed and analyzed through a single, cloud-based platform.
10. Semrush
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Last but not least is Semrush! Popular with big and small businesses alike, Semrush is a keyword and content marketing research tool.
Curated to support SEO best practices, this platform offers online ranking data and tracking on popular search terms. You can follow competitors’ ranking positions on the web or glean insight into your site’s visitors thanks to Semrush’s Google Analytics integration and organic traffic monitoring.
Conduct Market Research with Owler Max
In-depth market research is the gateway to building meaningful connections with potential customers and shaping how they interact with your brand.
Given the right toolsets and new sources of data collection, this process can be streamlined for precise information gathering.
Platforms such as Owler Max support marketing teams with an extensive network of business professionals. By sourcing our data from the companies you care about, intel on top competitors, business leaders, revenue, and more stays accurate and up-to-date.
Take advantage of exclusive market intelligence and research smarter with Owler.
Contact us today to learn more about our special research features, also available for teams.