Nowadays there is a wide variety of market research tools, but it is important that you can choose the ones that will really help you get the insights you need to make the decisions that will lead to the success of your projects.
Therefore, today we will share with you some tools to carry out market research quickly, collect data easily, generate reports in real time, and many more options.
What are market research tools?
Market research tools are a set of strategies to obtain relevant information about consumers and the market to which a company or a product belongs, in correspondence with a given research method.
Simple examples of research tools are surveys, which are generally used in quantitative research, and interviews and life histories, which are mostly used in qualitative research.
What are the best market research tools?
Market research tools help you stay in touch with your customers and find out what they think about your products or services in order to make better decisions for your organisation.
Here are the ones most commonly used by researchers to gather key information:
1. Online surveys
Online surveys have become one of the most widely used tools for market research, as they help organisations to carry out an effective data collection process, obtaining a large amount of information, saving resources such as time and manpower.
If you use the right online survey platform, you can make use of different features that will help you conduct effective research and make better decisions for your organisation.
2 . Focus groups
Focus groups are made up of a group of 6 to 10 people, supervised by a professional who manages the dynamics. This person is in charge of asking, for example, questions related to aspects of the brand, such as prices, packaging, product names, etc., and encourages discussion among the participants.
Thanks to the great technological advances that the world has faced, it is now possible to conduct an online focus group, where people do not need to be in the same space to share information.
3. In-depth interviews
In-depth interviews are a useful tool for collecting detailed information from respondents.
Thanks to their characteristics, they can be conducted via telephone, face-to-face or video call.
With in-depth interviews, organisations can collect qualitative data on very important topics, which often cannot be discussed in other settings.
4. Observational study
Observational research is one of the most popular research tools, as researchers do not need to use as many resources to carry it out successfully.
The process related to field research consists of observing consumers' behaviour, how they relate to products and how they use them to meet their needs, all in their natural environment, without interfering so as not to affect their decisions.
5. Observational study in social networks
Observational studies can also be conducted through social media.
These platforms are the most important market research tools, as consumers feel completely free to share what they really think.
By conducting social media market research, brands can collect a lot of feedback about their products and get the best insights to make the necessary adjustments.
6. Online communities
Online communities are a powerful market research tool.
The process is more comprehensive, as it can involve people who are closer to the brand, willing to help improve what is needed to ensure its success.
Through online communities, researchers can conduct surveys, conduct opinion polls or participate in an online discussion forum where participants generate interactions and it is possible to obtain the best insights for the brand.
7. Field testing
Another of the most commonly used market research tools are field tests. These are carried out by applying scientific methods to test specific variables and hypotheses.
This type of research can be conducted in controlled environments or in the field.
The researcher controls the independent variable and evaluates the impact they have on the dependent variable and to find out if there is a connection between them.
8. Competitor analysis
Competitor analysis is a vital process for creating business strategies, as it consists of analysing competing companies and comparing them with your brand.
The process is carried out by defining the product and establishing your target audience.
Subsequently, it is necessary to choose the type of comparison to be made, either of marketing strategies or of commercial strategies.
9. Public information
Thanks to technology, researchers have access to a wealth of information to support the market research they are conducting.
There are many sources to obtain this information, either through websites or bibliographies of government institutions or publications by the different private companies in the sector.
This is one of the most widely used tools among companies that do not have sufficient resources to carry out research, as in many cases, the information is free of charge.
10. Buying data
In the same way that organisations have access to hundreds of free data through different sources, there are also private institutions that collect data that is then traded for market research purposes.
Large organisations with a large amount of resources use this type of strategy, because despite the cost, it is possible to save enough time, as the data is curated and ready to implement strategies and evaluate their success.
11. Sales analysis
This is undoubtedly one of the most important market research tools, as it provides insight into customer needs, consumer habits and current industry trends.
Sales analysis allows organisations to have an overview of the marketing process and also to find key information to adjust it.
12. Projective assessments
Projective assessments are methods that can be used by trained researchers to tap into the deep motivations and attitudes of participants.
This type of qualitative research aims to understand the "why". As researchers, we often try to delve into the attitudes, behaviours and opinions of an individual or organisation and discover the reasons behind them.
However, people tend not to have a firm understanding of their behaviours and may not be aware of the reasons behind them.
Steps to conduct market research
Here are the steps to do market research effectively:
- You need to be very clear about your market research topic.
- You need to be clear about your target audience.
- Have an email list and a sample available for research.
- Write a survey with the right questions for your audience.
- Choose a platform that allows you to distribute your surveys by a variety of methods.
- Collect and analyse the results of your surveys to get meaningful and actionable insights for your business.
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