Bravery is essential in business, but there’s a difference between being brave and being reckless. No matter how brilliant and in-demand you believe your business, product, or service is, it’s never wise to jump into the market blindly or to sink thousands into development costs before you have a grasp on the potential.
Fortunately, there are plenty of tools out there to help you get the information you need about your market, your consumers, and your competitors so you don’t have to take a blind leap. It’s just a matter of gathering and using the best market research tools to empower your business.
Not sure where to start? We’ve got you. Take a look at these tools for 2022.
When you want specific insights on your product or service, or if there is specific information you need to know about your potential consumers, GroupSolver is the way to go. GroupSolver is a unique artificial intelligence survey platform that gets you transformative customer data.
This tool uncovers deep insights using open-ended questions so users can give you their genuine thoughts and impressions without the limitations of a multiple-choice layout. Then, the survey asks respondents to rank their agreement or disagreement with some of the answers other respondents have provided. The result is quantifiable, authentic, and comprehensive data that gives you the direct answers you’re unlikely to get from other product market research tools. Think rich data from focus groups but at scale.
Qualtrics is a survey giant with a variety of products that are designed for specific purposes and uses. For example, the brand’s ProductXM is meant for product research while CustomerXM is focused more on market research and learning about your customers. For the white-glove treatment, there’s the hands-on XM Services as well.
Qualtrics’ tools are among the most popular survey solutions on the market, and they are designed as comprehensive solutions. Rather than a survey tool you would use for a few quick surveys to gather data about your market, these products aim to create an all-in-one platform to manage your customer experience.
One of the most well-known tools for market research is the survey platform SurveyMonkey. This long-standing favorite is a traditional survey tool that allows you to craft surveys for nearly any purpose, including market research.
To make your research easier, SurveyMonkey offers hundreds of pre-built survey templates you can customize for a variety of purposes and subjects. You also have the customizability to create your own survey from scratch.
SurveyMonkey is particularly helpful for international audiences. It offers built-in survey translation for multiple languages so you can conduct market research with audiences who don’t speak English.
4. Ask Your Target Market
Ask Your Target Market, often called AYTM, is a market research platform that’s built on the marriage of three tools: a survey creator, a panel of respondents, and expert professional services. The service touts access to over 100 million survey-takers, allowing you to precisely target your audience with specific demographic requirements.
Above all, though, user-friendliness is key for AYTM. Pre-built survey blocks allow you to choose from a variety of question formats while the results dashboard makes it easy to understand your surveys’ findings.
Of course, there are always downsides. Ask Your Target Market can have more limited insights than most other options, so it may not be one of the best market research tools for entrepreneurs and startups.
Most survey tools have one core concept that they focus on, and for Quantilope, that is automation. This consumer insights tool is designed around lessening your workload so you get the market research results you need while investing as little time as possible.
Quantilope is also known for its ability to deliver insights from audiences around the world, supporting over 60 languages. But the tool doesn’t just allow you to include an extensive variety of consumers; it lets you exclude consumers as needed too. You can add flags to identify certain criteria to eliminate those users’ responses from your data.
The key limitation with Quantilope is its limited ability to process open-ended questions. It’s best used for multiple-choice questions, rating questions, and other types of questions where the respondent can only choose from the options you provide, so you may be missing out on some insights.
Which of the Best Market Research Tools Should You Use for Your Business?
The tools above are our picks for the top market research tools available today, but with such a strong starting list, which ones should you use to get started? The beauty is that you don’t have to choose.
Each tool above brings something different to the table and can provide specific types of insights that are valuable for your business’s growth. The best market research strategy is to pool a variety of tools together to develop an in-depth understanding of the market so you can get accurate forecasts and give your business the best chance for success.
To start learning more about your target market, take the first step today. Schedule a GroupSolver demo and find out why GroupSolver is ranked as the best of the top market research tools today.