Top 18 Market Research Tools & Software for Actionable Insights

I believe market research has become a core part of every business that wants to thrive in making their online presence. But how well do companies know their customers, changing demands, and evolving market trends and stay ahead of competitors? To overcome these challenges, businesses must incorporate Market Research Tools and Market Research Software for in-depth market analysis.

From new startups to big market giants like Google, Facebook, and many other online businesses, they leverage the best market research tools to analyze. With all technological advancements, conducting accurate market research has not been hard.

Now, businesses do not have to spend millions of dollars on market research firms to better understand their potential customers’ thoughts. All they need is a variety of next-gen tools for market research, and today’s market has plenty of them. The best part is some of them are free to use.

So, get ready to learn about these tools for market analysis and simplify your journey to making a solid impact on your customers.

Benefits of Conducting Market Research

The main thing to understand is why a business must conduct market research. Well, every industry is growing, and so are the competitors within each industry, from financial to healthcare and e-commerce.

Today, you can see several brands competing for consumers’ attention and investing in understanding what their customers think of their products and services. And relying on instincts is no longer a cool thing among market leaders. They have to outgrow traditional methods and start making data-based decisions. This requires businesses to conduct extensive market research at the macro and micro levels.

Below are some exciting stats about the market research industry.

• The annual revenue generated by the global market research industry exceeds $118 billion.
• The United States holds a majority market share of 53% in the industry.
• CRM and customer satisfaction surveys receive 20% of global market research spending.
• Customer surveys, on average, achieve a response rate of 33%.
• Approximately 23% of organizations need a defined strategy for market research.

Market research blends consumer behavior and economic trends to improve business ideas, generate accurate decisions, and reduce risks.

Using consumer-centric approach

Market research is all about understanding consumers better. According to a study, consumer-centric businesses are 60% more likely to gain profit. Using a segmentation-targeting-positioning (STP) model can be your way to a customer-centric business.

Reducing risks

In business, risk is inevitable, but managing it strategically is crucial for success. Rather than avoiding risks altogether, companies should leverage market research to minimize potential drawbacks and maximize rewards. Ensuring there’s demand for a product is paramount, considering that a significant number of new products — some estimates as high as 95% — fail to resonate with consumers.

To mitigate this risk, thorough market research is essential. This involves predicting the product’s potential success by addressing customer needs more effectively than competitors. For instance, a study revealed that 60% of 9,000 broadly distributed new products were no longer sold within three years. Thus, basing product creation on thorough market research rather than mere intuition is critical.

These benefits will become more prominent when you equip yourself with the proper market research tools, sources, and market research platforms. So, let’s dive into the immense pool of marketing survey tools.

Top Customer Research Tools and Software

Get through this list. You will find the best tool for your business.

• Market Study Tools

1. Qualaroo

It is a top-notch market study tool and online survey platform designed for easy use and actionable insights. It helps you understand your users better by creating user personas using innovative targeting and tracking their goals and behavior patterns. Starts from $69 per month. Qualaroo is user-friendly, offers valuable features for understanding customers, and is particularly useful for measuring satisfaction and loyalty. While it has some areas for improvement, it’s a reliable tool for effective market research and surveying.

Key Features

• It lets you collect feedback instantly.
• Offers pre-built survey templates with a valid set of questions.
• Captures real-time visitor feedback to get valuable responses.
• Allows users to determine survey targets and locations.
• Helps create detailed maps of customer journeys.
• Asks for product, website, or app feedback based on user/persona engagement.

2. Google Trends

It is another valuable market research tool that displays trend lines based on internet data. When you input a term, it shows its popularity over time. Google Trends is a user-friendly tool offering insights into the popularity of search terms over time. It’s beneficial for understanding user interests and events impacting search patterns. While it has a couple of limitations, its free availability makes it an accessible and valuable resource for market research.

Key Features

• Displays how often your term is searched on Google relative to the entire search volume.
• Refines searches by allowing you to add location filters.
• Presents trends graphically for easy visualization.
• Surveys can be easily accessed on various devices (mobile, tablets, and computers).
• Integrates with popular tools like Zapier, Automate.io, and Integromat.
• Generates organized data in Google Sheets for instant presentation without alterations.

3. SurveyMonkey

It is another addition to the versatile market research software offering innovative techniques for gathering customer opinions. Combining an enterprise-level solution with advanced customer experience solutions empowers organizations of all sizes to harness the power of user feedback. It allows organizations to gather insights, track sentiments, and receive expert feedback. While there are areas for improvement, its flexible pricing and range of capabilities make it a valuable tool for businesses of all sizes.

Key Features

• Access its question bank for precise/targeted inquiries.
• Utilize personalized survey techniques like skip logic and branching logic.
• Get access to its AI-powered analysis tool for expert feedback on survey drafts.
• Test creative concepts by asking the right questions to the right audience.
• Look out for market research professionals and account managers using its intuitive engagement model.
• Monitor market trends and dynamics for specific product categories over time.

4. Statista

This tool specializes in visualizing data and research. It aggregates data from valid reports across the internet, presenting it in an easily understandable format for researchers and users. It offers various features to analyze global markets and consumer behavior. While there might be some challenges in finding specific data, its pricing and capabilities make it a valuable resource for researchers and businesses.

Key Features

• Get to filter content based on specific types.
• Offers several metrics along with customizing visualizations.
• Includes features for forecasts and survey reports.
• Analyze markets across 150+ countries with great ease.
• Provides global statistics in a visually appealing way.
• Conducts Surveys at a global level to understand consumer motivations.

5. Typeform

Typeform is a market research software and online survey tool designed to obtain direct responses from targeted audiences. It features a user-friendly interface with built-in photo and video libraries and various design themes to enhance survey appeal and gather more insightful responses. While there are areas for improvement in survey design and reporting, its pricing and features make it a practical choice for obtaining valuable insights through engaging surveys. Starts at $25 per month.

Key Features

• Sequential Form Fields- Displays one form field at a time for a smoother user experience.
• Mobile Optimization- Easy to use and optimized for mobile devices.
• Diverse Question Types- Allows the creation of a wide range of question types.
• Customization Options- Provides a variety of customization options for personalized forms.
• Integration- Integrates seamlessly with other tools like Google Sheets, Salesforce, and Slack.
• Drag and Drop- Enables quick form creation through a drag-and-drop feature.
• Question Variety- Offers various question types, including multiple-choice, rating, opinion scale, and free-form text.

6. Similarweb Digital Research Intelligence

Similarweb Digital Research Intelligence is touted as the fastest way to assess how a business compares to competitors in any sector or location. This tool allows users to analyze market leaders and emerging stars, providing instant insights into their digital success. Positioned as a single source of truth for the online world, it enables businesses to evaluate the online aspects of any industry or market swiftly.

The tool presents critical insights, making it easy to observe trends, competitive performance, audience insights, growth opportunities, and more. Notably, it uniquely brings together data from desktop, mobile web, and apps to offer a comprehensive view of the digital landscape.

Key Features

• Comprehensive Analysis- Provides a holistic view by combining desktop, mobile web, and app data.
• Instant Insights- Delivers quick and detailed insights into digital success, trends, and competitive performance.
• Audience Insights- Offers valuable information about the audience, helping businesses understand user behavior.
• Growth Opportunities- Identifies growth opportunities by analyzing market leaders and rising stars.
• Single Source of Truth- Serves as a centralized platform for accurate and reliable information about the online world.
• Competitive benchmarking- Gain entry to precise competitive benchmarks to assess your standing across various devices, industries, and geographic locations. Scrutinize industry frontrunners and pinpoint avenues for expanding your digital market share.

7. Think with Google

Think with Google provides a unique avenue for discovering new audiences on YouTube by leveraging information such as habits, interests, and purchase intentions. It is a comprehensive suite of digital research tools that aggregates insights from an extensive web data repository, offering perspectives not commonly found elsewhere. Rather than real-time data, it is a repository of figures and facts in articles, videos, interviews, case studies, and more. Beyond being a platform for forward-looking perspectives and data, Think with Google offers tools to assist marketers.

Key Features

• Find My Audience- Allows users to explore new audiences on YouTube based on habits, interests, and purchase plans.
• Comprehensive Digital Research Suite- Provides digital research tools that gather insights from a vast pool of web data.
• Unique Perspectives- Offers unique viewpoints on trends, insights, and statistics that may not be readily available elsewhere.
• Diverse Content Formats- Presents data in various formats, including articles, videos, interviews, and case studies.
• Marketer-Focused Tools- Besides insights, it provides tools designed to assist marketers in their strategies and campaigns.

8. Qualtrics

Qualtrics is a widely used experience management platform that offers a range of solutions for collecting, analyzing, and acting on customer, employee, brand, and product experiences. It provides tools to gather insights through surveys, feedback, and data analysis.

Key Features

• Survey and Feedback Collection- Qualtrics allows users to create and distribute surveys to gather customer, employee, and stakeholder feedback. The platform supports various question types, including multiple-choice, open-ended, and matrix questions.
• Experience Management- The platform emphasizes experience management, enabling organizations to understand and enhance experiences at every touchpoint. This includes customer experience (CX), employee experience (EX), product experience (PX), and brand experience (BX).
• Real-Time Data Analysis- Qualtrics provides real-time data analysis tools, allowing users to analyze survey responses, feedback, and other data instantly. The platform offers advanced analytics and visualization features to derive actionable insights.
• Automated Workflows and Action Planning- Qualtrics enables users to set up automated workflows for survey distribution, reminders, and follow-ups. Additionally, it supports action planning by helping organizations turn insights into tangible improvements through structured processes.
• Integration and Collaboration- Qualtrics can integrate with various third-party tools and platforms, allowing seamless data transfer and collaboration. It supports integrations with customer relationship management (CRM) systems, analytics tools, and more.

9. Temper

Knowing what your customers think about your business, services, and products is crucial, and Temper offers a straightforward method for this. The idea is uncomplicated: create a simple question, and customers can express their feelings by clicking a corresponding smiley face. Whether asking about a new product or rating their experience with customer support, you can quickly gather feedback on audience sentiment by adding a Temper widget to your webpage, blog post, or email footer with just a bit of code.

10. Crunchbase

Crunchbase is a valuable tool for business professionals, investors, and researchers who seek up-to-date and detailed information about companies, startups, and market trends. Its features facilitate market analysis, investment decision-making, and networking within the business community.

Key Features

• Company and Startup Profiles- Crunchbase offers detailed profiles of companies and startups, including information about their founding, funding rounds, key personnel, products or services, and more. It provides a snapshot of an organization’s journey and current standing in the market.
• Funding Data- Users can access funding-related data, including investment rounds, funding amounts, and investors involved. This feature is handy for investors, entrepreneurs, and analysts interested in the financial aspects of a business.
• Market Trends and Insights- Crunchbase provides insights into market trends, including funding trends, industry developments, and emerging technologies. Users can stay informed about changes and innovations within their respective industries.
• Professional Networking- The platform allows users to connect with professionals, entrepreneurs, and investors. It is a networking hub for individuals seeking to establish business and startup ecosystem connections.
• Advanced Search and Filters- Crunchbase offers robust search functionalities with filters to refine searches based on specific criteria such as location, industry, funding status, and company size. This helps users quickly find relevant information tailored to their needs.

11. Exploding Topics

Exploding Topics is a platform designed to help users identify emerging trends and topics across various industries. It provides insights into what is gaining traction online and helps businesses stay ahead of the curve regarding content and marketing strategies. Exploding Topics is a valuable resource for marketers, content creators, and businesses aiming to stay ahead in their respective industries. Offering early insights into emerging trends empowers users to align their strategies with what’s gaining traction online.

Key Features

• Trend Identification- Exploding Topics excels in identifying emerging trends before they become mainstream. It uses algorithms to analyze online conversations, searches, and content consumption, providing users early insights into rising topics.
• User-Friendly Interface- The platform offers a user-friendly interface, allowing users to navigate and explore trending topics quickly. The intuitive design makes it accessible for businesses and content creators seeking inspiration for their strategies.
• Data-Driven Insights- Exploding Topics leverages data-driven insights to provide users with a comprehensive understanding of why specific topics are gaining popularity. This analytical approach enables businesses to make informed decisions about their content and marketing efforts.
• Customizable Alerts- Users can set up alerts based on specific industries, niches, or keywords. This feature ensures that businesses receive timely notifications about emerging topics relevant to their interests, allowing them to adapt their strategies promptly.

12. AnswerThePublic

AnswerThePublic is a top market research tool that taps into the vast realm of Google searches, where 20% are entirely new daily. It automatically listens to complete the data and generates phrases and questions based on a given keyword. It is a powerful tool for understanding user queries and creating content strategies. While it has some limitations with multiple keywords and niche markets, its user-friendly interface and insightful features make it an invaluable resource for market research.

Key Features

• Understanding User Queries- Provides insight into what people are asking, giving a clear sense of user needs.
• Contextual Information- Offers context behind each search query, aiding in a deeper understanding.
• User-Friendly- Easy for beginners to use, making it accessible for all levels of expertise.
• Consumer Insights Goldmine is a valuable resource for consumer insights, helping create impactful content and products.

13. Social Mention

Social Mention is a top market research tool that scans over a hundred social media sites like Facebook and Twitter, tallying how often your keyword or brand name is mentioned. It accurately tracks and measures sentiments, distinguishing between positive and negative feedback. It is a powerful and free tool for monitoring brand mentions and sentiments across various social media platforms, offering valuable insights for real-time monitoring and decision-making.

Key Features

• Comprehensive Keyword Tracking- Reveals your keyword frequency across several social platforms.
• Sentiment Analysis- Differentiates between positive/negative sentiments, offering a nuanced understanding of brand perception.
• Overall Brand Footprint- Provides a general overview of how customers perceive your brand, aiding in informed decision-making.
• Integration with Social Media Apps- Supports easy integration with popular social applications to improve data relevance.
• Real-time Monitoring- Enables users to determine the current level of conversation around their keyword.

14. BuzzSumo

It is another powerful content marketing and research solution to boost your business. It offers features like researching keywords, analyzing competitive, and brand monitoring, along with a helpful Chrome extension.

Key Features

• Keyword Research- Find target keywords based on monthly search volume and other critical parameters for effective content creation.
• Real-time Viral Trends- Track the latest market trends instantly for any domain, current topic, or demographics to stay ahead in content strategies.
• SEO Strategy Insights- Monitor the latest content around specific keywords to craft SEO strategies.
• Custom Alerts- Set alerts for desired keywords, titles, brands, competitors, and influencers for timely notifications.
• Backlink Tracking- monitor backlinks to your domain.

15. Make My Persona

MakeMyPersona is a user-friendly market research tool by HubSpot, ideal for those new to creating buyer personas. It simplifies the process by generating a ready-to-use persona template based on the provided data.

Key Features

• Demographic and Psychographic Details- Utilize information about your target audience’s demographics and psychographics to construct a buyer persona.
• Data Input- Requires details such as age, company size, job roles, achievements, challenges, etc., for persona creation.
• Customization- Allows manual addition of new sections if needed for a more tailored persona template.
• Download and Export- simple one-click download and export of the buyer persona with a simple click.

16. PureSpectrum Insights

It is a consumer insights platform for gathering market research data and tracking brands. Users can design surveys and questions to help collect valuable information to develop marketing strategies. The platform also includes the PureSpectrum Marketplace, allowing users to buy samples from various market research panels with a single click.

Key Features

• Survey Creation- Develop detailed brand tracking and research surveys to gather specific insights.
• Targeted Audience Selection- Choose the right audience based on age, gender, shopping and cart behaviors, and more.
• Real-time Updates- Receive real-time updates on how your market research campaign is performing.
• PureSpectrum Marketplace- find the survey target audience, streamlining the sample-buying process.
• Real-time Data Tracking- leverage reporting dashboards to track data in real-time.

17. Userlytics

Userlytics is an excellent tool for researching market and user testing, particularly for remote usability testing. It streamlines aligning products with the target audience and collecting detailed market data without conducting in-person interviews.

Key Features

• Diverse Test Types, including tree testing, card sorting, usability testing, prototype testing, and more, to identify the right product for the market, test those products, and conduct thorough market research.
• Audience Targeting- it comes with built-in targeting options to select the targeted audience for your tests.
• Recording Capability- Provides picture-in-picture recording to analyze how the audience performs tasks.
• Participant Selection- Choose your participants or use Userlytics’ panel services to target specific audiences.
• Advanced Dashboards- for tracking key parameters like NPS scores, time on tasks, and success/failure rates.

18. BrandMentions

BrandMentions is an effective market analysis tool for tracking brand engagements and online conversations. It offers comprehensive features for social listening, competitor analysis, and influencer engagement. It is a feature-packed platform for instant internet-wide searches, offering tools for social listening, competitor analysis, and influencer engagement to help businesses stay connected and informed about online conversations related to their brand.

Key Features

• Aggregated Social Mentions- Track them across social channels like Facebook, Instagram, and Twitter.
• Community Building- Respond to brand mentions directly via the dashboard to foster a strong community.
• Influencer Connection- Identify and connect with influencers to enhance marketing efforts.
• Hashtag Monitoring- across different channels.
• Sentiment Analysis- of the brand mentions to gauge overall sentiment about your brand.
• Competitive Analysis- Analyze competitors’ performance on the internet, tracking brand mentions, social shares, and other data.
• Alerts for Trends- to get trending topics and news to curate and optimize business strategies.

Stay Ahead of Your Market with Accurate Insights

Today, businesses leverage these tools for product research to understand their products' performance and customer reviews. This diverse range of customer research software has made it more accessible for businesses to get into an in-depth customer journey analysis.

With technological advancements, these tools now have AI capabilities to deliver more real-time and accurate insights. Some businesses still need to learn how to start with market research. To help them, several customer research companies provide consultancy.

If you are looking for AI-powered market research platforms and solutions, try OnGraph’s diverse range of MR offerings, ensuring an efficient research experience.

Frequently Asked Questions (FAQs)

1. What are the four ways to do market research?

The four main ways to conduct market research are surveys and questionnaires, interviews, focus groups, and analyzing existing data. Each method offers unique insights into customer preferences, behaviors, and market trends.

1. Why is it important to do market research?

Market research is crucial as it helps businesses understand their target audience, identify market trends, assess competition, and make informed decisions. It provides valuable insights that guide product development, marketing strategies, and overall business success.

2. What is the best tool for market research?

Determining the best tool depends on specific needs, but popular market research tools include Qualtrics, Google Trends, Statista, and BuzzSumo. Each tool offers unique features for tasks such as survey creation, data visualization, and trend analysis.

3. What type of marketing research is most effective?

The most effective type of marketing research often depends on the goals and context of the study. However, combining quantitative research (surveys, analytics) and qualitative research (interviews, focus groups) tends to provide a well-rounded understanding of consumer behaviors and preferences.

4. How do I do my own market research?

Conduct market research, define your objectives, identify your target audience, choose appropriate research methods (surveys, interviews, etc.), analyze the data collected, and draw actionable insights. Utilize online tools and resources to streamline the process and enhance the accuracy of your findings.