12 Best Market Research Tools for 2022

November 23, 2021

Market research tools have been at the heart of every businesses’ success. In a world where competition seems to be never-ending, knowing the ins and outs of your target market is more crucial than ever. 

According to a study conducted by PwC, companies that benchmark can achieve 69% faster growth and 45% greater productivity as compared to those that don’t. 

Market research has enabled organizations to uncover not only some of the biggest revelations about the market but also the tiniest details that most people miss. Market research helps organizations read between the lines and make informed decisions, which makes the process ever so important. 

Thankfully, in the 21st century, we do not require an insider to give us data about the market in the name of research. We now have some of the world-class software tools at our fingertips that would enable us to truly improve, evolve and empower our products and services for the people. 

In this blog, we’ve included a list of 12 of the best market research tools out there with some of the key details that you should know before making a decision to choose the one for you. 

But first, let’s take a closer look at what market research actually is.

What is Market Research?

Market research is a complex process that evaluates the feasibility of a product or service in a given market by gaining valuable insights from the potential customer base. 

Have you ever thought about how and why something specific happens in a given market? 

That is what market research does. 

Market research also answers some of the important questions like the ongoing or future market trends and consumer behavior, with the help of deploying surveys or conducting interviews with the focus groups. 

The primary goal of market research is to comprehend or evaluate the market for a specific product or service in order to predict how the target audience will react to it. This information can then be used to specifically tailor the products and services along with marketing activities to generate the best possible response. 

This is not the only use of conducting marketing research. There are several other ways in which marketing research proves to be useful to organizations. Let’s take a look at some of them.

Importance of Market Research

Conducting market research does give you an opportunity to achieve customer satisfaction and reduce customer churn at the same time. But these are not the only benefits of research. 

Here are some of the key benefits:

In Product Launch

The overall success of the product is defined by its ability to fulfill the needs of the customers and also fit into the target market. Product launch is a rather costly affair for the organizations as it involves production, distribution, and advertising expenses. 

This is the reason why organizations need to get it right the first time, and conducting market research is a ‘sure shot’ way of knowing what the customers want and delivering just that.

Read Also: How to Constantly Improve Your Product With Customer Feedback

Improving Customer Feedback

Statistics suggest that a typical business only hears from about 4% of the total dissatisfied customers, which means that what the organizations know about customer complaints is a major underrepresentation of many unhappy customers out there. 

This is the reason why conducting prior market research by collecting customer feedback would allow the organizations to critically understand how their product would fare in the current market conditions.

Understanding the problem from a customer’s perspective would allow the organizations to debut the product with a much stronger offering.

Reducing Business Cost

There are several costs associated with new product development that must be considered. These costs are as follows:

  • Components
  • Web designing
  • Packaging 
  • Production
  • Software development
  • Testing
  • Integration

For instance, if your company is launching a new product, sharing the information with potential customers and gathering their responses would be an ideal thing to do. Making an initial investment towards market research can reduce the overall business cost by fixing problems before the product is launched in the market.

It would save your business the time, effort, and expenses of rolling back the launch and fixing the problems in the later stages. 

Gaining Competitive Advantage

The competition in the market is more intense than ever, and businesses all over the world try and capture every possible opportunity to gain an edge over their competitors. Market research is one such thing that provides a major competitive advantage to businesses by providing the groundwork for thoroughly researching every element of their market. 

Here are some of the elements of competitive advantage catered by market research:

Read Also: 25 Best Online Survey Tools & Software

Determining the Level of Competition

One of the major advantages of conducting market research is that you get a better understanding of who your competitors are and what strategies they are implementing. The market research gives you enough information about the strengths and weaknesses of the competitors, along with opportunities that you can use to get ahead of them. 

What’s more, you can use all of the research data to compare your position in the market with respect to your competitors. This way, you can find ways to streamline your business and improve your product offering.

One of the best ways to analyze the market is by deploying surveys to understand the voice of the customers and prospects. To understand your position relative to the competition, you can ask questions like:

  • Which other options did you consider before choosing our [Product name]?
  • Which of our competitors, both online and offline, did you consider before choosing our [Product name]?

Profiling Your Customers

Another major benefit of market research is that it also allows organizations to profile their potential customer base. Communicating with the right audience and understanding their needs, allows organizations to tailor products specific to their needs.

This, in turn, would significantly boost the customer acquisition rate and improve market penetration, making a much more prominent impact. When these elements add up to the increased market share, the organization directly gains a competitive advantage in the market.

Creating a persona is a great strategy for profiling and here’s how you can turn data from prospects into useful information by asking the right questions:

Build Buyer Persona / Segment Differences

  • What is your role?
  • What does your typical day look like?
  • What did you come here to do today?
  • How is your success in your role measured?
  • What problem does our product solve for you?
  • What do you want to achieve by using our product?
  • What tools are you using?
  • How has this feature impacted your work?
  • What is your biggest pain point?
  • What is your biggest desire in relation to your problem?
  • How often do you encounter your problem?
  • What devices or tools are you normally using when encountering this problem?

Promoting Innovation

When organizations indulge in cut-throat competition in the market, it reaps a lot of benefits for the customers. This is because organizations not only have to acquire the customers but also retain them over a long period of time. 

This can only be achieved if the organizations are continually working on improving their product offering through innovation. Failing to do so, a competitor would easily acquire those customers by innovating their offerings. 

Therefore, market research allows organizations to understand the level of competition and work accordingly on their innovative practices.

Further Developments

In addition, conducting prior market research can give you a much wider perspective to look at your product. Customer feedback can help you work on new ideas and develop your product even further. 

This would allow you to capitalize on the new opportunities that you might have missed earlier, and you would also stand a better chance of surviving in the target market for a sustained period of time.

Responses from questions as mentioned below can guide you towards making the right decisions:

“What’s one feature we can add that would make our product indispensable for you?”

  • How often do you use this feature?
  • What’s the next feature we should build?
  • Of these four options, what’s the next thing you think we should build?
  • How would you feel if we discontinued this feature?
  • How disappointed would you be if you could no longer use [Product/feature name?]
  • Have feedback or an idea? Leave it here!

Watch: How to create a user research survey


Case Study: Twilio

Twilio, an American cloud communication platform has integrated research as their core business strategy. Twilio works in an ever-evolving market, and to expand into such circumstances, they need to work quickly and stay up to speed with the current and future challenges.

Case Study: Twilio

Understanding and anticipating customer needs are the backbones of Twilio’s product development strategy. All Twilio employees aim to identify and address these needs in some way as part of their jobs.

Customer discovery efforts are critical. You need to put yourself in the customer’s shoes in the most efficient way possible, which is also feasible at every stage of the product development. There are plenty of ways to tackle this challenge. Although coming up with the hypothesis is not the hard part – it’s knowing which ones to try first. 

Twilio deployed Qualaroo as their market research tool to collect feedback from the customers directly in an effortless fashion. The customer research data was then directly used to assess the best possible hypothesis. 

Using Qualaroo, the teams at Twilio were able to easily collaborate and continually use the customer data to structure their thinking and prioritize what they test. Here are some ways Twilio made use of Qualaroo: 

  • Collection and planning for user testing or product feedback interviews for the targeted customers
  • Asking specific questions about what certain customers want or need to achieve their objectives
  • Provide a step-by-step guidance to examine hypotheses about what type of support new customers will receive
  • Collection of data to be shared between groups to compensate for differences in expectations or opinions

Conducting market research and collecting user feedback allowed Twilio teams to quickly jump from opinion-based ideas to data-based insights within the span of 5 minutes. 

This made the customer discovery process much more efficient and increased the chances of experiments yielding a positive result. 

But knowing the applicability of market research tools will not suffice. You should also have a proper understanding of what features you should look for in an ideal market research tool.

Related Read: List of Best 30 A/B Testing Tools

Must-Have Features in Market Research Tools

You have already come across what market research tools can do and how they are useful to marketers. But what makes a market research tool great and desirable? Let’s take a look at some of the features that every market research tool should have

1. Identifying the Target Audience

Each step in the process of market research is crucial, but it stems from identifying your target audience in the initial stages. The inability to identify the right target audience would automatically result in the market research being void and halt the process entirely. 
Therefore, a market research tool should, first and foremost, be able to fetch you the right set of audience to ask the questions from.

2. Creating a Research Questionnaire

The step that follows the identification of the target audience is the creation of a research questionnaire that will fetch you the answers that you are looking for. 

A good market research tool should provide users the ability to draft questions that: 

3. Sharing Your Research Questionnaire

Another must-have feature of any market research tool is the ability to share the research questionnaire on multiple platforms through different channels. The flexibility of sharing your research questionnaire on different platforms is directly correlated to gathering accurate and significant data.

Respondents should be given the ability to opt for platforms that are convenient to them, like emails, social media, web links, SMS shares, and many more.

4. Collecting Data and Creating Information

A good market research tool should always be able to collect raw data and process it in such a way that it gives valuable information to the researcher. This is where an analysis tool comes in. 

The analysis conducted by the research tool should give actionable insights by analyzing the data on a granular level and presenting it with the help of a robust reporting system.

Top 12 Market Research Tools

There are plenty of online market research tools that you can choose from. Here is a list of 12, which the users think very highly of:

1. Qualaroo

Qualaroo

Arguably one of the most highly sophisticated online survey tools out there for conducting market research is Qualaroo. It provides users a market research platform that is easy to use and also offers actionable insights.

Qualaroo also helps you develop user personas through advanced targeting, which helps you better understand your users and easily track their goals & behavior patterns.    

Features:

  • Easy to set up and can instantly start taking feedback.
  • Professionally designed survey templates to ask just the right questions.
  • Catches your visitors in real-time with context for valuable responses. 
  • Users can easily determine who and where the survey targets are
  • Can help create detailed customer journey maps
  • Ask for product/website/app feedback from the audience based on engagement. 
  • Supports branching logic to easily go through the redundant users. 
  • Integrates with popular tools like Hubspot, Zapier, and Slack. 

Related Read: 11 Best Mobile In-App Feedback Tools

Best for:

Analyzing customer sentiments and open-ended survey results through IBM Watson Sentiment Analysis

Pricing: Starts at $80/month.

Related Read- If you want to know more about the NPS tools, have a look at Best Net Promoter Score Software & Survey Tools

2. Google Trends

Google Trends Market Research Tool

Google Trends is a free market research tool that presents data in the form of trend lines from all over the internet. When you enter a specific term into Google Trends, it will give you an accurate representation of how trendy that term has been over the course of time and also gives it a score out of 100.

Features:

  • Shows the frequency of your searched term in Google with respect to the website’s total search volume over a given period of time.
  • Refines your search by adding location filters.
  • Presents the trend graphically for better visualization of the result.
  • Easy to respond to surveys on any device, including mobile, tablets, and computers. 
  • Integrates with popular tools such as Zapier, Automate.io, and Integromat. 
  • Data is generated into organized Google Sheets that can be instantly presented without making any alterations. 

Best for:

  • Acquiring keyword-related and geographic data about the users.
  • Comparing keyword research to uncover any search spikes due to special events. 
  • Getting a more comprehensive perspective on the news, opinions, and perception towards your brand. 

Pricing: Free to use

3. SurveyMonkey

SurveyMonkey Market Research Tool

SurveyMonkey offers new market research techniques and provides different ways to the customers for voicing their opinions. They have combined an enterprise-grade platform with a suite of specialized market research and customer experience solutions to ensure that the power of feedback can be given to organizations of all sizes. 

Features:

  • Professionally built question bank to ask accurate questions.
  • Personalized survey techniques like skip logic, branching logic, etc.
  • AI-powered analysis tool to get expert feedback on the survey draft. 
  • Test creative concepts by asking the right set of questions from the right audience. 
  • Ensures quality of data gathered from over 144 million users worldwide.
  • Ability to get help from market research experts and dedicated accounts managers with the flexible engagement model.
  • Potential to monitor market dynamics of a specific product category over time.

Best For:

  • Implementing recurring surveys to track sentiments.
  • Embedding question surveys into emails to elevated response rates.
  • Getting an accurate context from the updated benchmark data.

Pricing: Starts at $25/user/month. 

4. Statista

Statista Market Research Tool

Statista is a software tool that specializes in data visualization and market research. It picks up data from reputable reports that are present all over the internet and makes them easy to comprehend and digest for researchers and other users. It can find the specific data relating to your industry and create a statistical report on it, which would be much easier to understand. 

Features:

  • Ability to filter content based on a specific type. 
  • Hundreds of metrics to choose from and the ability to customize visualizations.
  • Also features forecasts and surveys reports.
  • Flexibility to analyze the markets across 150+ countries. 
  • Presents global stories and statistics in a vividly visualized manner. 
  • Ability to conduct Global Consumer Surveys to understand what drives the consumers. 
  • Can integrate with other marketing tools by simply copying the HTML code. 

Best for:

  • Portraying Key Performance Indicators (KPI) to understand the consumer market outlook.
  • Explaining reasons behind the market related to buzzwords, in the form of the digital market outlook. 
  • Researching about the companies and gathering information like their headquarters, the number of employees, and revenue performance.
  • Researching about the companies and gathering information like their headquarters, the number of employees, and revenue performance. 

Pricing: Starts at $39/month

5. Google Keyword Tool

Google Keyword Market Research Tool

Google Keyword Tool is a highly sophisticated market research and analysis tool that acts as a window into the behavior of customers when searching online. Google Keyword tool provides valuable insights into queries that your target audience is searching on google.

It acts as an accurate product research tool that tells you what the customers are looking for. To use it, you need to create a free Google Adword account.

Features:

  • Shows you the volume of keyword searches.
  • Lets you filter keyword searches based on location and language.
  • Lets you filter searches based on the device that people use to search.
  • Helps marketers build a content strategy and marketing strategies as well. 
  • Offers users insights into the current marketing trends.
  • Expand long-tail efforts by discovering other important keywords in the same domain.
  • Integrates with other tools using Google API.

Best for:

  • Analyzing the relationship between different keywords. 
  • Understanding the competitiveness of the keywords.

Pricing: Free to use.

6. Tableau Software

Tableau Software Market Research Tool

Tableau is a business intelligence suite for data visualization that needs no programming knowledge. Tableau uses analytics, visualization, and business intelligence to present the data in a visually appealing fashion for a better understanding.

It aims to transform the way we see and use data to make decisions. Tableau empowers its users with the help of their highly sophisticated market research tools to make the best out of their data. 

Features:

  • Lets you visualize data on anything.
  • Can easily extract data from PDFs, Excel, text, Python, SAS, and many more.
  • Tableau dashboard provides a comprehensive and wholesome view of your data.
  • Enables the marketing team to directly access the data from different formats.
  • Visualizes the market research data to generate actions and make quick decisions. 
  • Natively integrates with other market research tools like Qualtrics and Salesforce. 

Best for:

  • Collaborating and sharing the data with team members of the organization.
  • Connecting with live data sources to always keep the data up to date. 
  • Creating heat maps of the data to get a general sense of the emerging patterns in the market.

Pricing: Starts at $70/user/month.

7. Typeform

Typeform Market Research Tool

Typeform is another online survey tool that allows you to conduct market research surveys to get a direct response from your targeted audience. It has a built-in photo and video libraries and a wide range of design themes to choose from. Typeform primarily aims to create people-friendly forms by making them appealing, which would gather more responses and better insights.

Features:

  • Shows the viewers one form field at a time. 
  • Easy to use and optimize for mobile devices.
  • Lets you create a wide range of question types. 
  • Make the form uniquely yours with a wide range of customization options.
  • Integrates with other tools like Google Sheets, Salesforce, Slack, etc.
  • The drag and drop feature allows users to create forms within minutes.
  • Variety of question types including multiple-choice, rating, opinion scale, free-form text, and many more.

Best for:

  • Creating conversational and casually approached surveys. 
  • Gathering demographics of the customers to understand their behavior patterns. 
  • Creating positioning strategy through survey results. 

Pricing: Starts at $25/month.

8. SEMrush


SEMrush is another very effective market research tool that marketers use to boost their conversion rates. It has over 40 tools under its portfolio that can be used to attract more visitors and increase conversions. 

This tool primarily aims at improving online visibility and discovering marketing insights by offering services like SEO, PPC, SMM, Keyword Research, Competitive Research, PR, Content Marketing, Marketing Insights, Campaign Management.

Features:

  • Provides tools like keyword research, on-page SEO, and local SEO.
  • Easily monitor and manage organic rankings.
  • Provides tools for content marketing, creation, distribution, optimization, and market analysis. 
  • Lets you explore and analyze the demographics of competitors in the market. 
  • Determine how to market competitors earn their traffic and also estimate your market share. 
  • Integrates with popular Google and social networking applications. 

Best for:

  • Link building and competitor analysis for best SEO strategies.
  • Conducting market and product research along with the paid advertisement. 

Pricing: Starts at $119.95/month. 

9. Ahrefs

Ahrefs Market Research Tool

Another market research tool that offers a fully-packaged suite of conversion rate optimization tools is Ahrefs. It is an extremely diverse software that has tons of functionality and can easily make anyone an SEO expert. It is an extremely powerful tool for backlinks, SEO analysis, and also managing your SEO health over time.

Features:

  • Ranks keywords with respect to their level of difficulty and traffic potential. 
  • Conduct site audits to understand the weak links and boost the conversion rates.
  • Conducts keyword research for Google, YouTube, and Amazon.
  • Finds content that performs well on a given topic.
  • Tons of different metrics to measure the data on.
  • Integrates with tools like Tray.io and Rank Ranger using Ahrefs API

Best for:

  • Providing insights into competitors’ organic search and backlinking profiles on different websites.
  • Finding the most optimized and well-performing content to give great content ideas and analyze competitors’ content.

Pricing: Starts at $99/user/month.

Read Also: Here are Top 35+ Best Conversion Rate Optimization (CRO) Tools

10. Upwave

Upwave Market Research Tool

Upwave is a popular consumer and market research tool that allows users to collect data directly from the consumers through targeted surveys. It has the largest consumer data set available that can effectively measure cross-channel brand campaigns. With its industry-leading predictive analysis, it effectively measures cross-channel brand campaigns. 

Features:

  • Easy to set up and create surveys. 
  • Upwave only distributes your survey to real people and not people who take surveys for money. 
  • Functions like Linear, addressable, CTV, and on-demand dashboard with unprecedented data scales.
  • Lets you view survey delivery stats and conduct target verification successfully. 
  • Natively integrates with popular tools like Zapier and Zoho.

Best for:

  • Targeting your audience on the Upwave partner ecosystem and visualizing the data to determine key stakeholders and investors.
  • Providing real-time brand measurement and delivering insights to make optimization decisions. 

Pricing: Starts at $4/user/month. 

11. AnswerThePublic

AnswerThePublic Market Research Tool

According to their home page, ‘There are 3 billion Google searches every day, and 20% of those have never been seen before”.  AnswerThePublic is responsible for listening to autocomplete data from search engines and cranking out every useful phrase or question that people are asking about a given keyword.

Features:

  • Helps you get a sense of what the people are really asking for. 
  • Gives you the context behind every search. 
  • Very easy to use and digestible for beginners. 
  • Listens to autocomplete data from search engines like Google and cranks out useful phrases and questions. 
  • Also acts as a goldmine for consumer insights, and the data can be used to create extremely useful content and product.
  • Integrates with other popular applications to generate more insights. 

Best for:

  • Adding insights, validation, creativity, and creating content strategies.
  • Uncovering the untapped potential of search demands that have never been seen before.

Pricing: Starts at $99/month.

12. Social Mention

Socialmention Market Research Tool

Social Mention digs through 100+ social media websites like Facebook, Twitter, WordPress, and many more, to determine the number of times your brand or keyword has been mentioned. It has the ability to accurately track and measure what people are saying about your brand.

Features:

  • Displays how much your keyword crops on all social media platforms.
  • Distinguishes between positive and negative sentiments.
  • Gives a general overview of the customer’s perception of your brand. 
  • Users can determine the overall footprint of their brand and make informed decisions.
  • Supports simple integration with popular social media applications for more meaningful data.
  • You can also determine the number of people talking about your keyword at any given time. 

Best for:

  • Determining the range of influence of your keyword. 
  • Researching about the specific domains where the audience is looking. 

Pricing: Starts at $34/month.

Recommended Read: 30 Best Website Feedback Tools for 2022

Final Tips for Conducting Market Research

At this point, you are well aware of how important ongoing market research is for the organization’s long-term success. But even if you fully understand the depths of market research, you need to leverage it effectively. 

For that, here are some of the quick tips that would be useful for you while conducting market research:

1. Context Is Everything

Data is everywhere, yet so little of it is of any use. Even with tons of invaluable information at our fingertips, we often are clueless as to how we should use them. Understanding the true meaning and the reasoning behind the information is what makes research complete. 

As a good researcher, you should always be aware of the possibilities and limitations out there and harness the vast potential of information out there to paint a clear picture in the form of market research.

This can be done by always trying to look beyond the data points and asking questions to understand the actual meaning around the data.

Also Read: How To Measure Customer Satisfaction In Context

2. Make It Personal

When it comes to interpreting the data, you should always try and engage with the researchers and the analysts to understand how the data would be applicable to your organization. Market research is not about reading recorded visuals and texts or purchasing a report card and moving on. 

There is a vast amount of information captured on a daily basis that does not make it to a publication and remains unused. Research is often widely applicable, which is why you should personally engage with research personnel or analysts who work behind the scenes to curate the research.

Asking them the right questions about the applicability of research would give you a much better understanding.

Remember, Research Is an Ongoing Process

We live in an ever-changing society, where the consumer’s needs and market trends change at a rapid pace. In order to analyze and interpret those trends and consumers’ needs, you need to study them on a regular basis. Research needs to be an ongoing process with no inevitable end to ensure that you always stay ahead of the curve at any given point in time.

Ask the Right Questions

Before starting with your marketing research, you need to have your objectives in place. These objectives act as a blueprint for your research and would guide you towards successful market research. 

While focusing on the core objective, you would need to derive the right set of questions that would gather the specific data needed to fulfill your research. Here is a quick example of questions that can be applied in your research:

To understand how your visitors came to know about you

  • How did you find our website?
  • What search term did you use to find our website?
  • What was the first thing you found out about us?

Understanding the purpose of your visitors

  • What brings you to this website today?
  • What product or service are you looking for?

Understanding the exit intent

  • What is preventing you from signing up?
  • What is preventing you from starting a trial?
  • What could we do to make this site more useful?

Related Read – To know more about the survey questions, have a look at What Survey Questions Should I Ask?

Reflect on the Insights

Conducting market research is not the end of the process. The important bit is what comes afterward. Sharing the research data with your team and other organization members is the ideal thing to do when it comes to interpreting it. 

You can also use the analytical tool provided in the research software that would comprehensively decipher the data and give you a bird’s-eye view. This is how reflecting on the data would give you the ability to make critical decisions.

Conclusion

Ultimately, market research will always be considered as a highly sophisticated way of gaining insights and answers that will eventually reduce business risk and ensure overall success.

Research success can always be determined by comparing your discoveries with the business objectives. Proper deployment of market research tools is one of the biggest enablers of this success.

With that being said, you have been enlightened with some of the best market research tools out there. All you need to do now is evaluate your needs and map them with the tool that can make it happen for your business by helping you develop what your customers need.

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Do you want a free Survey & Feedback Software?

We have the world’s most versatile user research & feedback survey tool starting at $0

Do you want a free Survey & Feedback Software?

We have the world’s most versatile user research & feedback survey tool starting at $0