market research

Top 3 Market Research Tools that every marketer should leverage

  • Hunar Mehta
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  • 19 November , 2020
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    • 6 min read

Top Market Research Tools

You don’t watch a show on Netflix without doing thorough research about it, do you? Then why compromise on research when it comes to marketing your product or brand digitally. While the internet has taken over the marketing world completely, good market research is still in trend. Market research plays an extensive role in digital marketing. It provides you with significant and vital information, and in a way can make or break your digital marketing campaign. This blog will give you an insight into some top market research tools to help you grow your brand.

 

But before we move any further into, let us understand -

What is Market Research and why is it so important?

Market research or marketing research is a technique that is employed not just by market research companies but sole traders as well, to collect information and gather insights about another company/brand’s target audience. If you own a business you would want to know where your customers spend most of their time, what are their pain points and preferences, what pushes them to buy your product, what holds value for them, and so on. Market research helps you to answer all these questions, design better products, and improve user experience. Market research analysts play a key role in market research companies as they are designated individuals who are experts in creating market research reports and essentially carrying out the market research process from start to finish. 

 

Most of us shut our minds on hearing the word research and “geek-shame” it. I just came up with that term, but I am sure you know what I mean. All of us have million-dollar business ideas that we want to bring to life and market research never finds space in that to-do list. But let me tell you obsessing over your customers and getting them to know them up and close, is the only way to win. 

 

Now if you are one of those who isn’t big on research but still wants to leave a mark which is not limited to your carbon footprint, you have landed on the right page. There are so many market research tools out there that will make your lives easier and help you maximize market research efforts. Lucky for you, I have done thorough research on them.

 

  • SiteProfiler - 

 SiteProfiler, from Mangools.com, as the name suggests is one of a few market research tools that analyze websites, and compiles all your competitors' website statistics and SEO metrics in one place. All you need to do is enter a website URL and SiteProfiler will provide you with all the statistics about that website. 

 

It shows all aggregated data - domain authority, page authority, citation and trust flow, rank, and so on. It also provides you with all the backlinks with top referring domains directed to a site. 

Along with this, the market research report by SiteProfiler will also show you the top content the site has generated and where their major traffic comes from. 

The main advantage of this market research tool is that it also breaks your audience by age, location, gender, interests, and so on. When it comes to competitors, SiteProfiler shows you the competitive landscape of the website along with relevant keywords. 

 

One of the simplest and easiest market research tools that visualize data in the form of charts and statistics, making it extremely easy to decode it. SiteProfiler also has a google chrome extension and hence you can find insightful information about any website as and when you browse.

Other  tools to measure statistics - Tableau, Statista

 

  • Google trends -

 

Originally an online search tool, Google trends is also known to be a great market research tool as it allows you to see how often specific keywords and phrases have been searched for over a period of time. It analyses Google searches and provides you with information as to how many searches were made for the particular terms and keywords along with geographical information about the users. It can also be used for comparative keyword studies and to discover spikes caused in keyword search volume due to certain events.  

The best part is that Google updates the data on Google trends daily, but I would suggest that you take this information with a pinch of salt owing to the data sampling issues and approximations that might be employed to compute results. One more advantage that makes Google trends one of the more effective market research tools online is that it provides you with real-time data inclusive of the latest trends from across the globe. Many market research companies find the user-interface also extremely easy to use and navigate.

 

How to use it? Enter a search term in the search box at the top and see how the search volume has varied for that keyword over different locations and periods of time. You can produce more fine-grained data by changing the location, time frame, category, and type of search. 

 

The data found in Google Trends can be used for several different marketing purposes : 

 

  • SEO and content marketing - This tool can be used to understand what your target audience in the market is searching for. Use this efficiently to research and market your content or to drive traffic to your site.
  • Paid search - This data can be used to ramp up your seasonal campaigns and contribute to cost planning. You can also find out irrelevant keywords that can be negated while running your ads. 
  • Running Ad creatives - Google trends help you figure out what topics are currently trending and referencing a trending topic in your campaigns (email, Facebook ad, etc) can increase the engagement of your campaigns.

 

Other tools for content research - Flipboard, Slideshare, Google alerts 

 

  • MakeMyPersona :

 

Answer a series of questions about your ideal customers and this market research tool will generate buyer personas for you. Make My Persona is a free online market research tool by Hubspot that aids your buyer persona research and helps you organize and understand better. After answering a few strategic questions you will be presented with a personalized shareable persona sheet providing you with significant details about your target audience. Research and market to your ideal customers on a platform they spend most of their time on! You cannot get any more specific than this. 

 

How to go about this - 

 

  • Go to Make My Persona and select your path. If you have already done your research you can directly start. If not, this tool provides you with an educational guide that helps you learn what a buyer persona is, how to conduct research and surveys, and so on. 
  • There is a seven-step creation flow that you will be guided through and each step will focus on a different aspect of the buyer persona. 
  • Once you are done with this, you will get your persona editor document which can be formatted and customized to suit your needs. If you are satisfied with it, download it! 

 

Other tools to get social insights - Facebook and LinkedIn analytics, Social mention 

 

This blog lists a few of the top market research tools available and I urge you all to take out some time and try your hands at each of these tools before you start your online market research as it will help you to identify your target audience efficiently, know what digital areas and platforms you should be active on, study the market, and identify the key influencers. It teaches you to keep a watchful eye on the market while providing a direction to your brand. 

And since the digital landscape is changing ever so rapidly, consumer research is extremely vital. Without using the right resources to maximize market research efforts, your business can become lost and more so, become a prisoner of your assumptions. So put on your research hat, channel your inner geek, and get started!

Happy Researching! :) 

Reach out to our research experts to know more about how you can create the right market research strategy for your business!


5 reasons why businesses need market research

  • Lalitha Shukla
  • |
  • 26 October , 2020
  • |
    • 3 min read

“Running a company on market research is like driving while looking in the rearview mirror”, says Anita Roddick and we couldn’t agree more. To break down what market research is in a simpler form, it is considered the backbone of any business. When you first think of a business idea or come across a business opportunity it is important to understand the market landscape, who your competitors are in addition to knowing your consumers. The first few months can prove to be precarious to any new business and if you haven’t spent enough time and effort into market research, then you’re not going to have a business model strong enough to ensure that those customers don’t stop coming to you. Let’s look at what market research entails and why it is important for businesses to invest in it.

What is Market Research?

Market research is the simplest and most efficient way for businesses to keep up with the industry trends, identify consumer problems and track realistic competitors while maintaining an edge by sizing up a business opportunity. It isn’t a specific activity or a method, it’s just an attempt for businesses to learn more about their target audience to maintain relevance and longevity of their business. Market research can be carried out in different stages depending on different objectives - for instance, if your business is launching a new product or service, conducting research from the pre-launch stage makes sense as it will help you gain a sense of how your target market may respond to your product/service and help you establish a sound business strategy to grow your brand and leave your competitors behind. 

Now that we have a better understanding of ‘what is market research’, let’s look at how it could prove to be fruitful to a burgeoning business and ensure it’s growth and longevity, or simply put - the importance of marketing research for businesses.

  • It helps you spot business opportunities - When you spend adequate time on market research, you don’t just learn about your customers in-depth but also identify other avenues for growth like viable partnerships with other businesses and crack deals that can be mutually beneficial. Additionally, your research findings can also help you in coming up with product extensions, product bundles and upsells that can help increase revenue. 
  • It helps you understand your customers in-depth - For businesses, the role of marketing research comes into play in understanding and solving customer problems and their pain points in depth. There are certain exercises that you as a business owner can conduct to get a better understanding of who your target customer is and how they behave. Some of these include surveys, one-on-one interviews, focus groups, telephone interviews amongst others. 
  • It helps you understand your competitors and their approach - If your business is in a heavily competitive space, knowing and understanding what your competitors are doing is instrumental in establishing a different marketing strategy for your business. Market research helps you assess the key players and what they do. Additionally, it can also help you identify the weaknesses in your competitor’s approach and identify the gaps that you can bank on to win over customers, thus defining the importance of marketing research.  Knowing what your competition is doing and staying ahead of them is pivotal to the success of your business. 
  • It helps you in business growth - The role of marketing research is pivotal in detecting more business opportunities, devise the perfect marketing strategy, stay ahead of your competition, capture relevant insights and grow your business while minimizing your losses. It helps you categorize your objectives while staying relevant to your target customers. An effective research strategy will not only help you predict some of the pitfalls but also help you navigate through them. The process of market research is designed to reduce risks, devise apt marketing strategies and growth models that are cost-effective for your business. 
  • It helps you identify the right channels of marketing - Once you set up your business, you need a solid marketing plan to build awareness and acquire customers. Market research can help you in reaching your target audience in the channels where they are most likely to see your brand. The importance of marketing research lies wherein you can get detailed insights about your customers, what they do, whether they are digital-savvy or not, what kind of messaging they will respond to and how you can reach them. Once you have this information, you can then devise a marketing strategy that takes into account all the right channels of communication, the right kind of messaging and the right kind of budget to amplify the messaging. 

In conclusion, all we’d like to say is that if you are a business that’s just starting out, ensure you spend enough time and resources to get a better understanding of the market landscape as it guarantees success and growth. We have put together this article to help you understand what is market research and to elucidate the importance of marketing research for your ambitious business plans.

Reach out to our research experts to know more about how you can create the right market research strategy for your business! 

 

 


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