Wednesday, March 13, 2024

20 Instruments & Sources for Conducting Market Analysis

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Discovering out if a product will probably be profitable past the preliminary curiosity is simply good enterprise. With market analysis, you establish whether or not the chance exists, methods to place the services or products, or what customers’ opinions are after the launch.

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In the event you’re delicate to the excessive prices of failure and want to assemble details and opinions to foretell whether or not your new product, characteristic, or location will probably be profitable, begin by investing in market analysis utilizing these instruments and sources.

Listed below are 21 of the very best instruments for conducting market analysis, together with a number of suggestions straight from HubSpot market researchers. Let’s dive in.

Featured Useful resource: Market Analysis Equipment 

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Useful Market Analysis Instruments & Sources

1. Glimpse

Market Research tool: Glimpse

For Max Iskiev, Market Analysis Analyst at HubSpot, one analysis device stands out from the remainder, and that is Glimpse.

He advised me, “Glimpse is my favourite analysis device. It is fast and simple to make use of, permitting me to design and launch quick surveys for real-time insights on trending subjects.”

As a author for the HubSpot Advertising Weblog, I’ve additionally used Glimpse to run quick, 100-person surveys for articles (living proof: Are Gross sales Reps Dashing Again to the Workplace?).

Not solely is Glimpse invaluable for doing fast pulse-checks on the newest developments, however it additionally leverages the ability of AI for even deeper insights.

“Glimpse actually shines in terms of open-ended questions, utilizing pure language processing and AI to research emotion and sentiment, saving time and providing invaluable insights,” Iskiev shared.

Pricing: $1,000/month (Professional Account)

2. Statista

Statista data visualization platform and market research tool

Statista is an information visualization web site that takes information from respected experiences throughout the net and makes them straightforward and digestible for researchers, entrepreneurs, and product creators identical to you.

“Statista is like my market analysis sidekick, giving me all the info I would like with out the infinite search. No extra digging via the haystack, with Statista I can spot developments and make knowledgeable choices with ease,” Icee Griffin, Market Researcher at HubSpot, advised me.

Are you planning on launching a brand new online game and wish to know what number of hours individuals spend enjoying video video games? There’s a chart for that.

One neat side of utilizing Statista is that the identical chart is up to date because the years go. Say that you simply wish to allude to the worth of the wonder market in your proposal. In case your investor accesses that very same graph a 12 months from now, it is going to replicate up to date numbers, as Statista all the time finds the newest analysis to replace their visualizations. (Observe that Statista doesn’t perform authentic analysis.)

Pricing: Free; $39/month (billed yearly); $1,950 (one-time 30-day entry)

3. Assume With Google Analysis Instruments

Think with Google market research tools

Want you had data in your product’s chance of success? Assume With Google’s advertising and marketing analysis instruments provide fascinating insights on whether or not anybody is searching for your product (Google Tendencies), which markets to launch to (Market Finder), and what retail classes rise because the months and seasons go (Rising Retail Classes).

In the event you’d prefer to market your product via YouTube, the Discover My Viewers device means that you can examine what your potential viewers are thinking about and what it’s best to focus on in your model’s YouTube channel.

Pricing: Free

4. Census Bureau

Census Bureau market research tool

The Census Bureau presents a free useful resource for looking U.S. census information. You possibly can filter by age, revenue, 12 months, and placement. You can even use a few of its shortcuts to entry visualizations of the info, permitting you to see potential goal markets throughout the nation.

Among the finest methods to make use of this device is by discovering the NAICS code for your enterprise, then accessing the Tables device, then clicking Filter on the sidebar and trying to find your trade. Simply discover out the place your goal trade is hottest — or the place the market has been oversaturated. One other useful device is the Census Bureau Enterprise and Economic system information, the place you can even goal premade tables relying in your trade.

Pricing: Free

5. Make My Persona

Make My Persona target buyer creator and market research tool

HubSpot’s Make My Persona device means that you can create a purchaser persona on your potential new product. On this device, you choose a reputation for the persona, select their age, determine their profession traits, and determine their challenges, permitting you to pinpoint each demographic and psychographic data.

This device is most suited to B2B product launches since you’ll be prompted to doc your purchaser persona’s profession aims and role-specific challenges. As such, your product would ideally clear up an issue for them within the office or assist their firm obtain income targets.

Pricing: Free

6. Tableau

Tableau analytics platform and market research tool

Tableau is a enterprise intelligence suite of merchandise that means that you can “connect with nearly any information supply.” However the information isn’t introduced in unreadable tables. Fairly, Tableau helps you visualize this information in a approach that helps you glean insights, enchantment to exterior stakeholders, and talk the feasibility of your product to potential buyers.

You possibly can visualize information on something from corn manufacturing in tropical local weather zones to workplace product gross sales in North America. With Tableau’s instruments, you may take as granular or as common a glance you’d like into potential marketplaces and provider areas. Tableau additionally integrates effectively with spreadsheets and databases with the intention to export Tableau information to Excel, again up data in Amazon Redshift, and extra.

Pricing: $12/consumer/month (Tableau Viewer); $35/consumer/month (Tableau Explorer); $70/consumer/month (Tableau Creator)

7. Paperform

paperform homepage-1

A market analysis survey is an efficient technique to perceive your target market and their wants higher by asking them straight. Since this step is integral to understanding your dream buyer’s issues, you wish to guarantee the method is as interactive as doable and incites an goal and correct response.  

With its free-text interface, Paperform is so simple as writing a phrase doc. Make your survey stand out by customizing colours, fonts, layouts and themes, and create your distinctive feel and appear. f you’re uncertain the place to begin, you should utilize considered one of their expertly made questionnaires or market analysis survey templates to get you began. 

With Paperform, you may add conditional logic to indicate or cover questions or entire sections of content material. Create totally personalised paths for various personas to create extra interactive varieties that decrease drop-off charges and increase buyer interplay. Or use any of the 27+ query fields, just like the rating, matrix, or scale fields, to create visually participating methods to gather data.

Pricing: Free (14-day trial); Necessities ($20/month); Professional ($40/month); and Company ($135/month)

8. Claritas MyBestSegment

Claritas MyBestSegment market research tool for finding target audiences

Claritas MyBestSegment offers product researchers with instruments to know an space’s demographic data and the world’s inhabitants’ life-style habits. By discovering out what a section of the inhabitants does — with out having to exit and survey them — you could find out which areas could be most receptive to a marketing campaign or launch, which rivals are situated close by, and which life-style developments have shifted or are on the rise.

A snapshot of an viewers section offers you fundamental data on their family revenue, life-style traits, employment ranges, and training ranges. In order for you extra particular information relating to those subjects, you’ll should contact Claritas’ gross sales workforce to grow to be a buyer.

Pricing: Free; Pricing accessible on request

9. SurveyMonkey

SurveyMonkey market research tool for surveying panelists

SurveyMonkey is a robust device for creating in-depth market analysis surveys that can provide help to perceive your market and shopper preferences.

With this device, you may create focused, uber-specific surveys that provide help to acquire solutions that pertain particularly to your product. Whereas utilizing an information supply may give you a common overview of your target market and market, SurveyMonkey can assist you get extra granular insights from actual customers.

SurveyMonkey presents devoted market analysis options and companies, together with a worldwide survey panel, a survey translation service for worldwide analysis, and a reporting dashboard possibility that means that you can simply parse via the outcomes.

Pricing: Free, $32/month (Benefit Annual), $99/month (Premier Annual), $99/month (Commonplace Month-to-month); $25/consumer/month (Staff Benefit, minimal 3 customers), $75/consumer/month (Staff Premier, minimal 3 customers), Enterprise (Contact for pricing)

10. Typeform

Typeform surveying platform and market research tool

Like SurveyMonkey, Typeform means that you can run analysis surveys to get direct solutions out of your goal customers. It’s an easy-to-use, mobile-optimized form-builder that is nice for market analysis.

Typeform’s distinguishing issue is that it reveals viewers one type discipline at a time. In its templates, it encourages a extra conversational, informal method (like in its market analysis survey template). This makes it a greater match for product launches that concentrate on a youthful demographic. In the event you’re concentrating on C-suite executives at established companies, take into account a extra formal possibility equivalent to SurveyMonkey or retaining your tone extra formal in your questions.

You possibly can create a variety of query sorts, together with a number of selection questions, short-form questions, and ranking scale questions. Different options embody the flexibility to recall solutions from earlier questions and create logic jumps.

In a survey, you’d wish to acquire each demographic and psychographic data in your buyer, in search of to know their buying behaviors and the issues they encounter. The purpose is to search out out in case your product is the answer to a type of issues — and whether or not, earlier than launching, it’s best to add extra options or rethink your product positioning technique.

Pricing: Free; $35/month (Necessities); $50/month (Skilled); $70/month (Premium)

11. Upwave Immediate Insights

Upwave Instant Insights tool for market and consumer research

Upwave Immediate Insights is a shopper analysis device that’s a part of the Upwave model advertising and marketing platform. Whereas it isn’t marketed as a survey creation device, it means that you can launch market analysis surveys particularly to get shopper insights.

Immediate Insights means that you can goal audiences on Upwave’s accomplice ecosystem and visualize the info for straightforward scanning by key stakeholders and buyers. One professional of utilizing this platform is that Upwave distributes your survey to actual individuals — not simply individuals taking surveys for the cash, which might skew the outcomes.

To create a survey, you join on the Upwave platform, click on your title within the higher right-hand nook, and click on “My Surveys,” the place you may create as many surveys as you need. For the Fundamental possibility, you might have a 6-question restrict, whereas the Superior possibility means that you can embody limitless questions.

Pricing: $2/research participant (Fundamental); $3/research participant (Prolonged); $4/research participant (Superior)

12. Loop11

Loop11 usability testing platform for market research

Loop11 is a consumer expertise testing platform that means that you can check the usability of your web site, research consumer intent, check the knowledge structure of your web site, and study how the consumer expertise modifications primarily based on the system they’re utilizing.

This device is helpful for market analysis as a result of you could find out whether or not your goal customers discover your web site straightforward to navigate. You can even determine snags that stop conversions.

Loop11 assessments your web site by making customers carry out duties. They then full a brief query about how straightforward or troublesome the duty was to finish. Your product could also be phenomenal, however until customers can purchase it via your web site, you gained’t launch it efficiently.

You should utilize Loop11’s contributors or herald your individual.

Pricing: $63/month (Speedy Insights), $239/month (Professional), $399/month (Enterprise)

13. Userlytics

Userlytics usability testing platform for market research

Like Loop11, Userlytics means that you can check the usability of your web site, cellular app, and web site prototype. You possibly can goal completely different gadgets, outline a purchaser persona, and disqualify contributors primarily based on screening questions.

Testing is predicated on duties that your test-takers perform. They then reply a easy query concerning the issue of the duty. You possibly can construction the query in varied methods; you may go away it open-ended, present a number of selections, or ask for a ranking. Different codecs you should utilize embody System Usability Scale (SUS) questions, Web Promoter Rating (NPS) questions, and Single Ease Questions (SEQ).

Userlytics performs each a webcam and a display screen recording. You possibly can examine the consumer’s solutions with their reactions on video to know how they really feel after they’re interacting along with your property.

Pricing: $49/participant (Fast & Straightforward); $69/participant (Annual Enterprise); Customized pricing accessible on request

14. Mood

Temper quick survey tool for market research

Typically you want a no-frills check to take the heartbeat of customers. Mood means that you can create a query, seize a snippet of code, and pop it onto your web site. The smiley face, “meh” face, and frown face make it straightforward for viewers to make a snap judgment.

One wonderful means to make use of this device is by including the widget on a weblog publish saying the launch of your new product. That approach, you could find out common sentiment on the product earlier than launching it. You can even add it to a product web page, an electronic mail, or a touchdown web page.

If you embody the widget, you may change the query to one thing that’s tailor-made to your choices.

Pricing: $12/month (Pastime), $49/month (Professional), $89/month (Enterprise), $199/month (White Label)

15. NielsenIQ

NielsenIQ market research consultant for enterprise firms

NielsenIQ is a retail and shopper intelligence advisor that works with you to gather shopper insights, determine the very best distribution channels on your product, and create a spread of merchandise that addresses the wants of your goal consumers.

This service helps you take a look at your product launch from all angles and delivers forecasting information that predicts how your gross sales will carry out upon launch. NielsenIQ may run shopper insights surveys on their listing of panelists and companions.

As a result of it operates like a advisor and never as a self-service software program, NielsenIQ is a greater possibility for established companies with an even bigger product launch funds.

Pricing: Pricing accessible on request

16. Ubersuggest

Ubersuggest keyword research tool for market research

Ubersuggest is a straightforward device for doing key phrase and content material analysis. You possibly can enter a phrase, and it will create a listing of key phrase solutions. You can even see high performing articles and pages so that you simply get an preliminary understanding of the kind of content material that ranks for the key phrases.

This device is helpful for market analysis as a result of you may see who your high rivals are, how typically your product is looked for, and whether or not there’s sufficient house available in the market for the kind of product you’re launching. You can even discover out the questions your target market asks in relation to the product. Every of those questions will be was a weblog publish that may inform your viewers, growing your model authority and driving conversions.

Alternate options to Ubersuggest embody Moz, Ahrefs, and SEMRush.

Pricing: Free; $29/month (Particular person); $49/month (Enterprise); $99/month (Enterprise / Company)

17. Pew Analysis Middle

Pew Research Center data sets for market research

From financial situations, to political attitudes, to social media utilization, the Pew Analysis Middle web site has a ton of free analysis that you should utilize to raised perceive your goal market. Better of all, the positioning has interactive articles that permit you to filter and sift via the info for extra granular, focused insights.

Subjects embody U.S. politics, digital media, social developments, faith, science, and expertise.

Pricing: Free

18. BrandMentions

BrandMentions social monitoring platform for market research

BrandMentions is a social media monitoring platform that may provide help to perceive what your potential clients are buzzing about on-line. Seek for a key phrase, and BrandMentions will present you up-to-date social posts that include that key phrase, together with the context of its utilization. After subscribing to the platform, you can even get sentiment evaluation on the key phrase.

You’ll additionally get different metrics equivalent to Attain (how many individuals view the key phrase per day), Efficiency (how many individuals interact with the key phrase per day), and Mentions by Weekday (when persons are mentioning the key phrase).

You should utilize this device for market analysis by discovering out when persons are searching for your product on social media websites. If you begin saying the brand new product, you should utilize insights from this device to publish concerning the launch at precisely the fitting time. It additionally means that you can learn the way persons are usually feeling about the kind of product you’re launching. That approach, you may higher refine the tone of your campaigns.

Pricing: $99/month (Rising Enterprise); $ 299/month (Firm); $ 499/month (Enterprise/Company)

19. Qualtrics Market Analysis Panels

Qualtrics market research panels for consumer insights

Qualtrics takes the ache of discovering respondents on your market analysis surveys via an internet pattern service. After figuring out your target market, you may go to Qualtrics for entry to a consultant pattern. You possibly can both use your chosen survey software program or use Qualtrics’ built-in platform for insights and suggestions.

Pricing: Pricing accessible on request

20. Qualaroo


Qualaroo is a complicated consumer and market analysis device that helps you perceive your goal market with focused surveys. You possibly can run surveys on over six channels without delay (equivalent to web site, app, product, social media, and mail,) to get a 360-degree view of your current and potential clients.

It comes filled with options like query branching, 12+ reply sorts, automated survey language translation, in-depth viewers concentrating on, pre-built survey templates, and an intensive repository of professionally designed questions.

You possibly can create varied market analysis surveys in minutes to gather information on the demographic, psychographic, and behavioral traits of your target market. It might probably provide help to map clients’ expectations and preferences, create buyer personas, and carry out viewers segmentation.

Qualaroo additionally promotes fast suggestions evaluation. Its in-built AI-based sentiment evaluation and textual content analytics engine mechanically categorizes the responses primarily based on consumer moods. It additionally highlights the important thing phrases and phrases in real-time, saving hours of guide work.

Pricing: $80/month billed yearly (Necessities); $160/month billed yearly (Premium)

Conduct Market Analysis for a Profitable Product Launch

Conducting market analysis is important to efficiently launch a product to market. With the instruments we’ve shared, you could find out who’s searching for your product, why they want it, and how one can higher promote it upon launch, making certain that it’s successful.

Editor’s notice: This publish was initially printed in April 2016 and has been up to date for comprehensiveness.

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