Market Research Tools For Startups - Imarkguru.com (2023)

Market research is a new term for a familiar process. Creating a new product, service, or business model involves making decisions about consumer preferences and requirements – i.e., understanding your potential customers’ needs and wants. A new company, therefore, often must “go to market” with some degree of uncertainty as to whether its offering will sell as expected. Market research can provide the information needed before launch to minimize this uncertainty as much as possible. It is not the only weapon in your arsenal, but it’s an important one!

They say curiosity killed the cat, but we say it brought it back to life.Market research is a process used in creating new products and services in order to understand your customers better.

Loop11

Loop11 is a user experience testing platform that allows you to test the usability of your website, study user intent, test the information architecture of your site, and examine how the user experience changes based on the device they’re using.

This tool is useful for market research because you can find out whether your target consumers find your site easy to navigate. You can also identify snags that prevent conversions.

Loop11 tests your site by making users perform tasks. They then complete a short question about how easy or difficult the task was to complete. Your product may be phenomenal, but unless consumers can buy it through your site, you won’t launch it successfully.

You can use Loop11’s participants or bring in your own.

Pricing:$63/month (Rapid Insights), $239/month (Pro), $399/month (Enterprise)

The world of market research is constantly evolving, and thanks to digital innovation, market research tools are advancing all the time. Heartbeat Ai is no exception to this – its a ‘Human Experience’ software that uses machine learning to suss out the emotions underpinning written content.

Heartbeat Ai believe that human emotion is a key facet of market research that often gets left out. As it says on their website: “At Heartbeat Ai, we’ve seen the power of unveiling the rich emotional world that word choice analysis conveys. We’re not talking binary indicators of approval. Instead, we generate far more nuanced, concrete insights about how people are triggered by what they experience.”

AMZScout

(Free trial. Prices start at $14.99 per month)

When it comes to understanding what is happening in a market, there is no data more useful than sales numbers. AMZScout is an innovative eCommerce software that provides sellers with the insights they need to identify items that have high profit potential.

With AMZScout you can:

• Get stats for every product, including average monthly sales, reviews, sales history, and more.
• Review demand and competition levels for both products and niches.
• Predict costs and profit margins.
• Track seasonal trends and consumer behavior.

This leads to unexpected product discoveries, significant new customer flows,efficient market insights, and long-term revenue growth.

Imagine afocus groupof 1,000 people. Sounds pretty chaotic, right? Not when you add AI into the equation.

Remesh is a tool that makes it easy to gather qualitative insights that shape your marketing strategy. Using Remesh, you can have a live conversation with up to 1,000 people at once, and its nifty platform sorts all of that incoming qualitative data for you into simple, easy to understand insights.

Check out our handy article if you’re unsure aboutthe difference between qualitative and quantitative research.

Userlytics

Like Loop11, Userlytics allows you to test the usability of your website, mobile app, and site prototype. You can target different devices, define a buyer persona, and disqualify participants based on screening questions.

Testing is based on tasks that your test-takers carry out. They then answer a simple question about the difficulty of the task. You can structure the question in various ways; you can leave it open-ended, provide multiple choices, or ask for a rating. Other formats you can use include System Usability Scale (SUS) questions, Net Promoter Score (NPS) questions, and Single Ease Questions (SEQ).

Userlytics performs both a webcam and a screen recording. You can compare the user’s answers with their reactions on video to understand how they feel when they’re interacting with your assets.

Pricing:$49/participant (Quick & Easy); $69/participant (Annual Enterprise); Custom pricing available on request

Temper

Sometimes you need a no-frills test to take the pulse of consumers. Temper allows you to create a question, grab a snippet of code, and pop it onto your website. The smiley face, “meh” face, and frown face make it easy for viewers to make a snap judgment.

One great way to use this tool is by adding the widget on a blog post announcing the launch of your new product. That way, you can find out general sentiment on the product before launching it. You can also add it to a product page, an email, or a landing page.

When you include the widget, you can change the question to something that’s tailored to your offerings.

Pricing:$12/month (Hobby), $49/month (Pro), $89/month (Business), $199/month (White Label)

Tableau

(Pricesstart at $70 per month for 1 creator, rising to $278 per month for a team.)

Tableau is a tool for data visualization that needs no programming knowledge. It helps you see and understand your market research data pictorially, usinganalytics, visualization and business intelligence.

It works like this:

• It extracts data from PDFs, Excel, text, R, Hadoop, Python or SAS, to cloud databases.
• The Tableau desktop takes the data, analyses it, then presents it as an interactive and shareable dashboard which shows trends and variations with colorful charts and tables.
• The data can be published, with features such as collaboration and automation included.
• Users can view their visualized data on platforms such as email, mobile and desktop.

Ubersuggest

Ubersuggest is a simple tool for doing keyword and content research. You can input a phrase, and it’ll create a list of keyword suggestions. You can also see top performing articles and pages so that you get an initial understanding of the type of content that ranks for the keywords.

This tool is useful for market research because you can see who your top competitors are, how often your product is searched for, and whether there’s enough space in the market for the type of product you’re launching. You can also find out the questions your target audience asks in relation to the product. Each of these questions can be turned into a blog post that can inform your audience, increasing your brand authority and driving conversions.

Alternatives to Ubersuggest includeMoz,Ahrefs, andSEMRush.

Pricing:Free; $29/month (Individual); $49/month (Business); $99/month (Enterprise / Agency)

BrandMentions

BrandMentions is a social media monitoring platform that can help you understand what your prospective customers are buzzing about online. Search for a keyword, and BrandMentions will show you recent social posts that contain that keyword, along with the context of its usage. After subscribing to the platform, you can also get sentiment analysis on the keyword.

You’ll also get other metrics such as Reach (how many people view the keyword per day), Performance (how many people engage with the keyword per day), and Mentions by Weekday (when people are mentioning the keyword).

You can use this tool for market research by finding out when people are looking for your product on social media sites. When you start announcing the new product, you can use insights from this tool to post about the launch at exactly the right time. It also allows you to find out how people are generally feeling about the type of product you’re launching. That way, you can better refine the tone of your campaigns.

Pricing:$99/month (Growing Business); $ 299/month (Company); $ 499/month (Enterprise/Agency)

Make My Persona

(Free)

Every marketer knows that buyer personas help your business focus time and resources, and inform product development and marketing. A buyer persona is a model of an ideal customer, created through market research and existing customer data.

Make My Personahelps you create these semi-fictitious characters in seven simple steps that you fill in, including:

• Demographics
• Industry
• Job responsibilities
• Reports
• Goals or objectives
• Preferred method of communication
• Biggest challenges
• Anything else you want to include

The tool then gives you a profile of your buyer persona that you can share with your whole organization to inform and inspire.

R Studio

(Free)

Sometimes it just feels good to get your hands dirty romping through raw data.

• Ris free language and environment software for stats computing, data manipulation and graphics, and you’ll need to install it first.
• R Studiogives you a range of statistical analysis tools to use with R. It requires that you know some coding, but it gives you tremendous power to create custom statistical analysis. RStudio is a free, open-source integrated development environment, which means it’s constantly being improved by the data-analysis community that uses it.

Facebook Audience Insights

(Free)

With around2.45 billion monthly active users, marketers are missing a trick if they don’t track social media giant Facebook for marketing purposes. AndFacebook Audience Insightswill give you information about two groups:

• People connected to your Facebook page
• People on Facebook generally

These will help you create and target content, and find more people who match your target audience. You’ll also be able to extract:

• Demographic information: age, gender, job titles education, relationship status
• What people like: hobbies, interests, pastimes
• Lifestyles: location and relationship status combine to identify the types of people interacting with your business.

Think with Google

(Free)

This tool will give you all the information you need for uncovering market trends, understanding consumer behavior and gaining market insights, ready for your product launch. You’ll find everything from high-level insights to deck-ready statistics and useful marketing tools.

Using fascinating and useful content from Google, using data from their digital searches, Think with Google will inform your marketing campaigns by:

• Making sense of the data with articles that explain its implications
• Highlighting trends in real time
• Showing what other companies have achieved

Conclusion

When you’re launching a new product, service or business model, there is always some degree of uncertainty about how the market – your potential customers – will react to it.