Market research is a foundation for your future startup success.
It is a crucial element in your new product development process. Since doing market research, it provides you detailed insights into the competitors, understands customers’ pain points, gets to know the latest market trends, consumer buying patterns, economic shifts, etc. Therefore, conducting market research is something that could not be emphasized too much.
If you want to start a new small business, if you want to launch a new product or service or if you are looking for new marketing channels - you should conduct market research. In this case, to help you navigate the new domain we suggest to look through the following list of best tools for market research. The collection of research tools will help you conduct proper market research, competitive analysis, content research and much more. Note, that most tools are free of charge, however, if you want to get Premium access there is such an opportunity for an extra fee. So, without further ado, let’s get started.
Google Analytics
Google Analytics is a web analytics tool that generates detailed statistics about activity on a website. So, the tool doesn’t just provide you with website insights, it’s incredibly valuable to the commercial success of your business. It combines the following key metrics, like Audience overview, Location information, Demographics, Social network sources, Content overview, Goals and value of conversions. As the main benefit, the tool includes excellent detail on who visitors to the web site, information on which pages within our client’s side. And which one is the most traffic-rich one.
Features:
Traffic reporting;
Conversion tracking;
Keyword referrals;
Custom dashboards;
Free of charge.
Benefits:
Analyze sources of traffic;
Get information about the visitors;
Specific page popularity;
Check the website bounce rate;
Review traffic flow;
Review historical data.
SimilarWeb
Do you want to reveal the best strategies from the market and your competitors? Then SimilarWeb is the right one for you. It shows where most of your competitors’ traffic comes from, as well as any similar pages they visit. Traffic is broken down into 4 sources, so you can see how each source performs. Want to dig deeper into your competitors’ content? SimilarWeb shows you which topics attract traffic and which topics flop.
Features:
Website data;
Engagement metrics;
Mobile app industry analysis;
See traffic share by device;
Competitor display ads and networks;
Side-by-side website traffic comparison;
In-depth competitor keyword analysis;
Benefits:
Scalable;
Provides extensive analytics functions;
Robust features;
Flexible pricing.
Ahrefs
Ahrefs is one of the most popular digital marketing analysis tools used for preparing audit reports, backlink analysis, URL rankings, competitor analysis, etc. It is a great tool for boosting organic traffic and improve your content strategy.
Features:
An intuitive dashboard and overall interface for quickly seeing the health of your website and where you rank in the search engines;
Alerts for things like backlinks, mentions, and new keywords;
A site explorer to see an in-depth look into backlinks and search traffic;
A content explorer with excellent suggestions;
A keyword explorer to find the keywords that will give you the best results;
A search engine rank tracker;
Domain comparisons;
Reports with charts.
Benefits:
The site explorer tool;
Content explorer;
Performance alerts;
SEO Toolbar;
Backlink Checker.
Google Trends
Google Trends is an online search tool that allows you to see how often specific subjects, keywords, and phrases have been queried over a specific period of time. It works by analyzing a portion of Google searches to compute how many searches have been done for the terms entered, relative to the total number of searches done on Google over the same time. So, you will get real-time data on any given topic as well as the latest trends around the world.
Features:
Identify the latest trends;
Monitor marketing performance;
Recognise areas and regions of high interest;
Choose best performing keywords;
Competitor check.
Benefits:
Know the top trends;
Content freshness;
Promote your brand around seasonal trends;
Keyword research;
Find niche topics by region;
Monitor competitor positions.
Tableau Public
Tableau Public is the most powerful, secure and flexible end-to-end analytics platform for your data. The main features like connectivity (TDE, Access, Excel, Text File), distribution (Cloud) and account space (each account holder will be able to save up to 10 gigabytes (GB) of content to Tableau Public) makes it the best tool for every entrepreneur. In addition, data visualization is on a high level since it contains a wide range of graphs arrangements.
Features:
Create interactive graphs and maps;
Create live dashboard in minutes;
Automatic mobile layouts;
Connect directly from Tableau Public to Google Sheets.
Benefits:
Visualization can be embedded;
Mapping experience with vector-based maps;
Build presentation-ready dashboards;
Build mobile-friendly dashboards in no time.
Statista
Statista is an online statistics, market research, and business intelligence portal. It provides access to data from market and opinion research institutions, as well as from business organizations and government institutions. The tool has a large number of charts and graphs while using the search engine helps you to find relative stats about your market with no time. Although Statista has free and paid access to the inner tools, we suggest getting a premium service since it has tons of services to allow you to enrich your market research.
Features:
Basic statistics;
Graph download;
Market forecasting;
Publication rights;
Digital/consumer/mobility market/country outlook;
Studies database;
Industry reports;
Business plan export.
Benefits:
Industry-specific data;
Data from collaborations and surveys conducted by our experts;
In-depth research.
Google Adwords
Google Ads is the universal solution for your business and marketing strategy. Google Ads is the advertising platform of Google, where ads are served to users when they perform a search. Even though Google Ads is an online advertising platform, still this is a great tool to pick up the keywords, website performance, conversions, and the other metrics to improve your website.
Features:
Create Google ads;
Define search terms/calls-to-action;
Display your ad in Google results;
Ad campaign tracking;
Monthly key statistics and figures reports;
Test new search terms.
Benefits:
Adwords works faster than SEO;
Increase brand awareness;
Reach more customers;
Reconnect with visitors of your website;
Measure your performance consistently;
Tackle your competition better.
Statcounter
Statcounter is great for small businesses that don’t have a digital marketing expert on their team. With easy to understand the terminology, a simple user interface and all the features you need to understand your visitors, increase your traffic and make the most out of the website and digital marketing activities. Statcounter presents data in an aggregate form where groups of observations are represented with summary statistics (e.g. total page views, breakdown of mobile and desktop, average visit lengths, bounce rate, etc.). So, you can drill down to a detailed view of each individual visitor for full.
Features:
Analyze the traffic trends over time;
Analyze Google keyword data;
Add descriptive information about your visitors;
Export data for further analysis;
Keep your bounce rate in check.
Benefits:
Made for business without the digital marketing expert on the team;
Detailed views on the individual visitors;
Navigation paths visitors took through your website;
Provides the tools you need to detect click fraud and get refunded.
Conclusion
We highly recommend to use different tools for market research since it could hugely benefit your business strategy and brand awareness in the future. We mentioned only those tools that could be approached without extra payments and proved their efficiency.
We hope that you will find this article useful in your future career endeavours. In case you still have any questions or suggestions feel free to contact us and we gladly assist you in any inquiries.
