Market-research tools are invaluable to business owners and their employees, whether they operate a local store or a large corporation. Basically with market research tool you can double your chance of success. When doing market research, it provides you detailed insights into the competitors, understand customers’ pain points & preferences, latest market trends, consumer buying patterns, economic shifts, and demographics.
Here you will learn about some tools for conducting market research that are free for you to use.
- Surveys: Surveys are a commonly used market-research tool used to collect information, ideas and opinions from consumers. They can be distributed in person, by mail or online. When completed in person, respondents generally do not include their names on surveys to preserve anonymity.
- Blogs and Social Networks: Blogs and social networks give consumers an opportunity to express their opinions without a survey or interview. Customers are more willing to share their true feelings about brands, products and ideas through these networks, so it’s important that businesses use these sites as a tool for market research. Company blogs provide consumers with a way to provide businesses with immediate feedback on the information they post by leaving comments or replying to polls.
- One-on-one Interviews: One-on-one interviews can be held over the phone or through web video conferencing software. A company representative speaks with a customer to get honest feedback about everything from product pricing to product design. One-on-one interviews are an effective research tool for companies looking to get opinions on sensitive topics that respondents may not feel comfortable discussing in a group setting.
- Google Keywords Tool: The Google Keywords tool acts as a window into the behaviour of consumers when searching online for products or services such as yours. To use this you’ll need to create a Google Adwords account and it’s also advisable that you read a couple of introductory articles to the tool and making the most of it.
- Google Trends:Google Trends is relatively similar to Social Mention, however it has the added benefit of additionally factoring in data gathered from its search engine. The result? An instant snap shot of consumer social media and search behaviour, coupled with the latest news and opinions from your industry.