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2023's Top Picks: 10 Essential Market Research Tools


Creating a successful business today can be tough, especially in a world where consumers have lots of choices and plenty of distractions. Hence why market research is crucial for any business's marketing plan and strategy.


Now, what is market research you may ask?


To put it simply, market research helps you collect and understand information about your market or the people you want to sell to. It's important because it guides businesses in making smarter choices about what to offer and how to do it. Essentially, market research acts as a bridge, connecting businesses with the knowledge they need to meet customer needs effectively.


Here's why it's valuable:


Knowing the Market: Market research helps companies understand their market, who their customers are, who their competitors are, and what's happening in the industry.


Finding Opportunities and Threats: It helps businesses find chances to grow and also spot any potential problems, like new competitors or changing customer preferences.


Developing Products: Market research guides the creation of new products or improvements to existing ones. It helps figure out what customers really want.


Setting Prices: It helps decide how much to charge for products or services, based on what customers are willing to pay and what competitors are charging.


Marketing and Advertising: Market research tells businesses the best ways to reach their customers, what messages to use, and which advertising methods work.


Listening to Customers: It helps measure customer satisfaction and gather feedback to make the customer experience better.


There are two main types of market research:


Primary Research: This means collecting data directly, like doing surveys, interviews, or observations. It's usually done for a specific project.


Secondary Research: This uses existing information from reports, studies, and data from various sources. It provides a broader view of the market.

Businesses can use different methods, and the insights they get help them make better decisions, reduce risks, and become more competitive in their market.


With so many potential customers and ways to reach them, you might be unsure where to start. Well, that’s what we’re here for! In this article, we'll look at some great tools for market research that come in various forms and approaches.


Let’s dive right in!


Statista

Statista Homepage

Statista is an online platform dedicated to providing consumer and market data. They offer access to insights covering over 80,000 topics from 22,500 sources across 170 industries.


With a range of resources, including comprehensive reports, data visualizations, and industry forecasts, Statista is a reliable source for understanding global market trends and consumer behaviors.


You can also discover trending statistics, current popular topics, and expert research on Statista, which all contribute to a deep understanding of your market.


Statista provides a starter plan priced at $39 per month, but they also offer a free introduction plan, allowing users to explore the platform before committing.


Pricing:


When it comes to pricing, Statista offers:


  • Basic account for those looking to get started without any cost

  • Paid plans at $149 per month for the Starter option

  • $490 per month for the Personal plan when billed annually


If you are interested, there are further pricing choices to explore based on your specific requirements. Click here to learn more!


SpyFu

SpyFu Homepage

SpyFu serves as a powerful marketing revenue engine, assisting businesses in gaining a competitive edge by offering valuable insights into search engine optimization (SEO) and pay-per-click (PPC) marketing. This comprehensive tool eliminates guesswork and provides clarity in marketing strategies.


Through competitor analysis, rank tracking, and keyword research, SpyFu helps companies create SEO-optimized content. Additionally, it also offers features like a Google Ads analyzer, ad templates, and competitor analysis, which enable businesses to improve their advertising campaigns' success.


Plus, SpyFu provides competitor software that furnishes customers with essential information about their rivals, including rankings, ads, backlinks, and keywords, giving businesses a deeper understanding of their competitive landscape. For stakeholders looking to monitor and enhance their success, detailed reporting tools are readily available.


Price:


SpyFu provides a range of paid subscription plans, with options to suit various needs. You can get started with the:


  • Basic plan at $16 per month

  • Professional plan at $36 per month

  • Team plan, which costs $149 per month when billed annually.


BuzzSumo

BuzzSumo Homepage

BuzzSumo is a tool tailored for public relations professionals and content marketers. It serves as a window into current news, emerging trends, company mentions, and content ideas.


BuzzSumo helps users discover popular content, spot top stories from competitors, and understand their customers' interests. It also facilitates swift responses to negative mentions, competitors' comments, and industry updates.


This versatile tool, appreciated by both creatives and marketers, offers a substantial collection of data and content. It's worth noting that BuzzSumo is not free, and a single-user plan is available at a monthly cost of $119.


Semrush

Semrush Homepage

Semrush is a versatile tool designed to help businesses enhance their SEO, PPC, competitor research, and content marketing efforts.


It achieves this by conducting SEO audits, offering practical recommendations, analyzing website traffic, and providing a keyword research tool for effective marketing. Additionally, it serves as a social media scheduling tool with post performance analysis, contributing to successful social marketing.


In the realm of competitor research, Semrush stands out by offering in-depth competitor analysis, including tracking and evaluating competitor websites, insights into their promotional strategies, and access to keyword and backlink gaps that can be leveraged to expand market presence.


Semrush's entry-level plans commence at $119.95 per month.


Tableau

Tableau Homepage

Tableau is a handy software that assists businesses in making informed decisions by analyzing their data. It's a visual analytics platform that simplifies data management, allows for easy storytelling with visuals, and promotes team collaboration.


Through a dedicated dashboard, Tableau offers various essential analytics, making it straightforward to assess your business's performance and identify areas for enhancement. It also provides complete data coverage, ensuring you get a full view of your data.


You can start using Tableau with individual plans for as little as $70 per month.


Crunchbase

Crunchbase Homepage

Crunchbase is a tool that helps you understand what's happening in your industry and how well your competitors are doing. It's a database that has information about different companies, like where they get their money from, who invests in them, and how much they make. It also tells you things like how many people work at a company and who's in charge.


You can use Crunchbase to look up companies in your area or the same business as you. This way, you can see how they're growing and who's giving them money. This can be useful for finding opportunities to invest, spotting gaps in the market, or just checking the overall growth of your industry.


Pricing:


  • For starters, you can access Crunchbase and get a preview of profile pages for free.

  • The Starter plan starts at $29 per month, and the Pro plan at $49 per month (when billed annually).

  • If you have specific needs, there's also an Enterprise option with personalized billing.


GoogleTrends

Google Trends Homepage

Wondering what's trending on Google? Well, then Google Trends is just what you need! It is a fantastic tool for checking out what people are searching for. It helps you find trends, understand what consumers are currently into, and get useful insights.


You can use it to see what's hot right now, what's becoming popular, and what people are curious about. Plus, it lets you narrow down your search to see what's trending in specific places.


Pricing:


  • Free!


Facebook Audience Insights

Facebook Audience Insights page

As a digital marketer, advertising on Facebook is a no brainer. It can make ad campaigns more successful, increase sales, and get more people interested in what they offer.


Facebook Audience Insights can be a helpful tool for business owners. It's not just about checking out what the competition is doing. With this tool, you gain info on people who already follow your business and others who use Facebook. Having this information can help you find new customers and make more people interested in what you have to offer.


In simple terms, Facebook Audience Insights provides you with details like age, interests, and lifestyle of your current and potential customers. The best part is that it won't cost you anything to use this tool!



Loop11

Loop11 Homepage

You can't really have an online presence without a website. If you're getting visitors to your website but they're not taking the desired actions, like making a purchase or signing up, there could be issues with your Call to Action (CTA) button or maybe your visitors need more convincing. How can you figure out what's causing your website to underperform?


Well, lucky for you, there's a site called Loop11 that can help with that. It's like a system that makes it easy to test your website with real users.


Loop11 lets you set up a test to see how people use your website. You can watch what they do with videos, listen to their feedback, and see what's happening on their screens.


It then gives you a bunch of helpful information and data to figure out what's going well on your website, app, or product and what might be stopping people from taking action.


Pricing:


  • You can try it out for free with all the features for 14 days.

  • If you decide to subscribe, the cost starts at $179 per month for Rapid Insights, $358 per month for Pro, and $533 per month for Enterprise when billed annually.



Temper

Temper Homepage

As a business owner, you need to know what your customers think about your business, the services you provide, and the products you sell. Temper offers a really simple way to do just that.


Here's the basic idea: You come up with a straightforward question you want to ask your customers, and they can respond by clicking on a smiley face that represents how they're feeling.


For instance, you could ask them, "What do you think of our product upgrade?" or "Please rate your experience with our customer support team."


By adding a small piece of code, you can place a Temper widget on your website, in a blog post, or at the bottom of your emails, and instantly find out how your audience feel.


Using Temper to gauge your customer's 'temper' is now a breeze!


Pricing:


You can get started with Temper for as low as $12 per month with the Hobby plan. For more advanced options, there's the Pro plan at $49 per month, the Business plan at $89 per month, and the White Label plan at $199 per month.


Plus, Temper provides a 60-day risk-free money-back guarantee.


Final Words


In summary, using these tools can help you be better equipped to understand market trends, customer preferences, and competitor landscapes, ultimately steering your business or investments in the right direction.


Thanks to these tools, you too can stay ahead of the curve and make well-informed decisions that align with your goals and objectives.





SO, WHERE DO YOU FIND THIS PARTNER?


Well, aren’t we glad you asked! We at DigiCom are obsessive data-driven marketers pulling from multi-disciplinary strategies to unlock scale. We buy media across all platforms and placements and provide creative solutions alongside content creation, and conversion rate optimizations. We pride ourselves on your successes and will stop at nothing to help you grow.









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