3 of the best market research tools, broken down by category
Once you have a better understanding of what you need from your market research tool, it’s time to pick the right market research tool for your purposes. Here are three of the best market research tools available.
For low cost DIY market research surveys, TypeForm
One of the best online market research tools available for those with a limited budget, TypeForm is a simple yet powerful solution that allows you to collect and collate data through well-designed, intuitive survey forms. The platform provides a range of well-designed survey templates for everything from product feedback to satisfaction surveys, which makes setting up a new survey a breeze, and it integrates fully with Slack, SalesForce, Airtable, and Google Sheets, making it easy to reach your respondents where they work. While TypeForm is geared toward the traditional straightforward market research survey methodology, the forms do allow for the collection of both quantitative and qualitative data, enriching your survey feedback.
TypeForm works on an affordable subscription model starting at just $25 a month for the basic plan, making it much more accessible than most market research tools.
For industry insights and market data, Statista
Statista is a powerful research tool that should be part of every market researcher’s arsenal. As an online statistics portal, Statista gives you access to statistics, market forecasts, studies, and infographics collated from reputable sources. As such, it’s a critical resource for those looking to understand the current state of a particular industry or category with a high level of accuracy.
Statista delivers insights and data across 170 industries and over 150 countries – all of it verified and reliable. It’s a great place to start when authoring survey questions, particularly for predictive methodologies.
Full access to Statista starts at $2,388 per year.
For predictive market research, CRG Predictive Intelligence
Predictive market research is a market research methodology that takes advantage of the collective judgment of a target audience to predict future trends, consumer behaviors, and preferences. The methodology draws on participants’ tacit knowledge of how they believe others will behave, and as such, it effectively mitigates the various biases that plague traditional market research survey methodologies.
CRG Predictive Intelligence is an industry leader in the world of predictive market research, with CRG’s HUUNU platform delivering insights with a proven 90% in-market accuracy, three years out and beyond.
There are two primary methodologies leveraged in predictive market research: the prediction market and the predictive survey. In CRG’s prediction market methodology, participants are asked to bet virtual currency on how they think a target audience will respond to the products, concepts, or services under testing, while qualifying their bets with a qualitative rationale. An advanced behavior-based algorithm analyzes this data to predict trends, product preferences, and future consumer behavior with unprecedented accuracy.
A predictive survey applies the same projective and context-based predictive research approach but stops short of a full prediction market methodology. A predictive survey is a good option if you want to ask highly conceptual, forward-looking questions, but aren’t quite ready to go all-in on a full prediction market game.
For the best results, use a hybrid market research approach
In order to gather rich, accurate insights into how your target audience is thinking and feeling, a hybridized approach that leverages both System 1 and System 2 thinking tends to deliver the most reliable results. System 1 thinking is faster, intuitive, automatic, and emotionally driven, predominantly activated in traditional market surveys where consumers are asked to answer short yes or no questions. System 2 thinking involves more conscious thinking, critical reasoning and problem-solving, and this system is activated in qualitative research, where respondents need to justify their answers with rationales or give detailed feedback to more involved questions. The best results are achieved when a blend of both is required from respondents, as is the case in CRG’s prediction market methodology.
Because participants are asked to bet virtual currency on what they think others will do, or how they think others will respond to an idea or product under testing, they engage both System 1 and System 2 thinking, leading to more accurate results.
CRG provides an industry-leading predictive survey and prediction market solution, allowing you to test concepts, products and services fast and cost-effectively by leveraging collective judgment to surface even the most niche winning ideas.
For reliable, accurate market research tools, choose CRG Predictive Intelligence
For over a decade, CRG Predictive Intelligence has been helping insights professionals and marketers optimize their decision-making for unprecedented strategic advantage.
Find out how predictive market research can help you maximize your ROI by getting in touch with our team today!
Leverage the proven power of predictive intelligence today.