23 May, 2024

Uncovering the Best-Fit Market Research Tools for Your Needs

The world of market research tools is a veritable labyrinth that threatens to overwhelm even the savviest market researcher. Whether you’re launching a new product, testing campaign concepts, or trying to get ahead of promising emerging trends, the sheer volume of market research platforms, online market research tools, methodologies, services, and solutions available makes it extremely difficult to determine which approach would be most effective in gathering the accurate, effective insights you need to maximize your return on investment.

Never fear – to help you get the lay of the land, we’ve put together a list of some of the most effective market research tools available, as well as some expert advice on how to determine the best market research tools and methods for your specific needs.

How to decide on which market research method and tool to use

There are thousands of market research tools available, covering a vast range of methodologies, from traditional surveys to more sophisticated behavior-based, AI-powered predictive approaches. When trying to pinpoint the market research tool that’s the best fit for your purposes, here are some factors to consider:

Research objectives

Start with your research objectives. What exactly are you trying to determine? If you’re looking to quantify the current underlying attitudes, beliefs, and values of your customers, then a traditional survey that asks consumers to report their own behaviors, preferences, and opinions may be most appropriate. Are you trying to determine how a new category is predicted to grow in the next few years? Then a predictive methodology may be best, as this approach is geared for more future-orientated questioning, and can help predict the size and timing of future trends. Carefully consider your objectives before selecting a market research tool.

Qualitative versus quantitative insights

Not all market research tools accommodate the collection and interpretation of qualitative data, i.e., responses containing opinions, reasoning, and rationale in the consumer’s own words. Qualitative data can provide rich, valuable insights into what a particular audience is thinking, but the market research tool you choose needs to have the capabilities to process and interpret qualitative data. If you want access to qualitative insights on top of the standard quantitative data, you need to keep this in mind when selecting a market research tool.

Time and budget constraints

Possibly the most important two factors to consider when choosing a market research tool are time and budget constraints. Time constraints will dictate the scope of your research, including how many consumers can participate. If you are partnering with a market research vendor, make sure that their turnaround time is within your required timeline. As for budgetary considerations, market research tools vary in cost, so how much you have to spend will help narrow down the market research tools available to you.

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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!

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FAQs

Why consider predictive market research tools over traditional market research tools?

Market research has evolved over the years, and predictive market research tools represent the most recent developments in the field. Not only do they present a more engaging way to tap into the preferences and opinions of a target market, they also tend to be far more accurate than traditional research methodologies. This is because predictive research is, by design, far better at mitigating the effects of various biases upon survey results, delivering more accurate, reliable results.

How do market research tool costs vary based on features and sample sizes?

Market research costs vary widely, and two of the biggest factors impacting cost are sample sizes and tool features. Online market research tools tend to be available at far lower price points. However, these SaaS-based tools do not include the support of expert survey or research managers, leaving it up to the user to design questions and methodologies. For the best results, it’s recommended that you partner with an expert market research vendor who will help you design effective survey questions for more accurate insights.

How do I choose the right market research tool for my needs?

There are a number of factors that will determine which market research tool is right for your needs, including the objectives of your research, whether you need qualitative or quantitative data (or both), and time and budget constraints.