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.
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:
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.
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.
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.