Best Market Research Tools will be discussed in this article. The market research process is extensive, which is why most tools specialize in just one or two stages of the process. So to help you quickly find the best tool for your needs in just a few minutes, here’s a list of popular paid and free market research tools, categorized by their specialty:
Top 12 Best Market Research Tools In 2023
In this article, you can know about Market Research Tools here are the details below;
1. Exploding Topics – Best For Discovering Market Trends
One of the hardest elements of market research is discovering emerging market trends. By definition, these trends aren’t in plain sight and can be tricky to find. However, knowing about them early on will give you a competitive advantage in the marketplace, so we built Exploding Topics to help you efficiently discover under-the-radar trends before they’re popular.
The flagship feature is the Trends Database, which contains over 13,000 trending topics across 30 industries like fashion, finance, tech, marketing, pets, beauty, and more. Each topic is a brand, product, or industry keyword, so you can be sure each trend is relevant to business market research. You’ll also see a graph of each keyword’s historical Google Search volume growth trend, which you can use to gauge a topic’s popularity and stability.
When you find an interesting topic, click “Track Topic” and add it to a Project. Projects live inside your dashboard and are great alternatives to spreadsheets, as you can monitor trend growth in real-time. So how does Exploding Topics find and qualify trending topics? We realize you’re probably making important investment decisions based on our trend data, so data quality is our top priority. That said, here’s an overview of how we identify and qualify trends:
In complement to the Trends Database, Exploding Topics has a handful of other helpful tools to help you conduct market research more efficiently. Here are a few of those features:
- Trends Search: While the Trends Database is great for discovering new trends, Trends Search is great if you already know about a trend and just want to see a graph of its Google Search volume history and other related searches and trends. This feature is similar to Google Trends.
- Meta Trends: There are usually niche trends within a larger market. So to help you find the products and brands riding that niche wave, we created the Meta Trends feature. An example of a Meta Trend might be “synthesized food.” Then, Exploding Topics shows various new products and brands that fall under that Meta Trend, like “Voyage Foods,” and “oat milk.” This makes it easy to find highly relevant products and brands quickly.
- Weekly Reports: To help you effortlessly stay up-to-date with the latest industry trends, we send Weekly Reports straight to your inbox. Each weekly report covers find trending topics and five trending brands.
- Trending Startups: If you only want to find trending startups, you can use this feature to sort by category and quickly find the fastest growing startups.
- Trending Products: Similar to the trending startups feature, this shows you a list of the fastest growing products based on Google Search volume trends over the past several months.
Pricing
Exploding Topics has three pricing tiers at $39, $99, and $249 per month, billed annually. All pricing tiers give users full access to all premium trends, Meta Trends, and the reports library.
2. Market Finder – Best For Analyzing Geographic Markets
Market Finder is Google’s free tool that makes it easy to discover international markets ideal for expansion. So rather than uncovering new trends, it’s best to identify new geographies and demographics ripe for expansion.
It has two main tools:
Dive into new markets: This walks you through a quick quiz that identifies your industry and other specifications about your company. Then, it shows you which countries would be ideal for expansion based on data from Google Ads, search volume, and household income.
Test export readiness: Enter your website URL, and it analyzes your business’s readiness for expansion by various categories like marketing performance (international traffic, ecommerce capabilities, etc.), operational abilities (payment fit, localization capabilities, etc.), and competitive position (like category demand). If you have Google Analytics set up, it can pull data directly from the Google Analytics dashboard for a more accurate report. Also check Landing Page Tools
Pricing
As a Google product, it’s completely free.
3. Statista – Best For Free Market Statistics
Statista is primarily a statistics portal for market data though it also offers market reports and consumer and company insights. To quickly find relevant reports, just type in a keyword (like “Ethereum”), and Statista will show you a list of these reports. This information makes it easy to gauge an industry’s market cap, trend direction, consumer behavior, and other critical signals to help you decide whether to invest in that market. So where does Statista get its data, and is it high quality?
Statista’s data comes from three primary sources:
- 49% comes from original research (it employs over 100 data analysts)
- 16% comes from publicly accessible data sources
- 35% from unique data partnerships like market research institutions
Pricing
Statista offers accounts for small businesses that start at $39 per month and personal accounts with more forecasts and industry reports starting at $490 per month.
4. Census Business Builder – Best For Brick And Mortar Location Research
The Census Business Builder is an excellent tool for retailers researching geographic markets. You can search by zip code, town, or state and see specific metrics like population, average household income, and education level. It also has more advanced filters that can provide more detailed valuable insights depending on the business you’re launching. For example, if you’re launching a local bar, you can use the “Consumer Spending” filter and see how much people spend on alcoholic beverages and dining out in that selected area. This can help you identify the best locations to open a new store.
Pricing
It’s entirely free.
5. Grand View Research – Best For Free Market Reports
Grand View Research is a research and consulting company that also offers free market reports across a variety of industries. Most of their market research reports provide statistics like market size, compounding annual growth rate, market breakdown by sectors, and competitive analysis. Their pro offering allows you to segment the data to find more specific metrics (i.e., only data for the Japanese pet market). In addition to the free reports, Grand View Research also offers custom research services, and you can talk to one of their analysts for more personalized assistance.
Pricing
They offer plenty of marketing reports for free, though access to premium research reports site-wide starts at $10,500.
6. Spyfu – Best For Competitive Market Research
SpyFu is an SEO (search engine optimization) tool that allows you to do basic tasks like keyword research and backlink analysis. However, it really shines as a competitive analytics tool that makes it easy to track the marketing strategies of other top players in a particular market. Just type in any URL, and you’ll be able to find SEO metrics like total traffic, search term rankings, and backlink analysis. It also shows some PPC metrics like Google Ads they’re running, paid keywords, and ad history.
This makes it easy for you to gauge how much search traffic exists for high purchase intent keywords and how difficult it would be to break into the market. SpyFu also makes it easy to find contact information (social media links, email, and even phone numbers) for key decision-makers at each company. This can be useful for investors that want to invest in some of these leading companies or have a general conversation about the market.
Pricing
Spyfu has three different pricing tiers at $16, $36, and $149 per month (billed annually). The main difference between each pricing tier is the number of searches, data exports, and domain overview PDFs.
7. Crunchbase – Best For Market Funding Data
Crunchbase is a database of startups that makes it easy for users to find juicy data like funding round information, investor information, and more. It also has many other metrics like key executives, acquisition data, and employee headcount, but its primary focus is on funding data. To use the database, just type in a niche (e.g., “cryptocurrency”) and filter by other relevant information like total amount raised, location, and more. From there, Crunchbase will give you a list of companies that meet the defined criteria.
Pricing
The Lite program is $8 per month & the Pro plan starts at $49 per month.
8. Awario – Best For Social Monitoring
Awario is a social mention and brand tracking tool that also doubles as a market research tool. It allows you to track various keywords across social media platforms, like brand names, product keywords, industry influencers, and general topics across the internet. For example, if you’re considering building or investing in a mobile app for sleep tracking, you can easily track brand names like Oura Ring or keywords like “sleep tracker.” Also check Service Virtualization Tools
This makes it easy to listen in on key industry conversations to better understand your ideal buyer persona and identify pain points and gaps in the market. Awario also tracks sentiment analysis to see how people feel about various competitors in the space, which can give you a competitive advantage and offer a better product/service.
Pricing
Awario has three pricing tiers at $24, $74, and $249 per month (billed annually). The difference between each pricing tier is mainly the number of topics, new mentions, and stored mentions that you’re monitoring.
9. G2 – Best For Competitive Customer Research
G2 is one of the most popular software review websites, making it a great tool to quickly find qualitative customer data on virtually any software market. First, you can view reviewer details, like title, industry, business size, and region, which is useful for accurately identifying the market’s target demographic. You can also filter reviews by any of those categories.
The G2 review structure is also quite helpful as it consists of the following questions:
- What do you like best about (product)?
- What do you dislike about (product)?
- What problems is (product) solving and how is that benefiting you?
This customer experience data is a goldmine for investors and startup founders as it makes it easy to quickly identify gaps in the market and understand key pain points customers are trying to solve. G2 also provides a list of competitors for each product so that you can easily find other related companies to research. Finally, G2 makes an effort to ensure that the customer feedback is legitimate by allowing users to verify themselves and even marking incentivized reviews.
Pricing
G2 is free for users to browse reviews, though it does offer other paid plans for marketers and investors.
10. Prisync – Best For Ecommerce Pricing Research
If you’re launching a new ecommerce product, Prisync is an excellent tool for competitor price tracking, as it identifies price changes in real-time. In fact, it can dynamically adjust your store’s prices according to the rules you set and the competitive data it gathers.
While Prisync is usually best for ecommerce stores that have already launched, you can also use its competitive analysis features to track pricing trends for top players in any market. For example, in addition to tracking real-time price fluctuations, Prisync also has a price history tracking feature that provides insight into how prices are trending over time, which helps you identify volatility in the market.
Pricing
It has three pricing tiers at $99, $199, and $399 per month. Pricing tiers are differentiated by the number of products it tracks (up to 100, 1,000, and 5,000 products at each pricing tier) and it locks premium features behind different pricing tiers, like dynamic pricing, daily email notifications, price history, and API access.
11. Surveymonkey – Best For Market Research Surveys
SurveyMonkey makes it easy to create and send user-friendly online surveys. You can choose from multiple different survey templates (NPS, product testing, customer satisfaction, etc.) and question types (multiple choice, matrix, open-ended, rating scale, image, etc.).
If you don’t have an audience, you can use Surveymonkey’s audience panel tool, which runs your survey to a specific demographic for you. Just specify your target market (i.e., mons with a household income of at least $50,000), and SurveyMonkey takes care of the rest. If you’re interested in learning more about how SurveyMonkey ensures you receive high-quality responses, here’s a resource on their approach to quality control.
Pricing
The survey tool starts at $39 per month, but pricing for the Audience Panel starts at $1 per response, and requires a minimum of 200 responses. So you can expect pricing to start at $200 per survey.
12. Respondent.Io – Best For Market Research Interviews
Having a live conversation with your ideal target audience is one of the best ways to learn about a market and the audience’s needs. The problem is that it can be difficult to find people to interview and then get them to agree to talk to you. Respondent solves this problem. It allows you to submit a request detailing who you want to talk to (e.g., title, company size, industry, etc.), and then it finds people for you. Also check CRM With Automation Tools
So if you want to talk to CFOs at healthcare companies, Respondent can help connect you with those people. If you don’t want to get on a call and prefer to just survey an audience, Respondent can run your survey to a specified audience.
Pricing
You choose the incentive that you want to pay respondents, so pricing varies depending on the price you set. Then, Respondent charges 50% of the incentive fee as their service fee.
Selecting The Best Market Research Tool For Your Needs
Hopefully, these tools will help you sift through market research data more efficiently and make better investment decisions. To start the market research process, browse the Exploding Topics Trends Database for free and find the next up-and-coming trends in your industry. Or, if you want to unlock premium trends and other market research features, you can try Exploding Topics Pro for free today.
