Market research is the process of collecting, analyzing, and understanding information about a market. This includes learning about what customers want, what competitors are doing, and what’s happening in the industry.
It’s essential for businesses that want to make smart decisions about their products, marketing, and growth. According to Hanover Research, most businesses use market research: 77% of B2B, 82% of B2C, and 83% of B2B2C firms.
This article will discuss some of the best market research tools available. We’ll cover five key areas: Primary Market Research, Secondary Market Research, Competitive Analysis, Presentation, and Data Analysis.
Whether a new or established business, these tools can help you learn more about your customers, market trends, and competitors. This will lead to better decision-making.
Best Primary Market Research Tools
| Tool | Category | Cost Model | Cost (Monthly) |
|---|---|---|---|
| SurveyMonkey | Primary Research | Paid | $25+ |
| Dovetail | Primary Research | Freemium | $29+ |
| Google Forms | Primary Research | Free/Google Worspace Subscription | $6+ |
| UserTesting | Primary Research | Paid | Custom Pricing |
| Lookback | Primary Research | Paid | $25+ |
| Zoho Survey | Primary Research | Freemium (Charges per user) | $2.5+ |
| Hotjar | Primary Research | Freemium | $32+ |
| Typeform | Primary Research | Freemium | $25+ |
| Discuss.io | Primary Research | Paid | Custom Pricing |
| Qualtrics | Primary Research | Enterprise | Custom Pricing |
SurveyMonkey
SurveyMonkey is a popular survey creation platform that allows users to design, distribute, and analyze surveys for market research. It offers customizable templates and advanced analytics to gather quantitative data efficiently.
Key Features:
- Customizable survey templates
- Advanced data analytics and reporting
- Integration with CRM and marketing platforms
- AI-powered insights
- Cross-device accessibility
Dovetail
Dovetail helps organize, analyze, and share qualitative research findings from user interviews or feedback. It enables researchers to tag and categorize data for easier analysis.
Key Features:
- Centralized repository for qualitative data
- Tagging and organization of interview notes
- AI-driven insights
- Collaboration features for research teams
- Customizable report generation
Google Forms
Google Forms is a free tool for creating surveys, questionnaires, and quizzes. Its simplicity and integration with Google Sheets allow easy data collection and analysis.
Key Features:
- Unlimited responses
- Seamless integration with Google Sheets
- Customizable forms and templates
- Easy collaboration with team members
- Real-time response tracking
UserTesting
UserTesting is a qualitative research tool that provides real-time feedback on user experience. It enables businesses to observe customers interact with products through recorded sessions and surveys.
Key Features:
- Remote user interviews and feedback
- Screen recording for usability testing
- Fast participant recruitment
- Real-time collaboration for research teams
- Insightful reports for user behavior analysis
Lookback
Lookback facilitates remote user interviews and usability testing. Businesses can record and observe user sessions while engaging with participants in real time.
Key Features:
- Live and remote moderated sessions
- Session recordings for later review
- Custom recruitment and screening of participants
- Collaborative feedback on research sessions
- Integrated chat and interview tools
Zoho Survey
Zoho Survey offers robust survey-building capabilities with multiple question types and customizable templates, suitable for quantitative research. It supports various response collection methods like email, web, and mobile.
Key Features:
- Over 25 question types
- Multi-language support
- Custom themes for branding
- Data export and reporting
- Integration with Zoho’s suite of tools
Hotjar
Hotjar provides qualitative research insights through heatmaps and session recordings, allowing businesses to see how users interact with their website or app.
Key Features:
- Heatmaps for visualizing user clicks and scrolls
- Session recordings of user behavior
- Surveys and feedback polls
- Conversion funnel tracking
- Real-time data visualization
Typeform
Typeform is a survey platform that creates engaging, conversational forms and surveys that feel more interactive for respondents, leading to better completion rates.
Key Features:
- Beautiful, user-friendly interfaces
- Conditional logic for personalized experiences
- Integration with CRM, email, and analytics platforms
- Interactive quizzes and surveys
- Mobile-responsive design
Discuss.io
Discuss.io enables live video interviews and virtual focus groups, helping companies conduct qualitative research globally. Its platform provides tools to analyze and archive interview data.
Key Features:
- Live video focus groups and interviews
- Real-time collaboration and notes
- Automated transcriptions and translations
- Global participant recruitment
- Secure video storage and archiving
Qualtrics
Qualtrics is an enterprise-level research tool, designed to gather customer, employee, and market data. It helps organizations gain actionable insights through detailed surveys and advanced analytics.
Key Features:
- AI-driven analytics and reporting
- Omnichannel distribution (email, SMS, social media)
- Advanced customization and branding options
- Automated workflow integration
- Pre-built and custom templates
Best Secondary Market Research Tools
| Tool | Category | Cost Model | Cost (Monthly) |
|---|---|---|---|
| SurveyMonkey | Primary Research | Paid | $25+ |
| Census Bureau | Secondary Research | Paid | $25+ |
| Pew Research Center | Secondary Research | Free | Free |
| Think with Google | Secondary Research | Free | Free |
| Euromonitor International | Secondary Research | Freemium | NA |
| Google Scholar | Secondary Research | Free | $0 |
| ChatGPT | Secondary Research | Freemium | $20+ |
Statista
Statista aggregates market and consumer data from over 22,500 sources, offering reliable data for secondary research. It provides detailed statistics across various industries.
Key Features:
- Industry-specific data and statistics
- Customizable charts and graphs
- Downloadable reports and data exports
- Global data coverage
- Insights into market trends
Census Bureau
The U.S. Census Bureau provides a wealth of demographic and economic data. Businesses can use this free resource for secondary research, particularly in understanding population trends and economic indicators.
Key Features:
- Comprehensive demographic data
- Detailed economic statistics
- Free access to reports and visualizations
- Data on U.S. businesses and industries
- Mapping tools and economic indicators
Pew Research Center
Pew Research Center is a non-profit that provides data and analysis on social trends, demographics, and public opinion in the U.S. It is a valuable resource for understanding societal changes.
Key Features:
- Social and demographic trend data
- Public opinion polling
- Detailed reports on social issues
- Interactive data tools and visualizations
- Free access to research findings
Think with Google
Think with Google provides marketing insights and consumer data. Its focus on digital trends, consumer behavior, and industry benchmarks makes it a go-to resource for secondary research in the digital age.
Key Features:
- Consumer insights and market research reports
- Digital marketing trends and strategies
- Interactive tools and data visualization
- Industry benchmarks and case studies
- Free-to-access content
Euromonitor International
Euromonitor International offers industry reports, consumer insights, and market forecasts. It is used by businesses to identify global trends and gain data-driven insights for strategic planning.
Key Features:
- Industry-specific reports
- Consumer and market insights
- Forecasting tools for trends and growth
- Data-driven analysis
- Global coverage of multiple sectors
Google Scholar
Google Scholar is a freely accessible search engine that indexes scholarly articles, theses, books, and conference papers. It provides access to a wide range of academic literature across various disciplines, making it an invaluable resource for secondary research.
Key Features:
- Extensive database of academic papers and publications
- Citation tracking and reference management
- Advanced search options for specific topics
- Alerts for new publications on selected subjects
- Access to full-text articles when available
ChatGPT
ChatGPT is an AI-powered language model developed by OpenAI that can assist with secondary research by providing information, summarizing data, and generating insights based on user queries. It serves as a versatile research assistant for quick answers and content generation.
Key Features:
- Natural language processing for interactive queries
- Summarization of complex information
- Content generation for reports and articles
- Ability to handle diverse topics and questions
- Quick access to information and insights
Best Market Research Tools for Competitive Analysis
| Tool | Category | Cost Model | Cost (Monthly) |
|---|---|---|---|
| Ahrefs | Competitive Analysis | Paid | $129+ |
| SimilarWeb | Competitive Analysis | Freemium | $125+ |
| SEMrush | Competitive Analysis | Paid | $139.5+ |
| BuzzSumo | Competitive Analysis | Paid | $199+ |
| Mentionlytics | Competitive Analysis | Freemium/Paid | $58+ |
| Make My Persona | Competitive Analysis | Free | Free |
| Meltwater Radarly | Competitive Analysis | Paid | Custom |
| Crunchbase | Competitive Analysis | Freemium/Paid | $49+ |
Ahrefs
Ahrefs is a comprehensive SEO tool that provides competitive analysis by tracking backlinks, keywords, and website rankings. It helps businesses improve their search engine optimization and online presence.
Key Features:
- Backlink tracking and analysis
- Keyword ranking insights
- Competitor website audits
- Content gap analysis
- Rank tracking and alerts
SimilarWeb
SimilarWeb provides insights into website traffic and digital market share. It helps businesses benchmark their performance against competitors by analyzing traffic sources, user engagement, and top referral sites.
Key Features:
- Website traffic insights
- User behavior analysis
- Competitor benchmarking
- Digital marketing trends
- Referral site and keyword tracking
SEMrush
SEMrush is designed for digital marketers to analyze competitors’ SEO strategies, advertising campaigns, and keyword rankings. It provides a wealth of data on online visibility.
Key Features:
- Keyword research and analysis
- Competitor backlink tracking
- PPC and SEO campaign tracking
- Organic traffic and ranking analysis
- On-page SEO audit tools
BuzzSumo
BuzzSumo is a content research tool that tracks trending content across the web. It helps businesses identify top-performing content, analyze competitors, and find influencers in their industry.
Key Features:
- Content performance tracking
- Competitor analysis for content
- Social media engagement insights
- Influencer identification and tracking
- Alerts for trending topics and keywords
Mentionlytics
Mentionlytics is a social media monitoring and competitive analysis tool. It tracks mentions of brands, competitors, and industry trends across social platforms, helping businesses understand public perception.
Key Features:
- Social media monitoring and alerts
- Competitor brand tracking
- Sentiment analysis of mentions
- Integration with major social platforms
- Customizable reports
Make My Persona
Make My Persona, a free tool by HubSpot, helps businesses create detailed buyer personas to understand their target audience better. It walks users through a step-by-step process to develop a persona based on demographic information, goals, challenges, and more.
This tool is handy for marketers to tailor their messaging and strategies to the needs of their ideal customers.
Key Features:
- Step-by-step guide to building personas
- Customizable fields (age, goals, challenges, etc.)
- Downloadable persona templates for easy sharing
- Useful for targeting the right audience in marketing campaigns
Meltwater Radarly
Meltwater Radarly is a social listening and competitive intelligence platform that monitors conversations across social media, blogs, forums, and other online channels.
It helps businesses track brand mentions, industry trends, and competitor activities, providing real-time insights into customer sentiment and public perception. This tool is essential for brand reputation management and staying ahead of competitors in the digital landscape.
Key Features:
- Monitors social media, blogs, and forums for brand mentions
- Sentiment analysis for understanding customer opinions
- Competitive intelligence through real-time tracking
- Customizable reports and data visualization
Crunchbase
Crunchbase is a platform that provides information about private and public companies, startups, funding rounds, and investment trends. It is a valuable resource for market research, particularly in understanding the competitive landscape.
Key Features:
- A comprehensive database of companies and startups
- Information on funding rounds and investors
- Customizable search filters for specific industries
- Real-time updates on company news and activities
- Access to detailed financials and growth metrics
Best Market Research Tools for Presentation & Data Visualization
| Tool | Category | Cost Model | Cost (Monthly) |
|---|---|---|---|
| Tableau | Presentation & Visualization | Paid | Custom |
| Canva | Presentation & Visualization | Freemium/Paid | $26+ |
| Microsoft Power BI | Presentation & Visualization | Freemium | $10+ |
| Google Data Studio | Presentation & Visualization | Free | Free |
Tableau
Tableau is a powerful data visualization tool that transforms raw data into intuitive, interactive dashboards and reports. It is widely used for presenting complex data in an easily digestible format, making it perfect for market research presentations.
Key Features:
- Drag-and-drop interface for creating interactive dashboards
- Integration with multiple data sources (Excel, SQL (Structured Query Language), etc.)
- Data visualization with customizable charts and graphs
- Real-time collaboration and sharing
- Advanced analytics and predictive insights
Canva
Canva is an easy-to-use design tool that helps users create professional-quality presentations, infographics, and visual content. It offers a wide range of templates and design elements for non-designers.
Key Features:
- Extensive library of presentation templates
- Drag-and-drop design interface
- Integration with images, icons, and charts
- Collaboration tools for team-based editing
- Export to various formats (PDF, PPT, etc.)
Microsoft Power BI
Microsoft Power BI is a business analytics service that provides interactive visualizations and insights. It allows users to create detailed reports and share them across devices, making it ideal for data-driven presentations.
Key Features:
- Powerful data visualization and reporting tools
- Integration with Microsoft Office Suite
- Real-time data access and updates
- Customizable dashboards for interactive presentations
- Cloud-based sharing and collaboration
Google Data Studio
Google Data Studio is a free tool that turns raw data into interactive reports and dashboards. It allows users to visualize data from Google Analytics, Google Ads, and other platforms, making it ideal for presenting research findings.
Key Features:
- Integration with Google services and third-party data sources
- Customizable reports with interactive features
- Real-time data visualization
- Easy sharing and collaboration
- Free to use with unlimited reporting options
Best Market Research Tools for Data Analysis
| Tool | Category | Cost Model | Cost (Monthly) |
|---|---|---|---|
| IBM SPSS | Data Analysis | Paid | $99+ |
| R (Programming Language) | Data Analysis | Free | Free |
IBM SPSS (Statistical Package)
SPSS is a powerful statistical analysis tool used by researchers and businesses to analyze complex data sets. It is widely utilized for performing advanced statistical tests, predictive analytics, and data mining.
Key Features:
- Comprehensive statistical analysis tools (regression, ANOVA, etc.)
- Easy-to-use interface with drag-and-drop features
- Supports large datasets and advanced algorithms
- Integration with data sources like Excel, SQL, and databases
- In-depth data visualization and reporting tools
R (Programming Language)
R is an open-source programming language and software environment widely used for statistical computing and data analysis. It offers a range of statistical techniques, including linear and nonlinear modeling, time-series analysis, and more.
Key Features:
- Extensive libraries for statistical analysis
- Strong capabilities for data visualization (ggplot2, lattice, etc.)
- Supports machine learning, data mining, and predictive modeling
- Highly customizable for various types of data manipulation
- Integration with databases and other programming languages
Conclusion
We’ve equipped you with a diverse arsenal of market research tools, but the real power lies in wielding this knowledge effectively. Here are some next steps to consider:
- Identify your research goals. What specific questions do you need answers to?
- Choose the right tools. Match your research objectives with the appropriate tools from this comprehensive list.
- Conduct your research. Gather information, analyze data, and identify key insights. Here’s a step-by-step guide on how to conduct market research.
- Develop a data-driven strategy. Use your findings to inform your business decisions.
Market research can be the deciding factor when it comes to business success. ContentCreator.com, for example, launched in a crowded and competitive market but was able to distinguish itself with a unique USP. This invaluable research insight has built the company into a $6M online education empire.
Join Ownerpreneur today to read more in-depth breakdowns and strategies to turn insights into action—it’s free!