What is market research?
To ascertain the viability of a product or service, market research is conducted, and it is the process of obtaining data about consumers and the market as a whole. Interviews, questionnaires, focus groups, and analysis of industry data are all examples of market research. Market research is to gain a deeper understanding of potential customers, just how your product or service fulfils their needs, and how it stacks up against offerings from other companies. The results of market research are utilised to inform business-focused decisions and launch plans. Market research has the potential to influence a startup’s success if it is carried out and applied with the appropriate rigour.
Why is it essential for startups?
To make sure your goods or services will be well received, it is advisable to carry out market research before beginning your business. As you refine and enhance your product, input from people who fit your target demographic can be extremely helpful.
By determining the customers’ desire and willingness to pay for your goods, market research can also assist you in deciding on a pricing plan. Identifying which characteristics are most important to prospective clients can also enhance the user experience. Investors place a high value on detailed market research that shows promising potential when determining which firms to fund.
Indicators that your startup would be a wise investment include concrete evidence that your product meets market demand and evidence that you’ve taken the effort to refine and improve it. One of the few and most effective ways for firms to increase their capacity for decision-making and thrive in the competitive business environment of today is through market research. It is employed to guarantee the best results from the efforts put forth in service expansion, marketing, and product development.
List of market research tools for startups:
Create detailed surveys for market research with SurveyMonkey to better understand your target audience and their needs. With the help of this application, you can design extremely targeted surveys that assist you in gathering data regarding your product directly. While employing a data source might help you gain a broad overview of your targeted audience and demographic, SurveyMonkey can assist you in getting more specific consumer insights.
It provides specialised market research services and solutions, such as an international survey translation service, a global survey panel, and a reporting dashboard option that makes it simple to sort through the findings.
You can conduct research surveys using Typeform to gain direct feedback from your target audience. It’s a simple-to-use form builder that works well on mobile devices and is perfect for market research.
The unique feature of Typeform is that it only displays one web form at a time. It promotes a more relaxed, conversational style in its templates. This makes it more appropriate for product releases that aim to appeal to younger consumers. Consider using a more official choice, like SurveyMonkey, or maintaining a more serious tone in your questions if you’re targeting executives at reputable companies.
Numerous question types, such as multiple-choice, short-form, and rating scale inquiries, are all possible to design. Recalling responses to earlier questions is one of the other features.
To gauge consumer sentiment, you may occasionally need a simple test. With Temper, you can compose a question, copy some code, and paste it onto your website. Viewers can quickly form an opinion thanks to the smiley, “meh,” and frown faces.
Including the widgets on a blog post promoting the release of your new product is a fantastic way to utilise this tool. In this manner, you can research consumer opinion of the product before releasing it. Additionally, you can include it in an email, landing page, or product page. You can modify the question to one that is specific to your offerings when you include the widget.
NielsenIQ is a commercial and consumer analytics consultant who works with you to gather consumer insights, choose the best channels for distributing your product, and develop a line of goods that caters to the demands of your target customers.
This service offers forecasting information that shows how your sales will perform after launch and assists you in viewing your product release from all sides. On their roster of panellists and partners, NielsenIQ can also conduct consumer insights surveys.
Buzzsumo, a market research platform, focuses only on social media and content marketing. It can reveal a lot about the interests of your audience by giving you insight into what people are posting, discussing, engaging with, and blogging about.
The performance measures of content, such as the number of shares or backlinks a page has, are the main focus of BuzzSumo. It is the best method for locating the most well-liked material in your sector or speciality.
You can produce your own high-performing media in the hopes of going popular with your target group or receiving good press attention by evaluating the data it gives.
An online resource for statistical data analysis called Statista compiles market research data from more than 600 different businesses. You receive a worldwide view of the data because the service is available in more than 50 countries.
The tool’s interface is comparatively simple to use. To view statistics, simply go to the website and enter any pertinent topic or term. The programme will handle the rest. All of the data is depicted in the form of simple to grasp blue data charts.
Here, you may find market research information that you can use to construct buyer profiles, online surveys, and even product promotion campaigns. In conclusion, Statista is the site to use if you’re a marketer seeking for trustworthy statistics supported by research.
More than 11,000 brands worldwide use Qualtrics, an AI-based platform for experience management, to manage customer experience. You can conduct quick, thorough market research using the programme.
All of your customer relationship management requirements are met by Qualtrics in a single location. With Qualtrics, you can conduct everything from product differentiation and competitor analysis to getting client input on new products and services.
You can obtain thorough insights into every facet of market research with this platform. To learn more about your target audience, it employs sophisticated statistical techniques. And you accomplish all of this in a tiny fraction of the time required by more conventional techniques.
With the aid of BrandMentions, a social media management tool, you may learn what your potential consumers are talking about online. When you conduct a keyword search, BrandMentions will display recent social postings that include the searched-for term along with the contexts in which it was used. You can also get content and tone analysis on the keyword after joining the platform.
Additional metrics include Reach (the number of individuals who view the keyword each day), Performance (the number of people who interact with the keyword each day), and weekday-wise mentions (when users mention the keyword). By learning when people are searching for your company on social media platforms, you may utilise this technology to do market research.
In order to evaluate your website’s usability, user intent, information architecture, and how the user experience varies depending on the device being used, you can utilise the user experience research platform Loop11.
You can use this tool to determine whether your target audience finds your website easy to browse, which is helpful for market research. You can also spot obstacles that stop conversions.
By asking users to complete tasks, Loop11 evaluates your website. After that, they respond to a brief question regarding how simple or challenging the activity was to accomplish. Even if your product is fantastic, you won’t be able to launch it successfully until customers can purchase it through your website.
You may test the efficiency of your website, android apps, and site prototype with Userlytics. You can exclude participants based on questionnaires, build a buyer profile, and target various devices.
Activities that your test-takers complete form the basis of testing. They then respond to a straightforward query regarding the task’s complexity. There are several ways to format the question; you can keep it open-ended, offer several options, or request a rating. You can also use the System Usability Scale (SUS), Net Promoter Score (NPS), and Single Ease Question forms (SEQ).
Webcam and screen recordings are both done by Userlytics. To learn how a user feels while interacting with assets, you can contrast the user’s responses with their on-camera emotions.
With the aid of its visual data analytics platform, Tableau, startups and established companies may more easily understand complex data. Businesses may simply evaluate crucial data items and gain crucial insights by using it.
You can use the programme to gather and combine data from various sources, including relational databases, Google Analytics, and excel sheets. These data points can then be combined to form larger datasets that present a more comprehensive overview of the market.
Tableau allows you to filter and analyse data based on a variety of factors, including geography, demographics, and many others. For connecting with your target audience, you can also make interactive infographics showing the market research.
12. Make My Persona
You can develop a customer persona for your new prospective product using the unique application Make My Persona. The key to marketing your product successfully is defining the potential customers for it. This application enables you to identify both psychographic and demographic information by letting you specify the persona’s name, age, career traits, and problems.
Because you’ll be asked to list the career goals and job-specific difficulties of your buyer persona, this tool is especially suitable for B2B product launches. As a result, your solution would ideally aid them in their line of work, address a problem or assist their business in achieving revenue targets.
How to leverage these for your startup?
Prior to releasing your product, market research is helpful, but as you establish your business, you should examine your initial hypothesis and develop new ones.
You can gradually develop your product and make sure it continues to meet the needs of your target market by performing market research for each new edition. You can now use these tools to conduct your own market research and gain a better understanding of the consumer side.
Now that you have some of the best tools for market research, you can now begin to use them to research the market for your business. Which ones do you think could be used by your business? We would love to hear your opinions and reviews about these market research tools for startups in 2023.