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In: Content Marketing

4 Essential Tools for Market Research

by Ricky Yu - Aug 18, 2015
Marketing Research

Have you ever caught yourself in the situation of buying the exact same cereal week after week, or going to the same barber shop year after year? It is nearly impossible for my friend to convince me to change the brand of the detergent I use. Reason being? People don’t like to change. A research study has shown that American families, on average, repeatedly buy the same 150 items, which constitute as much as 85% of their household needs. Because of this, it’s difficult for small business owners to launch products or services and appear on the consumers’ radar.

 

As a small business owner, you generally don’t have much control over consumers’ behavior, but if you can understand their behavior, you will have a better chance of successfully marketing products or services. This is where market research comes in. In the past, however, market research has come with a high price tag. If you are sensitive to the cost of market research, yet find yourself needing to gather insights to successfully market your products or services, here are four low-cost or freemium tools that will effectively aid you in conducting market research:

 

Typeform

Typeform is one of my favorite tools, as it allows you to create beautiful surveys, questionnaires, forms, and more. On top of that, it provides awesome visuals and interactive elements such as pop-up texts, picture and image icons, logic jumps, charts, and graphs. Through these features, it will increase the surveyors’ focus which leads to more accurate results. Typeform also allows you to access the surveys, questionnaires and etc. on many devices, which is rather essential in this mobile era.

 

Further, Typeform provides unique form of interface that only display one question at a time, this allows the user to fully engage with Typeform. It is user-friendly and most importantly it allows you to embed your form into your own page using HTML.
When to use Typeform

  • ● Collecting large amount of information
  • ● To quantify the result easily and quickly
  • ● Increasing the focus and attention time span from the surveyor

 

Google Analytic Insight

Google Insights Databoard offers insight on people’s buying patterns and browsing habits. This Databoard provides information from Google Research Studies, and it allows you to share your findings with other users across the board by creating your own custom infographics.

 

It also provides comprehensive reporting and analytics tools. Reports can be segmented and filtered to reflect the needs of your business. Features, such as real-time views, let you know what new content is popular, how much traffic today’s new promotion is driving to your site, and which tweets and blog posts draw the best results.

 

When to use Google Analytic Insight

  • ● Keeping track of the bounce rate and traffic flow
  • ● Identifying which pages or links are more popular
  • ● Discovering how your visitors locate your website

 

GutCheck

GutCheck is a market research tool that enables you to gather opinions and preferences to better understand your audiences’ mind. It allows you to conduct 30-minute, one-on-one, online, video interviews with some of the 3.5 million members of its U.S. consumer panel. To ensure that you're talking to the right audience, you are allowed to screen your audience based on a variety of criteria, such as age, gender, income and etc.

 

If you ever find yourself not having the time to conduct the interviews, don’t worry, GutCheck can do it for you! Results are typically provided in less than 2 days. The price quotes depend on the number of interviews and type of projects that you are conducting.

 

When to use GutCheck:

  • ● Understanding a deep complex issue
  • ● Developing an understanding toward a certain result
  • ● Hearing people’s deep feelings, insights and perception

 

Survey Monkey

Survey Monkey is a cloud based survey development tool. It is currently the most well-known tool, consisting of a vast array of features for surveys of all sizes. It allows you to send online survey to your own list and view results graphically and in real time. The free plan gives you up to 10 questions and 100 responses. By paying $25/month, you can unlock unlimited questions and responses.

 

Additionally, Survey Monkey also offers a consumer panel that includes hundreds of thousands of survey respondents. It allows you to create and send customized surveys to the consumer panel using the targeting criteria of your choice. Results are provided within seven days for $3 per completed survey, or in three days for $5 per completed survey.

 

When to Use SurveyMonkey

  • ● When you have a basic understanding toward the key issue through a qualitative approach and need to know what the larger population thinks.
  • ● Finding out the quantitative value toward a certain answer
  • ● Wanting to collect vast range of things, including attitudes, behaviors and opinions

 

Successfully launching and marketing products or services requires an insightful understanding of consumer behavior. In the past, thorough market research required a good amount of time, money, and effort. Thanks to today’s advancing technological landscape, there are many free tools available for business owners that help lessen the responsibilities surrounding extensive research while giving them the ability to gain valuable insight. After all, if you want success launching products and services, you’ll have an easier time adjusting your marketing strategy than you will changing user behavior.

Ricky Yu
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