What is Market Research?
Market Research is a systematic process of collecting information, analyzing, and verifying the information with the correct interpretation of data. Through market research, you can gather information about your business’s buyers, target audience, competitors, and an overview of the industry as a whole.
It helps entrepreneurs to know what’s trending in the industry and make well-informed decisions. For the successful running of the business, understanding what the customer needs, what product is trending and what’s influential is understood through market research.
From identifying new business proposals to launching a new market for existing commodities, market research tools enhance innovation and funnel resources into ideas. Quoting Dick Hampe: “When research walks on the field, the judgment does not walk off.” Let’s understand what market research involves:
- Primary information: Primary research is the research that either you compile for yourself or hire a researcher to gather the information for you. It can be expensive and time-consuming, but primary research is the pursuit of first-hand knowledge on the market you’re dealing with and its target customers. The most popular primary research tools are Customer surveys, phone interviews, observation, and focus groups.
- Secondary information: It is best suited for gathering broad insights into current market trends to analyze reports and create case studies for secondary use. A list of secondary research sources is government reports and studies, television, radio, journals and newspapers, literature reviews, and more.
Here’s a list of top 10 market research sites one can use:
- SimilarTech: This is a sales insight platform that provides various partners with crucial insights by tracking different technology from millions of websites. They believe in comprehensive SaaS technology to leverage information and expand businesses. Offering different analytical tools, web crawling techniques, SimilarTech is one spot market research company.
- CallHub: Callhub integrates with various software tools and CRM. Its motto is to reach the right people at the right time with strategies like political phone banking, robocalls, peer-to-peer texting, and more. Available in 200+ countries, CallHub makes its place in the list of top market research sites.
- Tofler: Tofler is a company research organization that helps to expand your target market. Using various financial, geographical, and industrial filters, Tofler discovers new prospects with the 360-degree market tool. It saves time and money by pre-qualifying leads.
- Locowise: With techniques like social audits, client reporting, campaign analysis, and tracking, competitor benchmarking, Locowise makes the performance measurement of a company very efficient and effective.
- Sisense: Sisense ranks #1 in customer service with API-first technology that can match your focus and commitment. It makes your work easy by integrating data and create analytic apps to drive business leads.
- Surveymonkey: If you want to get real-time feedback to improve your products and services, then Surveymonkey can help you with your business overall. It can build a healthy company culture by tracking market trends to stay ahead of the competition.
- Moz: Moz can boost your online search experience through tools that make your SEO right. It is an inbound marketing company that was founded by Rand Fishkin and Gillian Muessig for market research development.
- Typeform: A Barcelona-based online software that can turn data collection into an experience, Typeform specializes in online form building and online surveys. Its dynamic process involves marketing tools that satisfy user needs.
- Hotjar: This company lets you observe and measure the behavior of users while they visit your company’s webpage. It is an analysis and feedback tool to improve the user’s website’s performance to get detailed insights.
- BuzzSumo: You can use this online content-research tool to find content that is shared on various social media platforms. It allows businesses to get alerts based on keywords and track competitors.
All the information above is consolidated and verified. Use any of the above market research tools to grow your business and rank it to the top.
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