
Semrush
SurveyMonkey Audience is a market research solution designed to help businesses collect customer data using surveys and analyze results to streamline decision-making processes. Managers can add custom screening questions to target...Read more
SurveySparrow is a cloud-based customer experience solution that enables businesses of all sizes to create engaging feedback surveys. It comes with a centralized dashboard, which allows users to import contacts and organize them i...Read more
Startquestion is a professional survey software designed to help businesses of all sizes, freelancers, nonprofits, educational institutions and more create online questionnaires for researching employees, clients and community. Ke...Read more
Discuss.io is a cloud-based video platform, which helps small to large businesses converse with customers, collect feedback in real-time and capture and share market insights. Features include chat, tagging, whiteboard, commenting...Read more
Infegy Atlas is a marketing platform that helps businesses understand and analyze customers, competitors and brands. It is a cloud-based platform that enables users to convert keyword searches into actionable insights and leads. T...Read more
Insightrix Communities is a cloud-based online research community platform designed for government agencies, corporate researchers and research units. It helps organizations in both qualitative and quantitative research by collect...Read more
Key Survey is a survey management solution designed for midsize and large businesses. It offers mobile surveys, offline surveys, contact management, data workflow, logic and branching functionalities within a suite. Both cloud-bas...Read more
Connect is a cloud-based collaboration software designed to help businesses create projects, upload documents and share files and folders with team members. Key features include document management, ream-time editing, project mana...Read more
Spark Chart survey solution gives consultants and leaders a comprehensive cloud-based platform to conduct a full range of surveys. Design and conduct any type of survey project, including employee surveys, customer surveys, Net Pr...Read more
QuickSurveys is a cloud-based solution that helps enterprises build questionnaires and gain insights into business performance by conducting automated market research. Key features include question branching, email marketing, resp...Read more
Market research software helps businesses understand market trends and customer behavior. It’s a data collection tool companies use to identify their target audiences, assess competition, gauge demand for their products or services, and take feedback from prospects.
If you’re looking to purchase market research software, this guide is your one-stop solution. It explains software features and benefits as well as the various factors you must consider to make a smart purchase.
Here’s what we’ll cover:
Market research software is a data collection tool that lets businesses check if the product or service they’re planning to launch will be received well by customers. It helps manage the various steps of the market research process, from setting the research panel and identifying the target audience to collecting data and reporting on the collected data. The software also allows companies to identify what is or isn’t working well for their existing products and make changes accordingly.
Most market research software tools offer the following features:
Multichannel distribution | Collect metrics such as product viability data, product usage data, and customer behavior data from multiple channels, including email, web, and social media. |
Reporting | Use visualization to organize the collected research data and identify relevant data points related to market trends, business opportunities, customer choices, and more. |
Survey builder | Create and run surveys to collect feedback from target audiences and analyze their responses. You can customize the question types, images, branding, and more. |
Benchmarking | Use the collected data to compare your business processes against those of prominent industry players, identify gaps, and plan growth or improvement tactics. |
Panel management | Conduct and manage panel discussions with relevant, qualified target market research groups. Recruit, segment, and maintain research panels to gain insights into products, services, or market trends. |
Statistical analysis | Apply statistical models to the data collected from research studies to summarize, analyze, and draw inferences from it. |
You should choose a market research tool that aligns with your industry of operation and intended application. That said, most buyers can be divided into the following broad categories:
Retail businesses: Retail companies conduct market research regularly to keep track of changing customer preferences and market or competitor trends. They should opt for market research software that provides real-time reporting to measure audiences’ responses to products or services and to assess the impact of marketing decisions. Survey builder, multichannel data collection, and benchmarking are some features that would suit the needs of these buyers.
Professional services firms: Professional services firms such as advertising and accounting agencies use market research software to formulate branding or marketing strategies, understand target market trends, and more. These buyers should look for a market research tool that can build customized surveys based on data objectives such as client satisfaction and opportunities for new service offerings. Panel management, multichannel data collection, benchmarking, and statistical analysis are the top features these buyers should choose.
Nonprofit organizations: Nonprofit organizations conduct market research to gather information about their supporters’ or donors’ preferences, motivations, and behavior. These firms should consider investing in a market research solution that offers multichannel distribution, reporting, and statistical analysis to identify patterns in donors’ behavior and payment trends for maximizing fundraising abilities.
Here are some of the key benefits market research software can offer to your business.
Here are some recent trends related to market research software that you should be aware of:
Data visualization tools helping companies better understand research results: Businesses are increasingly using data visualization tools to easily identify trends or patterns from research data. Data visualizations such as charts, graphs, and images help simplify complex datasets so that companies can spend their time and resources more efficiently.
Artificial intelligence (AI) improving market research and data analysis: AI-equipped market research tools can filter large volumes of collected data using text analysis to identify relevant trends and customer behavior. They improve data accuracy by reducing the chances of human error or bias. Market research software driven by AI also helps save time on report generation and secondary research.