20 Instruments & Assets for Conducting Market Analysis

Discovering out if a product will probably be profitable past the preliminary curiosity is simply good enterprise. With market analysis, you establish whether or not the chance exists, the best way to place the services or products, or what customers’ opinions are after the launch.

In case you’re delicate to the excessive prices of failure and want to assemble details and opinions to foretell whether or not your new product, function, or location will probably be profitable, begin by investing in market analysis utilizing these instruments and sources.

Listed below are 21 of the very best instruments for conducting market analysis, together with just a few suggestions straight from HubSpot market researchers. Let’s dive in.

Featured Useful resource: Market Research Kit 

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Useful Market Analysis Instruments & Assets

1. Glimpse

For Max Iskiev, Market Analysis Analyst at HubSpot, one analysis software stands out from the remainder, and that is Glimpse.

He informed me, “Glimpse is my favourite analysis software. It is fast and simple to make use of, permitting me to design and launch quick surveys for real-time insights on trending subjects.”

As a author for the HubSpot Advertising Weblog, I’ve additionally used Glimpse to run quick, 100-person surveys for articles (working example: Are Sales Reps Rushing Back to the Office?).

Not solely is Glimpse helpful for doing fast pulse-checks on the most recent developments, however it additionally leverages the ability of AI for even deeper insights.

“Glimpse actually shines in terms of open-ended questions, utilizing pure language processing and AI to research emotion and sentiment, saving time and providing invaluable insights,” Iskiev shared.

Pricing: $1,000/month (Professional Account)

2. Statista

Statista is a knowledge visualization web site that takes information from respected experiences throughout the online and makes them straightforward and digestible for researchers, entrepreneurs, and product creators identical to you.

“Statista is like my market analysis sidekick, giving me all the information I would like with out the limitless search. No extra digging by way of the haystack, with Statista I can spot developments and make knowledgeable selections with ease,” Icee Griffin, Market Researcher at HubSpot, informed me.

Are you planning on launching a brand new online game and wish to know what number of hours folks spend taking part in video video games? There’s a chart for that.

One neat side of utilizing Statista is that the identical chart is up to date because the years cross. Say that you simply wish to allude to the value of the beauty market in your proposal. In case your investor accesses that very same graph a yr from now, it would replicate up to date numbers, as Statista at all times finds the newest analysis to replace their visualizations. (Word that Statista doesn’t perform authentic analysis.)

Pricing: Free; $39/month (billed yearly); $1,950 (one-time 30-day access)

3. Think With Google Research Tools

Want you had data in your product’s probability of success? Suppose With Google’s advertising and marketing analysis instruments supply fascinating insights on whether or not anybody is searching for your product (Google Trends), which markets to launch to (Market Finder), and what retail classes rise because the months and seasons cross (Rising Retail Categories).

In case you’d wish to market your product by way of YouTube, the Find My Audience software means that you can examine what your potential viewers are considering and what you need to talk about in your model’s YouTube channel.

Pricing: Free

4. Census Bureau

The Census Bureau provides a free useful resource for looking out U.S. census information. You may filter by age, earnings, yr, and placement. You can even use a few of its shortcuts to entry visualizations of the information, permitting you to see potential goal markets throughout the nation.

The most effective methods to make use of this software is by discovering the NAICS code for what you are promoting, then accessing the Tables software, then clicking Filter on the sidebar and looking for your business. Simply discover out the place your goal business is hottest — or the place the market has been oversaturated. One other useful software is the Census Bureau Business and Economy data, the place you too can goal premade tables relying in your business.

Pricing: Free

5. Make My Persona

HubSpot’s Make My Persona software means that you can create a buyer persona to your potential new product. On this software, you choose a reputation for the persona, select their age, establish their profession traits, and establish their challenges, permitting you to pinpoint each demographic and psychographic data.

This software is most suited to B2B product launches since you’ll be prompted to doc your purchaser persona’s profession goals and role-specific challenges. As such, your product would ideally remedy an issue for them within the office or assist their firm obtain income objectives.

Pricing: Free

6. Tableau

Tableau is a enterprise intelligence suite of merchandise that means that you can “hook up with nearly any information supply.” However the information isn’t introduced in unreadable tables. Relatively, Tableau helps you visualize this information in a manner that helps you glean insights, attraction to exterior stakeholders, and talk the feasibility of your product to potential buyers.

You may visualize information on something from corn manufacturing in tropical local weather zones to workplace product gross sales in North America. With Tableau’s instruments, you possibly can take as granular or as basic a glance you’d like into potential marketplaces and provider areas. Tableau additionally integrates nicely with spreadsheets and databases to be able to export Tableau data to Excel, again up data in Amazon Redshift, and extra.

Pricing: $12/user/month (Tableau Viewer); $35/user/month (Tableau Explorer); $70/user/month (Tableau Creator)

7. Paperform

A market analysis survey is an efficient approach to perceive your target market and their wants higher by asking them straight. Since this step is integral to understanding your dream buyer’s issues, you wish to guarantee the method is as interactive as doable and incites an goal and correct response.  

With its free-text interface, Paperform is so simple as writing a phrase doc. Make your survey stand out by customizing colours, fonts, layouts and themes, and create your distinctive feel and appear. f you’re not sure the place to start out, you need to use considered one of their expertly made questionnaires or market analysis survey templates to get you began. 

With Paperform, you possibly can add conditional logic to indicate or conceal questions or entire sections of content material. Create absolutely personalised paths for various personas to create extra interactive kinds that decrease drop-off charges and increase buyer interplay. Or use any of the 27+ query fields, just like the rating, matrix, or scale fields, to create visually partaking methods to gather data.

Pricing: Free (14-day trial); Necessities ($20/month); Professional ($40/month); and Company ($135/month)

8. Claritas MyBestSegment

Claritas MyBestSegment offers product researchers with instruments to grasp an space’s demographic data and the world’s inhabitants’ way of life habits. By discovering out what a phase of the inhabitants does — with out having to exit and survey them — you could find out which areas can be most receptive to a marketing campaign or launch, which opponents are situated close by, and which way of life developments have shifted or are on the rise.

A snapshot of an viewers phase provides you fundamental data on their family earnings, way of life traits, employment ranges, and schooling ranges. If you’d like extra particular information relating to those subjects, you’ll must contact Claritas’ sales team to turn into a buyer.

Pricing: Free; Pricing available on request

9. SurveyMonkey

SurveyMonkey is a strong software for creating in-depth market research surveys that can make it easier to perceive your market and shopper preferences.

With this software, you possibly can create focused, uber-specific surveys that make it easier to gather solutions that pertain particularly to your product. Whereas utilizing a knowledge supply can provide you a basic overview of your target market and market, SurveyMonkey can assist you get extra granular insights from actual customers.

SurveyMonkey provides devoted market research solutions and services, together with a world survey panel, a survey translation service for worldwide analysis, and a reporting dashboard choice that means that you can simply parse by way of the outcomes.

Pricing: Free, $32/month (Advantage Annual), $99/month (Premier Annual), $99/month (Standard Monthly); $25/user/month (Team Advantage, minimum 3 users), $75/user/month (Team Premier, minimum 3 users), Enterprise (Contact for pricing)

10. Typeform

Like SurveyMonkey, Typeform means that you can run analysis surveys to get direct solutions out of your goal customers. It’s an easy-to-use, mobile-optimized form-builder that is nice for market analysis.

Typeform’s distinguishing issue is that it reveals viewers one type discipline at a time. In its templates, it encourages a extra conversational, informal method (like in its market research survey template). This makes it a greater match for product launches that concentrate on a youthful demographic. In case you’re focusing on C-suite executives at established companies, take into account a extra formal choice reminiscent of SurveyMonkey or maintaining your tone extra formal in your questions.

You may create a variety of query sorts, together with a number of alternative questions, short-form questions, and ranking scale questions. Different options embrace the flexibility to recall solutions from earlier questions and create logic jumps.

In a survey, you’d wish to gather each demographic and psychographic information in your buyer, in search of to grasp their buying behaviors and the issues they encounter. The objective is to seek out out in case your product is the answer to a type of issues — and whether or not, earlier than launching, you need to add extra options or rethink your product positioning strategy.

Pricing: Free; $35/month (Essentials); $50/month (Professional); $70/month (Premium)

11. Upwave Instant Insights

Upwave Instantaneous Insights is a shopper analysis software that’s a part of the Upwave model advertising and marketing platform. Whereas it isn’t marketed as a survey creation software, it means that you can launch market analysis surveys particularly to get shopper insights.

Instantaneous Insights means that you can goal audiences on Upwave’s partner ecosystem and visualize the information for simple scanning by key stakeholders and buyers. One professional of utilizing this platform is that Upwave distributes your survey to actual folks — not simply folks taking surveys for the cash, which might skew the outcomes.

To create a survey, you sign up on the Upwave platform, click on your identify within the higher right-hand nook, and click on “My Surveys,” the place you possibly can create as many surveys as you need. For the Primary choice, you might have a 6-question restrict, whereas the Superior choice means that you can embrace limitless questions.

Pricing: $2/study participant (Basic); $3/study participant (Extended); $4/study participant (Advanced)

12. Loop11

Loop11 is a consumer expertise testing platform that means that you can take a look at the usability of your web site, examine consumer intent, take a look at the knowledge structure of your web site, and study how the consumer expertise adjustments based mostly on the system they’re utilizing.

This software is beneficial for market analysis as a result of you could find out whether or not your goal customers discover your web site straightforward to navigate. You can even establish snags that stop conversions.

Loop11 checks your web site by making customers carry out duties. They then full a brief query about how straightforward or tough the duty was to finish. Your product could also be phenomenal, however except customers can purchase it by way of your web site, you received’t launch it efficiently.

You should utilize Loop11’s individuals or herald your personal.

Pricing: $63/month (Rapid Insights), $239/month (Pro), $399/month (Enterprise)

13. Userlytics

Like Loop11, Userlytics means that you can take a look at the usability of your web site, cellular app, and web site prototype. You may goal totally different gadgets, outline a purchaser persona, and disqualify individuals based mostly on screening questions.

Testing is predicated on duties that your test-takers perform. They then reply a easy query in regards to the issue of the duty. You may construction the query in varied methods; you possibly can depart it open-ended, present a number of selections, or ask for a ranking. Different codecs you need to use embrace System Usability Scale (SUS) questions, Internet Promoter Rating (NPS) questions, and Single Ease Questions (SEQ).

Userlytics performs each a webcam and a display screen recording. You may evaluate the consumer’s solutions with their reactions on video to grasp how they really feel once they’re interacting along with your belongings.

Pricing: $49/participant (Quick & Easy); $69/participant (Annual Enterprise); Custom pricing available on request

14. Temper

Generally you want a no-frills take a look at to take the heart beat of customers. Mood means that you can create a query, seize a snippet of code, and pop it onto your web site. The smiley face, “meh” face, and frown face make it straightforward for viewers to make a snap judgment.

One smart way to make use of this software is by including the widget on a weblog submit saying the launch of your new product. That manner, you could find out basic sentiment on the product earlier than launching it. You can even add it to a product web page, an e-mail, or a touchdown web page.

Whenever you embrace the widget, you possibly can change the query to one thing that’s tailor-made to your choices.

Pricing: $12/month (Hobby), $49/month (Pro), $89/month (Business), $199/month (White Label)

15. NielsenIQ

NielsenIQ is a retail and shopper intelligence advisor that works with you to gather shopper insights, establish the very best distribution channels to your product, and create a variety of merchandise that addresses the wants of your goal patrons.

This service helps you take a look at your product launch from all angles and delivers forecasting data that predicts how your gross sales will carry out upon launch. NielsenIQ also can run consumer insights surveys on their record of panelists and companions.

As a result of it operates like a advisor and never as a self-service software program, NielsenIQ is a greater choice for established companies with an even bigger product launch price range.

Pricing: Pricing available on request

16. Ubersuggest

Ubersuggest is a straightforward software for doing key phrase and content material analysis. You may enter a phrase, and it will create an inventory of key phrase strategies. You can even see prime performing articles and pages so that you simply get an preliminary understanding of the kind of content material that ranks for the key phrases.

This software is beneficial for market analysis as a result of you possibly can see who your prime opponents are, how typically your product is looked for, and whether or not there’s sufficient area available in the market for the kind of product you’re launching. You can even discover out the questions your target market asks in relation to the product. Every of those questions could be changed into a weblog submit that may inform your viewers, rising your model authority and driving conversions.

Alternate options to Ubersuggest embrace Moz, Ahrefs, and SEMRush.

Pricing: Free; $29/month (Individual); $49/month (Business); $99/month (Enterprise / Agency)

17. Pew Research Center

From financial situations, to political attitudes, to social media utilization, the Pew Analysis Middle web site has a ton of free analysis that you need to use to raised perceive your goal market. Better of all, the positioning has interactive articles that help you filter and sift by way of the information for extra granular, focused insights.

Subjects embrace U.S. politics, digital media, social developments, faith, science, and expertise.

Pricing: Free

18. BrandMentions

BrandMentions is a social media monitoring platform that may make it easier to perceive what your potential clients are buzzing about on-line. Seek for a key phrase, and BrandMentions will present you up-to-date social posts that comprise that key phrase, together with the context of its utilization. After subscribing to the platform, you too can get sentiment evaluation on the key phrase.

You’ll additionally get different metrics reminiscent of Attain (how many individuals view the key phrase per day), Efficiency (how many individuals have interaction with the key phrase per day), and Mentions by Weekday (when persons are mentioning the key phrase).

You should utilize this software for market analysis by discovering out when persons are searching for your product on social media websites. Whenever you begin saying the brand new product, you need to use insights from this software to submit in regards to the launch at precisely the suitable time. It additionally means that you can learn the way persons are usually feeling about the kind of product you’re launching. That manner, you possibly can higher refine the tone of your campaigns.

Pricing: $99/month (Growing Business); $ 299/month (Company); $ 499/month (Enterprise/Agency)

19. Qualtrics Market Research Panels

Qualtrics takes the ache of discovering respondents to your market analysis surveys by way of a web-based pattern service. After figuring out your target market, you possibly can go to Qualtrics for entry to a consultant pattern. You may both use your chosen survey software or use Qualtrics’ built-in platform for insights and suggestions.

Pricing: Pricing available on request

20. Qualaroo

Qualaroo is a complicated consumer and market analysis software that helps you perceive your goal market with focused surveys. You may run surveys on over six channels directly (reminiscent of web site, app, product, social media, and mail,) to get a 360-degree view of your present and potential clients.

It comes full of options like query branching, 12+ reply sorts, automated survey language translation, in-depth viewers focusing on, pre-built survey templates, and an in depth repository of professionally designed questions.

You may create varied market analysis surveys in minutes to gather information on the demographic, psychographic, and behavioral traits of your target market. It will possibly make it easier to map clients’ expectations and preferences, create buyer personas, and carry out viewers segmentation.

Qualaroo additionally promotes fast suggestions evaluation. Its in-built AI-based sentiment evaluation and textual content analytics engine mechanically categorizes the responses based mostly on consumer moods. It additionally highlights the important thing phrases and phrases in real-time, saving hours of guide work.

Pricing: $80/month billed annually (Essentials); $160/month billed annually (Premium)

Conduct Market Analysis for a Profitable Product Launch

Conducting market analysis is important to efficiently launch a product to market. With the instruments we’ve shared, you could find out who’s searching for your product, why they want it, and how one can higher promote it upon launch, guaranteeing that it’s a hit.

Editor’s word: This submit was initially revealed in April 2016 and has been up to date for comprehensiveness.