20 Instruments & Assets for Conducting Market Analysis

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

Should you’re delicate to the excessive prices of failure and wish to collect information and opinions to foretell whether or not your new product, characteristic, or location will likely be profitable, begin by investing in market analysis utilizing these instruments and sources.

Listed below are 21 of the most effective instruments for conducting market analysis, together with a number of suggestions immediately from HubSpot market researchers. Let’s dive in.

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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 remaining, and that is Glimpse.

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

As a author for the HubSpot Advertising Weblog, I’ve additionally used Glimpse to run brief, 100-person surveys for articles (working example: Are Gross sales Reps Dashing Again to the Workplace?).

Not solely is Glimpse worthwhile for doing fast pulse-checks on the newest tendencies, nevertheless it additionally leverages the facility of AI for even deeper insights.

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

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

2. Statista

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

“Statista is like my market analysis sidekick, giving me all the info I would like with out the countless search. No extra digging by way of the haystack, with Statista I can spot tendencies and make knowledgeable choices with ease,” Icee Griffin, Market Researcher at HubSpot, instructed me.

Are you planning on launching a brand new online game and need to know what number of hours folks spend enjoying 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 go. Say that you just need to allude to the worth of the wonder market in your proposal. In case your investor accesses that very same graph a 12 months from now, it can replicate up to date numbers, as Statista all the time finds the latest analysis to replace their visualizations. (Notice that Statista doesn’t perform authentic analysis.)

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

3. Assume With Google Analysis Instruments

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

Should you’d wish to market your product by way of YouTube, the Discover My Viewers software permits you to examine what your potential viewers are enthusiastic about and what you need to talk about in your model’s YouTube channel.

Pricing: Free

4. Census Bureau

The Census Bureau affords a free useful resource for looking U.S. census knowledge. You’ll be able to filter by age, earnings, 12 months, and site. You may as well use a few of its shortcuts to entry visualizations of the info, permitting you to see potential goal markets throughout the nation.

Top-of-the-line methods to make use of this software is by discovering the NAICS code for your online business, then accessing the Tables software, then clicking Filter on the sidebar and trying to find your trade. Simply discover out the place your goal trade is hottest — or the place the market has been oversaturated. One other useful software is the Census Bureau Enterprise and Financial system knowledge, the place you may also goal premade tables relying in your trade.

Pricing: Free

5. Make My Persona

HubSpot’s Make My Persona software permits you to create a purchaser persona on your potential new product. On this software, you decide a reputation for the persona, select their age, determine their profession traits, and determine 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 aims and role-specific challenges. As such, your product would ideally clear up an issue for them within the office or assist their firm obtain income targets.

Pricing: Free

6. Tableau

Tableau is a enterprise intelligence suite of merchandise that permits you to “hook up with just about any knowledge supply.” However the knowledge isn’t offered in unreadable tables. Reasonably, Tableau helps you visualize this knowledge in a means that helps you glean insights, attraction to exterior stakeholders, and talk the feasibility of your product to potential buyers.

You’ll be able to visualize knowledge 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 as a way to export Tableau knowledge to Excel, again up data in Amazon Redshift, and extra.

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

7. Paperform

A market analysis survey is an efficient strategy to perceive your audience and their wants higher by asking them immediately. Since this step is integral to understanding your dream buyer’s issues, you need 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 look. f you’re not sure the place to begin, you should 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 point out or cover questions or entire sections of content material. Create totally customized paths for various personas to create extra interactive types that decrease drop-off charges and enhance buyer interplay. Or use any of the 27+ query fields, just like the rating, matrix, or scale fields, to create visually participating methods to gather data.

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

8. Claritas MyBestSegment

Claritas MyBestSegment supplies product researchers with instruments to grasp an space’s demographic data and the world’s inhabitants’ life-style habits. By discovering out what a section of the inhabitants does — with out having to exit and survey them — you will discover out which areas can be most receptive to a marketing campaign or launch, which rivals are situated close by, and which life-style tendencies have shifted or are on the rise.

A snapshot of an viewers section provides you primary data on their family earnings, life-style traits, employment ranges, and training ranges. If you’d like extra particular knowledge relating to those subjects, you’ll need to contact Claritas’ gross sales staff to change into a buyer.

Pricing: Free; Pricing obtainable on request

9. SurveyMonkey

SurveyMonkey is a strong software for creating in-depth market analysis surveys that may show you how to perceive your market and shopper preferences.

With this software, you possibly can create focused, uber-specific surveys that show you how to acquire solutions that pertain particularly to your product. Whereas utilizing an information supply may give you a basic overview of your audience and market, SurveyMonkey will help you get extra granular insights from actual customers.

SurveyMonkey affords devoted market analysis options and providers, together with a worldwide survey panel, a survey translation service for worldwide analysis, and a reporting dashboard choice that permits you to simply parse by way of the outcomes.

Pricing: Free, $32/month (Benefit Annual), $99/month (Premier Annual), $99/month (Customary Month-to-month); $25/consumer/month (Crew Benefit, minimal 3 customers), $75/consumer/month (Crew Premier, minimal 3 customers), Enterprise (Contact for pricing)

10. Typeform

Like SurveyMonkey, Typeform permits you to 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 area at a time. In its templates, it encourages a extra conversational, informal method (like in its market analysis survey template). This makes it a greater match for product launches that concentrate on a youthful demographic. Should you’re concentrating on C-suite executives at established companies, contemplate a extra formal choice comparable to SurveyMonkey or conserving your tone extra formal in your questions.

You’ll be able to create a variety of query sorts, together with a number of alternative questions, short-form questions, and ranking scale questions. Different options embody the power to recall solutions from earlier questions and create logic jumps.

In a survey, you’d need to acquire each demographic and psychographic data in your buyer, looking for 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 technique.

Pricing: Free; $35/month (Necessities); $50/month (Skilled); $70/month (Premium)

11. Upwave Prompt Insights

Upwave Prompt 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 permits you to launch market analysis surveys particularly to get shopper insights.

Prompt Insights permits you to goal audiences on Upwave’s accomplice ecosystem and visualize the info 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 enroll 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 could have a 6-question restrict, whereas the Superior choice permits you to embody limitless questions.

Pricing: $2/research participant (Primary); $3/research participant (Prolonged); $4/research participant (Superior)

12. Loop11

Loop11 is a consumer expertise testing platform that permits you to take a look at the usability of your web site, research consumer intent, take a look at the knowledge structure of your website, and look at how the consumer expertise modifications primarily based on the gadget they’re utilizing.

This software is helpful for market analysis as a result of you will discover out whether or not your goal customers discover your website straightforward to navigate. You may as well determine snags that forestall conversions.

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

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

Pricing: $63/month (Fast Insights), $239/month (Professional), $399/month (Enterprise)

13. Userlytics

Like Loop11, Userlytics permits you to take a look at the usability of your web site, cellular app, and website prototype. You’ll be able to goal completely different units, outline a purchaser persona, and disqualify individuals primarily based on screening questions.

Testing relies on duties that your test-takers perform. They then reply a easy query in regards to the problem of the duty. You’ll be able to construction the query in varied methods; you possibly can depart it open-ended, present a number of decisions, or ask for a ranking. Different codecs you should use embody System Usability Scale (SUS) questions, Web Promoter Rating (NPS) questions, and Single Ease Questions (SEQ).

Userlytics performs each a webcam and a display recording. You’ll be able to examine the consumer’s solutions with their reactions on video to grasp how they really feel once they’re interacting along with your property.

Pricing: $49/participant (Fast & Simple); $69/participant (Annual Enterprise); Customized pricing obtainable on request

14. Mood

Typically you want a no-frills take a look at to take the heartbeat of customers. Mood permits you to 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 publish asserting the launch of your new product. That means, you will discover out basic sentiment on the product earlier than launching it. You may as well add it to a product web page, an e-mail, or a touchdown web page.

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

Pricing: $12/month (Passion), $49/month (Professional), $89/month (Enterprise), $199/month (White Label)

15. NielsenIQ

NielsenIQ is a retail and shopper intelligence marketing consultant that works with you to gather shopper insights, determine the most effective distribution channels on 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 knowledge that predicts how your gross sales will carry out upon launch. NielsenIQ may also run shopper insights surveys on their checklist of panelists and companions.

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

Pricing: Pricing obtainable on request

16. Ubersuggest

Ubersuggest is an easy software for doing key phrase and content material analysis. You’ll be able to enter a phrase, and it will create a listing of key phrase options. You may as well see high performing articles and pages so that you just get an preliminary understanding of the kind of content material that ranks for the key phrases.

This software is helpful for market analysis as a result of you possibly can see who your high rivals 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 may as well discover out the questions your audience asks in relation to the product. Every of those questions may be became a weblog publish that may inform your viewers, rising your model authority and driving conversions.

Options to Ubersuggest embody Moz, Ahrefs, and SEMRush.

Pricing: Free; $29/month (Particular person); $49/month (Enterprise); $99/month (Enterprise / Company)

17. Pew Analysis Middle

From financial circumstances, to political attitudes, to social media utilization, the Pew Analysis Middle web site has a ton of free analysis that you should use to higher perceive your goal market. Better of all, the location has interactive articles that assist you to filter and sift by way of the info for extra granular, focused insights.

Subjects embody U.S. politics, digital media, social tendencies, faith, science, and know-how.

Pricing: Free

18. BrandMentions

BrandMentions is a social media monitoring platform that may show you how 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 include that key phrase, together with the context of its utilization. After subscribing to the platform, you may also get sentiment evaluation on the key phrase.

You’ll additionally get different metrics comparable to Attain (how many individuals view the key phrase per day), Efficiency (how many individuals interact 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. While you begin asserting the brand new product, you should use insights from this software to publish in regards to the launch at precisely the suitable time. It additionally permits you to learn the way persons are usually feeling about the kind of product you’re launching. That means, you possibly can higher refine the tone of your campaigns.

Pricing: $99/month (Rising Enterprise); $ 299/month (Firm); $ 499/month (Enterprise/Company)

19. Qualtrics Market Analysis Panels

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

Pricing: Pricing obtainable on request

20. Qualaroo

Qualaroo is a sophisticated consumer and market analysis software that helps you perceive your goal market with focused surveys. You’ll be able to run surveys on over six channels without delay (comparable to web site, app, product, social media, and mail,) to get a 360-degree view of your current and potential clients.

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

You’ll be able to create varied market analysis surveys in minutes to gather knowledge on the demographic, psychographic, and behavioral traits of your audience. It might probably show you how 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 routinely categorizes the responses primarily based on consumer moods. It additionally highlights the important thing phrases and phrases in real-time, saving hours of handbook work.

Pricing: $80/month billed yearly (Necessities); $160/month billed yearly (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 will discover out who’s searching for your product, why they want it, and how one can higher promote it upon launch, making certain that it’s successful.

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