20 Instruments & Sources 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 identify whether or not the chance exists, the best way to place the services or products, or what shoppers’ opinions are after the launch.

In the event you’re delicate to the excessive prices of failure and wish to assemble information 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 assets.

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

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Useful Market Analysis Instruments & Sources

1. Glimpse

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

He instructed me, “Glimpse is my favourite analysis instrument. 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 and marketing Weblog, I’ve additionally used Glimpse to run quick, 100-person surveys for articles (living proof: Are Gross sales Reps Dashing Again to the Workplace?).

Not solely is Glimpse useful for doing fast pulse-checks on the newest developments, but it surely additionally leverages the facility of AI for even deeper insights.

“Glimpse actually shines in relation to 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 studies throughout the online and makes them simple and digestible for researchers, entrepreneurs, and product creators identical to you.

“Statista is like my market analysis sidekick, giving me all the information I want with out the countless search. No extra digging by means of the haystack, with Statista I can spot developments 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 individuals 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 just need to allude to the worth of the sweetness market in your proposal. In case your investor accesses that very same graph a 12 months from now, it’ll mirror up to date numbers, as Statista at all times finds the newest analysis to replace their visualizations. (Word that Statista doesn’t perform unique 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 on the lookout for your product (Google Tendencies), which markets to launch to (Market Finder), and what retail classes rise because the months and seasons cross (Rising Retail Classes).

In the event you’d prefer to market your product by means of YouTube, the Discover My Viewers instrument permits you to examine what your potential viewers are eager about and what it is best to focus on 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, revenue, 12 months, and site. It’s also possible to use a few of its shortcuts to entry visualizations of the information, permitting you to see potential goal markets throughout the nation.

Top-of-the-line methods to make use of this instrument is by discovering the NAICS code for your small business, then accessing the Tables instrument, 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 instrument is the Census Bureau Enterprise and Financial system knowledge, the place it’s also possible to goal premade tables relying in your trade.

Pricing: Free

5. Make My Persona

HubSpot’s Make My Persona instrument permits you to create a purchaser persona to your potential new product. On this instrument, you decide 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 instrument is most suited to B2B product launches since you’ll be prompted to doc your purchaser persona’s profession targets 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 objectives.

Pricing: Free

6. Tableau

Tableau is a enterprise intelligence suite of merchandise that permits you to “connect with nearly any knowledge supply.” However the knowledge isn’t introduced in unreadable tables. Reasonably, Tableau helps you visualize this knowledge in a means that helps you glean insights, enchantment to exterior stakeholders, and talk the feasibility of your product to potential traders.

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 may take as granular or as common a glance you’d like into potential marketplaces and provider areas. Tableau additionally integrates properly with spreadsheets and databases so to export Tableau knowledge to Excel, again up information in Amazon Redshift, and extra.

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

7. Paperform

A market analysis survey is an efficient strategy to perceive your target market 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 potential 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 uncertain the place to start out, you need to use one among their expertly made questionnaires or market analysis survey templates to get you began. 

With Paperform, you may add conditional logic to point out or disguise questions or complete sections of content material. Create absolutely personalised paths for various personas to create extra interactive kinds 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 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 know 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 will discover 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 revenue, way of life traits, employment ranges, and training ranges. If you’d like extra particular knowledge relating to those subjects, you’ll must contact Claritas’ gross sales group to turn into a buyer.

Pricing: Free; Pricing accessible on request

9. SurveyMonkey

SurveyMonkey is a strong instrument for creating in-depth market analysis surveys that may enable you perceive your market and client preferences.

With this instrument, you may create focused, uber-specific surveys that enable you gather solutions that pertain particularly to your product. Whereas utilizing an information supply can provide you a common overview of your target market and market, SurveyMonkey might help you get extra granular insights from actual shoppers.

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

Pricing: Free, $32/month (Benefit Annual), $99/month (Premier Annual), $99/month (Customary Month-to-month); $25/person/month (Workforce Benefit, minimal 3 customers), $75/person/month (Workforce 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 shoppers. 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 kind subject at a time. In its templates, it encourages a extra conversational, informal strategy (like in its market analysis survey template). This makes it a greater match for product launches that concentrate on a youthful demographic. In the event you’re concentrating on C-suite executives at established corporations, contemplate a extra formal choice akin to SurveyMonkey or conserving your tone extra formal in your questions.

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

In a survey, you’d need to gather each demographic and psychographic data in your buyer, searching for to know their buying behaviors and the issues they encounter. The objective is to seek out out in case your product is the answer to a kind of issues — and whether or not, earlier than launching, it is best to add extra options or rethink your product positioning technique.

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

11. Upwave Immediate Insights

Upwave Immediate Insights is a client analysis instrument that’s a part of the Upwave model advertising and marketing platform. Whereas it isn’t marketed as a survey creation instrument, it permits you to launch market analysis surveys particularly to get client insights.

Immediate Insights permits you to goal audiences on Upwave’s companion ecosystem and visualize the information for simple scanning by key stakeholders and traders. One professional of utilizing this platform is that Upwave distributes your survey to actual individuals — not simply individuals taking surveys for the cash, which may 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 may create as many surveys as you need. For the Fundamental choice, you may have a 6-question restrict, whereas the Superior choice permits you to embrace limitless questions.

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

12. Loop11

Loop11 is a person expertise testing platform that permits you to check the usability of your web site, research person intent, check the data structure of your web site, and study how the person expertise adjustments primarily based on the system they’re utilizing.

This instrument is beneficial for market analysis as a result of you will discover out whether or not your goal shoppers discover your web site simple to navigate. It’s also possible to establish snags that stop conversions.

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

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

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

13. Userlytics

Like Loop11, Userlytics permits you to check the usability of your web site, cellular app, and web site prototype. You’ll be able to goal totally 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 concerning the problem of the duty. You’ll be able to construction the query in varied methods; you may depart it open-ended, present a number of decisions, 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 recording. You’ll be able to examine the person’s solutions with their reactions on video to know how they really feel once they’re interacting along with your belongings.

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

14. Mood

Generally you want a no-frills check to take the heartbeat of shoppers. 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 simple for viewers to make a snap judgment.

One wonderful means to make use of this instrument is by including the widget on a weblog submit asserting the launch of your new product. That means, you will discover out common sentiment on the product earlier than launching it. It’s also possible to add it to a product web page, an electronic mail, or a touchdown web page.

Once you embrace the widget, you may 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 client intelligence guide that works with you to gather client insights, establish the perfect distribution channels to your product, and create a spread of merchandise that addresses the wants of your goal consumers.

This service helps you have 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 also can run client insights surveys on their checklist of panelists and companions.

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

Pricing: Pricing accessible on request

16. Ubersuggest

Ubersuggest is a straightforward instrument for doing key phrase and content material analysis. You’ll be able to enter a phrase, and it will create an inventory of key phrase recommendations. It’s also possible to see prime 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 instrument is beneficial for market analysis as a result of you may see who your prime opponents are, how usually your product is looked for, and whether or not there’s sufficient area out there for the kind of product you’re launching. It’s also possible to discover out the questions your target market asks in relation to the product. Every of those questions could be was a weblog submit that may inform your viewers, rising your model authority and driving conversions.

Options to Ubersuggest embrace 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 need to use to raised perceive your goal market. Better of all, the location has interactive articles that permit you to filter and sift by means 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 enable you perceive what your potential prospects 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, it’s also possible to get sentiment evaluation on the key phrase.

You’ll additionally get different metrics akin to 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 instrument for market analysis by discovering out when persons are on the lookout for your product on social media websites. Once you begin asserting the brand new product, you need to use insights from this instrument to submit concerning the launch at precisely the proper time. It additionally permits you to learn the way persons are typically feeling about the kind of product you’re launching. That means, you may 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 to your market analysis surveys by means of an internet pattern service. After figuring out your target market, you may 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 accessible on request

20. Qualaroo

Qualaroo is a complicated person and market analysis instrument that helps you perceive your goal market with focused surveys. You’ll be able to run surveys on over six channels directly (akin to web site, app, product, social media, and mail,) to get a 360-degree view of your current and potential prospects.

It comes full of options like query branching, 12+ reply varieties, automated survey language translation, in-depth viewers concentrating on, pre-built survey templates, and an intensive 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 target market. It might enable you map prospects’ 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 person 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 on the lookout for your product, why they want it, and how one can higher promote it upon launch, guaranteeing that it’s a hit.

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