Market analysis is an essential part of business. You can’t make informed decisions about your business if you don’t know how to conduct market analysis. That’s why you’re reading this article, right? Market analysis tools are used to get accurate information about a certain market so that it can be analyzed in depth to get results.
You don’t want to make an uninformed decision about running a business, do you? C’mon, that would be silly! Don’t you want your business to be successful? Of course you do. So let’s discuss market analysis tools, which you can use to learn everything there is to know about certain markets.
Hootsuite
Hootsuite is a social media management tool with a whole host of features. One interesting facet of their software is social monitoring and social listening, allowing businesses to get a pulse on the conversation happening both around their product and in their industry. Hootsuite says, “Social media monitoring and listening are key components for success in any social media strategy…Monitoring is about keeping track of the conversation that’s already happening around your brand, while listening is about finding opportunities to join relevant conversations that may not be specifically about your brand or products.”
Social media analytics tools that offer this feature can be a real benefit for companies in gaining an understanding of their market and the success of their marketing.
Sprout Social
Sprout Social is another social media management tool. They offer integrated platform management so you can track all your social campaigns in one place. They also offer analytics and performance tracking for each channel, so businesses can easily see their reach and engagement statistics. These kinds of analytics are helpful when trying to understand channel performance and knowing which channels are a good git for which pieces of marketing.
Quick Sprout
Sometimes understanding what your competitors are doing helps you get a better understanding of your own product or marketing. Quick Sprout has a good competitor analysis tool that allows you to examine the basics of your website versus a similar site. You can see things like estimated SEO score, social share links, and more.
Google Analytics
Google Analytics is a one of the classic market analysis techniques. It can help businesses grow a deep understanding of their web traffic. It can offer users the ability to see user maps of steps and engagements on the site, understand where traffic is coming from, get an idea of where geographically users are visiting the site from, how many visits convert vs. drop off the site, what search terms bring users to the site, plus custom reports and other valuable information. It’s an excellent tool for target market research and other data gathering.
Using tools to help track and understand data can give you the best possible understanding of your marketing. Don’t get stuck wondering if your marketing has been effective, if it’s reaching clients, or engaging with customers – use market analysis tools to get the clear insight you need.
Attest
Are you taking over a new market by storm or want to be the most innovative business in your market? No more guessing games or generic data: if you want first-hand information directly from your target audience, Attest is the tool for you. It is a smart platform that will help you get data from real consumers that is relevant to your business, collected in real-time. All to make business decisions faster and with more confidence.
Attest allows you to reach your target audience in 49 markets. You’ll find analysis tools for every aspect of your market: consumer profiling, international research, and market analysis. Attest is suitable for novices and pros alike: our templates make it super easy to get started.
The results you get from the research tools are hyper-relevant. We have more data quality controls in place than any comparable tool. No experienced market researchers on board? No problem – we help you make the most out of your research. You can ask their experts directly for help to ask the right questions to your audience. That way, you’ll be able to get insights that are directly applicable to your business goals.
Who is Attest for?
Decision makers who want to put consumer insight behind their growth strategies. Do you want to focus on real data quality, talk to target audiences within a fast and easy interface? Then this is for you. You get access to human support when you need it, meaning better-informed decisions for everyone – and no hiring research experts in the process.
Qualaroo
For companies who are looking to launch a new product or be innovators in their current one, Qualaroo is a blessing. The tool allows you to reach out to your product users and website visitors with specific questions to understand their needs better. That way, you can craft a perfect product amongst those already engaged with your brand.
But that’s not all: Qualaroo is especially useful when you want to beat your competitors. With their tool, you can test not only your own idea but also your competitors’ designs. That way you can build competitive content and products.
Who is Qualaroo for?
Market analysis is all about finding out what is happening from the people that matter most. Qualaroo lets you do just that, with clean and simple way.
Remesh
If only you could have a real conversation with your ideal clients to find out what it is they want, right?
Well, with Remesh, you can do that. It is one of the smarter market analysis tools on the web.
This tool allows you to have a live conversation with your audience at scale. While you’re doing that, AI analyses and organises their responses in real-time. You’ll be left with great insights that allow you to make decisions with confidence.
Who is Remesh for?
If you prefer qualitative-style research, but need to analyse a lot of data, Remesh helps you scale your research. This one’s for companies who are ready to rely on AI to understand a large group of customers at once.
Google Trends
What better way to know what people want, wonder about and need than by diving into the biggest search engine in the world? Google Trends is a classic for market research. Since Google knows, well, everything, it can tell you exactly what people across the globe are typing, thinking, and talking about. It shows you the popularity of a search term in Google. You can divide it up by demographic factors to get a better understanding of what is relevant in your target market.
It is one of the easiest-to-use market analysis tools out there. Sure, it comes with its restrictions, but it’s free. Plus, it’s not only valuable for market research but also for content strategies and SEO.
Who is Google Trends for?
Need quick inspiration for your content, or a fast foundation for your market analysis? Start with Google Trends. Their insights can steer you in the right direction for more detailed research.
Answer The Public
Market research is not just about numbers, profitability, and demand. The most valuable data out there, is what people are talking about. Answer The Public tells you that. Provide some keywords relevant to your business and find what people want to know about it.
You can enter any keyword: a brand (your own or your biggest competitor), a product, or anything else that comes to mind. Answer The Public shows you related searches, giving you unique insights into consumer behaviour. According to them ”there are 3 billion Google searches every day, and 20% of those have never been seen before. They’re like a direct line to your customers’ thoughts…”. Smart! And good news: their tool works in different countries and different languages.
It’s not just great for market research. Find out what questions customers have about your product and answer those in a blog post on your website. Great for generating more traffic and being more helpful to your customers.
Who is Answer the Public for?
Answer the Public is great to determine what to ask your customers, and what to answer for them. it can help you structure your market analysis and build a foundation for what aspects to include, based on real searches from your target audience.
BuzzSumo
You can’t deny that social media has become a big part of the market. There’s market share in revenue, but also the numbers of followers on Facebook or Instagram say a lot about how ‘big’ a brand really is. And what is being said on social media in the comment section gives you valuable insights into the state and developments of a market.
To cover part of this market analysis, try BuzzSumo. This comes with a suite of useful tools that give you insights into your competitors’ social profiles to see how well they are performing. Adjust your social media strategy accordingly.
Who is BuzzSumo for?
If you’re planning to gain market share in social media, start with research using BuzzSumo. This will give you great insights into who your competitors are and what they’re doing right.
Think With Google
Another Google tool? Another Google tool! The biggest search engine in the world knows all about questions and therefore demands and trends. The Think With Google tool helps you translate this knowledge into consumer trends. See what retail trends are on the rise, find promising markets and audiences based on search queries.
Apart from the tools Think offers, they also share interesting consumer insights and have plenty of resources on marketing strategies, to make your market analysis all the more actionable.
Who is Think With Google for?
When you need a solid foundation for trend research but don’t have a lot of resources, or time, Think With Google quickly points you in the right direction.
SEMrush
”The market” is less abstract than you’d think. There are certain areas you can focus on in your analysis to get an idea of what’s going on, and one of them is SEO. Not only because it reflects what people are asking and reading, but more importantly because share of search actually predicts share of market. Time to get to the bottom of this.
There are countless tools out there for SEO analysis, but with a tool like SEMrush you can make it market-specific. Their Market Explorer option helps you identify competitors and see what SEO strategies are working for them, based on what your actual target audience is looking up.
How to Collect your Own Market Data
Here are some major ways in which you can collect data for your business:
1. Observation
This includes observing people in marketplace conditions to ascertain consumer behavior. However, in the digital realm, observation takes a whole new meaning as you are now able to judge visitors’ website behaviors using analytics.
2. Surveys
This can further be broken down into:
- Interviews and individual surveys
- Telephone surveys
- Social media surveys
3. Focus Groups and Product Testing
The company can call in a select bunch of people to ask questions pertaining to a particular product or service. In addition, you can launch product in a limited scale to gauge customer response, and then extrapolate those results for a nationwide or global launch.
You should note that all forms of data collection have their own limitations. That is why for near-accurate analysis, you should use a combination of primary and secondary sources of information.
Conclusion
Anyone who is interested in online marketing knows that gaining an edge over your competitors is crucial. Market analysis tools and techniques are the secret weapon that your competitors may not even know about. The internet makes it easy to conduct market analysis tasks, the only real challenge is to find the right resources for how to do it.