Market research has never been more important, but it’s also never been so challenging to collect accurate consumer and shopper data due to the evolving nature of the world post covid. While market research has become easier with the use of social media and online surveying, the quality of that data is not always reliable unless properly vetted. Market research tools and techniques always need to account for skewed data—like inaccurate responses from people just seeking to collect the incentives—but that trend only worsened after the COVID-19 pandemic. In fact, GreenBook found that on average, 15 to 30 percent of market research data is fraudulent, including a massive spike in 2020.
That being the case, what is the best type of marketing research to conduct post-COVID? And in a world where trustworthy data is hard to find, how can businesses gain reliable consumer insights? It starts with finding ways to not only collect data, but verify it. Good market research tools are designed with an understanding of how people take surveys, how to identify false data, and how to adapt their findings accordingly.
Both of PureSpectrum’s platforms—Marketplace and Insights—deliver on each of those fronts, and more. Read on to learn more about market research software tools, what a good market research insights platform should look like, and why our solutions are the best for conducting high-quality research.
What Are Market Research Tools?
Market research tools are the solutions businesses use to learn about their target consumers and the competitive landscape. Some of the information businesses seek when using these tools include:
- Wanting to learn more about consumer pain points
- Testing an idea for a new product or service
- Searching for undiscovered markets they can break into
Because the reasons for conducting market research vary so widely, the best market research platforms have to be easily adaptable and easily adoptable. These platforms also must be able to verify the data they collect, so businesses can be sure their decisions are based upon accurate information.
Here are just a few of the most common types of market research conducted on platforms:
Surveys
Simple, effective, and easily repeatable, surveys offer companies the opportunity to collect targeted data from specific demographics. Surveys are particularly useful when large samples of data are needed from a wide variety of people, and a plethora of survey tools can ease the collecting process. The best market research tools can work with the tools you’re already familiar with. For example, the PureSpectrum Marketplace Platform is survey tool agnostic while the Insights Platform is a survey tool where the Marketplace data is used.
Social Media Monitoring
Tracking consumer behavior can sometimes come from simply observing consumers. Social media platforms make it easy to not only see what people are talking about, but what they’re interacting with, what they’re interested in, and even what they’re avoiding. Companies are leveraging social media in various ways, including sharing marketing campaigns, studying consumer behavior, and more.
Which Is the Best Tool for Market Research?
Regardless of what method you use to collect data, you need to ensure that data is trustworthy. This is why PureSpectrum developed PureScore™, a machine learning system that monitors survey takers to ensure their data is high-quality. PureScore™ uses fraud monitoring techniques to verify survey respondents and flag survey takers with bad behaviors. With this system, PureSpectrum can ensure that you have only the data that’s accurate and helpful, while blocking the rest.
PureSpectrum: Accurate Data Powers Accurate Decisions
PureSpectrum provides our clients with quality analytics, easy-to-use interfaces and clear visualizations to showcase your market research findings. With our Marketplace Platform and Insights Platform, you can quickly collect data from anywhere in the world. And thanks to our PureScore™ system, you’ll know that data is reliable. Here are just a few of the surveys you can conduct on our platforms:
- Ad Effectiveness | Track how impactful your campaigns are, and how consumers perceive you
- Brand and Industry Tracking | Stay on top of trends while understanding more about your brand
- Concept Testing | Workshop new ideas, and create more space for innovative business ventures
- Customer Segmentation | Organize your customers in a way that makes sense
- B2B | Obtain insights from the decision makers of your industry, sorting by company size, title, department, and more
The numbers don’t lie—especially when they come from our platforms. See for yourself, and try a demo today.
About PureSpectrum
PureSpectrum offers a complete end-to-end market research and insights platform, helping insights professionals make decisions more efficiently, and faster than ever before. Awarded MR Supplier of the Year at the 2021 Marketing Research and Insight Excellence Awards, PureSpectrum is recognized for industry-leading data quality. PureSpectrum developed the respondent-level scoring system, PureScore™, and believes their continued success stems from their talent density and dedication to simplicity and quality.
In the few years since its inception, PureSpectrum has been named one of the Fastest Growing Companies in North America on Deloitte’s Fast 500 since 2020, and ranked for three years in a row on the GRIT Top 50 Most Innovative List and the Inc. 5000 lists.