So, you’re looking to leverage the many benefits of market research, but aren’t quite sure where to start—or what kinds of tools you should equip yourself with? You’ve come to the right place! In this blog, we’re going to cover the most important features of a market research insights platform and how to find the best target market research tools for your needs.
It doesn’t take much market research to know that you’re probably looking for simple, clear answers. You’re in the right place—let’s get started.
What Are Market Research Tools?
Broadly speaking, market research tools are the activities, platforms, or applications that empower organizations to better-understand their target audience—including their expectations and priorities, general impression of your business, and so on. Successful market research helps companies…
- Tailor their products and services to their ideal customers’ preferences.
- Attract and engage the right customers to the business or brand.
- Generate brand loyalty among new and existing customers.
Some of the most common market research tools examples include customer surveys, focus groups, and in depth interviews. Each of these methods enables companies to gather invaluable information about one or more target markets—and how to best reach them. These methods, of course, can be imperfect, but they provide an excellent and actionable baseline.
How do you know which market research tools you can trust? Next, we’ll address some of the “must-haves” to consider.
What Are the Two Key Requirements for Good Market Research?
If you’ve spent much time evaluating different market research methods and tools, it may have felt overwhelming, like comparing apples to oranges. For example, one tool might promise robust market research, while another focuses on deeper analysis. These might sound synonymous with each other, but it’s more nuanced than that.
With that in mind, there are two key facets to effective market research that power the most successful market research examples:
- Market research that you can trust. Not all market research is necessarily helpful. When market research is incomplete, imprecise, biased, or otherwise compromised, it doesn’t provide the kind of data needed to make sound business decisions. The PureSpectrum Marketplace Platform mitigates risk by empowering market researchers with the ability to access multiple market research panels within an intuitive, centralized interface. It leverages PureScore™, an advanced machine learning quality scoring system that updates and improves itself over time, which ensures high quality respondents.
- Market analysis that enables actionable insights. Even if you’ve performed comprehensive market research, if it’s not easy to act on that research it’s likely to leave market researchers uncertain of how to impact (or act on) that data. Fortunately, the PureSpectrum Insights Platform can help. It provides unparalleled data quality with results that update in real-time and can easily be visualized in the form of eye-popping charts and graphs, and raw data . The Insights Platform also enables a wide range of market research analytics that provide a blueprint for converting market research into something that’s actionable.
What Makes a Good Market Research Platform?
The best market research tools are those that provide the necessary features within a reliable and easy-to-use platform. Here’s a sampling of the features that make the PureSpectrum Marketplace Platform so effective:
- It doesn’t require a license, meaning users can access a whole host of market research tools without encountering upgrade costs or hidden fees.
- It uses automatic fielding, relieving market researchers of a tedious, error-prone manual market research process.
- It includes fraud prevention and panel deduplication measures, which helps to ensure high-quality, reliable data.
- It’s survey tool agnostic, meaning it integrates with a wide range of available survey platforms—allowing users to use their preferred survey tool in addition to our own proprietary Insights Platform.
- It comes with dedicated support, ready and willing to help with all sampling needs throughout your project.
When it comes to analyzing and acting on the data collected by a market research platform, it’s best to pair it with one or more market analysis tools. The PureSpectrum Insights Platform enables market researchers to understand and act on survey data by supporting many important research use cases including:
- Brand tracking, which provides insights into how marketing efforts perform over time.
- Concept testing, which enables market researchers to evaluate different opportunities and find those that will resonate best with a target audience.
- Creative asset testing, which lets market researchers experiment with different communication styles and visual elements to see what drives the most engagement.
- Ad effectiveness insights that track key metrics related to brand awareness and perception.
- Consumer sentiment scoring that can provide countless insights related to consumers’ feelings, attitudes, and behaviors—and the motivations behind them.
- Customer and market segmentation, that helps fine-tune marketing efforts to subsets within the larger target audience.
- Ad-Hoc Studies enable you to launch a project when you need, without a subscription.
- Customized ad-hoc studies, which allow marketers to conduct their own unique research.