The 8 Best Market Research Tools & Pricing [2022] (2023)

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Market research tools have come a long way in recent years. Conducting market research is no longer an enormous, arduous task like it was in the days of Mad Men.

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Today there are tools out there to take all the hard work of market research off your hands. You just need to know which tools are best for your business and how to use them.

This is where I can help.

But before I do, let’s cover the basics…

Table of Contents

Disclaimer: Articles on this blog contain affiliate links that GMP receives a small commission from at no cost to you. We only recommend tools we trust. Read more in our privacy policy.

What is Market Research?

Market research is the process of gathering information about consumers’ needs and preferences.

(Video) 10 Free Market Research Tools you should be using in 2022

It is important to spend time doing market research before building a business or formalizing your marketing strategy.

If you skip this step, you can end up spend a lot of time and money in the wrong places. Trust me.

How do you do Market Research?

You do market research by finding out what your customers really want, looking at what your competitors are doing, and using this to deduce the ideal product permutation as well as which marketing channels will work to grow your business.

1- Look at what your competitors are doing

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Please, for the love of God look at your competitors.

I stalk my competitors for

  • Google Ads and SEO keyword ideas
  • Facebook marketing ad inspiration
  • Product ideas
  • And a whole lot more

There are already plenty signals in the market — that are publicly available — that will tell you what’s working and what’s not as far as product market fit and consumer preferences.

Your competitors (especially ones that are further along) have already done a lot of this work for you, so it makes sense to look at successful businesses in your space and what they’re doing.

The best tool for this: GrowthBar

2- Find out what your customers really want

The best way to find out what your customers really want, is to ask them. You can do that using surveys or setting up calls to talk to the customers you already have about their challenges and desires.

The best tools for this: A few phone calls and/or SurveyMonkey

3- Use these insights to build your product and marketing plan

We help thousands of founders and marketers build a bullet-proof growth strategy and we ALWAYS start with market research. Like I mentioned above, we primarily use GrowthBar and a few phone calls to get the information we need, but below is a comprehensive list of all the best market research tools available as well as our thoughts on them.

The Best Market Research Tools

Here’s an introduction to 8 of the best market research tools to help you get a competitive edge by better understanding your target market and audience’s needs.

1. GrowthBar

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About: The tagline reads: “Make it 10X easier to get more customers. The only growth tool marketers and entrepreneurs need for SEO, SEM, and Facebook advertising.”

GrowthBar is the perfect market research tool because it gives you instant access to critical data points about your competitors and the growth channels and keywords that are working for them. It is a market research tool for marketers and for understanding marketing channels. And it’s only $29/month.

GrowthBar has a web version and comes free with a simple Chrome extension that instantly allows you to do market research from the comfort of your Google search page, which saves you a ton of time from having to login to other platforms or switch tabs.

New features are being steadily rolled out that continue to make performing market research a breeze. You can explore your competitors’ backlink data, social signals, which keywords they rank for, best performing keywords, spy on their facebook ads and so on.

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Ease of Use:

(Video) 7 Powerful Market Research Tools You Should Use Right Now!

  • Just type in a URL or keyword into GrowthBar and see everything there is to know about that URL or keyword.
  • Comes with a free Chrome Extension for the market research obsessed among us!
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Features:

Unlock this data for any website:

  • Domain Authority
  • Page Authority
  • Organic Traffic
  • Traffic Value
  • Top Paid Keywords
  • Organic Keywords
  • Keyword Search Volume
  • Keywords Competition
  • Keywords CPCs
  • Keyword Research
  • Top Backlinks
  • Facebook Ads

Price: GrowthBar is free to try for 5 days and then it costs $29/mo (a steep discount from comparable tools that cost between $100-$200/mo).

Bottom line: GrowthBar is the most complete market research tool that is 100% free to try and more affordable than any alternative. It holds its own against some of the more expensive paid keyword and market research tools on the market, like Ahrefs and SEMrush. It’s become a key part of our market research process for snooping on competitors.

Get a Free Trial of GrowthBar

2. SurveyMonkey

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About: Are your customers satisfied? Could you be doing more for your customers?

The answers to these questions offer valuable consumer insights if you want to increase lead generation, your conversion rates, customer retention rate, improve your bottom line, and so on.

Questions about your customers are best answered by your customers themselves. This brings me to SurveyMonkey, one of the most popular questionnaire and survey platforms that might be the missing link in your current market research efforts.

Ease of Use:

  • You can create surveys in just a few clicks
  • Easy to create and answer questions on both PC and mobile
  • A wide range of other tools and products that integrate seamlessly

Features:

  • Survey creation
  • Integrates with other software and platforms
  • Tools to measure engagement and analyze results
  • Reporting features
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Price: Their basic plan is free, which is a great way to get used to the platform and start surveying your audience. You can upgrade for advanced features ranging from $25-$85 per month.

Bottom line: If you don’t survey your audience, you leave money on the table by not getting inside their minds and figuring out what they want from your product or service. My advice is to head over to SurveyMonkey, sign up for a free plan, and get started today.

3. Gartner

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About: Gartner provides insights into market segments and arm leaders with the right metrics to make informed decisions.

Known for its Magic Quadrant, the research tool provides accurate data to identify trends, weaknesses, opportunities, and more.

Get peer insights, research, and a full arsenal to dispose of your competition.

Ease of Use:

  • Use of visualization
  • Comprehensive questionnaires
  • Makes decision-making easier
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Features:

  • User experience reviews
  • Presentations and reports
  • Analyst calls
  • Magic Quadrant

Price: Gartner has a free basic account, but it can cost upwards of $30,000 per year if you want access to expert analysts and other services.

Bottom line: Gartner offers some of the most accurate market research with expert insights relayed in an easily digestible manner. It can be expensive for startups, but invaluable to organizations on the cutting edge of their industry.

(Video) 5 Best Free Keyword Research Tools 2022 | keyword marketing tools | Best Free Keyword Research Tool

4.Tableau Public

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About: Tableau Public enables users to publish interactive visualizations to the internet. Marketers can leverage this research by embedding the data to websites, blogs, and more.

A product of the popular business intelligence software, Tableau, Tableau Public helps journalists, marketers, and everyone else access the data and research they need.

It’s basically a free version of Tableau, but users are unable to save workbooks locally with the Public version.

Ease of Use:

  • Works with Excel, Google Sheets, text files, and more
  • Clean and clear dashboard design and menu options
  • Easy to read visuals and clear reporting features

Features:

  • Access to all other Public users’ visualizations (“vizes”)
  • Useful data, free of charge and ready to share
  • Up to 15 million rows of data

Price: This tool is free, and open to the public. Just remember, your vizes aren’t private.

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I Think: As far as market research tools go, Tableau Public is an interesting way to get access to data in your space – so it’s worth checking out to see if there is anything interesting or helpful.

5. BuzzSumo

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About: BuzzSumo is a powerful tool that finds the most popular types of content for any given topic. You can then analyze that content to see why it works, which of your competitors benefits from this content, and what you can do better in these areas.

This tool focuses heavily on the social footprint and backlinks of content. These are two very important metrics if you plan on doing some content marketing. You want people to share your content so you get a social mention. The more a piece of content gets shared, the more likely it will attract backlinks.

Ease of Use:

  • Very easy to use, just type in a keyword and hit “Search”
  • Large icons and plenty of filtering options
  • Fluid and intuitive reporting features

Features:

  • Social media and content insights
  • Personalized alerts and reporting
  • Social media analytics
  • Backlink analytics
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Price: Plans start at $99 per month and go up to $499+ per month for custom plans.

Bottom line: BuzzSumo gives some insight into the minds and wants of content consumers in your niche that you can’t get with many other tools. As far as I’m concerned, it can be super helpful for content marketing strategies.

6. Social Mention

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About: Social Mention is an online market research tool that enables you to gather real-time social media data on any site.

All you need to do is type in a website’s URL, and the tool pulls all the social media mentions related to that site. You can either use this on your own site, to see where you’re being talked about on social media, or use it to analyze your competitors.

The strength of the tool is being able to see a social media footprint for a brand across all the media platforms without having to aggregate the data yourself.

Ease of Use:

  • Just simply input a URL to perform a search
  • The data is laid out in a simple and easy to read format

Features:

  • Find out who’s been talking about your brand and how positive your social media presence is
  • Use it to discover where and why your competitors are being mentioned to help you tailor your own marketing efforts
  • See the sentiment, hashtag, sources, and keywords most frequently associated across social media for a target URL

Price: Free to use.

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I Think: While not one of the most powerful marketing research tools on the market, Social Mention gives you a quick point of reference for whether or not social media is important to your business. It’s free to use and the data is good, so it’s worth bookmarking the URL.

7. Survata

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About: Survata uses a digital network to help you collect data from millions of customers quickly.

(Video) 8 Unconventional Market Research Tips & Tools

They do this by putting up your surveys on their affiliate sites that users must answer to access the site. This is similar to how Google Surveys operates, but you have more control over your data.

Their dashboard presents the information in real time, enabling you to analyze your customer’s insights to better understand their wants and needs.

Ease of Use:

  • Extremely simple user interface and reporting
  • Good customer support

Features:

  • Ability to reach millions of targeted audiences
  • Wide range of reporting options to analyze data
  • Granular demographic information and behavioral targeting of respondents
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Price: Pricing starts at $1 per respondent.

I Think: Survata opens up more options for businesses that want to survey targeted audiences that they wouldn’t otherwise reach. It’s a valuable tool for small to medium-sized businesses or businesses looking to enter a new market and create accurate buyer personas.

8. Statista

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About: Statista is an online portal that aggregates market data from more than 600 industries across 50+ countries. You can tap into this data by typing in keywords related to an industry you want to analyze and browsing their reports.

You may be familiar with the blue charts Statista generates when you perform a search, they’re pretty much a standard for blogs and sites publishing statistics. Statista is one of the best places to get statistical analysis backed by facts and figures for just about any topic.

If you’re performing market research you can get some valuable insights into buyer behavior, market size, market growth and trends, and much more.

Ease of Use:

  • Performing searches couldn’t be any easier, just type a keyword and click “Search”
  • The charts provide a clear visual answer to your search

Features:

  • Download data and statistics in various formats
  • Additional data and related statistics are also returned with searches
  • Lots of advanced reporting features and tools
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Price: Their free to use plan enables you to pull basic statistics. You can upgrade for $59 per month to get full access to their statistical database, or $650 per month for their corporate solution package.

I Think: Statista is great for pulling visual market statistics backed by factual data – an integral part of any research activities and a helpful tool for content marketing efforts as well.

Conclusion & Tips for Conducting Market Research

Market research is one of the key steps in building a sustainable, awesome business. It’s not something you do once and move on — it’s important to get competitive benchmarks as often as possible — and use them to steer your ship in the right direction.

Our favorite tool is GrowthBar.

Some things to remember about research:

  • Start broad. I always find that getting on the phone with customers is the best way to begin. Speak with ~10 customers and learn about their likes and dislikes. Let your customers really speak — don’t guide them down any conversation path — you want to hear their real, honest thoughts. You can always drill in on interesting nuggets of information at the end.
  • Be unbiased. Yes, that’s basically impossible. But still, don’t put words in anyone’s mouth and be honest with data you collect. Your business will thank you in the long run.
  • Ask the right questions. Surveys are only as good as the questions you ask. It’s important to remove biases from questions and focus on getting actionable insights from answers.

Other reading:

  • The 8 Best Ways to Launch Your Online Business
  • 3 Ways to Use Surveys for Market Research
  • How We’ll Make $90,648 this Year from One Software Recommendation

FAQs

What is the most valuable marketing research tool? ›

  • Market research tool #2: Google Trends. In the same realm as Answer the Public is Google Trends, which surfaces trends data from all over the internet. ...
  • Market research tool #3: Social Mention. ...
  • Market research tool #4: Remesh. ...
  • Market research tool #5: Heartbeat Ai. ...
  • Market research tool #6: Answer the Public.
22 Mar 2022

What is the strongest trend currently in the market research industry? ›

AI is one of the most important market research industry trends to scale your business and reach your customers, but use it in tandem with strong talent.

What is your top 4 best technique in market research? ›

Four common types of market research techniques include surveys, interviews, focus groups, and customer observation.

What are the 7 marketing tools? ›

7 Digital Marketing Tool Must-Haves (Including Free Marketing Tools)
  • Marketing Analytics Tools.
  • Content Marketing Tools.
  • SEO Marketing Tools.
  • PPC Management Tools.
  • Email Marketing Tools.
  • Social Media Marketing Tools.
  • Marketing Automation Tools.
13 May 2021

What are the top 5 trends? ›

5 Trends for 2020 (and 22 for 2022!)
  • GREEN PRESSURE. In 2020, consumers move from eco-status to eco-shame.
  • BRAND AVATARS. Human brands take powerful new form.
  • METAMORPHIC DESIGN. Consumers demand relevance as a service.
  • THE BURNOUT. Smart brands rush to help those burned by the pressures of modern life.
  • CIVIL MEDIA.

What are the 3 major trends? ›

There are three main types of trends: short-, intermediate- and long-term.

What are the latest 3 big trends in business research? ›

AI, technology, and automation are helping market research teams process large volumes of data, cut down on research project timelines, democratize insights across stakeholder groups, and drive decisions, but AI also provides insights professionals the ability to influence more than just marketing decisions across the ...

What are the 5 of most powerful marketing tips? ›

5 Most Powerful Marketing Strategies That You Should Steal in...
  • Set a Goal and a Budget. ...
  • Leverage Influencer Marketing. ...
  • Focus On a Single Social Channel. ...
  • Leverage Email Marketing. ...
  • Focus On SEO and Content Marketing.
2 Feb 2022

What are the five basic method of market research? ›

Focus groups, observation, personal interviews, surveys and field trials are the five basic methods of market research.

What is the most powerful research tool? ›

Abstract. Randomized controlled trial (RCT) can be said to be one of the simplest but most powerful tool of research.

What are the six main tools of research? ›

Research tools are specific mechanisms or strategies that the researcher uses to collect, manipulate, or interpret data. Six general tools of research: 1) the library and its resources, 2) the computer and its software, 3) techniques of measurement, 4) statistics, 5) the human mind, and 6) language.

What are four major research tools? ›

Read a summary of the advantages and disadvantages of four primary research tools (interviews, focus groups, surveys and observation).

What are the 8 pieces of marketing? ›

The 8 Ps of marketing is product, price, place, promotion, people, positioning, processes, and performance.

What are the 8 elements of marketing? ›

The eight elements of service marketing are place, people, knowledge, value, relationships, problem-solving, specialization and product.
  • Your Service and Place. ...
  • The Right People. ...
  • Knowledge in Service Marketing. ...
  • Value Over Price. ...
  • Relationships in Service. ...
  • Problem Solving. ...
  • Specialization. ...
  • Product.

What are the 8 parts of marketing? ›

State and review the marketing mix in terms of the 8Ps of marketing – Product, Price, Place, Promotion, People, Process, Physical Evidence, and Performance. Strategies to increase market share, enter new niche markets, and increase brand awareness are also encompassed within the marketing plan.

What are the 4 main marketing strategies? ›

What are the 4Ps of marketing? (Marketing mix explained) The four Ps are product, price, place, and promotion. They are an example of a “marketing mix,” or the combined tools and methodologies used by marketers to achieve their marketing objectives. The 4 Ps were first formally conceptualized in 1960 by E.

What is the most successful marketing strategy? ›

If you are looking for the overall most effective marketing strategy for small business, content marketing is the winner. Content marketing encompasses blogs, videos, social media posts, podcasts, webinars, and more – basically, any type of content you can distribute online falls into this category.

What are the key trends for 2022? ›

2022 fashion: the key trends to follow this year
  • 1 - Sexy and sensual all the way. The sense of liberation that sparkled in the past months is not going away. ...
  • 2 - Dopamine colours. ...
  • 3 - Rekindling the Millennium mood. ...
  • 4 - Understated minimalist fluidity. ...
  • 5 - Micro wear. ...
  • 6 - Glitchcore. ...
  • 7 - The biker look. ...
  • 8 - Bohemian chic.
1 Jun 2022

What is the 8 emerging trends? ›

They include: artificial intelligence (AI), augmented reality (AR), blockchain, drones, Internet of Things (IoT), robotics, 3D printing and virtual reality (VR).

What are the 5 mega trends? ›

5 Mega-Trends That Will Shape the Next 10 Years
  • The new world order promotes two global economies.
  • Redistribution of wealth.
  • The end of a business cycle.
  • The war for AI supremacy.
  • Shifts in U.S. demographics.
  • Conclusion.
20 Jan 2022

What are the top 10 business trends of 2022? ›

Keep an eye out for these trends in the coming months and see if they make sense to implement for your business.
  • Looking To External Talent. ...
  • Investing In Financial Coaching. ...
  • Developing Short-Form Video Content. ...
  • Using Free Social Platforms. ...
  • Working Remotely. ...
  • Returning To The Office. ...
  • Supporting A Work-Life Balance.
22 Jun 2022

What are the 6 mega trends? ›

The six inter-related megatrends are: Digitalisation, Artificial Intelligence (AI), Transformation, Inequality, Youth, and Ageing Societies. The first three are technology trends, which are playing out across OIC societies, together with social changes highlighted in the latter three trends.

What are the four 4 categories of trends? ›

As stated above, trends are generally created by four major factors: government, international transactions, speculation/expectation, and supply and demand.

What industry will boom in 2023? ›

The consumer discretionary sector is expected to show the highest dividend growth, by far, among S&P 500 sectors through 2023.

What is the most powerful research tool? ›

Abstract. Randomized controlled trial (RCT) can be said to be one of the simplest but most powerful tool of research.

What is the best marketing research? ›

To measure opinions, quantitative research is the right choice. If an in-depth understanding of perceptions revealing conscious, or even unconscious ways individuals reason through and come to their conclusions on a matter, then qualitative research is the best bet.

What is the most valuable phase in research? ›

The first step of the research work is to state the scientific problem. It is important to clearly state what your problem is to avoid any confusion later. Formulation of scientific problem is frequently recognized as the most difficult and the most important part of research project.

What is the most important tool in digital marketing? ›

While many marketers think that Google Ads is too expensive, it is one of the most powerful digital marketing tools that can help your business reach new heights. The features of Google Ads: Drive website visits. Increase the call calls from customers through a click-to-call button.

What are the six main tools of research? ›

Research tools are specific mechanisms or strategies that the researcher uses to collect, manipulate, or interpret data. Six general tools of research: 1) the library and its resources, 2) the computer and its software, 3) techniques of measurement, 4) statistics, 5) the human mind, and 6) language.

What are four major research tools? ›

Read a summary of the advantages and disadvantages of four primary research tools (interviews, focus groups, surveys and observation).

What are the three major research tools? ›

Data collection or research tools are any tools used to measure a variable, or to collect the information needed to answer a research question. Three different data collection techniques are observation, questionnaire and interview.

What are the 5 of most powerful marketing tips? ›

5 Most Powerful Marketing Strategies That You Should Steal in...
  • Set a Goal and a Budget. ...
  • Leverage Influencer Marketing. ...
  • Focus On a Single Social Channel. ...
  • Leverage Email Marketing. ...
  • Focus On SEO and Content Marketing.
2 Feb 2022

What are the top 5 marketing strategies? ›

Here are five strategies that will boost business.
  • SEO. ...
  • Influencer marketing. ...
  • PR and affiliate marketing. ...
  • Email marketing. ...
  • Social media marketing.
18 May 2022

What are the 8 steps in the research process? ›

Steps of the research process
  1. Step 1: Identify the Problem. ...
  2. Step 2: Review the Literature. ...
  3. Step 3: Clarify the Problem. ...
  4. Step 4: Clearly Define Terms and Concepts. ...
  5. Step 5: Define the Population. ...
  6. Step 6: Develop the Instrumentation Plan. ...
  7. Step 7: Collect Data. ...
  8. Step 8: Analyze the Data.

Which of the 8 steps in the research process is the most important one? ›

Without doubt, defining the problem is the most important step in the research process. Defining the problem sets the foundation for the entire project, so it is critically important to take the time to do this well.

What are the 7 steps of the research process? ›

The Seven Steps of the Research Process
  • Step 1: Identify and Develop Your Topic. ...
  • Step 2: Find Background Information. ...
  • Step 3: Use Catalogs to Find Books and Media. ...
  • Step 4: Use Databases to Find Journal Articles. ...
  • Step 5: Find Internet Resources. ...
  • Step 6: Evaluate What You Find. ...
  • Step 7: Cite What You Find Using a Standard Format.
14 Apr 2022

What are the 5 marketing tools? ›

Marketing Tools: 5 Essential Ones to Make Your Life Easier
  • Planning. A vital part of any marketer's job is the planning. ...
  • Social media advertising. If you want to be where your audience is, some sort of presence on social media is absolutely essential. ...
  • Display Advertising Tools. ...
  • Content Marketing. ...
  • Email Marketing.

What are the four C's of digital marketing? ›

The 4Cs (Clarity, Credibility, Consistency, Competitiveness) is most often used in marketing communications and was created by David Jobber and John Fahy in their book 'Foundations of Marketing' (2009).

What are the 4 marketing tools? ›

The four main tools of promotion are advertising, sales promotion, public relation and direct marketing.
  • Advertising.
  • Sales Promotion.
  • Public Relations.
  • Direct Marketing.

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