If you could find out if there were a market out there to buy a certain product, what would stop you from launching it?
The problem for many entrepreneurs and investors is that they can often only guess if there’s a target audience for a product or service. Instead of relying on a hunch, one of the most useful things you can do is - market research.
But the chances are probably that you barely have an idea of where to get started. Don’t worry - we have a list of the very best tools for market research. Using these tools alone, you can find out if your next business idea is a potential hit or not.
The potential for learning about your customers with Survicate is endless. There are plenty of survey types to ask about your customers’ preferences, including:
There is a roster of the “standard” survey types, including CSAT, NPS, CES, and others. Don’t have a website yet? No worries, using Survicate, you can easily send our surveys through emails or links before even building an online presence.
The survey software is easy to use, and the intuitive drag-and-drop builder won’t give you a hard time, even if you’re not tech-savvy. It integrates well with the rest of your tech stack as there is support for various CRMs, eCommerce platforms, email marketing tools, and more.
Survicate can be used completely free, making it ideal for startup owners or entrepreneurs just testing the waters with their product. The free plan has all the survey templates and unlimited responses from your customers - but they’re only stored for 7 days. For more than that, you can opt for a paid plan starting at $89 per month.
Overall, Survicate has a lot to offer regarding market research. Even when you launch your product, you can continue using Survicate with its huge variety of surveys. Collecting feedback never ends as you want to refine your product and increase customer satisfaction.
As you can probably guess from its name, Paperform is a form builder. Similar to Typeform (which we’ll discuss in a minute), it lets you create good-looking, intuitive forms in minutes.
However, out of all the competitors mentioned here, Paperform probably has the broadest target audience. There are 650 templates in its database, covering uses from RSVP forms, insurance forms, HR forms, evaluation forms, and many others. This makes it incredibly versatile, but that’s not what we came for today.
The basic plan costs $20 per month and gives you access to up to 1,000 form submissions with an unlimited number of forms and questions. Compared to its major competitor (Typeform), especially considering many templates.
However, you might be looking for more specialized forms dedicated to market research. In this case, you can consider some other alternatives on this list.
If we were to bet on which company first came up with the term “survey software,” SurveyMonkey would be a safe bet. For almost 25 years, this has been one of the most popular tools in the market for various types of quizzes, forms, and surveys.
You can use their large library of survey templates to create surveys for different use cases. And although there is a good number of survey types, the design and UX are a bit lagging compared to the competition.
Besides the typical surveys, they also offer something called “market research solutions.” This part of their product is divided into three different services, industry tracker, consumer segmentation, and usage and attitudes.
Essentially, it boils down to the analysis of your survey results. If you’re looking for a helping hand with your market research, this could be it, as SurveyMonkey helps you set up and analyze your survey results.
The pricing for the survey software is familiar, although it might take a bit to figure out how much you will pay. Nevertheless, surveys start at $32 per month. For the market research solutions suite’s price, you will have to contact the sales department.
If you’re looking for something similar to SurveyMonkey but without the feeling of using Windows 98, Typeform is a logical choice. While they do not specialize in surveys only, You can use Typeform to create a wide variety of forms, applications, quizzes, job applications, and everything else where someone has to fill out their data.
Typeform has a few things going for it, but primarily its nice user experience for your customers and the ease of use for creating forms and surveys. You can use branching and conditional logic to segment your audiences and ask the right questions in front of the right people.
Various templates are available for different forms, surveys, and quizzes, but only one is dedicated to market research. The good news is it’s a pretty decent starting point. You can continue using Typeform even after your product launch, as there is a large number of use cases to engage your customers.
Typeform is a product you’re hard-pressed to criticize. The cheapest plan is $25 per month, getting unlimited Typeforms and endless questions. You only get 100 responses monthly, barely enough for any serious research.
Creating a website with an MVP of your product isn’t too difficult nowadays, and it’s a great idea if you want to test out how a certain audience feels about your product, messaging, offer, or an aspect of your website.
Userlytics helps you do just that. You just create what they call a study topic - a task for your potential customers to perform—for example, checking out a feature in your product, signing up for a free trial, solving one of their pain points, or something else.
Userlytics lets you tap into its audience of 1,5 million users. Based on the target audience you want to go after, you can create a target persona profile in the tool to ask only the people whose opinions count.
Userlytics provides you with just the platform and will cost $499 per month. To start using the panel of experts, you need the $999 pplanYou get unlimited tests but only with the participants provided by you or a third party. Each participant will cost you an additional $19.
In general, it’s a superb platform if you already have plenty of details about your target market. Otherwise, it’s pretty expensive if you’re just shooting in the dark and trying to do initial research with this platform.
You must respect a tool that gives you everything you need to know in its title. Brandmentions are exactly what it promises - a way to track brand mentions. You might wonder how this will help if you don’t already have a worthwhile brand monitoring.
It’s pretty simple. Load up your biggest competitors’ names in Brandmentions and watch as alerts come in when someone mentions them. This is one of the easiest ways to get real-time information about your competition, including positive and negative comments, reviews, real-time crises, news updates, and more.
Track your competitors long enough, and you can capture precious information that will help you position yourself in the market. You can find out where your competitors are falling behind and focus on that aspect of the target market.
Brandmentions lets you track your target terms on all social media, websites, forums, communities, and more. You can set up hashtag tracking and get real-time alerts about your target terms.
For $99 per month, you can track 15 keywords across three different projects, which should be a decent starting point for anyone looking into the competitive analysis. There is a free trial available, but only for seven days.
Probably the most advanced software in this list, Qualtrics is the go-to choice for enterprise audiences. It allows various ways to capture customer feedback, including a contact center, omnichannel analytics software, surveys, and more.
For market research, three main aspects of the product are worth your attention. The first is TextIQ, an AI text analysis that can detect the sentiment of your customers’ feedback and quickly sort their entries according to their feelings about a certain topic.
The second is DataIQ which takes another deep look at your entire data set to uncover what needs your most immediate attention and where you can get some quick wins. StatsIQ is similar but for even bigger data sets.
Qualtrics makes a lot of sense if you’re a big company with tons of data from your customers but as a product for initial market research. On top of that, it’s allegedly pretty pricey. The website does not reveal any pricing details, but resources online state that prices start at $1,500 up to $5,000 per year.
From the moment you want to try Qualaroo, you’ll see that their strongest point is website surveys - as they claim they are 10x more effective than email surveys. This tool promises a smooth website experience with the ability to capture feedback on your website, your product, and all of that with AI analytics and reports.
One thing that bothers us with Qualaroo is that they promise a lot and show very little. You don’t get to preview any survey templates, and their website lists only a handful of templates you can try out - once you subscribe to the app.
Using their survey builder, you can easily create a market research survey to share with an audience and gauge their interest. However, the fact that you have to use their tips to find the best questions rather than grabbing a ready-made template is not exactly ideal.
The pricing is adequate, but nothing more and nothing less. The most affordable plan is $80 per month, allowing you unlimited “nudges,” as they call their forms. However, you don’t get advanced customer targeting or basic survey types like NPS and exit surveys.
Overall, a solid offer, but you might want to look into more specialized options for market research.
While we can’t tell you if your new product sells like hotcakes, we can point you in the right direction. These tools cannot predict if you will become the next Elon Musk, but they will help determine your product's potential. Sometimes, that’s all it takes to get that initial encouragement and work.
If you’re looking for a robust market research tool that you can continue using even after you launch your product, give Survicate a try. With our wide range of surveys for different use cases, you’ll find something for every buyer journey stage. Sign up today for your free trial!
Customer Experience Expert at Survicate
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Kings is the creative owner of Brainy Bees. Kinga has over ten years of experience in marketing and delivering a bespoke customer experience across the B2B and B2C fields while redefining a client-first approach. She knows that insights are everywhere, kindness in business is no longer optional, and simply following trends is no longer enough. Also, Kinga operates at SaaStock as a Country Leader.
NET PROMOTER, NPS, AND THE NPS-RELATED EMOTICONS ARE REGISTERED U.S. TRADEMARKS, AND NET PROMOTER SCORE AND NET PROMOTER SYSTEM ARE SERVICE MARKS, OF BAIN & COMPANY, INC., SATMETRIX SYSTEMS, INC. AND FRED REICHHELD.