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EthOS
EthOS
EthOS is an innovative Human Insights Platform that’s revolutionizing the way companies understand customers and their experiences. We empower UX, CX, and Insights teams with advanced tools to capture omnichannel touchpoints, pr...Read more about EthOS
CMNTY Platform
CMNTY Platform
CMNTY Platform is a highly intuitive online platform used by marketers and insights professionals for project-based market research and continuous insights communities. CMNTY's platform and services include panel recruitment, qual...Read more about CMNTY Platform
BrandMap
BrandMap
BrandMap is an on-premise solution that helps researchers utilize data from other applications and spreadsheets to design presentation-ready maps and charts. It allows users to create perceptual, biplot, correspondence, or multi-d...Read more about BrandMap
Sourcescrub
Sourcescrub
SourceScrub is an investment management software designed to help businesses analyze key metrics including the number of employees, leadership team members and website traffic to connect with privately held companies. The platform...Read more about Sourcescrub
IdSurvey
IdSurvey
IdSurvey is a professional data collection software to manage telephone, web and face-to-face surveys. It is a native web-based solution, which users can access from anywhere, with a common browser and internet connection. T...Read more about IdSurvey
Typeform
Typeform
FrontRunners 2024
Typeform is an interactive data collection tool that lets you create forms, surveys, and quizzes that people enjoy answering. By asking questions one at a time, you get more thoughtful responses and higher completion rates. Plus, ...Read more about Typeform
Nfield
Nfield
Nfield is a cloud-based solution designed to help market researchers create custom surveys to collect customer feedback and determine challenges and experiences. Features include real-time data, secure data storage, remote access ...Read more about Nfield
PriceBeam
PriceBeam
PriceBeam is a cloud-based solution that conducts market research to optimize pricing for new and existing products. PriceBeam software is industry-agnostic, and can run studies in 127 countries worldwide to provide scientific and...Read more about PriceBeam
Strategy & Research
Strategy & Research
FrontRunners 2024
Qualtrics CoreXM is a cloud-based platform designed to help organizations generate sales insights and optimize product prices through analysis of customer experiences in real-time. Key features include feedback collection, concept...Read more about Strategy & Research
Startquestion
Startquestion
FrontRunners 2024
Startquestion is a professional survey software designed to help businesses of all sizes, freelancers, nonprofits, educational institutions and more create online questionnaires for researching employees, clients and community. Ke...Read more about Startquestion
Kantar Marketplace
Kantar Marketplace
Kantar Marketplace is an agile market research software designed to help insight-seekers and marketing agencies collect feedback from consumers. The platform enables users to screen and test ads in real-time to better understand i...Read more about Kantar Marketplace
Inven
Inven
An intelligent corporate data platform called Inven uses the most recent AI and NLP models to analyze millions of websites and extract pertinent business data, making it simple for experts to locate and research businesses in any ...Read more about Inven
Zoho Survey
Zoho Survey
FrontRunners 2024
Zoho Survey is a cloud-based 360-degree feedback surveying solution that caters to small, midsize and large organizations. The solution offers templates and a library of questions to create custom surveys. Survey creators can also...Read more about Zoho Survey
Lightster
Lightster
Lightster simplifies user research with a community-centric insights platform. The platform helps product teams, founders, and consultants connect with their target audience for customer discovery, user testing, and user feedback ...Read more about Lightster
StoryTap
StoryTap
StoryTap is a story-led video automation platform that lets brands easily produce and share authentic video from real people. Our patented technology lets enterprise brands create and share product reviews from customers, Q&A clip...Read more about StoryTap
Intely
Intely
Intely is a no-code data integrator and custom form building & automation platform. Quickly create enterprise workflows with simple drag-and-drop functions and pre-built tools. Intely offers tailored form creation, data integratio...Read more about Intely
FocalCast CONNECT
FocalCast CONNECT
Connect is a cloud-based collaboration software designed to help businesses create projects, upload documents and share files and folders with team members. Key features include document management, ream-time editing, project mana...Read more about FocalCast CONNECT
Spark Chart
Spark Chart
FrontRunners 2024
Spark Chart is an Australian cloud-based survey software solution with 24 x 7 expert support and advice. Australian data storage is an available option. Design and conduct any type of survey project, including employee surveys, ...Read more about Spark Chart
Toluna Start
Toluna Start
FrontRunners 2024
QuickSurveys is a cloud-based solution that helps enterprises build questionnaires and gain insights into business performance by conducting automated market research. Key features include question branching, email marketing, resp...Read more about Toluna Start
Qualaroo
Qualaroo
Qualaroo is a real-time feedback platform which helps small to midsize businesses gain qualitative insights through website surveys. Its key features include sentiment analysis, cookie targeting, data streaming, custom properties ...Read more about Qualaroo
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Buyers Guide
Last Updated: March 16, 2023Market research software helps businesses understand market trends and customer behavior. It’s a data collection tool companies use to identify their target audiences, assess competition, gauge demand for their products or services, and take feedback from prospects.
If you’re looking to purchase market research software, this guide is your one-stop solution. It explains software features and benefits as well as the various factors you must consider to make a smart purchase.
Here’s what we’ll cover:
What is market research software?
Market research software is a data collection tool that lets businesses check if the product or service they’re planning to launch will be received well by customers. It helps manage the various steps of the market research process, from setting the research panel and identifying the target audience to collecting data and reporting on the collected data. The software also allows companies to identify what is or isn’t working well for their existing products and make changes accordingly.
Common features of market research software
Most market research software tools offer the following features:
Multichannel distribution | Collect metrics such as product viability data, product usage data, and customer behavior data from multiple channels, including email, web, and social media. |
Reporting | Use visualization to organize the collected research data and identify relevant data points related to market trends, business opportunities, customer choices, and more. |
Survey builder | Create and run surveys to collect feedback from target audiences and analyze their responses. You can customize the question types, images, branding, and more. |
Benchmarking | Use the collected data to compare your business processes against those of prominent industry players, identify gaps, and plan growth or improvement tactics. |
Panel management | Conduct and manage panel discussions with relevant, qualified target market research groups. Recruit, segment, and maintain research panels to gain insights into products, services, or market trends. |
Statistical analysis | Apply statistical models to the data collected from research studies to summarize, analyze, and draw inferences from it. |
What type of buyer are you?
You should choose a market research tool that aligns with your industry of operation and intended application. That said, most buyers can be divided into the following broad categories:
Retail businesses: Retail companies conduct market research regularly to keep track of changing customer preferences and market or competitor trends. They should opt for market research software that provides real-time reporting to measure audiences’ responses to products or services and to assess the impact of marketing decisions. Survey builder, multichannel data collection, and benchmarking are some features that would suit the needs of these buyers.
Professional services firms: Professional services firms such as advertising and accounting agencies use market research software to formulate branding or marketing strategies, understand target market trends, and more. These buyers should look for a market research tool that can build customized surveys based on data objectives such as client satisfaction and opportunities for new service offerings. Panel management, multichannel data collection, benchmarking, and statistical analysis are the top features these buyers should choose.
Nonprofit organizations: Nonprofit organizations conduct market research to gather information about their supporters’ or donors’ preferences, motivations, and behavior. These firms should consider investing in a market research solution that offers multichannel distribution, reporting, and statistical analysis to identify patterns in donors’ behavior and payment trends for maximizing fundraising abilities.
Benefits and potential issues
Here are some of the key benefits market research software can offer to your business.
High data quality: Market research software collects data based on the parameters and quality standards defined by you. It uses the defined standards to identify which data to keep, discard, or correct. Its survey sample management feature also helps you ensure the collected data is consistent, correct, and of high quality.
Better audience targeting: Using the multichannel distribution feature of market research software, you can reach out to your target audiences across channels, including emails, social media, and web. Thus, you’ll be able to capture responses from various prospects, and the data you collected will provide a well-rounded opinion of customers’ preferences.
Enhanced customer service: Market research software lets you measure how satisfied customers are with your products or services. Comprehensive data reports generated by the software help you identify your customers’ likes, preferences, and wants, so you’re able to serve them better.
Lower risks: The software helps you understand market demand and viability for new products or services before launching them in the market. It also assists in identifying improvement areas for your existing offerings. You can add new features or make improvements to existing features to ensure your product or service fits the needs of the target audience. This reduces the chances of customer rejection or disinterest and lowers market risks for your business.
Market trends to understand
Here are some recent trends related to market research software that you should be aware of:
Data visualization tools helping companies better understand research results: Businesses are increasingly using data visualization tools to easily identify trends or patterns from research data. Data visualizations such as charts, graphs, and images help simplify complex datasets so that companies can spend their time and resources more efficiently.
Artificial intelligence (AI) improving market research and data analysis: AI-equipped market research tools can filter large volumes of collected data using text analysis to identify relevant trends and customer behavior. They improve data accuracy by reducing the chances of human error or bias. Market research software driven by AI also helps save time on report generation and secondary research.