10 Market Research Tools You Should Be Using
Every worker needs their toolbox, and market researchers are no different. Your research toolbox doesn’t have a vice or stud finder, but it does have tools that crunch data and find hidden insights.
The obvious tool you need is a world-class research platform, but let’s look at some of the other market-research tools to help you create the best possible experience for your customers and employees.
Tableau is a data visualization tool that helps you see and understand market research data with analytics, visualization and business intelligence. You can create and distribute an interactive and shareable dashboard which trends and variations with colorful charts and tables. Tableau connects to your files to acquire and process data.
If the eyes are the window to the soul, Google Keywords are the window to the web. This Google tool (Toogle?) shows you the volume of keyword searches, how competitive those keywords are, and how keywords are related to each other. If you want to learn about the mental associations that consumers have between products, concepts, and events you can easily find it here. To start you will need to create a free AdWords account.
The sample-size calculator from Qualtrics helps you determine your ideal sample size in seconds. Just input the confidence level, population size, margin of error, and the right sample size is calculated for you.
Social Mention is a real-time search platform that coaches you up on what’s trending in the world of social media. It aggregates user-generated content from across the universe into one single feed of information. You can see aggregated data from over 80 social media properties based on “strength”, or the likelihood that a brand is being discussed.
Sure, you learned how to calculate the percent change in elementary school, but it’s nice when you don’t have to punch into your phone calculator or fire up Excel. This simple calculator shows you the percent change between two values.
Think with Google looks at digital innovation in a way only Google can - through data. It’s a resource for everything from high-level insights to deck-ready stats and useful tools. You’ll find the data that Google is exploring and the trends they track along with forward-looking perspectives and behind-the-scenes looks at digital campaigns across platforms and audiences.
Sometimes it just feels good to get your hands dirty romping through raw data. R Studio requires that you know some coding, but it gives you tremendous power to create custom statistical analysis. It’s a free, open-source integrated development environment which means it’s constantly improved by the data-analysis community that uses it.
Stats iQ may be the perfect polar opposite to R Studio because it’s hardcore stats analysis without needing to be a hardcore wonk. Stats iQ automatically finds relationships in your data and shows how strong those relationships are. Stats iQ automatically runs the right statistical tests and visualizations - then translates your results into simple language that anyone can put into action.
There are fewer things more useless than a survey no one takes. The Qualtrics Panel Team has access to hundreds of thousands of opt-in survey respondents, both B2B and B2C, who are already vetted and qualified. They handle all the quotas, redirects and screeners field your survey for maximum response.
While Google Trends has some crossover with Social Mention, Google has the added feature of also factoring in data from its search engine in addition to social platforms. This gives you a more comprehensive perspective on the news, opinions, posts and perceptions that affect your brand.
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September 29, 2020