9 Best Market Research Tools & Software in 2024

Picture this: Company A and Company B both launched a similar type of product which makes them competitors. They both launched their products around the same time but only Company B received more downloads and positive feedback. Why is that?

This is because before launching Company B decided to market research into its target audience, created customer personas, and launched their product only after understanding their audience and market dynamics. This resulted in more relevant downloads and positive feedback from customers.

I know I know market research can be tedious and it can take a lot of time and effort from you and your team. But hear me out – organizations that invest in market research early in the product development process save up to 10 times the cost of fixing issues after the product is launched! 10 times is a lot of money for just a few extra hours of work, right?

Still not convinced? 

Well, how about I tell you that the whole process of market research can be automated and made simple, saving you a ton of time and energy, and can also help you in customer experience management? 

Sounds too good to be true? Well, it’s not. In this blog, I will list down the top 9 market research tools of 2024 that you can implement within your organization and achieve your market research goals. 

So, let’s scroll down and get a sneak peek into these must-know market research tools of 2024.

What is a Market Research Tool?

A market research tool is a software or platform designed to assist businesses and researchers in gathering, analyzing, and interpreting data related to markets, consumers, and competitors. These tools aim to provide valuable insights that can inform business decisions, strategies, and marketing efforts. 

Market research tools come in various forms and serve different purposes, catering to the diverse needs of businesses operating in various industries. Choosing a market research tool depends on your specific needs, industry, and the nature of the insights you seek.

Let us now explore a list of some of the best market research tools available online that you can use to understand your target audience!

List of the Top 9 Market Research Tools and Software in 2024

1. SurveySensum

SurveySensum is one of the most affordable market research tools out there. It helps you identify and understand your customer base. It lets you send NPS, CES, CSAT, product, onboarding, and many VOC surveys to your customers. It is a customer experience platform that provides necessary insights into your customer base across different industries like B2B, Fintech, Telecom, etc. But SurveySensumis not just a simple market research tool, it is a full-fledged CX service that comes with expert CX consultation who will help you achieve your business goals and make your process a success. 

This tool is ideal for both beginners and seasoned professionals. You can analyze real-time data, gather comprehensive insights from journey-based dashboards, and identify your customer’s needs with the text analysis feature. 

Best Features:

Best-in-class features are provided by SurveySensum to enable effective market research.

• In-Built Templates

SurveySensum offers a wide variety of pre-built survey templates that you can use for market research. You can generate a range of surveys for various industries, including retail, fintech, and SaaS. Examples of these surveys include NPS, CSAT, CES, SSI, and onboarding.

• Customized dashboards

SurveySensum provides real-time customizable dashboards. This gives you the ability to receive real-time analytics reports on your surveys, which you can use to better understand and, if needed, adjust your strategies.

• One-On-One CX Consultation

Additionally, the tool offers a dedicated CX consultant who provides end-to-end support and guidance – from creating surveys to analyzing them and deriving actionable insights from them – to achieve your business goals. 

• Text Analytics Software

Text Analytics helps you with identifying emerging trends and customer complaints by tagging and categorizing feedback into different categories based on their keywords. This helps the user get a detailed report on the issues that can emerge. All of this in a few seconds.

• Seamless integrations

This tool has direct and seamless integrations with different tools like Outlook and Slack. This integration guarantees efficient workflow control as the user doesn’t have to switch between multiple tools.

Pricing: The pricing starts from $99/month. 

Analyze Your Target Market with the CX Experts at SurveySensum!

2. Statista

With a focus on data visualization and market research, Statista is among the best tools for conducting market research. It gathers information from reliable papers that are available online and simplifies it for users and researchers to understand. It can locate precise information about your sector and provide an easily interpreted statistical report on it.

Best Features:

• It is simple to set up and capable of receiving feedback right away.
• It can filter content based on a specific type. 
• It has hundreds of metrics to choose from and the ability to customize visualizations.

Pricing: $39/month

3. SurveyMonkey

Another tool for market research is SurveyMonkey, which gives users alternative methods for expressing their ideas and new methods for doing research. To guarantee that companies of all sizes can benefit from the power of feedback, they have paired an enterprise-grade platform with a range of specialist market research and customer experience solutions. 

Best Features

• It has an expertly constructed question bank to pose precise queries.
• It offers approaches for custom surveys, such as branching and skip logic.
• It includes an AI-driven analytical tool to obtain professional input on the draft survey.

Pricing: $25/month.

Never forego the importance of customer insights for your business. Create effective surveys and understand your customers better with SurveySensum!

4. Qualtrics

Of all the market research tools available, Qualtrics is one of the most advanced. It consists of various product suites that address various facets of your company. From the same platform, you can monitor brand awareness, conduct market research campaigns, optimize goods and services, and assess consumer happiness. Furthermore, its AI-powered analytics make it one of the best market research instruments for gathering information for optimizing advertisements and tracking brands. Through proactive optimization strategies such as query tuning, index optimization, and database configuration adjustments, Remote DBA experts optimize database performance, ensuring optimal responsiveness and efficiency.

Best Features:

• It reveals the elements that contribute to both favorable and unfavorable brand perceptions in your target market.
• It involves configuring automated notifications to monitor shifts in consumer awareness or brand signals.
• It conducts surveys to get data from market research and customer feedback.

Pricing: Contact the platform for a quote.

5. ZonkaFeedback

Zonka Feedback is a fantastic tool for conducting market research. It allows you to develop efficient surveys and distribute them via different channels to gauge client happiness and loyalty. It alerts you to criticism, gathers useful input, addresses it, closes the feedback loop, and turns your critics into supporters.

Best Features:

• It measures NPS at every touchpoint with multiple channels – SMS, email, website, Android tablets, and smartphones.
• It gathers survey responses both on-premises as well as on the go.
• It gets notified with real-time notifications for angry customers, at-risk customers, and detractors. Reach out to improve their experience and reduce churn.

Pricing: $49/month

Now that you’ve witnessed how market research strengthens your company, why wait? Launch market research surveys with SurveySensum right away!

6. Tableau

Tableau is a business intelligence package for data visualization where prior programming experience is not needed. Tableau presents the data in an aesthetically pleasing way for a better understanding by utilizing analytics, visualization, and business intelligence.

It seeks to revolutionize how we perceive and apply data to decision-making. With the use of its extremely advanced market research tools, Tableau gives its users the ability to maximize the value of their data. 

Best Features:

• It enables data visualization on anything.
• It can extract data from a variety of sources, including text, Excel, Python, SAS, and PDFs
• The Tableau dashboard offers a thorough and balanced picture of your information.

Pricing: $70/user/month

7. Loop11

Loop11 is a market research and usability testing tool for creating better products. With the same tool, you can evaluate information architecture, prototypes, usability, benchmarking, and more. It allows you to select the ideal audience to test your prototypes and product by providing both moderated and unmoderated testing options.

You can use it as an audience research tool to investigate the preferences of your new target market and determine how your product appeals to them. Then, you can incorporate the insights gained into the design.

Best Features:

• It provides an easy-to-use test builder to assist you with each stage of the test design process. It doesn’t require any coding.
• It makes tasks, like tree testing, initial click, five seconds, etc.
• It Includes surveys in your exam to get comprehensive psychographic and demographic information.

Pricing: $63/month, billed annually

8. Google Trends

A free tool for conducting market research, Google Trends displays data from all over the internet as trend lines. When you input a word into Google Trends, you will receive a score out of 100 along with an accurate depiction of how popular the term has been over time.

Best Features:

• It displays the frequency of the phrase you searched for in Google relative to the total number of searches made on the website during a specified time frame.
• It adds location filters to help you narrow down your search.
• It demonstrates the trend graphically to improve the result’s visualization.

Pricing: Free to use

9. Typeform

Another online survey tool and market research software that you can use to conduct market research surveys and obtain a direct response from your target audience is Typeform. It offers a large selection of design themes and integrated photo and video libraries. Typeform’s primary goal is to design forms that are engaging to users to increase response rates and improve insights.

Best Features:

• It connects to several tools, such as Slack, Salesforce, Google Sheets, etc.
• Users may design forms in only a few minutes thanks to the drag-and-drop feature.
• Multiple-choice, rating, opinion scale, free-form text, and many other question formats are among the numerous available.

Pricing: $25/month

Conclusion

Market research tools play a pivotal role in analyzing and understanding market dynamics and customer needs. Businesses across industries must leverage market research tools to gather crucial insights. By utilizing surveys, observation, and customer feedback, companies can identify trends, anticipate demands, and tailor their offerings to meet consumer expectations effectively.

However, the journey and process can become laborious if not done with the right robust market research tool like SurveySensum. This platform helps in crafting tailored NPS surveys, dissecting verbatim responses, swiftly closing the feedback loop, and ultimately fostering enhanced connections with your customer base.

You can rest assured that this comprehensive list will assist you in selecting the best market research instrument to expand your company.