Conducting market research is the cornerstone of business, science, education, and all other industries. Market research can help you to identify shortfalls in the needs and wants of customers, and the demand available. Researching the market works to improve and advance business functions by using feedback from their consumers.
If you are a business owner, work in scientific research, or want to find out something specific about a sector of the market, there are tools to assist. Market research may be difficult to comprehend with all the available information, so here are five tools that can help any professional.
This is a simple diagram that outlines the relationship between different components of a project. It requires a specific research objective to understand what needs to be achieved. A good concept map will illustrate different ideas and how they connect to each other in the overall scheme of things. Regardless of whether the objective is simple or complicated, mapping the concepts out in a visual format is easier to understand and follow.
A concept map in marketing research can help to organize what is already known about a customer or business situation, and what needs to be done to either correct or improve it. For example, your business pushes out a lot of marketing documents with social media awareness yet there aren’t many sales coming in from the sales department. A concept map maker can be used to outline the process and the sales management procedure to identify where the issue stems from.
Including Keywords Tool and Google Analytics. The Keyword Planner Tool works by searching the internet for specific keywords or phrases associated with an industry. This way you can gain insight into how your business may be affected by the words that people most often search for. With the Keyword Tool, you can design your marketing and advertising campaign against that information to reach the maximum number of prospective customers. The tool can also analyze how different words have changed over time, such as in the case of new trends or shortened words for various products and services.
Now, Google Analytics works a bit differently but is equally important in your market research. This tool will provide you with feedback on the specific nature of the people that visit your business website. How long they remain on a page, how often they click on an icon, and what they search for are just a few examples of what Google Analytics can tell you. Social media integrates well with both Google tools so that you can identify which customers respond to which types of marketing strategies.
Social Media Analysis
There is no doubting that social media plays an integral part in the market. Regardless of the industry or business, there has to be social media brand awareness if you want to succeed. Also, you cannot use social media effectively if you don’t understand what the information is telling you. Social Mention is just such a tool that can provide real-time analysis of various social media platforms.
Not directly linked to a specific business, you can use this tool to search words associated with your products or services to understand how people react towards or feel about what you offer. You will get an easy-to-read report that tells you the percentage of responses for different words as well as whether the responses were negative, positive, or neutral.
Sample and Population Experiments
Say you want to find out how many potential customers you can target based on what you can offer. For instance, you want to know whether your high-protein energy bar will be well received by the public. For this, you will need to conduct your own market research because it is very specific to your business objective.
There are a few online tools that can help you. The process itself can be rather complicated so use a tool that can help to determine your ideal sample size from the available pool of responses. The difficulty comes in when you have to work with standard deviation and sampling errors, so look for Sample Size Calculator
Third-Party Information Gathering
There is a whole array of research that has already been conducted on various aspects of the market. As the world evolves, new information comes to light that must be recorded and presented to the public.
If conducting your own market research seems too intricate to provide a reliable result, take advantage of the free information available to you. There are a few places that will do this for you. Based on previous market research on millions of different studies and surveys, Living Facts is a useful tool to search any demographic, country, age, or gender within any industry or sector of the market.
Conducting market research is vitally significant if you want your business to succeed. There are numerous online tools available to you that are easy to use and cost-effective.