Market Research Tools – Types of Market Research Tools for Businesses

Market research is the key to creating products and services that meet the needs of the consumer. But there is more than one way to perform this type of research. The following are some of the most common market research tools available, and what you should consider for your market researchneeds.

Available Market Research Tools

  • Previous Data

    One of the most common market research tools is simply previous data from databases that have been created by other researchers or data collection teams. For example, some businesses look at their own purchase data to discover where a market may be and how to connect to it. This data can be valuable, but isn’t always relevant to your business.

  • Panel Studies

    Panel research can also be very useful as a market research tool. Panels are teams (generally of about 10) that are chosen at random to respond to a presentation or idea of some kind. In a way they’re a lot like brainstorming sessions. These types of focus groups can provide some great feedback, but suffer from sample size problems and personality issues.

  • Surveys

    Perhaps the best market research tool available is the survey. Surveys allow you to collect new data that is targeted specifically to your business and your customers, and provides you with access to a much larger group that can be used as a “panel” or to segment data in a way that allows for easier analysis.

While ideally a company would use all three, online surveys are the most effective market research tools simply because they allow you to gain feedback from more people, with data that was collected by your business, for your business. Surveys allow for greater control, and can be used as a large panel to help inform business decisions, such as product launches, investment areas, and more.

Market research surveys are simply the best way to collect information, ideas, and opinions from customers and potential consumers, and right now one of the most effective and affordable online survey software tools is SurveyMethods. Our program was designed with the business researcher in mind, with customization options that make launching your own survey simple and easy.

Sign up with SurveyMethods today to learn more about our online survey system, or to see examples of market research tools that we’ve created to help you with your research. There is no limit to what you can learn with market research surveys – you simply have to start.