We have yet to develop a crystal ball that lets us look deep into the future of a market and predict profitability and trends. And what if you could simply look inside consumers’ heads and figure out how to make them happy? We’re working on it, but in the meantime, these eight market analysis tools give you powerful insights into your market.
What is Market Analysis?
With market analysis, you gather information on the current state or future of a specific market. You can look at the market as a whole or focus on specific parts, such as profitability, market share, an analysis of your competitors or your target group. It can be part of a business plan when you are interested in entering a market. It is also used to improve products or develop more effective marketing messages.
When to use market analysis tools
Every creative marketer benefits from solid research backing up their ideas. When you are developing a new product or setting up a new business, an analysis of the market is a good starting point. You could have the greatest idea for a product, but if there’s no market for it, you will lose.
Market research will give you an idea of how likely you are to be successful: is there even a demand for a product like yours? And if so, how much could you charge for it? Would that cover the costs you’re about to make? Decisions, decisions.
Market analysis can be part of a SWOT analysis to identify opportunities and threats. It can be part of marketing research to create outstanding content strategies. It can be the baseline of improving your services, your products, even your website.
We found that very different elements were important in Germany vs the UK. This has helped us to then shape and adapt our creative moving forward, to make sure that the elements that are important to Germans come through.
Mairead Masterson, Head of Business Intelligence, Bloom & Wild
And it’s not just for newbies. Even if your business has been around for a while, a market analysis can be a valuable tool. Because (most) markets are ever-changing and it is crucial to stay up to speed. Products are being improved, consumers’ expectations change, and competitors come and go. You can’t just sit around and watch the world go by.
Depending on what stage your business is in, you will want to look into different parts of the market. If you’re still developing a product, you will want to know more about what consumers really want. When you’re determining the price, you want to look into the possible market share. Let’s dive into some different types of market research before we jump into tools that make analysis easy-peasy for you.
Researching market share opportunities
If you are not entering or operating in a monopoly, you’ll want to look at the size of the market in terms of money and the market share you will need to run a successful business.
If there’s no product like yours yet, get an idea of the size of the market in volume and value: how big is the demand for your product, and how much are people willing to spend on it? With this information, you can create different scenarios and budgets and see if or when your product will be profitable.
If you are entering an existing market, research how likely people are to switch to another supplier (you!), and what it would take for them to make that switch. For that, let’s look at another aspect of market analysis.
Researching your target market
If only we could read minds. Market analysis is not just macro: it is also zooming in on consumers as individuals and getting to know their wishes, pains, problems, and expectations. Related to your product, that is.
A research of your target market goes beyond just customer demographics. If your ideal customers are women between 30 and 50, find out what social media channels they love using. Understand what they are really looking for in a product, how they would like to buy it. How do they prefer to be contacted and what questions do they have? What trends are they following? What sparks emotions in them?
This information can help you set up buyer personas that will help you create effective marketing campaigns. It also enables you to identify opportunities for product improvements or new products.
Attest has allowed us to stay relevant and think long-term. We’ve introduced new content streams and campaigns off the back of the data, and we’re now seeing the results of these studies play out in the market.
Lorna Phillips, Audience Insights, Gymshark
Researching your competitors
Learn where you stand compared to your (future) competitors. It is good to realise there are other businesses out there, that – even though you try hard to differentiate – look very similar in the eyes of consumers. Analyse why certain customers choose to buy from another company and what these businesses are doing to lure them in. This can help you identify gaps in your own service and marketing, revealing opportunities for improving your messaging or product.
Market analysis made easy
The market is always changing and it’s important to stay up-to-date with the latest trends. Luckily, there are also more and more tools out there that help you gather specific, relevant and real-time information. Without any guesswork involved, they help you make better business decisions.
That being said, there are many ways to perform market research. The best methods will depend on your goals and the specific situation of your company. In this article, we’ve gathered 8 of the best online tools for market research. Each of them covers different aspects of market analysis, so you can get a complete overview, or a super-specific one.
How to pick the right tool for your business
There are market analysis tools for all kinds of use cases. And there are some pretty impressive software and solutions out there.
So, before we dive in: it’s good to realise that when picking a tool you should keep the end goal in mind. Don’t be bedazzled by how many cool features a tool has. Instead, focus on how relevant they are to your business. Think backward: what information do you need? Pick a tool that delivers that.
A tool for every kind of market analysis: here are our favourites
Are you taking over a new market by storm or want to be the most innovative business in your market? No more guessing games or generic data: if you want first-hand information directly from your target audience, Attest is the tool for you. It is a smart platform that will help you get data from real consumers that is relevant to your business, collected in real-time. All to make business decisions faster and with more confidence.
Attest allows you to reach your target audience in 49 markets. You’ll find analysis tools for every aspect of your market: consumer profiling, international research, and market analysis. Attest is suitable for novices and pros alike: our templates make it super easy to get started.
The results you get from the research tools are hyper-relevant. We have more data quality controls in place than any comparable tool. No experienced market researchers on board? No problem – we help you make the most out of your research. You can ask their experts directly for help to ask the right questions to your audience. That way, you’ll be able to get insights that are directly applicable to your business goals.
Who is Attest for?
Decision makers who want to put consumer insight behind their growth strategies. Do you want to focus on real data quality, talk to target audiences within a fast and easy interface? Then this is for you. You get access to human support when you need it, meaning better-informed decisions for everyone – and no hiring research experts in the process.
Attest’s data shows clear changes across consumer perception and awareness. We get rich, insightful data on a regular basis, which means we can get on with building the strategies and campaigns we know will work.
Simon Goble, Chief Marketing Officer, Rover
For companies who are looking to launch a new product or be innovators in their current one, Qualaroo is a blessing. The tool allows you to reach out to your product users and website visitors with specific questions to understand their needs better. That way, you can craft a perfect product amongst those already engaged with your brand.
But that’s not all: Qualaroo is especially useful when you want to beat your competitors. With their tool, you can test not only your own idea but also your competitors’ designs. That way you can build competitive content and products.
Who is Qualaroo for?
Market analysis is all about finding out what is happening from the people that matter most. Qualaroo lets you do just that, with clean and simple way.
If only you could have a real conversation with your ideal clients to find out what it is they want, right?
Well, with Remesh, you can do that. It is one of the smarter market analysis tools on the web.
This tool allows you to have a live conversation with your audience at scale. While you’re doing that, AI analyses and organises their responses in real-time. You’ll be left with great insights that allow you to make decisions with confidence.
Who is Remesh for?
If you prefer qualitative-style research, but need to analyse a lot of data, Remesh helps you scale your research. This one’s for companies who are ready to rely on AI to understand a large group of customers at once.
4) Google Trends
What better way to know what people want, wonder about and need than by diving into the biggest search engine in the world? Google Trends is a classic for market research. Since Google knows, well, everything, it can tell you exactly what people across the globe are typing, thinking, and talking about. It shows you the popularity of a search term in Google. You can divide it up by demographic factors to get a better understanding of what is relevant in your target market.
It is one of the easiest-to-use market analysis tools out there. Sure, it comes with its restrictions, but it’s free. Plus, it’s not only valuable for market research but also for content strategies and SEO.
Who is Google Trends for?
Need quick inspiration for your content, or a fast foundation for your market analysis? Start with Google Trends. Their insights can steer you in the right direction for more detailed research.
5) Answer The Public
Market research is not just about numbers, profitability, and demand. The most valuable data out there, is what people are talking about. Answer The Public tells you that. Provide some keywords relevant to your business and find what people want to know about it.
You can enter any keyword: a brand (your own or your biggest competitor), a product, or anything else that comes to mind. Answer The Public shows you related searches, giving you unique insights into consumer behaviour. According to them ”there are 3 billion Google searches every day, and 20% of those have never been seen before. They’re like a direct line to your customers’ thoughts…”. Smart! And good news: their tool works in different countries and different languages.
It’s not just great for market research. Find out what questions customers have about your product and answer those in a blog post on your website. Great for generating more traffic and being more helpful to your customers.
Who is Answer the Public for?
Answer the Public is great to determine what to ask your customers, and what to answer for them. it can help you structure your market analysis and build a foundation for what aspects to include, based on real searches from your target audience.
You can’t deny that social media has become a big part of the market. There’s market share in revenue, but also the numbers of followers on Facebook or Instagram say a lot about how ‘big’ a brand really is. And what is being said on social media in the comment section gives you valuable insights into the state and developments of a market.
To cover part of this market analysis, try BuzzSumo. This comes with a suite of useful tools that give you insights into your competitors’ social profiles to see how well they are performing. Adjust your social media strategy accordingly.
Who is BuzzSumo for?
If you’re planning to gain market share in social media, start with research using BuzzSumo. This will give you great insights into who your competitors are and what they’re doing right.
7) Think With Google
Another Google tool? Another Google tool! The biggest search engine in the world knows all about questions and therefore demands and trends. The Think With Google tool helps you translate this knowledge into consumer trends. See what retail trends are on the rise, find promising markets and audiences based on search queries.
Apart from the tools Think offers, they also share interesting consumer insights and have plenty of resources on marketing strategies, to make your market analysis all the more actionable.
Who is Think With Google for?
When you need a solid foundation for trend research but don’t have a lot of resources, or time, Think With Google quickly points you in the right direction.
”The market” is less abstract than you’d think. There are certain areas you can focus on in your analysis to get an idea of what’s going on, and one of them is SEO. Not only because it reflects what people are asking and reading, but more importantly because share of search actually predicts share of market. Time to get to the bottom of this.
There are countless tools out there for SEO analysis, but with a tool like SEMrush you can make it market-specific. Their Market Explorer option helps you identify competitors and see what SEO strategies are working for them, based on what your actual target audience is looking up.
Who is SEMrush for?
Marketers who want to give their market analysis an extra practical touch: don’t overlook SEO. With SEMrush you can give more context to the insights you’ve already gathered and give a new spin to your content strategy.
Find out what is happening in your market
And there you have it, the 8 best market analysis tools out there. The right tool will help you gather accurate and relevant data fast, for decision-makers that are ready to make a change. Want to try a tool that has it all? Check out how Attest will fuel your marketing and product decisions.
Head of Attest Customer Expertise (ACE)
I have spent years doing what I love most - making things easy and understandable for the people I work with.