Running your business on assumptions about your customers, competitors, or market trends will not take it anywhere. You will waste a ton of money, time, and effort with absolutely no result. Therefore, it is essential to conduct market research.
Market research helps you make effective decisions to grow your company. It also helps you use your resources wisely.
Identifying your target clients is critical to running and expanding your business successfully. You’ll be better able to persuade them to buy your products or services if you have a comprehensive understanding of their interests, wants, and goals.
In this article, we will talk about three essential market research tools in 2022. These tools will help you gain a thorough insight into your target audience. However, first, let us talk about the importance of market research.
Importance of Market Research
Market research is the best tool you can use to streamline your business strategy in the right direction. It gives you strong data that helps you understand your customers and hire the right employees to help you drive your business.
The next step to market research is pre-employment assessment. It lets you build the right employee base with the qualities in sync with the results of market research. A correct business strategy coupled with the right employees is the key to success for any business.
3 Essential Market Research Tools in 2022
1. Askattest
Askattest is a marketing analysis tool that uses surveys to help you gain a comprehensive insight into your clients. It teaches you where and how to gain significant market share in new and existing geographies.
You can create your own survey with Askattest ( with help from their in-house experts.) It links you to over 110 million people in 49 countries to provide evidence-based market research.
Brand awareness metrics are the most essential marketing metric. It is the first step in the marketing funnel. It indicates how well your marketing campaigns are performing and whether they are reaching the intended target.
Askattest analyses your brand metrics to help you change your approach if it fails to reach the target audience. Spotting market disparities to optimize marketing opportunities is a breeze when you use Askattest.
2. KNIME
Kinme combines information from diverse sources, changes it, and then evaluates it. This software has the capacity to execute predictive analytic algorithms, patterns, and social media research such as sentimental analysis, network mining, and content tagging. It also provides for the evaluation of analysis results or trained systems in an engaging way.
Despite the benefits of this technology, the UI is not easy to understand. Therefore, it may take some time to get used to it. Knime uses advanced programming tools R, Python, and Perl, so you can be assured that the software keeps up with the market trends and never goes outdated.
3. Google Alerts
The most common market research tool is Google Alerts. It has a user-friendly interface.
All you have to do is specify the keywords you want to analyze, as well as the media (News, Blogs, Videos, and Discussions), the frequency of text notifications, the quantity, and your email address. The system then gives you resources that match your preferences.
Furthermore, you have the ability to impact the market, track bad trends in real-time, and take relevant action. You might also look for new clientele to grow your business.
This tool, however, has a limited number of options. As a result, if you wish to obtain data based on different criteria, you’ll have to pay for alternative services.
Wrapping Up 3 Essential Market Research Tools in 2022
We have come to the end of this article. Remember, running your business on assumptions about the market, consumers, and competitors will not take you anywhere. However, before you choose a market research tool, it is imperative that you know the difference between market research and marketing research.
While market research focuses on a specific group of consumers, marketing research looks into the entire marketing strategy of a company. Market research helps you grow your business by helping you understand your target audience.
Whatever form of research you undertake, you will need to execute comprehensive market research in order to get a result that will assist your organization. If your results lead to an answer to your research problem, you will be able to make decisions about the next stages for your company.
If you were unable to address the research questions, this does not imply that your analysis is flawed. You may realize that you should have asked relevant questions or that the situation was more intricate than you thought. When this happens, it’s time to keep researching until you find a solution.
