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What tools do you use for market and product research?
My research often looks like a little chaos, and I would love to transform it into kinda instruction to use. Let's do it together!
The first step is Google Trends. What's next?
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Jenna Dunn
There are several tools available for conducting market and product research. Some of the most popular ones include:
1. **Glimpse**: This research tool is quick and easy to use, allowing you to design and launch short surveys for real-time insights on trending topics. It also leverages the power of AI for even deeper insights ¹.
2. **Statista**: This data visualization website takes data from reputable reports across the web and makes them easy and digestible for researchers, marketers, and product creators ¹.
3. **Census Bureau**: This tool provides a wealth of demographic data that can help you understand your target audience better ¹.
4. **SurveyMonkey**: This online survey tool allows you to create and send surveys to your target audience to gather feedback on your products or services ¹.
5. **Typeform**: This tool allows you to create interactive surveys that engage your audience and provide valuable insights ¹.
In addition to these tools, there are many other resources available that can help you conduct market and product research, such as **HubSpot Blog**, **Indeed**, **Crayon**, and more ¹²³⁴⁵.
I hope this helps!
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I think it depends on the type of research you want to conduct. Primary market research (aka the research you conduct yourself) is very helpful for product development.
I am still quite new to market research, but have learned a lot in the last few years. While it's a little daunting to get started, it's a lot more approachable that I would have though.
Tools like SightX.io are great for this type of research- it automates the heavy lifting, so you just need to input product details, add some questions, and share it with an audience (your own, or an online research panel). The platform even uses AI and ML to analyze the data and picks out significant insights for you.
They also have a good blog (sightx.io/blog) with a lot of resources, which helps make everything a lot more accessible.
As for the specific approaches or techniques, here are some popular options:
- Concept testing is good at any point in your development process. Early on, you can use it to screen different product variations or prototypes. Later in the development process you can use concept testing to perfect your product's design, features, messaging, or functionality.
- MaxDiff and Conjoint Analysis are both great options if you want to understand how consumers feel about the different aspects/features of your product. Which do they like/use the most? Which could they live without? This lets you focus on what will actually matters to your audience, without getting hung up with inconsequential details.
- Pricing research tools like Van Westendorp (VW) and Gabor-Granger(GG) are sometimes overlooked, but still very important. If your product is priced too high, people may be turned off immediately. But if it's priced too low, they might end up questioning the quality. VW and/or GG can give you an optimal price for your product and shed some insights on the price sensitivity in your market (which will help you understand how raising or lowering the price later could effect people's perceptions of your product).
- TURF Analysis will help you pick the perfect mix of product features so that your offering will appeal to the widest audience.