When you want to launch a new product, venture into a different market, or open a new store location, the odds are stacked against you. According to Harvard Business Review, only 3% of consumer packaged products surpass the sales goal benchmark of a successful launch.
The lack of market research is the reason for unsuccessful product launches and ill-conceived new features additions. Market research can help you determine if the opportunity exists, how to position your product or service, and what customers’ opinions are after the launch.
To avoid high costs of failure, make sure you gather facts and data to establish if your product, feature, or location will be successful. Invest in market research using these tools and resources.
Seven Useful Market Research Tools and Resources
Do you want to know how consumers’ behaviors change with seasons, vacations, and other special events? Think With Google can help you determine valuable insights on how consumers browse and shop.
With this tool, you can explore consumer trends and strengthen your marketing strategy. Use Google Trends, Shopping Insights, and Consumer Barometer to research consumer behavior and product trends.
Amazon is one of the best resources to research markets, new products, pricing, competition, and more. Browse Amazon best sellers to determine market niches, categories, and related products for upsells and cross-sells.
Determine top competitors on Amazon and look at their offers, deals and price points. Using the Hot New Releases, Top Rated, Gift Ideas, and Most Wished For sections, you can identify your next best sellers.
SurveyMonkey is one of the best tools you can use to create and send surveys for primary market research. If you don’t have a huge following on social media or a customer list to work from, you can use SurveyMonkey Audience. This will give you access to millions of respondents who are ready to give you the answers you want.
Sending surveys to members of your target audience will make sure your efforts are effective and reliable.
The basic plan is free and you can also opt for paid plans that start at $29 per month.
This is a social media research and analysis tool that compiles user-generated content into a single stream of information. Using this tool, you can track and monitor in real-time what consumers are saying about your brand, a new product, or any content across your social media handles.
Social Mention enables you to monitor over 100 social media properties directly, including Facebook, FriendFeed, Digg, Google, and Twitter.
With Typeform you can get fast answers with interactive forms on smartphones, desktops, and tablets.
This tool is especially helpful if you want to get feedback on customer experiences and products. Using Typeform, you can create and share feedback, contact forms, and customer development surveys.
The basic plan is free and premium plans start at $29 per month.
Using Facebook Audience Insights, you’ll be able to know the Facebook followers who are important to your business. This will help you find out what matters to them. By learning about their interests, location, and behaviors, you can create marketing copy that’ll help your business grow.
This tool is free to use.
Do you want to know how web traffic varies by industry, or how marketing is effective in different regions around the world? HubSpot Research is your best bet. You can use HubSpot Research’s presentation-builder tool to compile stats and charts easily into a customized slide deck.