You recognize the importance of market research software in helping you gather data for your research projects. But how do you choose the right market research software for your needs?
There are three primary questions you should ask to guide you in learning how to choose market research software that’s right for your brand. Let’s dive in.
What Will You Use It For?
Market research software can help with a variety of functions, including:
- Analyzing and gathering data
- Purchase tracking and analytics
- Customer feedback
Some tools have multiple functions built into one platform, so start by identifying how you would use the tool.
What Features Do You Need?
Beyond basic functions you require, consider what specific features will help you succeed. There may be things you’ve been doing manually that the right market research software could make easier.
These features include things like visualization tools, data reporting, and statistical analysis.
If you’ve been using multiple tools for different functions, it might make sense to find a tool that houses multiple tools under one roof, like a survey platform and online chat focus group or online diary platform.
If you focus on eCommerce, you might look for a platform with a market segmentation tool as well as the ability to test ads or assess marketing trends.
Take your time answering this question. It’s better to invest more in a market research platform that has functions you’ll grow into than one with limited functions you will quickly grow out of.
What’s Your Budget?
Not to worry if your budget is small; many market research software platforms are geared toward small businesses and smaller budgets.
Keep in mind what you’ll pay will depend on how robust you need the tool to be, as well as how many users need access to it. A simple survey platform could cost between $19 a month for basic features up to $350 a month for all the bells and whistles. A more complex tool may cost thousands a month.
If you need to get your budget approved by a manager, focus on how this investment will save you time and money, and how it can help your market research team do more.
Market Research Software Options
Overwhelmed with how to choose market research software? Don’t be. Here are a few examples of popular options to start your hunt.
Qualtrics is often among the top choices when it comes to market research for corporate researchers and academic researchers. Its multifaceted tool offers features like competitive benchmarking, ad testing, and behavior analysis.
SurveyMonkey helps you tap into whether your customers are satisfied through a variety of features including surveys, Net Promoter Score analysis, and more. You can understand customer needs throughout the buyer journey.
SurveyGizmo specializes in helping you get product feedback so you can develop and improve products to meet customer demands. You can also use it to conduct 360 reviews with employees.
Learning how to choose market research software ensures you carefully determine your needs and find the right software that you can use for years to come.
Take your research to the next level. Find out how to optimize surveys with our free optimization checklist.