9 Free Market Research Tools you should be using Right Now

WPManageNinja
20 Jan 202107:40
EducationalLearning
32 Likes 10 Comments

TLDRThis video script emphasizes the importance of market research for businesses to understand customer needs and stay competitive. It introduces nine free tools that can assist in this process: Google Trends for tracking keyword interest, Statista for accessing market data, Tableau Public for data visualization, Google Analytics for website traffic analysis, MakeMyPersona for creating buyer personas, Google Keyword Planner for keyword research, Ubersuggest for keyword and content analysis, Google Alerts for monitoring search results, and Pew Research Center for demographic and social research. These tools can help identify opportunities, reduce risks, and improve business strategies.

Takeaways
  • 📈 Market research is essential for understanding customer needs and supplying the right products and services.
  • 🔍 Finding the best market research tool can be time-consuming and costly, but there are free options available.
  • 📊 Google Trends is a free tool that analyzes search trends over time for specific keywords, providing insights into market interest.
  • 📊 Statista offers access to market research data and insights from various sources, with a basic plan available for free.
  • 📈 Tableau Public is a free data visualization tool that helps in understanding complex market research data through interactive graphs and dashboards.
  • 🌐 Google Analytics, while not exclusively a market research tool, can provide valuable insights into website traffic and visitor behavior.
  • 👥 MakeMyPersona by Hubspot is a free tool that helps create buyer personas based on market research, enhancing market understanding.
  • 🔑 Google Keyword Planner assists in keyword research to find new keywords and understand audience search behavior, available for free.
  • 🔍 Ubersuggest is a free tool for keyword and content market research, offering features like domain overview and backlink data.
  • 📰 Google Alerts is a free notification service that provides real-time alerts for new content matching specified keywords, useful for tracking competitors.
  • 📚 Pew Research Center is a free resource offering a vast database of social research, demographic studies, and public opinion polls.
Q & A

  • Why is market research important for a business owner?

    -Market research is crucial because it helps business owners understand what customers need, which is essential for providing the best products or services. It also aids in analyzing market trends, spotting business opportunities, lowering risks, and improving selling techniques.

  • What are the benefits of using market research tools?

    -Market research tools are vital for spotting business opportunities, lowering business risks, producing relevant materials, finding advertising channels, outperforming competitors, setting business goals, making decisions, identifying customer requirements, and improving sales strategies.

  • How does Google Trends help in market research?

    -Google Trends allows users to look for specific keywords, subjects, and phrases that have gained interest over a specific period. It analyzes a portion of Google searches to show the search volume of a phrase in proportion to the total number of searches done on Google.

  • What kind of data does Statista provide for market research?

    -Statista provides access to data from market research institutions, opinions, assessments from business organizations, and government institutions. It helps in understanding the nature of competition, the relative size of industries, average expenditures, and individual company expenditures.

  • How does Tableau Public assist with market research?

    -Tableau Public is a free data visualization tool that allows users to analyze market research data with analytics and business intelligence. It can create interactive graphs, maps, and dashboards, providing intuitive visualization of complex data.

  • What is the role of Google Analytics in market research?

    -While not a market research tool per se, Google Analytics helps analyze website traffic, offering insights into visitor demographics and their interests. It provides features like traffic reporting, conversion tracking, keyword guidance, third-party referrals, and customizable dashboards.

  • How does MakeMyPersona from Hubspot contribute to market research?

    -MakeMyPersona allows users to create buyer personas based on a series of questions related to existing market research. This helps in understanding the market better by identifying customer characteristics and preferences.

  • What does Google Keyword Planner offer for market research?

    -Google Keyword Planner is designed for basic keyword research, helping users find new keywords related to their business. It provides detailed insights into how audiences search for information within a market and suggests daily budgets and monthly search details.

  • What are the features of Ubersuggest for market research?

    -Ubersuggest offers keyword and content market research by providing a list of additional keywords based on an input phrase. It includes features like domain overview, top SEO pages, keyword ideas, content suggestions, and backlink data.

  • How does Google Alerts serve as a market research tool?

    -Google Alerts is a notification service that sends real-time alerts on specified keywords. It can track competitors, create links, and notify users of new content such as web pages, blogs, research, or articles that match their interests.

  • What type of information does the Pew Research Center provide?

    -The Pew Research Center is a nonpartisan fact tank that offers a vast database of free research on various fields. It conducts demographic research, content analysis, public opinion polling, and other social research, providing insights into current issues, viewpoints, and trends.

  • How can a business owner select the best market research tool from the list?

    -A business owner should consider their specific needs, such as the type of data required, the ease of use, and the cost. They should also evaluate how each tool can help them understand their market better, identify customer needs, and make informed business decisions.

Outlines
00:00
📈 Market Research Tools for Business Success

This paragraph emphasizes the importance of understanding customer needs to provide the best products and services. It highlights the role of market research in analyzing market trends and business growth, identifying opportunities, and reducing risks. The paragraph introduces nine free market research tools, starting with Google Trends, which allows users to track keyword popularity over time. It also mentions the benefits of using market research tools, such as spotting opportunities, improving advertising strategies, and enhancing decision-making processes.

05:01
📊 Exploring the Top 9 Free Market Research Tools

The second paragraph delves into the specifics of the listed market research tools. It describes Google Trends' ability to analyze search trends and its user-friendly interface. Statista is presented as a tool for accessing market research data and statistics, with a basic free plan available. Tableau Public is introduced as a free data visualization tool that simplifies complex data analysis. Google Analytics, while not exclusively a market research tool, is highlighted for its ability to provide insights into website traffic and user behavior. The paragraph also mentions MakeMyPersona for creating buyer personas, Google Keyword Planner for keyword research, Ubersuggest for keyword and content research, Google Alerts for monitoring keyword mentions, and Pew Research Center for demographic research and public opinion polling. Each tool is briefly explained, emphasizing their utility and accessibility.

Mindmap
Keywords
💡Market Research
Market research is the process of gathering and analyzing data about a target market or industry for the purpose of making informed business decisions. In the video, it is emphasized as crucial for understanding customer needs and spotting business opportunities. It is the foundation upon which the rest of the tools and strategies are built.
💡Google Trends
Google Trends is a free tool that allows users to see how often a particular search term is entered into Google over a period of time. It's used in market research to identify the popularity of topics and to track the latest trends. In the script, it is mentioned as one of the best free-market research tools for analyzing search terms in proportion to the total number of searches done on Google.
💡Statista
Statista is a market research tool that provides access to data from market research institutions, business organizations, and government institutions. It is used for building an online statistic in market research and understanding the nature of competition. The video highlights its features such as statistics portal, research and analysis, and e-commerce insights.
💡Data Visualization
Data visualization is the graphical representation of information and data. Tools like Tableau Public, mentioned in the video, help in creating intuitive visualizations of complex data, which is essential for market research to analyze and interpret data effectively.
💡Google Analytics
Google Analytics is a web analytics service that provides statistics and basic analytical tools for search engine optimization (SEO) and marketing purposes. It is used to analyze website traffic and understand visitor behavior, which is valuable for market research to assess customer demands and preferences.
💡Buyer Personas
Buyer personas are fictional, generalized representations of your ideal customer. MakeMyPersona, a tool from Hubspot, is used to create these personas based on market research. In the video, it is mentioned as a way to understand the market better by creating personas and understanding user behaviors.
💡Keyword Research
Keyword research is the process of identifying and researching the terms that people enter into search engines when looking for products or services similar to your business. Google Keyword Planner, discussed in the video, is a tool that helps in this process by finding new keywords and understanding how audiences search for information within a market.
💡Competitor Analysis
Competitor analysis involves examining the strategies, strengths, and weaknesses of your competition to improve your own business strategies. Ubersuggest, one of the tools listed, allows users to input a phrase and receive a list of additional keywords, which can be used to track competitors and understand their market presence.
💡Google Alerts
Google Alerts is a free tool that sends emails to the user when new content related to a particular keyword is published on the web. It is used in market research to track mentions of specific topics, competitors, or industry trends, providing real-time alerts and helping to stay updated with the latest information.
💡Pew Research Center
The Pew Research Center is a nonpartisan fact tank that provides information on social issues, public opinion, and demographic trends. It is used in market research to understand the broader social and demographic context of a market. The video mentions its vast database of free inquiry and its features like interactive charts and research center.
💡Online Business Market
The online business market refers to the virtual space where businesses operate and compete. Understanding this market is essential for any business looking to succeed online. The video's theme revolves around using various tools to gain insights into this market, from customer needs to competitive analysis.
Highlights

Market research is essential for understanding customer needs and supplying the best products or services.

The right market research tool can help analyze market trends and business growth amidst constant changes.

Market research tools are crucial for identifying business opportunities, lowering risks, and improving sales techniques.

Google Trends is a free tool that analyzes search interest in keywords or phrases over time.

Statista provides access to market research data and insights from various institutions in multiple languages.

Tableau Public is a free data visualization tool that simplifies complex market research data into intuitive visualizations.

Google Analytics offers insights into website traffic and visitor behavior, aiding in understanding customer demands.

MakeMyPersona by Hubspot allows for the creation of buyer personas based on market research, enhancing market understanding.

Google Keyword Planner assists in finding new keywords and understanding audience search behavior within a market.

Ubersuggest is a straightforward tool for keyword and content market research, providing a list of additional keywords.

Google Alerts is a notification service that can track competitors and provide real-time alerts on specific keywords.

Pew Research Center is a fact tank offering a vast database of free research on various fields, including demographic and public opinion polling.

Using a combination of these tools can significantly enhance understanding of the online business market.

These tools are designed to be easy to use, saving business owners time and money in the market research process.

The features of these tools include real-time data, interactive graphs, customizable dashboards, and automated mobile layouts.

For businesses wanting to avoid monthly fees, free services like Google Analytics and Google Alerts can be utilized.

Corporate accounts for more advanced features may require a monthly subscription, such as the $700 plan for Statista.

The list of tools provided can help businesses outperform competitors by identifying customer requirements and setting higher goals.

Sharing the video and subscribing to the channel can keep viewers updated on more valuable content like this.

Transcripts

Browse More Related Video

Quick Free Competitive Analysis to Improve Your Marketing and Advertising Strategy

How to Do Keyword Research for Free in 2024 & Beyond

Complete Google Trends Tutorial 2023 - Improve SEO, Keyword Research, and Content Marketing

5 Google Trends Keyword Research and Content Strategy Tips

How to find your niche with these FREE tools

Complete SEO Course for Beginners: Learn to Rank #1 in Google

Rate This

5.0 / 5 (0 votes)

Thanks for rating:

Related Tags
Market ResearchGoogle TrendsData AnalysisCustomer InsightsCompetitive EdgeFree ToolsBusiness GrowthKeyword ResearchOnline BusinessTrend AnalysisStatistical DataData VisualizationWeb TrafficBuyer PersonasContent SEOAlert ServicesDemographic ResearchPublic Opinion