Best Market Research Tools in 2023 Free and Paid Explained

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Best Market Research Tools in 2023 Free and Paid Explained

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Want to know how to conduct market research?

Market research tools make it easy to collect, analyze, and use customer and market information.

We’ll discuss the best tools for market research in this article so you can make data-driven decisions for your business.

Why Should You Use Market Research Tools?

Market research involves discovering what your customers and the industry, in general, want and learning about their preferences. Refine your marketing strategy and gather customer feedback quickly by using these tools.

Doing market research can help your business succeed. You can create better products and provide better services to your customers if you deeply understand your customers and market.

The following tools simplify the market research process and provide additional insights:

§ Create new products and services by identifying market gaps

§ Know market trends so that you can be first to market in new niches

§ Improve content and copy on the website to inspire visitors to become customers

§ Look for ways to do better than your competitors

§ Use customer data to better serve them so that they remain loyal to you

Let’s look at some of the best tools you can use when conducting market research on your WordPress site.

1. Market Research Tool: WPForms

More than 4 million websites use WPForms, the leading WordPress form plugin, and contact form plugin.

You can easily create surveys, polls, questionnaires, and feedback forms using the drag and drop builder.

The system comes with 100+ pre-built templates to help you quickly build the form you need.

Creating engaging survey forms of consumer or market data is accessible with this powerful addon.

With this addon, you can make your forms appear more human by combining conditional logic, multi-page documents, and even conversational forms.

In the survey form, you can add checkboxes, radio buttons, a net promoter score (NPS) field, ratings, etc.

Furthermore, WPForms automatically creates beautiful reports with graphs and charts for you to understand your data better. As well as exporting these graphs as images, you can embed them in a website or send them out via social media.

While you can create contact forms in WordPress for free, the premium plan, starting at $199 a year, lets you create advanced surveys.

2. Market Research Tool: Think with Google Research

With Think with Google, you can gain valuable insights by gaining a deeper understanding of your market, uncovering new trends, and uncovering new entrants into it.

Among these tools are insights into your market, valuable statistics, and other marketing tools so you can put your insights into action.

You can find new regional and global markets using the Market Insights tool, for example.

You’ll also find an eCommerce Trends tool, similar to Google Trends for Ecommerce, that shows you trending retail categories.

Depending on your preference, you can view the data weekly, monthly, or annually.

It is possible to use the Find My Audience tool to discover new audiences on YouTube. It will enable you to find out how to easily reach them if you edit videos or have a YouTube channel.

3.Market Research Tool: Semrush

Among the industry’s best keyword research tools and content marketing tools, Semrush is the best. Everyone from SEO experts to beginners uses it.

The keyword research features can help you determine how many searchers are searching for a given keyword and become more popular or less famous.

You can also use Google Analytics to get additional insights about your website visitors if you use it.

It also provides information on popular and relevant search terms and searches engine ranking information on your competitors.

The competitive research toolkit allows you to analyze your competitors’ traffic, authority ranking, up-and-coming sites, and more to understand your market and competitors better.

The premium plans start at $119.95 per month and give you access to keyword, SEO, and traffic data.

4. Market Research Tool: Statista

With Statista, you can easily access data across multiple industries and niches.

You’ll always see the most up-to-date data because our reports, graphs, and data are constantly updated.

This tool offers precise data. In any industry you’re in, you can access valuable data to build buyer personas, create custom content, and more.

Moreover, the chart is updated whenever new data becomes available. Thus, by continuously viewing the same graph, you can observe how market data changes over time.

This tool offers an extensive amount of free data, while more niche reports and data are only available on premium plans, which start at $39 per month.

5. Market Research Tool: BuzzSumo

Buzzsumo is a great way to conduct market research and find the best content. Brands like HubSpot and BuzzFeed use it. It allows marketers to identify the most famous content in specific niches.

When you write a blog post, you want it to be successful. Creating similar content is the best way to analyze what your audience enjoys.

In Buzzsumo, you can see what content is getting the most shares and see which types of content get the most views.

You can view current topics within the context of trending topics from the past five years.

You can also uncover influential people in your space and explore keyword opportunities you may have been overlooking.

Buzzsumo offers a free forever plan in which you can perform up to 10 searches per month. You can get unlimited searches and more tools by upgrading to the pro plans, which start at $99 per month.

6. Market Research Tool: US Census Bureau

The US Census Bureau offers a free resource that allows you to search all the United States census data. It provides you with a wealth of demographic information. If you want to filter your searches, you can select income, age, year, and location.

There are also built-in visualization tools that allow users to see the size of US markets across the country.

To determine whether there is a market gap or oversaturation in your sector, you can expand across the US.

7. Market Research Tool: NielsenIQ

With NielsenIQ, you can gain insight into retail and consumer trends. If you are considering launching a new product line, the data and insights in this article can help you do so more successfully.

Using product forecast metrics, you can forecast how well your products will perform when they launch. It can also guide you in determining the channels through which you should distribute your products.

In the case where you don’t have a lot of customer data to work with, you can run a market research survey with NeilsenIQ’s list of partners.

Businesses with a limited budget might consider trying other business intelligence solutions on or before NielsenIQ.

8. Market Research Tool: Gartner

Gartner provides accurate and in-depth industry reports created by experts. It identifies industry trends, gaps in the market, and more and is among the most popular offerings. In addition, there are various other technical reports, such as the Critical Capabilities report, which compares other products and services.

It is the purpose of the reports to make decision-making much more manageable. Furthermore, data analysis and visualization tools will help you get a good perspective on your market. Additionally, you can access in-depth research reports to stay ahead of the competition.

9. Market Research Tool: Tableau Public

The Tableau Public tool allows you to visualize data for free. Your data may be complicated, but this tool helps you make sense of it and better understand your market. You can import data from many different sources, including excel spreadsheets, PDFs, and text. 

After the tool analyzes the data, it will present the results in an interactive dashboard.

Customize the data by using colorful charts and tables. It is a free public platform so that you can share it with your team across mobile, desktop, and even email.

10. Market Research Tool: Upwave

Upwave (formerly Survata) gives you the capability to measure the success of your marketing campaigns. This software allows you to analyze your marketing data in real-time and identify your most successful marketing areas.

Upwave’s predictive analysis helps you predict success and make changes on the fly.

Aside from obtaining data about your current campaigns, they also offer a platform known as Instant Insights. 

You can conduct your customer survey to compile valuable respondent data.

You get Real-time updates in an easy-to-follow graph.

11. Market Research Tool: Pew Research Center

Pew Research Center collects in-depth information across a wide range of industries.

Find In-depth research reports and analyses on social trends, science, technology, the internet, global interests, social media, online privacy, and more.

There are also graphs and demographic data for every report, such as this one about social media usage among US adults. Each report includes a detailed guide to how they conduct their studies. That will help you determine how the data may apply to your business.

All of this information will help you identify new markets to expand into and better understand how your market works.

12. Market Research Tool: LivingFacts

LivingFacts is the product of The Pew Charitable Trusts, the same company behind The Pew Research Center. Specifically, this data is about Americans and their lifestyle. Those who have a website aimed at Americans will find this site helpful as they study the current demographic trends.

Among the topics, you’ll find research on US demographics, faith and religion, overall health, money and work, and developments in the future. The information is presented in an easy-to-understand format, complete with statistics, infographics, and fun facts.

13. Market Research Tool: Formidable Forms

With Formidable Forms, you get the most advanced WordPress form builder and the best WordPress calculator plugin in the market. This software allows you to create complex forms quickly.

A great feature is the possibility of creating your calculators. Many people think of a calculator as an app or something they use in math class. On the contrary, you can create unique calculators in Formidable Forms that can provide you with all types of information about your audience.

The site features mortgage calculators, request quote calculators, car payment calculators, and many other valuable features. These calculators are not only a great way to get backlinks and get more traffic but can be a beneficial source of data you can use to improve your website and business.

As a website owner, you can format, filter, and display the data submitted by visitors.

It currently costs $199.50 per month to take advantage of the powerful calculator features.

14. Market Research Tool: Facebook Audience Insights

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The Facebook Audience Insights tool provides you with data about the performance of your Facebook page and the performance of Facebook overall.

Facebook is your brand’s most valuable social media platform thanks to its 2.5 million active monthly users.

There is information on age, gender, job title, hobbies, location, relationship status, and more. The data will help you identify your target audience more profoundly and determine new ways to attain that audience on Facebook.

Which is the most influential research tool? (My personal preferences)

The best tools in the market are WPForms, Think with Google, and Semrush, in my opinion. You can easily collect customer data with WPForms, which you can use to create better content, improve your website, and more.

With Think with Google, you can gather market research information for your online store or start-up business. By using Semrush, you can find out what your competitors are doing to get traffic online, as well as what your customers seek online.

If you’re interested in detailed statistics that you can use in your content or want to gain insight into your audience as a whole, then Statista works nicely. Also, I’ve tried using other market research platforms such as Qualtrics, TypeForm, SurveyMonkey, Make My Persona and Social Mention. However, we decided to keep the list short of making your decision easier.

I hope this article helped you find the best market research tool for your business.

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