Though many people believe that the most expensive tool will always be the best, this isn’t always the case in business. When it comes to market research, free tools are just as valuable as expensive ones if you know how to use them effectively. This list of top 5 free market research tools offers some of the best options available today.
1) Google Trends
Sometimes, all you need is a quick snapshot of what’s happening in your industry. Google Trends lets you compare search trends across multiple regions, keywords and time frames so you can make informed decisions about where to focus marketing efforts. The tool also features data on trending news articles related to your topic.
2) Think with Google
If you’re looking to get insights on a specific industry or your own business, Think with Google is a great place to start. Here, you can search and find articles and videos related to your topic of interest. The information found in these results can also be filtered by region, language, country and sources. Although not quite as robust as some paid market research tools, Think with Google is a useful first step when trying to create new strategies based on customer insights.
Statista is a complete market research toolkit that provides digital access to millions of statistics. It’s broken down into categories like media, food and drink, and travel – which makes it easy to find exactly what you need in a pinch. Just enter your keyword into their search bar, select your industry, and Statista will give you results based on relevance and timeliness. Data is updated daily, so don’t let another useful nugget slip through your fingers!
4) Statcounter Global Stats
Statcounter Global Stats is a free online service that gathers traffic statistics from visitors all over world. Visitors can check out Statcounter Global Stats to learn what sites are most popular in their country or geographical area, how many visits a site gets and much more. This is helpful information when considering if your business idea has market potential. Once you’ve got some good data on site popularity, it will help you decide where to focus your advertising dollars.
5) Public Data Explorer
The U.S. Census Bureau’s Public Data Explorer is a tool that allows users to create their own maps and graphs based on a range of data sets, including information on income, race, housing and commuting. You can also use it to explore some of your own assumptions about American communities by selecting variables like location, race and ethnicity in order to see where patterns emerge. For instance, if you think San Francisco has a high rate of public transit usage because of its population density and geographical constraints, you might find an interesting surprise once you get into specifics within your city’s demographics.
With so many free and low-cost market research tools at your disposal, there’s no reason not to take advantage of them. Look at as many options as you can, compare and contrast, and choose what best fits your company or project’s needs. After all, it’s a tool—not a one-size-fits-all solution. So what are you waiting for? Get out there and get InnResearching!