The same way a worker will require a toolbox, every business owner needs tools to obtain and analyze consumer data, and consequently use the information to make correct judgment and decisions. Undoubtedly, knowing what customers need and acting upon the data will give you an edge over your competitors. Below are five tools that can help entrepreneurs make the most out of their market research companies.
Google Analytics
Through Google Analytics, you can determine the geographic locations of customers who visit your website but fail to make purchases. The tool will also pinpoint where visitors to a website come from—whether it is via PPC campaign, organic search or email link. This way, you get to know the most effective marketing strategy for your business. Additionally, the tool shows you the number of visits individual pages of your site receive. You may want to change the information or prices of products listed on pages that receive a considerable amount of visits but make low sales.
Social Mention
Social Mention has gained popularity due to its ability to monitor social media activity and produce useful metrics. Through the tool, you can get real-time information about what people think about a particular brand or a specific product that you sell. When you search for a particular product or service in the tool, it produces a list of mentions and proceeds to display several metrics relating to the corresponding keyword.
Quora
If you are looking for a healthy and in-depth discussion about particular products, services, or competitors, you might consider using Quora, an incredible website that you can use as a market research tool for free. Use Quora to know what customers hate or love about your competitors and hence make a few adjustments on your service or products. Additionally, create topics in Quora to obtain authentic and useful answers that may form your basis for critical decisions.
SEMrush
SEMrush is an excellent tool for competitor analysis, whereby you get to know and adopt the strategies that work for your competitors. First, you need to identify your competitor and then proceed to monitor their search rankings as well as their social media activities. You get a chance to compare the metrics with yours, and consequently adopt winning strategies that may improve traffic and sales.
Conclusion
Market Research companies help entrepreneurs obtain useful information about the needs of customers who use their products and services. Nevertheless, business owners need to use the right tools to benefit from their market research fully. The tools outlined above have been proven to be helpful in monitoring and analyzing consumer data as well as the performance of competitors.
