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Free Market Research Tools [List]

Posted by Jack Medland-Slater - 15 August, 2018

Market research is an integral part of successful business, but it can be a significant investment for smaller businesses. With that in mind, we’ve curated a list of some of the best free market research tools available on the web.

Free Market Research Tools

Read more: Understanding your Audience, the complete guide to market research.
 

 

SurveyMonkey

SurveyMonkey is a surveying tool, and one of the most popular ones available on the internet today. It allows you to send out online surveys via email, links, website embeds and more. Questions can include multiple choice, text boxes for longer answers, Likert scales and so on.

It has both free and premium plans.

Research type:

✓ Qualitative

✓ Quantitative

 

 

 

Data type:

✓ Demographic

✓ Geographic

✓ Psychographic

✓ Behavioural

 

 

 

 

 

 

Pros and cons

Pros: SurveyMonkey is a robust, flexible surveying tool that is simple to use and simple to deploy. It provides a lot of functionality even with its free plan too—there’s a good reason it’s popular.

Cons: While SurveyMonkey does provide plenty of resources on how to write an effective survey question, it does still rely on you as the user to have the expertise to create the questions and avoid bias. Further, while the free plan allows you to collect as many responses as you like, you can only view the first 100. That is often not enough to create the robust market research you are looking for.

 


 

Social media insights

Facebook, Twitter, LinkedIn, Instagram and other social sites will often include insight tools for businesses. These tools reveal a great deal of information about the performance of your online presence and advertisements, such as impressions, reach and clicks. Some of this data even includes demographics and previous buying behaviour.

You can also use social media to investigate qualitative data in follower comments; treat these as you would an open-ended question in an interview or survey.

HootSuite provides a particularly useful guide on how to access audience data for Twitter, LinkedIn and Facebook.

Research type:

✓ Qualitative

✓ Quantitative

 

 

 

Data type:

✓ Demographic

✓ Geographic

✓ Psychographic

✓ Behavioural

 

 

 

 

 

 

Pros and cons

Pros: Provides a wealth of data on your existing audience and can provide insights into potential audiences in reviewing your competitors too.

Cons: Depending on the size of your following and industry, there can be some limitations on social media insights. If your audience is large, drawing qualitative insights can be a very time-consuming and manual process. If the audience is small then there may not be enough data to draw valid conclusions. Social media generally provides a relatively surface-level view and it lacks the controlled qualitative data gathered by interviews.

 


 

Google Analytics

Google Analytics is an online tool that tracks a wide variety of different metrics for your website, such as sessions, page views, dwell time and other page behaviour metrics . Essentially, it tracks the performance of your site, and gives you an idea of what kind of people visit your site, how many of them there are, how they get there and what they do once they’ve arrived.

Research type:

✓ Qualitative

✓ Quantitative

 

 

 

Data type:

✓ Demographic

✓ Geographic

✓ Psychographic

✓ Behavioural

 

 

 

 

 

 

Pros and cons

Pros: Google Analytics gives you access to every type of data you can imagine, including the actual interest categories of your audience, based on their previous Google searches.

Cons: Depending on the privacy of your users, you may not have data available for the entirety of your audience. You cannot guarantee opt-in from every user. Also if your website has only been recently launched, then you may not have enough traffic to draw insight from.

 


 

Google Consumer Barometer

The Google Consumer Barometer is the result of a 2017 research project conducted by Google and its partners to investigate trends about internet uses—including purchasing decisions and behaviour. It covers dozens of countries and tens of thousands of respondents and was made up of surveys and interviews.

This information has now been made accessible for free online and includes a series of customisable graphs.

Research type:

✓ Qualitative

✓ Quantitative

 

 

 

Data type:

✓ Demographic

✓ Geographic

 Psychographic

 Behavioural

 

 

 

 

 

 

Pros and cons

Pros: This is a very robust study covering a lot of details about online consumer behaviour. The fact that it can be filtered by country, demographics, etc makes it a valuable resource for any business with an online presence.

Cons: For those businesses that primarily operate with brick-and-mortar stores, many of the insights won’t be all that useful. This is also data that isn’t specific to your company; it’s good for getting a general idea, or for getting more information on an audience you have already identified, but not useful for beginning your research.

 


 

Google Market Finder 

Google Market Finder uses information about your business to find a recommended market somewhere around the world. This is presented as a ranked list, along with information about the country and its populace. In terms of audience, it provides high level data on demographics and a little on buyer behaviour as well.

Research type:

 Qualitative

✓ Quantitative

 

 

 

Data type:

✓ Demographic

✓ Geographic

 Psychographic

 Behavioural

 

 

 

 

 

 

Pros and cons

Pros: If you are looking to expand your business into another country, the Google Market Finder provides an excellent starting point that only requires input from your website and some basic information about yourself.

Cons: The data is exceptionally high level, covering an entire country’s population. Your audience may be included, but so will all the people you aren’t interested in targeting.

 


 

HubSpot (Free CRM) 

HubSpot CRM is a customer relationship management tool that keeps track of your customers, their details and their interactions with your brand. Some of these interactions are automatically updated, while others must be input manually.

Research type:

 Qualitative

 Quantitative

 

 

 

Data type:

✓ Demographic

✓ Geographic

 Psychographic

 Behavioural

 

 

 

 

 

 

Pros and cons

Pros: HubSpot CRM keeps all of the information about a lead in one place, giving you deep qualitative data about their previous interactions with your brand. This makes it an excellent tool for formulating buyer personas.

Cons: It’s primarily a management tool rather than a data generation tool. It requires users to already have a strong customer base to draw from, as well as requiring users to keep the data updated (manually).

 


 

Statista

Statista is a statistics amalgamation site with an enormous amount of data on every topic you could possibly think of—including research related to your audience. While a lot of this data is reserved for premium users, a significant portion is available for free.

Research type:

✖ Qualitative

 Quantitative

 

 

 

Data type:

✓ Demographic

✓ Geographic

 Psychographic

 Behavioural

 

 

 

 

 

 

Pros and cons

Pros: Statista has information on nearly any topic you could think of, from financial to demographic—though it is nearly purely quantitative data.

Cons: A lot of the best data is locked behind a paywall, and it only covers a select few countries. If you are based in New Zealand, you can find similar data from Statistics New Zealand, and Australia has the Australian Bureau of Statistics.

 


 

A word of caution

Free tools can be useful, however they often lack the nuance you need to successfully undertake robust market research. Many of them lack psychographic profiling in particular, which is integral to ensuring you create offerings that appeal to people on a deeper level.

Even powerful tools require expertise to operate them, which is why many organisations instead turn to a market research company.

They’ve got access to the latest research technology and have the expertise to use them effectively. While they may not be ‘free’, they are far more effective than the free version—and considering how valuable market research is, it pays not to skimp on this side of things.

 


 

For more information on market research, download our all-in-one guide to understanding your audience.

 

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Topics: Customer Research


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