Top 6 Market Research Software in 2024

In today’s data-driven age, businesses need sharp insights to succeed. Market research tools are essential for decoding audience preferences and market trends. Companies use market research software to conduct market research surveys, collect feedback from users, and get insights to drive growth. With so many market research tools out there, finding the right one can be a challenge.

This guide provides:

• a benchmarking on the top market research software in the market
• lists the benefits of leveraging market research
• examines the essential features of market research tools.

Top 6 market research software benchmarking

* Based on the total number of reviews on software review platforms.

** Average ratings on software review platforms.

*** Based on vendor claims.

Vendor selection criteria

Given the high number of vendors providing market research platforms, we streamlined our benchmarking process using specific, transparent criteria to ensure objective evaluation. Our focus was on metrics that are both public and can be easily validated either through the vendors’ official channels or trusted third-party platforms. Consequently, we centered our attention on companies with:

• at least 20 reviews on software review platforms such as G2 & Capterra
• At least 4 out of 5 star ratings on software review platforms such as G2 & Capterra
• more than 20 employees, as stated on LinkedIn

Disclaimer:

The data is gathered from the websites of vendors or the software review platforms (i.e., ratings). Please keep in mind that some vendors provide a variety of services (e.g., advertising), while some are only focused on market research. That’s why, both their company size and the number of reviews may differ. If you believe we have missed any vendor or any feature, please contact us so that we can consider adding it to our article.

> 7 benefits of conducting market research

Market research is more than just gathering data—it’s the key to understanding your market and making informed decisions. From startups to seasoned businesses, every stage benefits from it. Here are the benefits of market research in different stages of a company:

Pre-seed

1- Validation

Before allocating time, money, and effort, entrepreneurs must discern whether their vision matches the market’s needs. Validation involves preliminary data gathering through surveys, focus groups, or prototype testing. This gives insights into questions such as: Do people resonate with the concept? Is there genuine interest, or is the market already oversaturated?

2- Audience profiling

It’s insufficient to say “everyone” will use your product. Businesses must define their target customer segments. Audience profiling is about specifics: age ranges, pain points, purchasing habits, online platforms preferred, and even sentiments. With this insight, you can tailor your product design, features, and marketing strategies to resonate deeply with the target group.

3- Risk mitigation

Risk mitigation is about proactively identifying potential roadblocks in your business path. These could inlcude financial risks, regulatory challenges, potential supply chain disruptions, or evolving consumer behaviors. A proactive approach allows businesses to prepare alternative strategies, ensuring a smoother process.

Pre-launch

4- Product refinement

Even with a solid idea, there’s always room for improvement. It is critical to gather specific feedback on your product or service from your identified target audience. This phase might involve beta testing, sample distributions, or trial services. Feedback can reveal crucial adjustments needed, enhancing user experience, functionality, or addressing overlooked pain points.

To learn more, check out our article on customer feedback tools.

5- Pricing strategy

Instead of arbitrarily setting a price, businesses should analyze competitor pricing, understand the audience’s willingness to pay, and factor in production or service delivery costs. Setting the right price can dictate profitability and market penetration speed.

Post-Launch

6- Feedback loop

Markets are ever-changing landscapes with shifting demands. Utilizing a tool for market research to regularly capture reviews, conduct surveys, or facilitate direct engagements enables businesses to adapt their offerings in tune with these shifts. This not only ensures the product or service remains relevant but also paves the way for sustained success in a dynamic marketplace.

7- Growth pathways

Expansions are inevitable for companies wanting to broaden their horizon. These can be geographical, demographical, or even product-based expansions. With a combination of market insights, customer feedback, and business analytics, companies can identify areas ripe for growth. Whether it’s launching in a new city, targeting a new age group, or diversifying the product range, informed decisions pave the path to sustained growth.

Features to look for in a market research software

Audience size

Leading market research tools go beyond data collection; they also provide access to survey participants. This built-in feature eliminates the need for third-party recruitment platforms. Instead of just offering the tools to gather insights, these solutions directly supply a curated pool of respondents. The larger the pool, the more likely you can find your target audience. For businesses, this means streamlined research, ensuring both efficiency and relevance in feedback collection.

If you want to know more about survey participant recruitment, check out our comprehensive guide.

Selection criteria for the target audience

Sometimes, you need insights from a specific subset of the population. For instance, if your product is tailored for senior citizens, then feedback from teenagers might not be as valuable. The software should allow users to define and select their target audience based on various criteria like age, location, purchasing habits, etc., ensuring that the research is focused on the relevant demographic.

Data quality control

The software should have mechanisms to filter out unqualified participants, detect inconsistencies in responses, and ensure that you’re getting genuine, high-quality feedback. This might involve features like

• AI-powered fraud detection
• response validation
• attention-check questions
• duplicate response prevention.

If interested, here is our data-driven list of survey participant recruitment services and survey tools.

Customizable reports

Customizable reports allow businesses to view data in various formats, highlight specific insights, and tailor the presentation based on the audience (be it internal teams, stakeholders, or clients).

Real-time results

Instead of batch-processing at the end, some vendors offer businesses to get a live feed of their market research. This instantaneous data stream can be a boon for marketers, product developers, or strategists, allowing them to catch early indicators, respond to concerns, or capitalize on positive feedback immediately.

Media file addition (i.e., audio, image, video)

Modern market research isn’t limited to just textual feedback. It often involves multimedia elements to capture comprehensive responses. Whether it’s a respondent uploading a video review of a product, attaching images to highlight an issue, or including audio feedback, the ability to handle and integrate various media types in the research process enriches the data collected.

Further Reading

• Top 4 Qualtrics Competitors
• Top 5 Pollfish Alternatives
• B2B Marketing Survey: An In-Depth Guide

For those interested, here is our data driven list of market research tools.

Transparency statement: AIMultiple serves numerous emerging tech companies, including resonio by Clickworker.

Reach us if you need help in your vendor selection process: