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Top Challenges Faced by Market Researchers and How to Solve Them

It’s been a challenging few years, to say the least. As we look ahead to the coming years, we wanted to uncover the biggest challenges currently facing market researchers. So we did what we do best: designed and conducted a study of 145 insights pros to learn more about the difficulties they’re facing – and then provide ways to address them. Here’s what we learned.

Watch the on-demand webinar here to see the full research report from our study.

Common difficulties

We all know that conducting research in today's landscape has been challenging. in many ways, the pandemic amplified the challenges we were already facing. top issues included:.

• Limited budget and staff
• Team is stretched too thin
• Hard to get both the numbers and stories needed to inform internal decision making
• Slow internal approval process for vendors
• Unrealistic timelines
• Changes in scope after starting a project  

Participants said the most problematic and common issues they faced included the need to:

• Conduct research faster to meet internal deadlines
• Offer simpler and less expensive ways to conduct iterative research
• Conduct quality research with limited resources
• Conduct more research with the same amount of resources

In other words, the top challenges revolved around the need to move faster while dealing with limited resources. These are the biggest challenges because insights pros are just that – pros – who want to do quality work. We all get that – we take pride in our work, and we know it takes more than an algorithm to come up with meaningful insights and recommendations for a team.

Key research study takeaways

We asked insights pros how they are dealing with these challenges today. their workarounds to time, budget and resource constraints are....

• Working more hours
• Using experience and qualitative insights to get to more actionable stories behind the data
• Seeking out new tools and partners to drive automation and efficiencies

How to address these challenges

In talking to leaders across the industry, we have seen firsthand that it is possible to get more from limited resources and budgets. it isn’t simply about working harder or faster, but about using technology to build flexibility into our methods so we can move faster while getting more targeted, relevant insights. i have two suggestions for any company that wants to take their insights to the next level., build research agility to deliver speed and efficiency. being able to do both qual iteration and quant validation is key. creating a build, test and learn cycle will speed up processes and deliver faster insights..

Use best practices to ensure quality. Here’s what we suggest:

• Find more targeted participants for your research: people who have demonstrated the specific behavior you want to talk to them about, or who have the knowledge you’re seeking in terms of user experience. Doing this will help ensure quality results and enable focused learning that ties to behavior.

• Use qual and quant together for better context in decision-making by the team. Making these two work together more seamlessly will allow you to create stories while still providing validation.
• Build on learning by re-engaging participants to ask follow-up questions. Newer qual + quant methods allow you to iterate on learning by inviting targeted participants to participate in qual follow-ups to drill deeper into the “whys” and improve as you build.
• Take a flexible approach, using automated research studies with customizable templates that don’t oversimplify for the sake of time/cost. The more you can tailor your questions, the higher likelihood that your team will get the results they need.

Four key ways insights technology can help you deliver

Timelines: Seek out insights technology providers that can offer highly targeted qual + quant recruiting within hours or days. They have automated study templates and reporting dashboards, so you can get instant reporting to drive faster decisions.

Quality: Look for tech solutions that can capture context and experiences rather than just attitudes. You also want the ability to recontact quantitative participants or have multiple touchpoints in your qualitative studies, so you can drill deeper into the whys and iterate on your learning.

Resources:  Seek out technology with reporting dashboards that include built-in sentiment and theme analysis in addition to charts and graphs. Also look for built-in comparisons, benchmarking and stat testing. When looking at your tech options, also consider on-demand services or assisted DIY capabilities. It’s a great alternative to full DIY, if you’re limited on time and need some help getting it all done. It’s also a doable, cost-effective alternative to working with full-service vendors.

Budgets: Working with a tech platform on a subscription basis can be a smart decision. Not only do you save more than traditional discounts with full-service vendors (sometimes 20% or more), but it can save your team time in dealing with bids and approvals on every project. And tech solutions that offer on-demand services can give you the benefits of full-service partners, without the cost.

Next steps to become more agile

So what should you do next if you want to be more agile? First, get leadership buy-in by demonstrating the potential benefits to your timelines and budgets. Next, start building agile skills in your team by experimenting with smaller research sprints. Find a technology partner that can help you – you need to feel comfortable with them and be able to collaborate. As you move forward, take time at the end of each agile study for a short retrospective. Look at your results: Did you get what you needed? Did you work too many hours? What went well? What was inefficient? How can you streamline going forward?

To learn more about agile methods and best practices , check out our new 3-part eBook series:  Ready, Aim, Fire: A Guide to Agile Insights for Consumer  Product Teams.

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Topics: Market Research , Strategic Best Practices , Quantitative Research , Online Communities , Agile

Monika Rogers

Monika Rogers is the CEO and Co-founder of Digsite. She has more than 20 years of marketing, innovation and market research experience, including positions at General Mills, Pillsbury and the A.C. Nielsen Center for Marketing Research at the University of Wisconsin-Madison.

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The biggest obstacles for market researchers – and how to overcome them

Many market researchers face similar obstacles when conducting research. Not having enough time, the right data or skillset can lead to inaccurate or unexplored results.

Overcoming the largest marketing research challenges

Editor's note: Emily Smith is the marketing content specialist at Brandwatch.

Market research can be time-consuming, expensive and hard to implement correctly. Brandwatch has researched the toughest obstacles for insights teams and in this article we’ll offer effective solutions to help your business get ahead of the competition.

The biggest obstacles for market researchers

For our latest report on market research, we asked businesses what was impacting their ability to get to know their customers. We surveyed 63 respondents from Brandwatch’s network. Here’s what they said – and how you can overcome the challenges that arose.

Not having enough time

Over half of respondents said that time was a key obstacle getting in the way of market research efforts at their organization. With most teams in the field pressed for time, important research questions that could help drive business results are being left unexplored.

An effective way to save time is to work with specialist agencies who can conduct research for you. They can offer a second opinion on areas to target while giving you regular feedback on outcomes. Alternatively, a social listening tool  can do all this and more. A great tool will transform the way you conduct market research internally by providing both real-time signals for changes in your market and historic analysis to help you dive deep into trends with just a few clicks.

Lack of budget

Budgeting issues can be the biggest roadblock for market researchers. Being short on the funds needed to conduct effective research might mean your findings are inaccurate, out of date or irrelevant.

Using a consumer intelligence tool  can help save money for your business as they don’t rely on recruiting or incentivizing research participants. Instead, you can simply access unprompted feedback from millions of online sources about your brand, products or market. As you improve understanding of your market and audience, you’re able to use these insights to inform better business decisions.

Not having the right data

Working with data can be complicated and time-consuming – especially if you’re not sure what to look for. Our survey participants agreed that data can help inform strategic decisions and empower businesses to become smarter and more effective in all areas. Being truly consumer-centric means continuously gathering, processing and analyzing various data sources to stay on top of shifting consumer behaviors.

Working with the right data tools takes away the complications of data management, allowing you to work with a wide breadth of data sources in one platform and make important business decisions with confidence.

Not having the right technology

Having the right solutions in place is fundamental to gathering and analyzing the data that can help your organization thrive. According to our survey, 82.54% of respondents thought that having the right social data analysis tool in place will best support consumer insights generation and sharing in 2022.

The right analysis tool can help you search millions of online mentions, segment this data in a way that’s relevant to you, analyze insights and act on them to improve your business results.

Not having the skillset

The final challenge we’ll highlight from our research is not having the right data skills, which can significantly impact the success of an organization. Adapting to a rapidly changing market is much easier when the right skills are explored within an organization and encouraged across teams.

Investing where there are gaps in skills or knowledge in the workforce can help you stay abreast of all the changes that will impact your organization.

Key takeaways

Understanding how to conduct time-effective, budget-friendly research is important for every business, whether you’re an up-and-coming SMB or a well-established enterprise.

The right consumer intelligence tool  can transform your approach to market research in rapidly changing times, enabling your organization to act with agility and confidence.

You can read about these insights in more detail in our report on The Researcher of 2022.

www.brandwatch.com

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Market research challenges

Turning challenges into strengths, final thoughts.

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5 Market Research Challenges And How to Turn Them into Strengths

Market research is one of the most important things a brand can invest in. Without good market research, your product is likely to be entirely unprepared for hitting the market.

That said, market research isn’t always easy, especially in this fast-changing world. Market researchers and analysts face significant challenges.

With the right tools and tactics, these challenges can be turned into strengths. But how?

Let’s take a look at five of the biggest challenges facing today’s market researchers, and how those challenges can be transformed into strengths.

Image sourced from proactiveworldwide.com

Limited access to relevant data

Market research is powered by data. Lack of (or limited) access to relevant data is a significant challenge for market researchers.

Often, the problem is not lack of access to data as a whole, but to relevant data. Market researchers may pull in a wealth of data, but to draw truly actionable insights that data needs to be pared down into the metrics that matter.

Unfortunately, the most relevant and useful data can also be hard to obtain. Data protection laws mean that companies cannot take sensitive data from customers without explicit permission. While things like anonymous surveys can help, gathering relevant data can still be difficult.

Without a degree of trust (and maybe an incentive), customers are often reluctant to hand over things like demographic information and their email addresses.

Complexity of data analysis

Image sourced from theaiminstitute.com

Data analysis can be complex. Even well-trained data experts may find it tricky to comb through the reams of available data, extract what is relevant, spot important patterns/anomalies, and draw useful insights.

Even when the data experts have drawn market insights from the available dataset, communicating what they’ve learned can be difficult. Due to the complex nature of data analysis, a phenomenon known as the ‘insight gap’ may occur.

The ‘insight gap’ is the space between what qualified data experts can discern and how decision-makers understand this. There are often communication failures between data analysts and management teams, which can lead to misinterpretation and confusion over what market research data is actually saying.

Changing consumer behavior and preferences

The fast-changing modern world is a major challenge for market researchers. Real-time insights from consumers are the gold standard of market research, but consumer preferences and behaviors can change very quickly. By the time the insights gleaned from your market research can be put into action, those insights may no longer be relevant.

We are living in a time of great market ambiguity. Needs, concerns, behaviors, and solutions fluctuate all the time. This can make it hard to pin down what your market needs from you at any given time.

Competitive intelligence

A big part of market research is competitive intelligence. To get a clear view of the market situation, it is vital to understand your competitors’ strategies, USPs, plans, and more.

However, collecting and analyzing competitive intelligence can be a difficult task. Competitors are naturally eager to keep their most valuable tactics to themselves, which makes it hard to glean deep insights.

While you can get a reasonable view of your competitors through things like monitoring their social media profiles, signing up to their marketing, a degree of networking, and things like product market-fit surveys , it’s harder to get insider-level information on competitor strategy.

Similarly, the sheer volume of competitor content out there can be overwhelming. Trying to sift through all competitor messaging and reverse-engineering it to reveal insights about their strategy is an enormous task.

Image sourced from datazymes.com

Budgetary constraints

Conducting market research is incredibly important for any brand that wants to get ahead. Despite this, it’s often hard to get leaders to properly invest in market research.

All too often, market researchers find themselves working on a shoestring budget. This means that they are unable to deploy the high-quality resources and expertise they need to gain truly actionable insights.

One problem is that market research is often seen as a means to a specific end. For example, market research will be done in sporadic bursts, perhaps before the launch of a big new marketing campaign or during the development of a new flagship product.

Ideally, market research should be continuously ongoing. This gives brands the agility they need to move with market fluctuations and anticipate big new trends. Despite this, it is rare for market researchers to get the kind of budget they need.

Leveraging technology and data sources

There is a wealth of data out there and you can draw a wealth of insights from the data you already have. The challenge is collecting and harnessing this data so you can use it.

The right automation and AIs can automatically gather data from relevant sources, filter it for relevance, and send it for further analysis. This is especially true if you have an integrated Enterprise Resource Planning system.

An ERP system integration will bring all of your customer, marketing, and product data into one central hub. From here, you can quickly and easily sort it into categories and extract the relevant data for your market research. It’s a fast and efficient way of getting high-quality data for effective market research.

Enhancing data analysis capabilities

Enhanced data analysis capability allows you to close the insight gap. A smaller (or nonexistent) insight gap can give you a considerable edge over your competitors. But how can you enhance your data analysis capabilities to the point where the insight gap disappears?

The answer, again, is a blend of technology and strategy. These are just a few of the factors that can have a huge impact on your data analysis capabilities:

• Regularly cleansing your data.
• Integrating data across departments.
• Improving your data collection  techniques.
• Clarifying outcomes and objectives.
• Improving communication between researchers, analysts, and leadership.
• Deploying the right tools.
• Training team members in data interpretation

Embracing agile research methodologies

Image sourced from greenbook.org

As mentioned above, market research is at its best when it is done on an ongoing basis. To achieve this, brands can use agile research methodologies.

Agile research involves collecting, testing, and analyzing data quickly and continuously. Rather than running long-form market research campaigns, agile brands use modern technology to quickly gather consumer feedback and test the waters of the market.

Automated market research platforms allow marketers to put together questionnaires within minutes and get relevant responses within hours. This allows for decisions to be made extremely quickly. In a fast-changing market, this speed is a huge strength.

The process can be sped up even further with the right business management software. ERP project management systems, for example, can give you greater research agility by allowing you to monitor your data and project development, so you know when new changes can be implemented.

Strengthening competitive intelligence efforts

Competitive intelligence can feel like a battle of wits between you and your competitors. But there are ways to strengthen your competitive intelligence efforts without having to resort to espionage!

The right technology is very useful. Marketing platforms like Sprout Social can monitor your competitors’ social media presence and provide you with insights. Similarly, you can use your CRM and/or ERP to gather consumer feedback on things like the competitor products they use and why they like/dislike them.

In general, enhancing your market research and your overall understanding of the market will give you the foundation you need to strengthen your competitive intelligence.

Optimizing research budget utilization

Optimizing a research budget doesn’t have to mean throwing more money at it. There are ways to increase your market research spending power without having to fight leadership for it.

For example, you could:

• Utilize the right technology and automation. These can do a huge amount of work very quickly and for a relatively low cost
• Prioritize your spending, and ensure that all of your budgets is being spent on tools, time, and methods that you genuinely need
• Try to obtain slightly more money than you think you need, in order to cover emergencies

Brands can gain a big competitive advantage by turning market research challenges into strengths. The right technologies and strategies can make a huge difference here.

By utilizing the right strategies in combination with the right technologies, it is possible to pull relevant data out of the sea of numbers, close the data insight gap, give your research more agility, and strengthen your competitive intelligence. What’s more, this can all be done for relatively low cost, enabling you to perfectly optimize your budget.

5 Market Research Challenges And How to Turn Them into Strengths FAQ

How can i ensure i am getting accurate market research data, conducting rigorous quality control checks throughout the research process is the best way to ensure you are getting accurate data. additionally, double-checking the data for patterns or inconsistencies can help you identify any potential issues., how can i make sure i am targeting the right people for my market research, it is important to identify your target audience and use the right methods to reach them. for example, if you are targeting a younger demographic, consider using digital methods such as online surveys to get their feedback., how can i ensure my research is cost-effective, consider using the most cost-effective research methods for your project, such as online surveys or focus groups. additionally, ensure you are negotiating the best possible rates for the research., how can i make sure i am getting actionable insights from my research, it is important to focus on getting insights that can be used to make informed decisions. consider asking specific questions that can be used to identify trends, patterns, and insights that can be used to inform decision-making., like what you see share with a friend..

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Challenges Market Researchers Face Today

by Sarah Schmidt , on May 19, 2016

When asked to identify the biggest challenges in her day-to-day work, Tracy Paukstys, Senior Director of Client Development at Insights in Marketing, replied that “Clients are tasked with getting richer and more impactful consumer insights despite often more restrictive budgets and timing.” She noted that this “seems to be the norm more than the exception.”

Russ Klein, CEO of the American Marketing Association, expressed the same concern. “Researchers are expected to get more consumer feedback faster, using the same — or sometimes even smaller — budget,” he said.

Integrating Multiple Data Sources

To overcome these hurdles, Paukstys leverages custom solutions that mix different research methods. “For example, if a client’s objectives would be best addressed by engaging consumers from a wide array of markets, but the budget and/or timing allows for only 1-2 markets, we may recommend a combination of in-person qualitative and digital (online and/or mobile) qualitative to ensure both the breadth and depth the client needs while also managing costs and not impacting the timeline,” she explained.

As a second example, her team often combines the depth of qualitative with the power of quantitative to “really uncover the full story for our clients.”

Maria Stephens, a Senior Data Researcher based in Atlanta, also sees the value of using a hybrid methodology. For Stephens, creating data mash-ups is a new and exciting opportunity to tell a more cohesive narrative. “We’ve got the Internet of Things, social media, structured and unstructured data sources, along with second and third-party research, and research we collect ourselves,” she said. By fusing these data sources together, market researchers can “paint a detailed picture of the market and consumers.”

Effective Data Management

While synthesizing different data sources can deliver powerful, fast insights, this approach also includes its own set of unique challenges. Every company’s situation is unique, and finding the right data sources often requires innovative thinking.

“In a large agency, I work with dozens of clients, and everyone collects different types of data, and it’s rarely enough to create a holistic view of consumer behavior and the market,” Stephens explained. “Today’s market researchers need to think outside the box and find new sources of data.”

With an explosion in the amount of data organizations are able to capture, data and analytics will play a larger role in marketing research. In addition to data management, data mining and visualization will become increasingly important in order for organizations to create predictive models of the customer lifecycle, according to Klein. He also expects marketing research firms to hire more data scientists in the future.

Choosing the Right Technological Solutions

A multitude of new computer tools and platforms are now available to facilitate data visualization, analysis, and mining. But with so many options available, “it can be a full-time job just to stay on top of the software that’s available,” Stephens explained.

Not every tool delivers what it promises. “The downside is that a lot of solutions are claiming to be innovative and revolutionary when they are just starting out, so working with them might end up being a waste of time,” Stephens added.

As technology continues to evolve, market researchers will play a key role in navigating these different technological solutions. “What will be important for the market research professional is to be the expert on which tools a company should leverage, and how to leverage them to pull the right insights for the client to solve their problem,” Klein said.

Ensuring teams know how to use software tools properly will also be critical, as data can often be messy and complex. Incomplete and inaccurate information can do more harm than good, and the need for experienced researchers will not go away.

Staying Competitive in a Shifting Landscape

The challenges that market researchers face today are often related to time, cost, and the role of big data and technology. But on the flip side of these challenges are unique opportunities for experimentation and innovation.

What about you? What are the biggest challenges you face as a market researcher? Depending on the role, your experience might be quite different. Please share your perspective in the comments section below.

To get articles delivered straight to your inbox, subscribe to the MarketResearch.com blog .

Sarah Schmidt Managing Editor MarketResearch.com

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5 Market Research Challenges (And How to Solve Them)

Tien-Anh Nguyen

December 31, 2013

Conducting buyer insights research can be overwhelming. From planning to the actual studies, there are a lot of responsibilities and hurdles to manage. Here are a few of the most common market research challenges that companies face, as well as some of the simplest solutions to get everyone up and running.

Few initiatives will provide your company with as many in-depth insights into your customers as effective buyer insights research. By asking your customers and prospective buyers the right questions you’ll further your understanding of:

• The distinct buying roles that exist in your buyer’s organization
• The different stages in the customer buying process
• The features that matter most to buyers’ business goals
• How your buyer views your product and your competitors’

While it provides a wealth of information, market research also comes with its share of challenges: generating support from stakeholders, difficulty contacting prospects, and unforgiving time constraints. Before you give up, we’d like to stress that the benefits of buyer insights certainly outweigh the challenges. Here are five of the most common market research challenges and the simply solutions to each.

The 5 Market Research Challenges (And Their Solutions)

Photo by : Michael Lokner 

Chief Business Officer at UserTesting

Tien Anh joined UserTesting in 2015 after extensive financial and strategic experiences at OpenView, where he was an investor and advisor to a global portfolio of fast-growing enterprise SaaS companies. Until 2021, he led the Finance, IT, and Business Intelligence team as CFO of UserTesting. He currently leads initiatives for long term growth investments as Chief Business Officer at UserTesting.

What’s in store for B2B marketing in 2024. Marketing expert Jon Miller shares his eight game changing predictions here.

ABM, or account-based marketing, is a powerful strategy to push relevant leads further down the funnel towards purchase. But for many companies, it’s often led by sales’ own criteria, rather than driven by powerful marketing data. Here’s how to do ABM the right way.

Ready to use paid advertising to grow your B2B startup’s customer base? Here’s an in depth guide to get you started.

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GRIT Report: Top Challenges in the Market Research Industry

Stop guessing at what Buyers want. The biggest disconnects between Suppliers and Buyers come from these unmet needs.

by Leonard Murphy

Chief Advisor for Insights and Development at Greenbook

Opportunities and Challenges in Market Research: A Look at Unmet Needs

In past editions of the GRIT Business & Innovation Report , we saw contradictory responses in participants’ views toward the greatest opportunities and challenges in the market research industry. What one segment considered to be a marketing research challenge, the other thought was an opportunity for innovation, and vice versa. There was no clarity on what the Opportunities and Challenges section hoped to achieve.

In this latest edition, we wanted a way to compare gaps between the actual and perceived needs of clients and suppliers. Our questions had to be cleaner if suppliers were to deliver on the needs of buyers. Thus the Opportunities and Challenges section evolved into Unmet Needs .

A Better Way to Ask

For the first time, we asked insights, Buyers, to describe their unmet needs, in particular, needs that could be filled by external Suppliers:

What, if anything, is the biggest need you have that could be filled by an external supplier, but currently is not?

We also asked Suppliers to articulate the needs that they think insights Buyers have that could be filled by external Suppliers:

What, if anything, do you think is the biggest need that insights buyers have that could be filled by an external supplier but currently is not?

If we don’t know there is a market research problem, we can’t fix it. But too often, we forget to ask what we don’t know. Defining unmet needs is the first step in filling them and moving the industry relentlessly forward.

The goals were to identify potential areas for innovation, as well as any areas of disconnect between Buyers and Suppliers. Areas of disconnect could indicate that Suppliers don’t understand what Buyers need, or it could mean that Suppliers have keen insights into the Buyer’s challenges that Buyers cannot see on their own.

Suppliers, for example, may have expertise that is quite different from a Buyer’s. They may have the objectivity of a participant-observer, and, most importantly, they likely have experience with a variety of Buyers and exposure to different ways that Buyers have addressed common insights challenges. Finally, if a Supplier has a different view of a Client’s market research challenges and the potential ways to address it than a client has….isn’t that why Clients hire them in the first place?

These were verbatim questions, and responses were coded and then further aggregated into categories. We have grouped the top ten topics in the accompanying chart for simplicity.

In fact, the entire set of needs is pretty well aligned across Buyers and Suppliers; the largest percentage differences are for creating business impact (Buyers are 7% higher) and innovative technology (Buyers are 5% higher). All other needs are mentioned within 3% of each other, which leaves us with the question of why there is a larger gap for Buyers’ most pressing needs.

Arguably, GRIT Supplier respondents are more diverse than Buyers, at least with respect to insight generation. Suppliers may specialize in particular areas and not have much insight into others, or perhaps they are jacks-of-all-trades but masters of none. In either case, they are likely to have a fragmented view of the insights world. Buyers, on the other hand, have the opportunity to “travel the world” by engaging different types of Suppliers and so on, gaining a more holistic, ringside view of the insights and analytics industry. Therefore, Buyers are more likely to be more homogeneous than Suppliers , to agree more, and, as a consequence, stand out more in a column or bar chart.

Suppliers differ with respect to creating business impact and innovative technology , and these differences are related to their areas of focus. If we consider only Strategic Consultancies and Full/ Field Service providers, the gap on creating business impact is only about 3% (28% for Buyers/25% for these Supplier types). If we consider only Technology providers, Buyers are actually 6% less likely to name innovative technology as a need. On the other hand, if we considered only Strategic Consultancies, Full/Field Service, and Data & Analytic providers, Suppliers look completely out of touch on innovative technology.

In fairness, however, these gaps are partially a function of limitations of the methodology. On average, Buyer comments touched 1.4 of these 10 categories while Suppliers averaged 1.3. Realistically, if you were a Strategic Consultancy or a Full/Field Service provider and you had one bullet, would you waste it on innovative technology or would you take a shot at business impact? If you were a Technology provider, would you take aim at creating business impact or innovative technology?

We mentioned that the verbatim comments were coded, then aggregated into 10 categories. If we peel off some of the individual topics, there’s another interesting finding.

Earlier in the report, we discussed how Buyers were more interested than Suppliers in new data sources, multiple data streams and so on. With respect to unmet needs, however, Suppliers are more than 3 times as likely as Buyers to name synthesis of results across multiple sources/types as an unmet need that a Supplier could fill. Further, this proportion holds pretty steady across Supplier types; each is at least 3 times more likely to mention this than Buyers, so this result is not driven by an outlier Supplier type.

There are possible explanations for this apparently counter-intuitive result. We could go back to the “single bullet theory,” but it doesn’t seem to fit this scenario as well as it did for creating business impact and innovative technology. If we flash back to the Organizational Success Factors section, we’d see that analyzing multiple data streams and synthesizing data from multiple sources were in the bottom half of Suppliers’ critical priorities. Fewer than half said synthesizing data was a best-in-class goal for them, and fewer than 40% said analyzing multiple streams was a critical priority. However, if only a third of those who felt these rated best-in-class attention mentioned synthesis of results across multiple sources/types as an unmet need, we’d easily achieve the 13% who mentioned it.

Why are Buyers so much lower than Suppliers? Perhaps synthesis of results across multiple sources/types is a salient issue for them, but they may have too many other priorities to mention before they get to this one. Or, perhaps they consider it to be an unmet need, but not an unmet need that Suppliers can fill. Fewer than half of Suppliers have made this a top priority, and many Buyers may not have met a Supplier that would be credible in filling this need.

It is interesting to note that many of the unmet needs mentioned aligning with priorities and benchmarking measures identified multiple times in earlier in this report. There is a definite theme that has emerged of both Buyers and Suppliers recognizing that consulting skills, analytics, and data synthesis, and more efficient insights generation are critical for the industry.

We also found it interesting to look at the ungrouped coded responses through the filter of Buyer organization positioning, which we identify in our GRITscape as strategically focused, tactically focused, or both.

Across all three groups, the use of technology and/ or innovative products is the most frequently mentioned unmet need.

The Top Unmet Needs

For Strategic & Tactical, the top 5 unmet needs are:

• Use of technology/product innovations
• Data Science / Statistics / Mathematics related
• Better insights
• Better samples/sampling/reach
• Understanding the client’s business/ Faster time to deliverables (tie)

For Tactical, the top 4 unmet needs are:

• Use of technology/product innovations and Better insights (tie)
• Better quality of research or data and Better samples/sampling/reach (tie)
• Understanding the client’s business
• Faster time to deliverables (tie)

Finally, for Strategic, the top 4 unmet needs are:

• Research and data automation
• Cheaper costs / Cost-effectiveness
• Behavioral science and related and Other research methods/approaches (tie)

Solving Market Research Problems Related to the Needs Gap

According to Buyers, Suppliers have roles to play in helping them fill unmet needs. Buyer needs range from business-focused to technology-related to analytics to core research skills; Suppliers happen to have specialties in strategic consulting, technology, analytics, and full-service research. On the surface, there may appear to be disconnects between how Suppliers see Buyer needs and the needs that Buyers actually have. However, if you focus on the perspective of the Supplier whose professional focus is best positioned to meet a particular need, Buyers and Suppliers are very well aligned.

Similar to arguments made elsewhere in this report and in the most recent GRIT editions, the key to closing the gap on unmet Buyer needs might be an “Avengers, assemble!” strategy: calling together the right portfolio of Supplier super-powers necessary to successfully combat specific and unique business challenges. Complex business challenges need to be met with the right set of skills and capabilities, and these are out there, but perhaps not under one roof. Someone must have the vision to diagnose the marketing research challenges, the ingenuity to define a solution, the knowledge to find the right skills and capabilities suited to the challenge, and the temperament to bring it all together.

Editor’s Note: This commentary is featured in the GRIT Business & Innovation Report . The latest Business & Innovation edition looks at the big picture of the insights industry and how individual organizations fit into this ecosystem. Learn how external changes (like COVID-19) are spurring innovation and how they impact business outcomes, expectations, and strategies. Also featured is the ‘ Top 50 Most Innovative Supplier’ list.

Read the full report>>

Leonard Murphy

100 articles

The views, opinions, data, and methodologies expressed above are those of the contributor(s) and do not necessarily reflect or represent the official policies, positions, or beliefs of Greenbook.

Comments are moderated to ensure respect towards the author and to prevent spam or self-promotion. Your comment may be edited, rejected, or approved based on these criteria. By commenting, you accept these terms and take responsibility for your contributions.

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The 4 top challenges and opportunities in market research industry

The 4th Industrial Revolution is technology-driven and will impact the business market unprecedentedly, adding US$14.2 billion to the global economy in the next 15 years (Accenture), and affecting industries. Within this context, if the market research sector wants to survive such a deep transformation, it must overcome significant barriers. But… what are the challenges for market research and how can this industry be accelerated?

The fourth industrial revolution is here

According to Klaus Schwab and many other experts, we are entering the so-called “4th industrial revolution”:

“Of the many diverse and fascinating challenges we face today, the most intense and important is how to understand and shape the new technology revolution, which entails nothing less than a transformation of humankind. We are at the beginning of a revolution that is fundamentally changing the way we live, work, and relate to one another. In its scale, scope and complexity, what I consider to be the fourth industrial revolution is unlike anything humankind has experienced before.”

First paragraph of the book “ The Fourth Industrial Revolution ”.

Klaus Schwab, Founder of the World Economic Forum.

In preparation for this revolution, many companies have already started their digital transformation to be more competitive, which by definition supposes a deep change in organizations. The digital transformation is much more than just the acquisition of technology: it demands that we are up to speed on new technological advances and implement those that fulfill strategic objectives. In this sense, Microsoft remarks that the transformation must encompass four basic pillars: optimization of operations, empowerment of workers, achievement of higher engagement with clients, and transformation of products.

Digital transformation will have a great impact on all sectors, and market research is no exception. On one hand, market research must think about how to apply the technology within the sector. And on the other hand, it must address important challenges associated with digital transformation such as loss of exclusivity at the time of obtaining insights on the clients. Next, the biggest challenges and opportunities are explained in detail.

Challenge 1: On the optimization of operations

One of the clearest effects of digital transformation on the market research sector has been the optimization of data collection processes . Currently more than 56% of today´s market research has been digitized (digitization process).

In quantitative research , data compilation carried out with digital technology surpasses 70%, which has helped collect large amounts of data, reduce prices and times, and improve data quality. In qualitative research , there is a slightly growing interest in online communities, but this currently only represents 37% of data collection.

Regarding other research tools, there are no concrete data but, for example, typical  neuromarketing  techniques such as implicit response tests have been digitized and can already be taken online (learn more about neuromarketing techniques ).

Nevertheless, technology can contribute even more to the sector, for example, through the automation of many operations required to carry out research. Although automation is already used for the development of graphics and infographics, in survey analysis, data analysis and analysis of social media, there is still a wide margin for automation and optimization of processes.

In this line, some experts estimate that 90% of the typical tasks  carried out in market studies could be automated in 10 years [ Dirk Huisman ] and that the probability of teleoperators, data transcriptors and encoders disappearing is 99%, while the probabilities of interviewers and market research analysts disappearing are 94% and 61% respectively [ Benedikt, C. y Osborne, M. A. ].

CHALLENGE 1

How to make better use of technology to offer more reliable and cheaper market research that will not disappear along the way?

Challenge 2: On the empowerment of the worker

Regarding the possibility of empowering the employees, the market research industry, as other sectors, has adopted cloud and mobile devices/technologies that have helped researchers collaborate anywhere, anytime. However, market research is technologically behind in comparison with other industries and should be aware of some innovations that start to be a reality . For example:

The use of collaborative platforms to outsource specific and limited tasks to market research professionals located anywhere in the world.

The use of virtual reality (VR) to train human resource interviewers to be more empathic.

The use of artificial intelligence (AI) tools to help the researcher (learn more about artificial intelligence and feelings ). It is especially interesting that ESOMAR has implemented an intelligent search tool ANA , to obtain 70-year data on scientific papers, videos and white papers, but ANA seems to remain underexplored and underutilized.

The use of new technologies, such as neurotechnology to improve cognitive performance of employees.

Being on the cutting edge and empowering employees is fundamental in the case of millennials , who do not accept to work in companies that are sub-optimal in this sense. Maybe this is why the data scientist is the most attractive and in-demand occupation of the 21st century, being much more attractive than the market researcher position, despite the fact that both professionals are responsible for obtaining actionable insights.

CHALLENGE 2

How to make use of technology to offer an attractive professional career and attract/retain talent in the industry?

Challenge 3: On how to connect with the client

During many years it has been said that “the customer is always right”. However the truth was that very few companies focused their strategy on the client. The digital transformation of the society has empowered  the client and this has changed the strategy of companies, which now focus on creating customer experiences : rather than being only good practice, now it is mandatory to be “customer-centric”.

The companies are not only concerned on whether their product is going to be sufficiently liked and purchased, but they also know that connecting with the client is increasingly important and that if they do not project attractive values and personality, sales will be affected. This is an excellent opportunity for the market research firms, as now, more than ever, it is important to know the consumer. However, technological companies have also detected this necessity (and also business opportunity), and numerous Big Data solutions have started to emerge, along with DIY (do it yourself) solutions that enable data collection from clients, putting at risk the privileged position once occupied by the market research industry. Nowadays, traditional market research is no longer the only way to obtain consumer insights .

The development of Big data is unstoppable: real-time data that is currently already collected (such as the digital behavior of consumers) will be soon complemented by data from the Internet of Things IoT (information on how consumers relate to any object) and from the revolution of wearables with neurotechnology (information on the emotional and cognitive reactions of consumers). Regarding the latter, it will be very important to implement ethics to support the use of neurotechnology in our society.

CHALLENGE 3

How to coexist the new “parallel world” to market research created by Big Data and DIY?

Challenge 4: On how to transform products/services

The digital transformation of companies leads to indispensable  innovation in the development of products and new business models . Highly technological startups have been converted into references to all types of companies. More specifically, the extremely popular Lean Startup methodology created by Eric Ries in 2011 is crucial to with traditional market research methods, as a tool to design new innovative products or business models.

According to Ries, companies must establish a market hypothesis , design a basic version of the product to validate the hypothesis (the so-called minimum viable product, MVP), place it in the hands of clients and target market, and then observe and learn whether the hypothesis was actually correct. Once there is sufficient and validated knowledge, this process is repeated with a new hypothesis. With this iterative process, business decision-making is agile and risks are reduced when launching innovative products because failures are detected early and can be corrected in time.

CHALLENGE 4

How to address the perception that market research is not compatible with agile methodologies and innovation?

Some additional opportunities, ideas and thoughts

Thanks to the artificial intelligence tool ANA, we have analyzed the information compiled by ESOMAR since January 2011 on  the future of market research  and we now share some ideas and new opportunities:

• Industry must develop a more powerful brand identity.
• High standards must be defended and valued, along with the rigorousness of industry and the capability of asking the right questions.
• Innovation is mandatory and agility and intelligence must be added to processes in a proactive manner (it might be too late to do this later on…)
• It is important to understand which research methodology is better for each specific problem: “What” versus “Why”.
• It is necessary to find partners and generate collaborations that help us grow, adapt and learn. And as a result, offer more holistic investigation approaches.
• Business and strategic recommendations must be made, based on the results of the research. The “must know” has to be separated from the “nice to know”. Focus on the message and not on data.

Therefore, the implementation of these ideas is absolutely mandatory for the market research sector to face the technological revolution that emerges, but it is still unknown whether this will be sufficient. The changes that will come in the following years are unpredictable.

These and many more ideas were debated in the digital research event La @ de AEDEMO , in which María López, Bitbrain’s CEO participated.

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Top market research analyst skills for 2024

Market research is a rapidly evolving space. Artificial intelligence is completely reshaping what’s possible, by who and the skills researchers need to bring the most value to their work and themselves. With the help of findings from the 2024 Qualtrics Research Trends report, here we look at the major trends in a changing landscape, and the skills that are most in demand.

The market research landscape in 2024

In a growth-obsessed business world, good market research is the key to responding fastest, creating a competitive advantage and converting potential into success.

And today, fueled by artificial intelligence (AI), the world of market research is evolving at an unprecedented rate.

It’s no surprise that, according to the latest Qualtrics Research Trends report , the value of good research is higher than it has ever been. It’s equally unsurprising that investment in market research is very much on the rise.

Every year, we ask thousands of researchers from across the globe about their experiences to understand how the market is shifting and create the annual Qualtrics Research Trends report. Here are the four main trends we discovered for 2024.

1. Succeeding in the AI revolution is paramount

As sophisticated AI has become an accessible, everyday tool for workers and businesses, its application to market research – generating rich insights from mountains of qualitative and quantitative data in the blink of an eye – has become abundantly clear.

AI has lept from a helpful tool to an integral component of market research, and it’s reshaping the research landscape.

We’re seeing it used to analyze multi-source (qualitative and quantitative) research to generate insights, transform raw findings into marketing strategies, and drive new efficiencies through AI-driven survey reviews that are preventing data-damaging question types or structures.

Our research found that 47% of researchers globally are already using AI in their day-to-day work, and 92% are confident that they understand how to apply AI to research activities. Despite the ‘AI will steal your job’ narrative persisting, most researchers (87%) feel overwhelmingly strong about their job security.

Market research is ripe for AI innovation; it’s an ideal starting point for companies to see what AI-fueled innovation looks like. The race is now focused on how to leverage AI tools to generate the best results.

2. Digital qual is taking over

Digital qualitative research has fast become a popular route for researchers searching for deeper, more nuanced feedback from more people in a cost-effective way. In fact, 87% of researchers say that most or an equal amount of their qualitative research is currently conducted remotely or online vs. in-person.

But how did we get here? There are two key trends that have driven this transition.

On one hand, conducting comprehensive research via traditional methods, like in-person focus groups and large-scale surveys, has become a pain point for market research analysts – it can be slow, labor-intensive and expensive. On the other is the COVID-19 pandemic, which forced researchers to adopt digital-first approaches out of necessity – and saw consumers accept digital interactions as standard enmasse.

As digital qualitative technology evolves at a rapid pace, market research teams are retooling and restructuring to embrace both in-person and online research methods as the demand to collect data in a contactless, remote way grows.

Our research shows that cost effectiveness is the primary benefit of digital qual, but there are many more: increased geographical diversity, faster time to insights, increased accessibility and better reach of target audience are the other key drivers.

3. Data quality is becoming even more important

Behind every good decision lies good quality data – this has always been clear, but as consumers and technology evolve, it has become increasingly difficult to capture.

AI’s impact on market research is immense but it’s not necessarily all positive: it’s no coincidence that rising issues with quality data have coincided with the rise of generative technology like ChatGPT. 43% of respondents in the 2024 Qualtrics Research Trends report say identifying and/or preventing AI-generated responses is a challenge when collecting data using online providers.

But there’s a flip side to this issue, and AI is of course at the center of it once again. While data quality is at risk from AI, it can also be maintained and improved by it. AI can be used to automatically flag issues, like respondents who completed surveys too quickly or open-ended questions that contain nonsensical answers, and intelligently comb through thousands of data points far more efficiently and effectively than a data analyst can.

However they get there, the organizations that prioritize a relentless pursuit of data excellence will be best prepared to make strategic, data-driven decisions.

4. The skills gap is widening

While we’re definitely seeing market researchers adopt AI and learn new AI-focused skills, the pace at which they’re developing these skills is lagging behind the speed at which the technology itself is evolving. According to our data, a third of researchers globally say they outsource projects because their teams don’t have the research skills to manage them internally.

Although AI appears to be widening the skills gap, yet again it can also be the solution to it. Skills development can’t come without the capacity to learn, and AI-powered automation can take on repetitive manual tasks better than ever before – freeing up valuable time for upskilling.

Free eBook: 2024 research trends report

5 market research skills organizations are prioritizing in 2024

The research industry is in a state of significant change. We’re seeing a rapid adoption of new technologies, which is in turn reshaping the skills required for success.

But while new skills are highly valuable, it’s important to not neglect the timeless skills that will be sought after in current and future market research analysts.

As we delve into the top five research skills organizations are prioritizing in 2024, we recommend that you complete a quick skills audit. Determining where your strengths and weaknesses are, what you know and what you don’t, will give you the clarity to understand how you can become a more well-rounded – and employable – researcher or market research analyst.

Starting this list with what is now arguably the most crucial skill today.

AI is being applied at all stages of the research lifecycle, from quality assurance checks on surveys to spot biases to data cleaning, analyzing video from in-person qualitative research to creating highlight reels and shareable results. So, while broadly having good “AI skills” is certainly the way forward now, in the very near future the onus will be on specializing in specific components of AI-driven research.

Our recommendation is that you infuse AI into everything you do and go from there. The exponential growth of data and advanced AI tools makes knowing and understanding them essential for staying competitive in a data-driven market.

Safe to say, nothing is more central to career growth in market research right now than knowing how best to apply AI.

Statistical analysis skills

From new skills to those that will always be in demand.

Statistical analysis skills comprise the likes of statistical modeling, data collection strategies, data visualization and presentation, reconfiguration, Excel, R, SAS, Python – the list goes on. A timeless necessity, solid statistical techniques create the ability to interpret and manipulate data, and identify patterns and trends. In the Big Data era, the ability to distill meaningful information from vast datasets is more critical than ever for effective decision-making.

As researchers and organizations double-down on technologies, honing your statistical data analysis skills as a foundational competency can truly set you apart.

Digital qualitative skills

As digital qualitative research takes center stage, the broad collection of skills required to maximize it have become highly sought after.

Digital qualitative skills encompass designing, conducting and analyzing data from online interviews, focus groups and various other digital qual methods. It’s an umbrella term that also includes prospecting, designing research programs, crafting proposals, managing relationships and identifying target audiences. The main complexity, however, is that all of these skills must of course be done remotely.

A significant portion of researchers (36%) report difficulties in establishing the same level of rapport with participants online as in face-to-face settings. From communication skills to critical thinking, and becoming well-versed in all things consumer behavior, developing the core competencies to mitigate the challenges of online-only interactions is essential for any market researcher.

Data integration skills

This one is particularly important for modern organizations using digital technologies for market research. Data integration, on any research project, can be very complex – especially if market researchers are pulling and interpreting data from multiple sources.

Data integration skills are also essential for closing experience gaps, something that every organization is prioritizing.

The best researchers have a thorough understanding of how to extract information and combine data sets without compromising data quality. They’ll also understand how to structure APIs, use spreadsheets, model data, use statistical analytics programs and coding languages, and more. Of course, with newer market research platforms, much of this can be done with ease.

Automation skills

Automation has become vital in streamlining market research.

Automation skills enable researchers to use AI and machine learning for tasks like data analysis and report formatting, freeing them up for more strategic work. By mastering automation, researchers are better positioned to adapt to new trends and methodologies, ensuring their work remains relevant and impactful.

Developing automation skills isn’t just about understanding and using tools; it’s about reshaping the role of the market researcher to be more efficient and adaptable, and creating capacity for in-depth market research analysis and strategy development.

The importance of getting the basics right

In the fast-evolving field of market research, where cutting-edge technologies and advanced technical skills are often spotlighted, the importance of mastering the basics can’t be overstated. The foundation of effective market and marketing research lies in getting the basics right.

It's essential to not lose sight of fundamentals like survey best practices, interview skills and well-researched questions. These basics are the cornerstone of accurate data collection and ensure the clarity and relevance of the research. They are vital for engaging the right audience and for the effective analysis and interpretation of data.

While advanced technologies and skills are crucial, they should enhance, not overshadow, the foundational aspects of market research.

Embracing platformification in market research in 2024

In today's fast-paced market, having the right technology is crucial, just as much as having the right skills. The future of market research is "Platformification”, integrating various tools into a unified platform. This approach isn't about accumulating disparate solutions; it's about creating a cohesive system that enhances the capabilities of researchers at all skill levels.

Platformification streamlines research methods , data sources and analytics into a single, accessible platform. It allows for quick sharing of insights through tailored dashboards, offering both basic and complex analyses suitable for different roles.

For market researchers, this shift is transformative. It elevates their role from being reactive data analysts to proactive strategists, enabling on-demand insights and strategic recommendations across the buyer’s journey.

While fundamental research skills remain essential, platformification can expand the researcher's value and the impact they create.

How can we help

In a highly competitive business world – with disruptive new entrants more empowered than ever before – researchers need smarter, faster research solutions to stay ahead of the game.

Qualtrics® Strategic Research is an end-to-end research platform that brings together both quantitative and qualitative methods and AI-powered analytics to uncover insights at scale.

• Collect, analyze, share and act on insights from a variety of qualitative methods, including video feedback, video diary studies and in-depth interviews
• Leverage pre-built customisable projects, programs and dashboards
• Automate advanced statistical analyses including Conjoint and MaxDiff
• Easily build profiles, segments, and proprietary panels and reach out on the right channels through personalized targeting

Aaron Carpenter // Experience Management Content Strategist

Aaron is a highly skilled and accomplished content strategist specializing in experience management. With a keen understanding of the ever-evolving landscape of digital content, Aaron brings a unique perspective to the art of crafting engaging and impactful experiences for users.

Will Webster // Co-founder at interlude

Will Webster is the co-founder of the employee wellbeing tool Interlude. With over decades of experience writing for some of the largest brands, he is a skilled copywriter passionately writing in his free time.

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The Importance of a Market Research Analyst: Key Benefits and Skills

As the world becomes increasingly data-driven, understanding market trends is more crucial than ever for business success. Among the many roles contributing to this knowledge is one quiet yet compelling hero: the Market Research Analyst . Their skills and expertise can transform raw data into actionable insights that guide strategy and decision-making. 

This post will explore their importance, key benefits, and must-have skills in today’s competitive marketplace. This is not just an introduction to a role; it’s a discovery of the mastermind behind successful business strategies.

Responsibilities of a Market Research Analyst

Market research analysts play a vital role in helping businesses make informed decisions by providing valuable insights into market trends and consumer behavior. Their responsibilities encompass a wide range of tasks that contribute to the success of marketing strategies and product development.

As a market research analyst, your primary responsibility is to gather and analyze data related to consumer preferences, competitor analysis, and market conditions. By conducting thorough research, you help companies understand their target audience’s needs, preferences, and purchasing habits. This information serves as the foundation for developing effective marketing campaigns and introducing new products or services.

Additionally, market research analysts are responsible for monitoring and forecasting marketing and sales trends. By staying up-to-date with industry developments and competitive analysis, they provide valuable recommendations on pricing, promotions, and distribution channels. This helps companies stay ahead of their competitors and make strategic decisions to maximize profitability.

Understanding consumer behavior is crucial in today’s dynamic business landscape. As a market research analyst, you may employ various data analysis techniques, such as regression analysis, trend analysis, and statistical modeling, to interpret the collected data accurately. Through these analyses, you uncover patterns, identify market opportunities, and evaluate the effectiveness of marketing programs.

By working closely with clients or management teams, market research analysts prepare comprehensive reports presenting their findings clearly and concisely. Effective communication skills are essential in conveying complex data insights to non-technical stakeholders. The ability to distill large volumes of information into actionable recommendations is highly valued in this role.

Gathering and Analyzing Data

Gathering and analyzing data is a fundamental aspect of a market research analyst’s job. This process involves collecting information from various sources, such as surveys, focus groups, interviews, online platforms, and databases. The goal is to obtain accurate and comprehensive data that can be analyzed to extract meaningful insights.

Think of gathering data as assembling the puzzle pieces needed to reveal the bigger picture. Each data point collected contributes to a clearer understanding of consumer behavior and market dynamics.

To ensure the reliability and validity of the data, market research analysts must carefully design surveys and interview protocols. They use their expertise to ask the right questions, ensuring that the collected information aligns with the research objectives. By analyzing qualitative and quantitative data, analysts identify trends, patterns, and correlations that provide actionable insights for businesses.

Quantitative research involves collecting numerical data that can be statistically analyzed. Surveys distributed to a large sample size or mining existing databases are common methods used in quantitative research. Statistical software tools help analysts explore relationships between variables, determine significance levels, and predict future outcomes.

Qualitative research focuses on generating in-depth insights through open-ended questions, observations, or focus group discussions. This type of research provides rich contextual information about consumer attitudes, opinions, motivations, and preferences. Market research analysts employ various techniques like thematic analysis or content analysis, to interpret qualitative data.

Both qualitative and quantitative approaches play complementary roles in market research analysis. While quantitative data provides statistical evidence and general trends, qualitative data adds depth, context, and richness to understand why consumers behave in certain ways.

Conducting Qualitative and Quantitative Research

Market research analysts play a critical role in conducting both qualitative and quantitative research. These two approaches provide valuable insights into consumer behavior, market trends, and competitor analysis.

Qualitative research involves gathering information through methods like focus groups, interviews, and observations. It aims to understand the “why” behind consumer behaviors and preferences. For example, a market research analyst might conduct in-depth interviews to explore the underlying motivations that drive consumer purchasing decisions.

On the other hand, quantitative research involves collecting and analyzing numerical data. This approach focuses on measuring objective factors such as market size, customer demographics, and sales figures. A market research analyst might design surveys or use statistical software to analyze data sets, providing quantifiable insights that can inform business decisions.

By combining qualitative and quantitative research methods, market research analysts gather a comprehensive understanding of consumers and market dynamics. This enables businesses to develop effective marketing strategies and make informed decisions for product development, pricing, promotion, and distribution.

Business Benefits of Hiring a Market Research Analyst

The role of a market research analyst goes beyond crunching numbers or conducting surveys – it directly impacts a company’s bottom line. Here are some key benefits businesses can gain from hiring these professionals:

1. Informed Decision-Making: Market research analysts provide crucial data-driven insights that empower organizations to make strategic decisions with confidence. By identifying customer needs, analyzing industry trends, and evaluating competitors’ strategies, they help businesses align their offerings with market demands.

2. Customer Understanding: Through their research efforts, market research analysts gain deep insights into customer preferences, motivations, and pain points. This understanding helps businesses tailor their products or services to meet customer expectations effectively.

3. Competitive Advantage: By monitoring the competition closely, market research analysts enable companies to stay ahead of industry trends and changing consumer behaviors. Armed with this competitive intelligence, businesses can adjust their strategies, refine their value propositions, and gain a competitive edge.

4. Product Innovation: Market research analysts play a pivotal role in informing product development initiatives. By analyzing consumer insights and feedback, they identify opportunities for innovation, helping businesses create products that meet unmet needs in the market.

5. Targeted Marketing Campaigns: With their expertise in consumer behavior and market segmentation, market research analysts assist businesses in designing targeted marketing campaigns. This ensures that marketing efforts resonate with the intended audience, leading to higher customer engagement and conversion rates.

6. Risk Mitigation: By conducting thorough market research, analysts help businesses assess potential risks and challenges associated with entering new markets or launching new products. This enables companies to make informed decisions while minimizing risks and maximizing returns on investment.

Overall, hiring a market research analyst can provide businesses with a competitive advantage by driving data-driven decision-making, enhancing customer understanding, fostering innovation, and enabling targeted marketing strategies.

Informing Strategic Decisions

Market research analysts play a vital role in informing strategic decisions within organizations. By conducting thorough research and analysis, they help companies gain valuable insights into market trends, consumer preferences, and competitive landscapes. These insights enable businesses to make informed and data-driven decisions about their products, services, pricing strategies, and marketing campaigns. This valuable contribution ensures that organizations stay competitive in today’s dynamic marketplace.

Effective market research can truly be a game-changer for businesses. For instance, imagine a company seeking to launch a new product in an unfamiliar market. A market research analyst would conduct comprehensive studies to understand consumer needs and preferences, evaluate potential competitors, assess the market size and growth potential, and identify any regulatory or cultural factors that might impact the success of the product. Armed with this information, the company can align its strategy accordingly, mitigate risks, and make informed decisions that increase the chances of success.

Enhancing Customer Experience

Another critical aspect where market research analysts add value is by enhancing the customer experience. By delving deep into consumer behavior and understanding their needs and pain points, these analysts provide insights that help companies tailor their products and services to meet customer expectations more effectively. Through detailed analysis of customer feedback, survey responses, and behavioral data, market research analysts identify areas for improvement and recommend strategies for enhancing customer satisfaction.

In their role, market research analysts not only provide valuable insights to inform strategic decisions but also contribute to enhancing the customer experience. This dual focus helps companies thrive in a competitive market landscape by aligning their offerings with consumer needs and preferences.

Essential Skills for a Successful Market Research Analyst

Being a successful market research analyst requires a unique blend of skills that enable professionals to navigate the intricate world of consumer preferences, business trends, and market dynamics. Let’s explore some essential skills that contribute to the success of a market research analyst.

First and foremost, strong research and analytical skills are critical for gathering and interpreting data effectively. Market research analysts must be adept at collecting both qualitative and quantitative data, utilizing various research methodologies, and analyzing findings using statistical software. Their ability to turn raw data into actionable insights is what sets them apart as valuable assets in the field.

For instance, consider a market research analyst working for a fashion brand. They must possess the analytical prowess to gather customer feedback on new designs, analyze sales figures, assess consumer trends, and translate this information into recommendations that drive business growth.

In addition to research and analysis, effective communication skills are paramount for market research analysts. They need to convey complex findings clearly and concisely to clients or internal stakeholders. Excellent verbal and written communication skills help them articulate their insights, present reports or presentations effectively, and collaborate with team members across departments.

Moreover, critical thinking and problem-solving abilities are indispensable tools for market research analysts. They must have a keen eye for detail, be able to identify patterns or trends within data sets and use critical thinking to draw meaningful conclusions. When faced with challenges or limitations during research processes, they rely on problem-solving skills to find alternative approaches or overcome obstacles along the way.

Impact of Market Research Analyst on Industry Growth

Market research analysts play a crucial role in driving industry growth by providing key insights into consumer behavior, market trends, and competitive landscapes. Their contributions influence important business decisions and strategies across various sectors.

By studying consumer preferences and behaviors, market research analysts help companies understand what products or services people want and identify target demographics. This knowledge enhances product development efforts, allowing businesses to create offerings that align with customer demands and stand out in a crowded market.

Imagine a food company aiming to launch a new line of snacks. Market research analysts can gather data on consumer taste preferences, evaluate existing market offerings, and identify opportunities for innovation. This valuable information guides the company in developing unique and appealing snacks that cater to consumer desires, ultimately leading to increased sales and industry growth.

Furthermore, market research analysts enable businesses to stay ahead of market trends and adapt their strategies accordingly. By monitoring and forecasting marketing and sales trends, these professionals provide insights into emerging opportunities or potential risks. Armed with this information, companies can make informed decisions about pricing, distribution channels, marketing campaigns, and product positioning, ensuring they remain competitive in a rapidly evolving market landscape.

The impact of market research analysts extends beyond individual companies; it resonates throughout entire industries. Their work helps shape industry benchmarks, identify new growth avenues, and facilitate strategic planning for long-term success.

Discuss.io: Market Research Reimagined

Discuss.io ‘s team of analysts is highly experienced and qualified. They have a deep understanding of the latest research methods and are passionate about helping businesses succeed. 

Discuss.io is a leading provider of market research solutions, helping businesses of all sizes gain valuable insights into their target markets. Their team of experienced analysts uses the latest in qualitative and quantitative research methods to provide clients with actionable data that can inform their decision-making. Contact Discuss.io today to learn more about their market research solutions.

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26 Tools & Resources for Conducting Market Research

Published: April 30, 2024

Conducting market research pulls details together to help you choose new products or services to launch. They also help identify your audiences and best marketing strategies so you are ready to act without the guesswork.

Businesses use market research software to minimize risk and make more data-driven choices.

I own a small business, and by gathering facts and opinions, I can better predict whether new products or features — and for more prominent companies, even locations — will succeed before investing.

Here are 25 of the best tools for conducting market research, including a few recommendations directly from HubSpot market researchers and bloggers who use them.

Helpful Market Research Tools & Resources

1. similarweb.

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Similarweb is probably the highest quality, most well-known, and most convenient way to get and compare traffic information about any website you land on — short of having an expert analyst whispering in your ear, which could get awkward. Their free suite of products — including the Chrome extension — is worth exploring and gives you useful, high-level information. The deep insights come from taking advantage of their database of real-world information on global website performance gathered over time, which they’ve already been building for over 10 years. They have their finger on the pulse of online business worldwide, from sales to sites to stocks.

Microsoft, Amazon, and even Google use Similarweb and the insights they provide on other enterprise-level operations down to small businesses. If you want to know how your company stacks up and then initiate a robust research and marketing campaign, these are serious tools that can help you grow.

What I like: One of their add-ons is called App Intelligence, and it can benchmark your growth and track your progress against millions of apps — for both iOS and Android — and provide daily insights on app rankings, engagement, retention, and more.

Pricing : Starter plans cost $125 per month paid annually; professional plans cost $333 per month billed annually; team and enterprise plans have custom pricing.

For Max Iskiev , market research analyst at HubSpot, one research tool stands out from the rest: Glimpse.

He told me, “Glimpse is my favorite research tool. It’s quick and easy to use, allowing me to design and launch short surveys for real-time insights on trending topics.”

Writers for the HubSpot Marketing Blog have also used Glimpse to run short, 100-person surveys for articles (case in point: Are Sales Reps Rushing Back to the Office? ).

Not only is Glimpse valuable for doing quick pulse-checks on the latest trends, but it also leverages the power of AI for even deeper insights.

“Glimpse really shines when it comes to open-ended questions, using natural language processing and AI to analyze emotion and sentiment, saving time, and offering invaluable insights,” Iskiev shared.

Best for: Those who can invest in AI tools for their businesses but don’t need a decade’s deep dive like users of Similarweb might.

Pricing : Starter Plan - Free; Professional - $500/month; Advanced - $1,000/month; Enterprise - custom pricing.

3. BuzzSumo

BuzzSumo offers several highly useful tools that work best as a content research tool for mid-size businesses and up. If you need many ideas for a whole lot of content, BuzzSumo is likely a good fit for your company.

Their monitoring tools can alert you to new content that relates to your keywords of choice.

This is smart for writers, content strategists, and those who manage writers and content strategists to stay on top of trends in what consumers want to know more about within your industry — so you’re right there to provide it.

BuzzSumo also gives you access to reporting tools that stream various sources of information to your dashboard, making it easy to keep up with developments and build visual assets to communicate about them.

You can find major influencers — worldwide — through BuzzSumo that fit your brand to sponsor and collaborate with.

Unfortunately, BuzzSumo doesn’t integrate well with Instagram, so you’ll want to focus on influencers that use other social channels unless you’re willing to do IG work on the side.

What I like: Their Chrome extension is a nice addition to their offerings for companies that work with freelancers and remote workers to take the work on the move.

Pricing: Free 30-day trials are available. Content creation plans cost $199 per month; PR and comms plans cost $299 per month; suite plans cost $499 per month; and Enterprise plans cost $999 per month.

4. Answer the Public

Answer the Public is a sister product to UberSuggest, both being brainchildren of Neil Patel.

Answer: the Public watches what people are searching for and lets you keep track of how things change over time. By studying the changes, you can be at the front of trends — positive or negative — so you can respond to the changes quickly.

It’s billed as an excellent tool for public relations professionals to give them a heads-up on how their company is faring in the public eye.

If you fall on the wrong side of public sentiment, you can be right on top of salvaging the situation and making improvements to regain trust.

If you’re doing something right and see gains in positive engagement, you know to keep up what you’re doing and may even want to expand upon it.

Great examples of what organizations have done with information like this include Wendy’s ongoing roasts and savage clapbacks on social media.

The Oklahoma Department of Wildlife Conservation’s hilarious insistence on not bringing mountain lions in the house also nabbed engagement by the truckloads (of corgis).

What I like: I like that Masterclass videos are available. They make sure to include lots of opportunities to learn how to best use their products and get maximum value from the suite.

Pricing : Individual plans cost $9 per month; pro plans cost $99 per month; expert plans cost $199 per month. Lifetime Pricing is available. Individual lifetime plans cost $99, pro lifetime plans cost $199; and expert lifetime plans cost $1,990.

5. GrowthBar SEO

GrowthBar SEO is all-in for AI. If your leadership wants a slice of the AI action at work in the company’s market research, this might be the tool to reach for.

It uses ChatGPT-4, and the peer-to-peer review site G2 ranked it the #1 AI writing tool for SEO in 2022 and 2023.

What sets it apart is that the AI writing assistant doesn’t just compile and give word to information it finds online.

It offers selections of relevant keywords, titles, headings, industry standard word counts, and link suggestions that you can choose from as you move through the outline.

They also include tools for keyword research, keyword ranking, and information about your keyword competitors. And because Google search is incorporated into the suite, you can do most, if not all, of your writing work on one screen.

Pro tip: As with all AI content, you’ll need a writer to bring the content to life by fact-checking information, adding unique or inside perspectives, meaningful quotes, and many other values that make the content rich to read.

GrowthBar SEO knows this, and you can source freelance writers there as well!

Pricing : A seven-day free trial is available. Standard plans cost $36 per month; pro plans cost $74.25 per month; and agency plans cost $149.25 per month.

6. Statista

Statista is a data visualization website that takes data from reputable reports across the web and makes them easy and digestible for researchers, marketers, and product creators just like you.

“Statista is like my market research sidekick, giving me all the data I need without the endless search. No more digging through the haystack. With Statista, I can spot trends and make informed decisions with ease," Icee Griffin , market researcher at HubSpot, told me.

One neat aspect of using Statista is that the same chart is updated as the years pass. Say that you want to allude to the value of the beauty market in your proposal.

If your investor accesses that same graph a year from now, it will reflect updated numbers. Statista finds the most recent research to update their visualizations.

Pro tip: Statista doesn’t carry out original research, but does have around 100 analysts who seek out gaps in their resources to provide ever more useful, trending data.

Pricing : Basic plans are free. Starter plans cost $199 per month, billed annually. Professional plans cost $959 per month, billed annually.

7. Think With Google Research Tools

Wish you had information on your product’s likelihood of success?

Think With Google’s marketing research tools offer interesting insights on whether anyone is looking for your product ( Google Trends ), which markets to launch to ( Market Finder ), and what retail categories rise as the months and seasons pass ( Rising Retail Categories ).

If you’d like to market your product through YouTube, the Find My Audience tool allows you to investigate what your potential viewers are interested in and what you should discuss on your brand’s YouTube channel.

What I like: Free and incredibly useful in my experience, small and newer businesses really benefit from having tools like this to conduct market research and get their growth rolling.

Pricing : Free

8. Census Bureau

The Census Bureau offers a free resource for searching U.S. census data.

You can filter by age, income, year, and location. You can also use some of its shortcuts to access visualizations of the data, allowing you to see potential target markets across the country.

If you’re considering a highly competitive product or service, you can easily find out where your target industry is most popular — or where the market has been oversaturated.

Another helpful tool is the Census Bureau Business and Economy data , where you can also target premade tables depending on your industry.

Pro tip: The text information on each screen can be overwhelming, so here’s a shortcut for you. One of the best ways to use this tool is by finding the NAICS code for your business.

Then, access the " Tables “ tool, click ”Filter" on the sidebar, and search for your industry.

9. Make My Persona

HubSpot’s Make My Persona tool allows you to create a buyer persona for your potential new product. In this tool, you pick a name for the persona, choose their age, identify their career characteristics, and identify their challenges.

This allows you to pinpoint both demographic and psychographic information.

Creating a buyer persona is an early step in the marketing process but an important one to avoid scope creep.

If you’re unsure about details like these and how to use market research tools for your business, let me recommend Hubspot’s Market Research Kit .

It’s completely free and helps you build a strong foundation for data-driven decision-making in your future marketing strategies.

Best for: Make My Persona is best suited to B2B product launches because you’ll be prompted to document your buyer persona’s career objectives and role-specific challenges.

Ideally, your product would solve a problem for them in the workplace or help their company achieve revenue goals.

10. Tableau

Tableau is a business intelligence suite of products that allows you to “connect to virtually any data source.” But the data isn’t presented in unreadable tables.

Rather, Tableau helps you visualize this data in a way that helps you glean insights, appeal to external stakeholders, and communicate the feasibility of your product to potential investors.

You can visualize data on anything from corn production in tropical climate zones to office product sales in North America. With Tableau’s tools, you can take as granular or as general a look you’d like into potential marketplaces and supplier regions.

What I like: Visual information for humans and pure data for the machines all in one. Tableau integrates well with spreadsheets and databases so that you can export Tableau data to Excel , back up records in Amazon Redshift, and more.

Pricing : Tableau Viewer plans cost $14 per user each month when billed annually. Tableau Explorer plans cost $42 per user each month when billed annually. Tableau Creator plans cost $75 per user each month when billed annually.

11. Mentionlytics

Mentionlytics is a web and social media monitoring tool that allows businesses to discover people's thoughts about their brands, campaigns, products, or services.  Users can create and customize reports and get data-driven insights that will help them make informed decisions. They can also filter results by language, location, and social media channel to personalize results.  Analyzing sentiment and emotion lets you easily understand what will work for your brand and industry and what you should avoid.  The Share of Voice report allows you to benchmark against your direct competitors and industry. You can also identify trends and discover influencers in your niche and area to boost your next steps.

Best for: Mentionlytics is great for competitor analysis and crisis detection. Their Social Intelligence Advisor (SIA) turns large volumes of data into understandable knowledge to offer custom advice on crisis detection and brand growth.

Pricing: A 14-day free trial is available for most plans. Basic plans cost $69 per month; Essential plans cost $139 per month; Advanced plans cost $249 per month; Pro plans cost $399 per month; Agency plans cost $599 per month; Enterprise plans cost $950 per month. Annual billing options offer discounts.

12. Paperform

A market research survey is an effective way to better understand your target audience and their needs by asking them directly.

This step is integral to understanding your dream customers’ problems, so you want to ensure the process is as interactive as possible and gathers objective, accurate responses.

With its free-text interface, Paperform is as simple as writing a Word document. You can make your survey stand out by customizing colors, fonts, layouts, and themes to create your unique look and feel.

There are 27+ question field types, such as ranking, matrix, or scale fields. Use several to create visually engaging surveys that collect more information and see higher completion stats.

If you’re unsure where to start, you can use one of their expertly-made questionnaires or market research survey templates to get you started.

Best for: In my experience, Paperform is able to efficiently incorporate multiple customer personas. It uses conditional logic to show or hide questions or whole sections of content to create fully personalized paths.

These interactive forms lower drop-off rates and boost customer interaction.

Pricing: Essentials plans cost $29 per month. Pro plans cost $59 per month. Business plans cost $199 per month. For enterprise pricing, contact Paperform’s sales team.

GWI is an on-demand consumer research platform that makes audience research a breeze. Powered by the world’s largest study on the online consumer base, GWI provides insights into the lives of over 2.8 billion consumers across 50+ markets.

With 250k+ profiling points, you can find your unique customers and learn everything you need to know about who they are, what’s on their minds, and what they’re up to.

One user-friendly platform makes it quick and easy to become an expert on your audience and capture the answers you need to succeed.

Pro tip: GWI even has features to compare markets and create customized and shareable charts in seconds, helping you distribute critical information as quickly as you find it.

Pricing : Explore Interactive Demo for free; Flexible and custom pricing with discounts available.

14. SurveyMonkey

SurveyMonkey is a powerful tool for creating in-depth market research surveys that will help you understand your market and consumer preferences.

With this tool, you can create targeted, uber-specific surveys that help you collect answers that pertain specifically to your product.

While using a data source can give you a general overview of your target audience and market, SurveyMonkey can help you get more granular insights from real consumers.

SurveyMonkey offers dedicated market research solutions and services and a reporting dashboard option that allows you to easily parse through the results.

What I like: I like that SurveyMonkey is a good fit for exploring markets beyond your shores. It includes a global survey panel and survey translation service for international research.

• Individual plans: Advantage annual plans cost $39 per month. Premier annual plans cost $119 a month. Monthly plans cost $99 per month.
• Team plans: Team advantage plans cost $29 per person each month. Team premier plans cost $75 per person each month.
• Enterprise pricing is available upon request.

15. Typeform

Like SurveyMonkey, Typeform allows you to run research surveys to get direct answers from your target consumers. It’s an easy-to-use, mobile-optimized form-builder that’s great for market research.

Typeform’s distinguishing factor is that it shows viewers one form field at a time. In its templates, Typeform encourages a more conversational, casual approach (like in its market research survey template ).

You can create a wide range of question types, and other features include the ability to recall answers from previous questions and create logic jumps.

In a survey, you’d want to collect both demographic and psychographic information on your customers to understand their purchasing behaviors and the problems they encounter.

The goal is to find out if your product is the solution to one of those problems — and whether, before launching, you should add more features or rethink your product positioning strategy .

Best for: I think Typeform is best for product launches that target a younger demographic.

If you’re targeting C-suite executives at established firms, consider a more formal option, such as SurveyMonkey, or keeping your tone more formal in your questions.

Pricing : Free plans are available. Basic plans cost $29 per month. Plus plans cost $59 per month. Business plans cost $99 per month. Enterprise plans are available upon request.

16. PureSpectrum Insights (Previously Upwave Instant Insights )

PureSpectrum acquired Upwave Instant Insights in 2021 and rebranded as PureSpectrum Insights.

As before, this platform is primarily a consumer research tool. While it isn’t advertised as a survey creation tool, it allows you to launch market research surveys specifically to get consumer insights.

PureSpectrum allows you to perform customer and market segmentation and also to visualize your data for easy scanning by key stakeholders and investors. They’ve grown to include A/B testing, brand tracking, and customer sentiment.

Pro tip: PureSpectrum distributes your survey to real people. Take a look at their marketplace profile to get a sense of where and from whom you can collect valuable data.

Pricing : Schedule a demo for more information.

17. Claritas MyBestSegment

Claritas MyBestSegment provides product researchers with tools to understand a specific area’s demographic information as well as the lifestyle habits of those who live there.

Their audience segments give you information gleaned from tens of thousands of data points, giving you insight into much more than just household income, employment, and education levels.

By finding out what a segment of the population does — without having to go out and survey them — you can find out which areas would be most receptive to a campaign or launch.

You can also discover which competitors are located nearby and which lifestyle trends have shifted or are on the rise.

What I like: I like that they are able to do some of the leg work for you. Syndicated Audiences is a tool available from Claritas for finding an organized audience of consumers who are more likely to be interested in your products or services.

Pricing : Pricing is available upon request.

Loop11 is a user experience testing platform that allows you to test the usability of your website, study user intent, test the information architecture of your site, and examine how the user experience changes based on the device they’re using.

Loop11 tests your site on any device by making users perform tasks. They then complete a short question about how easy or difficult the task was to complete.

Your product may be phenomenal, but unless consumers can actually buy it through your site, your launch won’t be successful.

You can use Loop11’s participants for niche demographics or bring in your own to learn more about your current customers.

Best for: Market research for your site development. You can find out whether your target consumers find your site easy to navigate and also identify snags that prevent conversions.

Pricing : Rapid Insights plans cost $199 monthly or $179 per month, billed annually. Pro plans cost $399 per month or $358 per month, billed annually. Enterprise plans cost $599 per month or $533 per month, billed annually.

19. Userlytics

Like Loop11, Userlytics allows you to test the usability of your website, mobile app, and site prototype. You can target different devices, define a buyer persona, and disqualify participants based on screening questions.

Testing is based on tasks that your test-takers carry out. They then answer a simple question about the difficulty of the task. You can structure the question in various ways:

You can leave it open-ended, provide multiple choices, or ask for a rating. Other formats you can use include System Usability Scale (SUS) questions, Net Promoter Score (NPS) questions, and Single Ease Questions (SEQ).

What I like: Userlytics performs both a webcam and a screen recording. You can compare the user’s answers with their reactions on video to understand how they feel when they’re interacting with your assets.

Pricing : Schedule a free demo for more information.

Sometimes, you need a no-frills test to take the pulse of consumers. Temper allows you to create a question and pop it onto your website, into your emails, etc.

The smiley face, “meh” face, and frowny face make it easy for viewers to share their feelings — and for you to read their minds.

You can also add it to a product page or a landing page, tailoring the questions to fit your offerings.

As for what you see, there are three options for receiving the feedback: in a tab on each page you are monitoring, embedded in the web page itself to narrow in on aspects within the page, or at the bottom of emails so you can get real-time information as the interaction unfolds.

Pro tip: One great way I’ve seen this used is by adding it to a blog post announcing the launch of a new product. You can find out general sentiment toward the product before it even launches!

Pricing : Hobby plans cost $12 per month. Pro plans cost $49 per month. Business plans cost $89 per month. White label plans cost $199 per month.

21. NielsenIQ (NIQ)

NielsenIQ (NIQ) is a retail and consumer intelligence consultant that works with you to collect consumer insights, identify the best distribution channels for your product, and create a range of products to address the needs of your target buyers.

This service helps you look at your product launch from all angles, delivering forecasting data that predicts how your sales will perform upon launch. NielsenIQ can also run consumer insights surveys on their list of panelists and partners.

NIQ now offers a service called Byzzer to help small businesses with fewer resources. It opens a door for market research reporting, in-person events, and consulting at a lower cost than the full NIQ suite.

Best for: I think Byzzer can be a helpful and affordable option for smaller businesses, but because NielsenIQ operates like a consultant and not as a self-service software, it is a better option for established firms with a bigger product launch budget.

Pricing : Pricing is available on request.

22. Ubersuggest

Don’t be intimidated by the visually text-heavy Ubersuggest. It really is an easy tool for doing keyword and content research. You just input a phrase, and it’ll create a list of keyword suggestions.

You can also see top-performing articles and pages to better understand the types of content that rank for those keywords.

This tool is useful for market research because you can see who your top competitors are, how often your product is searched for, and whether there’s enough space in the market for the type of product you’re launching.

You can also find out the questions your target audience asks in relation to the product. Each of these questions can be turned into an informative blog post that can guide your audience, increase your brand authority, and drive conversions.

Pro tip: If you want a quick look at the results you can get, head to their website and do a search — just know that you only get one glimpse before they make you register. Alternatives to Ubersuggest include Moz , Ahrefs , and SEMRush .

Pricing : Free seven-day trials are available for all three tiers. Individual plans cost $29 per month. Business plans cost $49 per month. Enterprise and agency plans cost $99 per month. Add-ons are available at $5 each. Lifetime memberships are also available.

23. Pew Research Center

From economic conditions to political attitudes, social media usage to food science, the Pew Research Center website has loads of free research that you can use to better understand your target markets.

Be careful with your curiosity, though. It’s a gorgeous trap of interesting information that can drain your day away — but so happily.

I that Pew Research Center integrates visual data directly into the text — and we’re not talking about a chart or image spliced in.

The site has hundreds of interactive articles that allow you to filter and sift through the data for more granular, targeted insights while also making dense information easier to understand.

Their research topic selection is delightfully vast. Click the top left tab for “ Research Topics.” Then, there is a link to their “ Full Topic List .” Once there, each topic cluster has a “ More ” option.

What I like: As a writer in digital marketing, I am always on the hunt for targeted and nutritious quotes and insights. I love that you have access to what research participants actually had to say below the Pew Research articles.

It’s a stellar feature for building compelling presentations. The quotes are tagged, too, so you can sort quotes more specifically on various concepts or groups related to the research.

Here’s an example article — scroll to the In Their Own Words section at the bottom to check it out.

24. SocialMention (Part of BrandMentions)

SocialMention is a part of BrandMentions focused on social media monitoring. The platform helps you understand what your prospective customers are buzzing about online.

Search for a keyword, and SocialMentions will show you recent social posts that contain that keyword, along with the context of its usage.

After subscribing to the platform, you’ll also get other metrics such as Reach (how many people view the keyword per day), Performance (how many people engage with the keyword per day), and Mentions by Weekday (when people mention the keyword).

One way to use this tool for market research is by finding out what time of day or night people are looking for your product on social media sites.

Let’s say you’ve developed a sleeping aid app and learn through SocialMention that most people look for sleeping aid apps at 2:00 AM. When you start announcing your product, you will need to schedule your post around 2:00 AM.

Pro tip: Another useful tool you’ll have access to is sentiment analysis on your keywords. It allows you to find out how people are generally feeling about the type of product you’re launching.

That way, you can refine the tone of your campaigns.

Pricing : Growing business plans cost $79 per month. Company plans cost $249 per month. Enterprise and agency plans cost $399 per month. All prices are billed annually.

25. Qualtrics Market Research Panels

Qualtrics takes away the hassle of finding respondents for your market research surveys. They provide an online sample service so you can access real, live human thoughts without having to actually manage any humans.

It’s an introverted marketer’s dream come true!

Once you’ve identified your target audience, head on over to Qualtrics and sign up to access a representative sample.

You can then use Qualtrics’ built-in platform to start gathering insights and information from the people whose pain points you might be able to help solve.

Pro tip: You can actually choose between Qualtrics’ built-in platform or using your own chosen survey software . Sometimes, you’re already familiar and comfy with one system or need to hustle with a program you know — Qualtrics lets you pick.

26. ProProfs Qualaroo

Qualaroo is an advanced user and market research tool that helps you understand your specific market with targeted surveys.

You can run surveys on over six channels at once — such as website, app, product, social media, and email — to get a 360-degree view of your existing and potential customers.

It comes packed with features like question branching, 12+ answer types, automatic survey language translation, in-depth audience targeting, pre-built survey templates, and an extensive repository of professionally designed questions.

You can create various market research surveys in minutes to collect data on the demographic, psychographic, and behavioral traits of your target audience.

It can help you map customers’ expectations and preferences, create customer personas, and perform audience segmentation.

Qualaroo also promotes quick feedback analysis. Its in-built AI-based sentiment analysis and text analytics engine automatically categorizes the responses based on user moods.

It also highlights the key phrases and words in real time, saving hours of manual work.

What we like: In my experience, you can get an awful lot done with just this one source for conducting market research. I like it for its rare combination of tool inclusivity and affordable pricing — it’s definitely a solid source to start with.

Pricing : Omni channel plans for up to 50 responses are free. Omni channel plans for businesses up to 100 responses cost $19.99 per month, billed annually. Email surveys up to 50 responses are free.

Email surveys for businesses up to 100 responses cost $9.99 per month, billed annually.

Conduct Market Research for a Successful Product Launch

Conducting market research is essential to a successful product launch to market.

With the tools I’ve just introduced you to, you can find out who’s looking for your product, why they need it, and how you can better market whatever you’re looking to launch.

Editor's note: This post was originally published in April 2016 and has been updated for comprehensiveness.

Don't forget to share this post!

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AI Fluency Is The CMO’s Next Big Superpower

Mike Proulx , VP, Research Director

On Tuesday, June 18, our latest AI marketing report will go live, titled “How AI Impacts The CMO.” That’s also the same day I’m hosting a related fireside chat with Russell Reynolds’ Norm Yustin at Forrester’s CX Summit . Both the report and the fireside chat dive into the CMO’s role in leading AI adoption. According to Forrester’s Q2 B2C Marketing CMO Pulse Survey, 2024, 30% of CMOs in the US are directly leading their marketing organizations’ AI efforts. “One of the biggest functions disrupted by AI is marketing,” Norm told us, adding that “marketers need to be more curious and learn it.”

AI Turns Marketing “Inside Out”

The CMOs we spoke with all agree that AI fluency is mission-critical. Laura Curtis Ferrera, global CMO at Scotiabank, told us that “AI will completely change how we do marketing.” Tyrrell Schmidt, CMO at TD Bank Group added, “AI will become a part of how everyone is doing their work.” But AI isn’t just changing how people do their work; it’s also changing what modern marketing organizations look like. Shiv Singh, who’s held top marketing spots at PepsiCo, Visa, Expedia, and LendingTree, said, “AI is going to turn the marketing function inside out.”

To Lead AI, CMOs Prioritize AI Fluency

Forward-thinking CMOs are already integrating AI. “Staying ahead of the puck is what we have to do as CMOs,” said Andrea Brimmer, CMO at Ally. “I put out a challenge to my team to experiment with AI every day,” added Christina Pletnewski, CMO of Safelite. And while many CMOs are becoming proficient in AI via pilot projects , AI features are also inherently showing up in everyday marketing tools. As Drew Panayiotou, global CMO at Pfizer, put it: “If you’re a modern CMO, AI is already in your business. It’s in programmatic media, it’s in your martech stack, it’s in social media platforms. AI is already embedded.”

Humans And AI Agents Will Coexist And Collaborate

Commoditized marketing activities will get done by AI agents. And that’s a good thing according to Shiv Singh, who told us that “AI will free up the best marketers to do unbridled mind-blowing creative work using an army of AI agents to help them.” But because of this, the human touch in marketing becomes even more important. “We’re still people-centric when it comes to our branding and storytelling,” said Tory Pachis, SVP of marketing at Amica Insurance. And Korn Ferry’s North America CMO practice leader, Peri Hansen, told us, “I don’t see AI replacing the emotional components of marketing. There is always going to be a true human element to marketing.”

Learn More At Forrester’s CX Summit North America

Join me at Forrester’s CX Summit North America , June 17–20, for the following sessions:

• Keyn ote | Fireside Chat: To Make AI Magic (Not Mayhem), Start With Myth Busting And Discipline. Amid all the cross-industry AI mania, it’s the shiny objects that garner the most attention, when in reality, it’s the less sexy applications of AI, like content supply chains, that drive actual business transformation and revolutionize customer relationships. Quick and enduring AI wins require a disciplined approach — especially in large enterprises. During this fireside chat with General Motors, we will debunk common myths about the promise of AI, disucss practical AI use cases that drive CX, and detail best practices for enterprise AI readiness. [Tuesday, June 18 @ 10:10 a.m.]
• The CMO’s Role In Leading AI Adoption. Marketing has spawned many of generative AI’s earliest use cases — from creative ideation and content development to personalization and search optimization. And we’re merely at the starting line of a marathon of possibilities. According to Forrester data, 40% of US-based B2C marketing executives indicated in Q4 2023 that they were exploring generative AI use cases. But how do CMOs lead their teams toward integration of this tech into their marketing operations and strategy? And how is this all done in a human-centered way? [Tuesday, June 18 @ 2:05 p.m.]
• Hit Or Miss? GenAI Brand Activation Showcase. Just as they have with past emerging media, brands such as Coca-Cola were quick to launch generative AI stunts to achieve “first mover” credit in the industry trades. But when it comes to consumer-facing experiences, genAI’s real utility trounces superficially veiled marketing campaigns. During this session, we’ll showcase and evaluate recent brand activations to give inspiration from the best (and worst) of brands’ use of generative AI. [Thursday, June 20 @ 10:10 a.m.]
• Will AI Agents Steal My Job? During this analyst-led roundtable, we’ll explore how to productively coexist and collaborate with your machine team counterparts. [Tuesday, June 18 @ 4:05 p.m.]

Forrester clients: Let’s chat more about this topic via a Forrester guidance session .

• Age of the Customer
• AI Insights
• B2C Marketing

CX Summit Is Coming To A City Near You!

Elevate your cx strategy and skills at forrester’s cx summits. meet analysts to gain insights, research, and frameworks for exceptional customer outcomes — and create boundless experiences with genai., loyalty service providers supercharge loyalty strategies, 2024 b2c marketing priorities and challenges, get the insights at work newsletter, thanks for signing up..

Stay tuned for updates from the Forrester blogs.

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New drugs boost roche (rhhby), covid-19 treatments decline, wells fargo (wfc) banks on deposit growth & solid liquidity, strength in aerospace business drives ge aerospace (ge).

Tuesday, June 4, 2024 The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 16 major stocks, including Roche Holding AG (RHHBY), Wells Fargo & Company (WFC) and General Electric Company (GE), as well as a micro-cap stock Key Tronic Corporation (KTCC). The Zacks microcap research is unique as our research content on these small and under-the-radar companies is the only research of its type in the country. These research reports have been hand-picked from the roughly 70 reports published by our analyst team today. You can see all of today’s research reports here >>> Shares of Roche have underperformed the Zacks Large Cap Pharmaceuticals industry over the past year (-17.4% vs. +28.9%). The company’s performance has been negatively impacted by lower COVID-19-product-related sales. This, in turn, has significantly affected its top line, even though the diagnostics base business and newer drugs maintain growth.   The outlook for 2024 is ordinary as well. Competition from biosimilars for established cancer medicines like Avastin, MabThera/Rituxan and Herceptin also hurt sales, resulting in the stock’s underperformance in the past year. Nevertheless, Vabysmo, Ocrevus, Hemlibra and Polivy boost growth. Vabysmo has put up a stellar performance against Eylea. The company’s efforts to develop new drugs to combat the decline in legacy drugs are encouraging. However, the approval of a higher dose of Eylea might pose challenges for Vabysmo. (You can read the full research report on Roche here >>> ) Wells Fargo shares have outperformed the Zacks Banks - Major Regional industry over the past six months (+35.1% vs. +26.9%). The company progress on efficiency initiatives, such as branch footprint reduction, will continue to support expense reduction and drive the bottom-line growth. However, the company’s loan growth is likely to remain limited, as the asset cap remains in place until it complies fully with regulators’ demands regarding operational risk management. Likewise, lower originations because of high rates will limit mortgage banking income. But a decent deposit balance will keep supporting its financials, given the strength in the Consumer Banking and Lending segment. With robust capital position and ample liquidity, the company’s capital-distribution activities seem sustainable. The stock has decent upside potential in the near term given its strong fundamentals. (You can read the full research report on Wells Fargo here >>> ) Shares of  GE Aerospace have outperformed the Zacks Transportation - Airline industry over the past six months (+69.7% vs. +37.5%). The company has been witnessing strength in its Aerospace business, driven by robust demand for commercial engines and services. Rising U.S. & international defense budgets, geopolitical tensions, positive airline & airframer dynamics and robust demand for commercial air travel auger well for the company. It remains committed to making investments to boost growth and provide better services to its customers. Its portfolio reshaping actions are likely to unlock values for its shareholders. GE Aerospace’s shareholder-friendly policies are encouraging. For 2024, it expects organic revenues to grow by at least low-double-digit range from the year-ago levels. However, it has been dealing with high costs and expenses related to projects and restructuring activities. (You can read the full research report on GE Aerospace here >>> ) Key Tronic’s shares have gained +2.2% over the past six months against the Zacks Electronics - Miscellaneous Products industry’s gain of +25.2%. This microcap company with market capitalization of $45.09 million has secured new programs across various industries, expanding its customer base and revenue streams. Its global footprint, particularly in Vietnam, supports growth and mitigates risk. The company's financial position is strong, with increased cash reserves and significant debt reduction. A positive revenue outlook for the fourth quarter of fiscal 2024 enhances its value proposition. Favorable market trends and strategic adjustments position Key Tronic to benefit from on-shoring and near-shoring trends. However, KTCC faces declining revenues, reduced profitability and covenant breaches, leading to increased interest rates. Despite inventory reductions, high levels and increased DSO strain cash flow. Geographic and operational risks, including restructuring in Mexico, pose challenges to financial stability. (You can read the full research report on Key Tronic here >>> ) Other noteworthy reports we are featuring today include Dell Technologies Inc. (DELL), Moody's Corporation (MCO) and EOG Resources, Inc. (EOG). Director of Research Sheraz Mian Note: Sheraz Mian heads the Zacks Equity Research department and is a well-regarded expert of aggregate earnings. He is frequently quoted in the print and electronic media and publishes the weekly Earnings Trends and Earnings Preview reports. If you want an email notification each time Sheraz publishes a new article, please click here>>>

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• iHeartMedia -stock
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Impending Challenges for iHeartMedia: An Underperform Rating with Reduced Price Objective

Analyst Jessica Reif Ehrlich of Bank of America Securities reiterated a Sell rating on iHeartMedia ( IHRT – Research Report ), with a price target of $1.00.

Jessica Reif Ehrlich’s rating is based on a myriad of concerns, particularly surrounding iHeartMedia’s financial stability and market performance. The company’s shares have seen a significant decline, which Ehrlich attributes to a slower than expected recovery in broadcast radio and disappointing second-quarter guidance. Additionally, the company’s high net leverage, which remains at a worrisome 6.9x, contributes to the Sell rating. While there is an expected improvement in leverage due to political revenue in the upcoming election cycle, this is not seen as a sustainable factor for 2025, especially with substantial debt maturities on the horizon. Ehrlich also highlights the company’s capital structure as being under strain, as evidenced by the trading values of iHeartMedia’s unsecured notes.

Moreover, the outlook for iHeartMedia’s growth remains uncertain, with the anticipated recovery in advertising spend progressing more sluggishly than initially hoped. This casts doubt on the company’s ability to attract political advertising dollars at the expected level. Despite management’s successful expense management in the past, the report suggests that further cost containment measures will likely be necessary, which may only provide incremental improvements. Ehrlich has thus reiterated an Underperform rating and further reduced the price objective to $1.00, signaling a belief that the combination of growth prospects and the company’s financial structure will continue to negatively impact stock performance in the short term.

Reif Ehrlich covers the Communication Services sector, focusing on stocks such as Comcast, Spotify Technology SA, and Paramount Global Class B. According to TipRanks , Reif Ehrlich has an average return of 6.1% and a 51.98% success rate on recommended stocks.

TipRanks tracks over 100,000 company insiders, identifying the select few who excel in timing their transactions. By upgrading to TipRanks Premium, you will gain access to this exclusive data and discover crucial insights to guide your investment decisions. Begin your TipRanks Premium journey today.

iHeartMedia (IHRT) Company Description:

iHeartMedia, Inc. engages in the provision of media and entertainment services. It operates through the following segments: Audio; Audio and Media Services; and Corporate and Other Reconciling Items. The Audio segment comprises of media and entertainment services via broadcast and digital delivery and also includes events and national syndication businesses. The Audio and Media Services segment consists of the other audio and media services, including the media representation business (Katz Media) and the provider of scheduling and broadcast software (RCS).The company was founded by L. Lowry Mays and B. J. McCombs in 1972 and is headquartered in San Antonio, TX.

Read More on IHRT:

• iHeartMedia reports Q1 revenue $799.04M, consensus $805.85M

iHeartMedia News MORE

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6 facts about americans and tiktok.

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Electric Vehicle Charging Infrastructure in the U.S.

64% of Americans live within 2 miles of a public electric vehicle charging station, and those who live closest to chargers view EVs more positively.

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A quarter of all webpages that existed at one point between 2013 and 2023 are no longer accessible.

A quarter of U.S. teachers say AI tools do more harm than good in K-12 education

High school teachers are more likely than elementary and middle school teachers to hold negative views about AI tools in education.

Teens and Video Games Today

85% of U.S. teens say they play video games. They see both positive and negative sides, from making friends to harassment and sleep loss.

Americans’ Views of Technology Companies

Most Americans are wary of social media’s role in politics and its overall impact on the country, and these concerns are ticking up among Democrats. Still, Republicans stand out on several measures, with a majority believing major technology companies are biased toward liberals.

22% of Americans say they interact with artificial intelligence almost constantly or several times a day. 27% say they do this about once a day or several times a week.

About one-in-five U.S. adults have used ChatGPT to learn something new (17%) or for entertainment (17%).

Across eight countries surveyed in Latin America, Africa and South Asia, a median of 73% of adults say they use WhatsApp and 62% say they use Facebook.

5 facts about Americans and sports

About half of Americans (48%) say they took part in organized, competitive sports in high school or college.

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Roughly four-in-ten Americans have experienced online harassment, with half of this group citing politics as the reason they think they were targeted. Growing shares face more severe online abuse such as sexual harassment or stalking

Parenting Children in the Age of Screens

Two-thirds of parents in the U.S. say parenting is harder today than it was 20 years ago, with many citing technologies – like social media or smartphones – as a reason.

Dating and Relationships in the Digital Age

From distractions to jealousy, how Americans navigate cellphones and social media in their romantic relationships.

Americans and Privacy: Concerned, Confused and Feeling Lack of Control Over Their Personal Information

Majorities of U.S. adults believe their personal data is less secure now, that data collection poses more risks than benefits, and that it is not possible to go through daily life without being tracked.

Americans and ‘Cancel Culture’: Where Some See Calls for Accountability, Others See Censorship, Punishment

Social media fact sheet, digital knowledge quiz, video: how do americans define online harassment.

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