Market analysis tools for high-impact insights
Clarke Ricks
School of Business, Liberty University
BUSI 690: Policy and Strategy in Global Competition
Dr. Hicks
April 9, 2021
Market analysis tools for high-impact insights
With market analysis, you gather information on the current state or future of a specific
market. You can look at the market as a whole or focus on specific parts, such as
profitability, market share, an analysis of your competitors or your target group. It can be
part of a business plan when you are interested in entering a market. It is also used to
improve products or develop more effective marketing messages.
When to use market analysis tools
Every creative marketer benefits from solid research backing up their ideas. When you
are developing a new product or setting up a new business, an analysis of the market is a
good starting point. You could have the greatest idea for a product, but if there’s no market
for it, you will lose.
Market research will give you an idea of how likely you are to be successful: is there
even a demand for a product like yours? And if so, how much could you charge for it?
Would that cover the costs you’re about to make? Decisions, decisions.
Market analysis can be part of a SWOT analysis to identify opportunities and threats. It
can be part of marketing research to create outstanding content strategies. It can be the
baseline of improving your services, your products, even your website.
We found that very different elements were important in Germany vs the UK. This has
helped us to then shape and adapt our creative moving forward, to make sure that the
elements that are important to Germans come through.
Mairead Masterson, Head of Business Intelligence, Bloom & Wild
And it’s not just for newbies. Even if your business has been around for a while, a
market analysis can be a valuable tool. Because (most) markets are ever-changing and it is
crucial to stay up to speed. Products are being improved, consumers’ expectations change,
and competitors come and go. You can’t just sit around and watch the world go by.
Depending on what stage your business is in, you will want to look into different parts
of the market. If you’re still developing a product, you will want to know more about what
consumers really want. When you’re determining the price, you want to look into the
possible market share. Let’s dive into some different types of market research before we
jump into tools that make analysis easy-peasy for you.
Researching market share opportunities
If you are not entering or operating in a monopoly, you’ll want to look at the size of the
market in terms of money and the market share you will need to run a successful business.
If there’s no product like yours yet, get an idea of the size of the market in volume and
value: how big is the demand for your product, and how much are people willing to spend
on it? With this information, you can create different scenarios and budgets and see if or
when your product will be profitable.
If you are entering an existing market, research how likely people are to switch to
another supplier (you!), and what it would take for them to make that switch. For that, let’s
look at another aspect of market analysis.
Researching your target market
If only we could read minds. Market analysis is not just macro: it is also zooming in on
consumers as individuals and getting to know their wishes, pains, problems, and
expectations. Related to your product, that is.
A research of your target market goes beyond just customer demographics. If your ideal
customers are women between 30 and 50, find out what social media channels they love
using. Understand what they are really looking for in a product, how they would like to buy
it. How do they prefer to be contacted and what questions do they have? What trends are
they following? What sparks emotions in them?
This information can help you set up buyer personas that will help you create effective
marketing campaigns. It also enables you to identify opportunities for product
improvements or new products.
Attest has allowed us to stay relevant and think long-term. We’ve introduced new
content streams and campaigns off the back of the data, and we’re now seeing the results
of these studies play out in the market.
Researching your competitors
Learn where you stand compared to your (future) competitors. It is good to realise
there are other businesses out there, that – even though you try hard to differentiate – look
very similar in the eyes of consumers. Analyse why certain customers choose to buy from
another company and what these businesses are doing to lure them in. This can help you
identify gaps in your own service and marketing, revealing opportunities for improving your
messaging or product.
Market analysis made easy
The market is always changing and it’s important to stay up-to-date with the latest
trends. Luckily, there are also more and more tools out there that help you gather specific,
relevant and real-time information. Without any guesswork involved, they help you make
better business decisions.
That being said, there are many ways to perform market research. The best methods
will depend on your goals and the specific situation of your company. In this article, we’ve
gathered 8 of the best online tools for market research. Each of them covers different
aspects of market analysis, so you can get a complete overview, or a super-specific one.
How to pick the right tool for your business
There are market analysis tools for all kinds of use cases. And there are some pretty
impressive software and solutions out there.
So, before we dive in: it’s good to realise that when picking a tool you should keep the
end goal in mind. Don’t be bedazzled by how many cool features a tool has. Instead, focus
on how relevant they are to your business. Think backward: what information
do you need? Pick a tool that delivers that.
A tool for every kind of market analysis: here are our favourites
1) Attest
Are you taking over a new market by storm or want to be the most innovative business
in your market? No more guessing games or generic data: if you want first-hand information
directly from your target audience, Attest is the tool for you. It is a smart platform that will
help you get data from real consumers that is relevant to your business, collected in real-
time. All to make business decisions faster and with more confidence.
Attest allows you to reach your target audience in 49 markets. You’ll find analysis tools
for every aspect of your market: consumer profiling, international research, and market
analysis. Attest is suitable for novices and pros alike: our templates make it super easy to get
started.
The results you get from the research tools are hyper-relevant. We have more data
quality controls in place than any comparable tool. No experienced market researchers on
board? No problem – we help you make the most out of your research. You can ask their
experts directly for help to ask the right questions to your audience. That way, you’ll be able
to get insights that are directly applicable to your business goals.
