5 Features Market Research Tools Need For Effective Competitive Analysis

Market research is what drives business. This invaluable data is what helps businesses make informed decisions to grow and expand. Market research can also inform product design decisions, driving business innovation for an entire industry. That is why it is absolutely imperative to have the best market research tools, regardless of what size business you own and operate. Learn what must have features market research tools should have below to help you make the best business decisions.

Surveying Features

Survey features are a critical component for all market research solutions. One of the best ways to informally gather data on your target audience is to create customer surveys. Creating a customer survey will give you insight into consumer behavior and buying decisions in a much more personal way. Ultimately, that will make it easier to deliver outcomes your business’s customers will appreciate. If you want to use market research tools to gain business data insight that will produce better customer service results, make sure the software you consider includes ample survey tools.

Competitive Analysis Capabilities

All top market research tools include competitive analysis features. In order for your business to outperform local competition, you need to gain insight into their business operations. Market research software with competitive analysis tools will make it possible to figure out your competitions’ strengths and weaknesses. Ultimately, that is one of the biggest and best ways you can use data to inform business decisions. Look for market research solutions that include competitive analysis features to give your business a better chance at continued growth and success.

Access To Public Data

All market research tools should, at a minimum, provide your business access to publicly available data. The federal government offers a tremendous amount of useful market data and consumer data that your business can use to inform operational decisions. Many state databases and places like Harvard Business School provide helpful business data as well. Business owners need to invest in a market research tool that allows them to glean real insights from these market research reports. Look for these tools in your search for the perfect market research solution.

Visual Aids

Visual aids are a necessary component in any top market research software. When creating reports and presenting data to other business stakeholders, you want it to be simple, straightforward and easy for everyone to understand. Visual reporting is the best way to achieve this goal. Data science tools for business research need to include features to create visual aids, like charts, graphs and infographics, in order to be an effective business solution. Remember this when you are searching for the best market analysis tools to help you grow your business success.

Search Tools

Your market analysis tools must include search features. Otherwise, using these business solutions could hurt business efficiency. Owners and their employees should be able to quickly look up particular business data sets accurately, like narrowing your selection down the the business trends of 2017 through to the present. This way, you can better inform business decisions without sacrificing business process efficiency overall. Search features make it possible to identify market research results by keyword or phrase, date, or other identifying information. That allows you to quickly reference important data accurately in order to make the best business decisions possible. Only consider the market analysis tools that include search features to maximize business efficiency during times of growth.

The best market research tools, like those from Palantir, can help any business make better decisions for continued growth and expansion. In order to be the best, your business solutions need to include the features above. Buy market analysis solutions that include surveying tools and competitive analysis capabilities to find out more about your customers and your competition. Look for those market research programs that provide access to publicly available federal market reports and state market research results. And, do not consider any research programs that do not feature support for visual aids and infographics or do not include basic search features. As long as you find these must have market research software features, you will be able to use this technology to make better business decisions that help your company grow and succeed for the foreseeable future.

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