Knowing how your product or service will succeed in the industry market before launching out helps you make informed decisions and improvements for your business.
Market research software provides insights into how your products will perform in the industry market.
With a host of software out there, deciding on a particular market research software can be difficult.
You need to differentiate between the features, abilities of the software, and the experiences you hope to provide your customers.
This article provides key features to look out for when deciding the market research software you want to go with.
Every successful market research begins with a survey. These surveys provide you with customer views and preferences that improve your products and services.
You need a survey builder that is fairly easy to use. For instance, simple drag and drop builders are perfect for creating surveys as they allow any authorized person from your business to format and update the questions on your survey.
Although you can use the traditional paper to pen surveys, we recommend using tablet surveys that have the right software.
The best survey builders offer built-in question forms like multiple choice formats and rank order formats that allow users without research expertise to build engaging surveys for their market research.
Feedback is key to every market research. It leads to a better understanding of your customers and, by extension, improves overall customer satisfaction.
A good market research software should smoothly integrate with other platforms like email service providers and mobile applications to improve feedback from respondents.
Respondents are inclined to give feedback and partake in surveys where they don’t have to join a larger study group.
You can use that respondent behavior by integrating market research into emails, for example, where respondents can simply contribute their thoughts and move on.
You should be able to see the results from your research immediately they’re ready.
Unlike the conventional market research system where you wait weeks for your research results, a good market research software produces insights from your research in real-time.
Another feature of a good market research software is its live reporting and updates. Choose a software that has built-in graphs, tables, charts, and filters that allow you to input data and receive results and share those results with others.
Any updates to your research results should reflect not only on your reports but also on those shared with others. This way, you keep everyone updated on the go.
Analytics is the process of turning data into insights by interpreting the essential elements and patterns in that data.
When you have a lot of data, you need powerful analytics tools to sift through it and find meaningful insights.
The best market research software have more than one analytic tool. Some typical analytical tools in these software include:
- Statistics analysis
- Text analysis
- Predictive analysis
- Key driver analysis
There are different levels of expertise in each of those categories. Some text analytics platforms, for example, need a significant amount of manual effort to develop a subject library for open text feedback, while others employ machine learning and AI to modify them automatically, decreasing the need for manual setup.
Remember, the best market research software includes user-friendly survey builders, seamless integration, live insights and reports, and analytic tools.
While these features are not all a market research software should have, they are essentials that help you make informed decisions for your business.