Whether you are a small-scale, medium scale or large-scale business, having good competitive intelligence is crucial for the success of the business. It is imperative for business owners and marketers to become familiar with the latest trends, have a fair knowledge of competition, and have the tendency to adapt quickly. 

The businesses consider custom market research as an effective option for all this but they fail to realize how expensive this can be. Fortunately, no more worries as competitive intelligence solutions have come to the rescue of small and medium-sized organizations. 

Smaller businesses can resort to the affordable, powerful, and usable tools widely available these days. The market research tools will also help you to attract more visitors towards your website. 

Here’s an insight into all the best competitive intelligence tools for conducting market research in the post mentioned below. 

Market Research Analysis Tools 

Before you go on and begin your search, it is crucial to know some things about your market such as your competitors, trends in the market, and familiarity with your target audience like what interests them to build your strategy accordingly. 

With the help of the widely available competitive intelligence tools, it becomes pretty easy to know about your competitors, market trends, and varied sorts of information. Let’s learn about the popular tools for the same in the sections mentioned below. 

G2 Crowd 

The foremost competitive intelligence tool for market research is G2 Crowd. Initially, it may seem like a peer-to-peer review website but it can be of great help for overall market research like your competitors and other things. 

For instance, if you search for a particular product, then the tool will showcase the top players and give you all the information you need. Consequently, it assists you in understanding the position of your business concerning other similar businesses. 

Market explorer 

Market explorer is another popular tool assisting businesses in market research. The tool allows you to research the entire market by merely entering a single domain. The tool will show you the list of best competitors once you enter the domain. 

The tool assists you in knowing the extent of the competition, shares among competitors, and market size. All this together gives you a solid overview of the full market. 

Google Trends 

The next best marketing research tool is Google Trends. Introduced in 2006, it lets you know the popularity of certain topics location-wise. On average, Google processes around 102,000 searches per second. 

Consequently, this makes google the largest and most valuable search data resource to date. Some of the advantages of using Google Trends over other tools include being easy to use, visually appealing, and having an enormous amount of data. 

Craft 

Another best marketing research tool is craft. You can unlock historic insights with the help of this tool to gain the overall picture of other companies like what other companies are doing. Be it social presence, brand trends, the latest company news, and market positioning, the tool lets you know everything. 

The businesses also have an option to compile the competitors into a list for tracking and analysis purposes. 

Living facts 

In addition to the above-mentioned market research tools, Living Facts is another popular tool. The tool provides a comprehensive overview of your audience including the statistics, videos, and infographics to understand more. 

There are multiple sources from which the tool gets its data such as the census bureau and research center. With the huge amount of free information, the tool is great for understanding U.S demographics and also your target audience across multiple topics. 

Kompyte 

The tool provides whatever you need to win your markets. With the help of machine learning, the software collects, analyzes, and organizes data to assist the business teams to generate insights in real-time. 

The multiple teams can easily respond to the shifting market dynamics and all thanks to the fully automated workflows and easy-to-use architecture. Not only this, but it also includes customizable reports, dashboards, and tools for competitive analysis. 

The tool can turn out to be extremely beneficial for a broad audience such as sales, marketing ,revenue and others. 

Facebook page insights 

Not many organizations and companies are familiar with this but Facebook page insights is also a powerful tool. No matter how old it is or whether people use Facebook or not, this is a great tool to market your business. 

Out of all the social media platforms, Facebook page insights is one of the best tools available for marketing with nearly 2.9 Million active users. Businesses can use this tool to get insights about performance, audience, and other things. 

Besides this, you stand a chance to learn about the different ways to increase the reach of your content and get maximum engagement on your posts. 

Social searcher 

Another great tool for performing market research is a social searcher. Businesses can make use of the social searcher tool to find emerging trends and topics of interest related to the market. 

The tool allows you to search social media networks for keywords, mentions, users, content, and trends. Besides this, there are a variety of filters that allow you to get the information you are requesting. 

The tool also provides deep analytics data and tracks metrics along with posting real-time updates of social media activity. The tool can turn out to be a gem for the business if social media is a huge part of your business. 

Statista 

Statista is also another excellent marketing research tool for businesses. The best part about this tool is that it presents data in the form of charts and graphs. It also collects data from reputable sources which makes it easy to digest the information. 

The tool provides extensive data on almost every topic assisting you to discover consumer behavior and market trends. Some of the excellent features of Statista are its search functionality and its support of your marketing efforts by hundreds of reports. 

Wrapping Up 

There is no doubt in this that market research tools are a great way to figure out your target audience. You can get plenty of insights that can have a transformative effect on business irrespective of the fact whether you use free tools or paid tools. Say no to uninformed decisions and understand your customers.