The Most Conventional Market Research Tools for Small Businesses

Market Research Tools for Small Businesses
Market research for small businesses is an essential aspect for a business to have seamless operations, But it is a challenging task at the same time. It helps a business to flourish, succeed and achieve its goals. Before the blog gives you insights on this, firstly, let’s talk a bit about market research.

Market research is the process of collecting data and conducting analyses on your target consumers, and competitors in the industry. As a result, market research helps small business owners develop accurate and well-planned market strategies.

"The aim of marketing is to know and understand the customer so well, the product or service sells itself." 

- Peter Drucker
 
Small businesses face a few challenges in conducting market research. They are: 
  • Unaware of consumer trends, likes, and dislikes
  • Lack of marketing strategy and objectives
  • Unaware of the target market
  • Expensive research processes
  • An improper competitor's analysis

Knowing your customers inside out is crucial to making your brand successful.  And this is possible by implementing market research tools for startups and established organizations. For this, you can opt for both, free market research tools and paid market research tools under your budget.

Let’s learn about the top market reach tools to make it easy to gather information about them.

Top Market Research Tools:


Google Trends


The Google trend is one of the most popular free market research tools. It displays popular topics and keywords when searched on the Google search engine. As it shows optimum results, it enables you to make comparisons with other regions of the world. Google Trends provides an in-depth analysis of the most popular search terms.

In addition, Google Trends provides the following features:
  • Keyword research in comparison
  • It identifies industry trends
  • Coverage of a variety of search networks and sorts of searches, including image search, YouTube search, and Google Shopping
  • Segmentation of data according to temporal and geographic characteristics
  • Analyzation of competitors

Google Trends is highly used software for marketing research by businesses.

Survey Monkey


Survey Monkey is one of the most influential and popular market research online tools. It is used to collect first-hand data on products, services, and customer demands. Additionally, it is a technique for doing free-market research. This is also an audience research tool.

The application enables you to run a short survey about your product or service using online opinion polls or questionnaires gather results. Additionally, the responses gathered might help you make an informed conclusion about whether your product or service should be created and deployed in the target market or not.

Think With Google


Think with Google is another popular free market research tool. Additionally, it is a collection of several marketing tools that assist you in conducting thorough research. Think with Google assists you with understanding your market, gives high-level market information, and enables you to follow new and persistent consumer trends.

You may sort your data country-wise and examine it weekly, monthly, or annually. As a result of this, you can facilitate your market research for small businesses.

Facebook Audience Insights


Facebook has emerged as a new medium for company development. Facebook audience insights provide data on three categories of people: those linked to your page, those on Facebook, and those in custom audiences you've previously built.

"Facebook enabled us to successfully launch our next-generation device by helping us define our target market and tell our story with useful tools, such as video and carousel ads."

- Juan Jaramillo, VP of Marketing, Skulpt 

Facebook audience insights enable you to have a better understanding of your audience, demographics, buying behavior and lives. In addition, businesses can use this data to adapt their products and services based on the information gathered.

The tool enables you to better understand your present or prospective clients through Facebook.

How Do These Tools Help in Digital Marketing for Small Businesses?


With the appropriate market research tool, you can simplify your entire marketing effort.  You may create a robust digital marketing stack by combining the various market research tools mentioned above. These tools enable you to better understand your market and audience.

Market research for small businesses is vital for a firm to stand out in the competitive business world. Additionally, the emergence of market research technologies has simplified obtaining meaningful insights. Finally, these technologies have enabled small company owners to revolutionize the digital marketing world by putting a wealth of precise information at their fingertips.

Bottom Line:


Market research for small businesses is a decisive prerequisite to reducing the risk of failure or shutdowns. Market research tools make market research much more manageable. In addition, market research provides reliable information about your potential clients, which assists you to avoid doing the wrong marketing and advertising activities that do not reach the proper individuals.

The market research tools described above are the most often employed by firms. Therefore, market research should be a critical component of your business strategy and plan.

FAQ:


What tools can be used for market research?

A few effective market research tools that every business should have as a part of their business strategy are:
  • Google keywords tool
  • Google analytics
  • Google trends
  • Soovle
  • Facebook audience insights
  • TypeForm
  • IBISWorld
  • Pew research center

Why is market research essential?

Market research helps you learn about your customers, the market, and ways to successfully reach your customers. It helps to identify the problems, redefine your marketing strategy, and plan accordingly.

Which market research tool would be best for a small business to use?

Small companies should use Facebook audience information and Google trends. Google Trends gives business owners and content producers real-time data on popular topics, keywords, industries, and geographic locations. It also allows you to target your Facebook ads more accurately thanks to Facebook Audience Insights.

Spotlight

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GWC exists to enable innovation that improves the world. The GWC Membership is an invitation-only, private network for innovators and executives from leading mobile companies worldwide to build trusted relationships, share insights, explore collaboration and develop international growth strategy.

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For additional inquiries, reach out to contact@mytradezone.com. Meanwhile, to stay updated on future platform improvements and promotions, connect with us at MyTradeZone.com. Scan the QR for more details.

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GWC exists to enable innovation that improves the world. The GWC Membership is an invitation-only, private network for innovators and executives from leading mobile companies worldwide to build trusted relationships, share insights, explore collaboration and develop international growth strategy.

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Alibaba.com, a leading platform for global business-to-business (B2B) e-commerce and part of Alibaba International Digital Commerce Group (AIDC), will launch its latest Smart Assistant features powered by artificial intelligence (AI) at CES in Las Vegas, NV from January 9-12, 2024. The Smart Assistant, an AI-powered global sourcing tool, caters to both newcomers and seasoned entrepreneurs in the dynamic world of global commerce. As a one-stop B2B sourcing platform, Alibaba.com remains committed to delivering innovative solutions to help buyers and suppliers streamline operations to more efficiently reach their goals and continue to grow. The Smart Assistant updates unveiled at CES will help business owners adeptly enhance their supply chain and solve complex sourcing needs and challenges as they seek to stand out in today's competitive marketplace. 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MyTradeZone | November 28, 2023

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TECHNOLOGY

Alibaba.com Introduces New AI-Powered Feature at CES to Boost Efficiency and Growth for SMEs and Entrepreneurs in 2024

PR Newswire | January 10, 2024

Alibaba.com, a leading platform for global business-to-business (B2B) e-commerce and part of Alibaba International Digital Commerce Group (AIDC), will launch its latest Smart Assistant features powered by artificial intelligence (AI) at CES in Las Vegas, NV from January 9-12, 2024. The Smart Assistant, an AI-powered global sourcing tool, caters to both newcomers and seasoned entrepreneurs in the dynamic world of global commerce. As a one-stop B2B sourcing platform, Alibaba.com remains committed to delivering innovative solutions to help buyers and suppliers streamline operations to more efficiently reach their goals and continue to grow. The Smart Assistant updates unveiled at CES will help business owners adeptly enhance their supply chain and solve complex sourcing needs and challenges as they seek to stand out in today's competitive marketplace. "Today's small businesses face a variety of headwinds, but with the right technology and support, they can feel confident that they will overcome obstacles and help their business thrive, which is why we're expanding the features of our new Smart Assistant tool to better serve today's entrepreneurs," said Chris Lu, General Manager at Alibaba.com North America. "With advances in AI, we are ushering in the next generation of sourcing and empowering small businesses to succeed with our Smart Assistant at their side." The Smart Assistant: Shaping the Future of Sourcing Alibaba.com developed the Smart Assistant as an AI-powered, intuitive personal guide to sourcing that helps small business owners discover new opportunities, stay up-to-date on trends, seamlessly track orders and more in a single, efficient touchpoint. First announced at CES and coming soon to the Alibaba.com Smart Assistant is the Instant Help feature, which leverages an AI-powered chatbot to answer basic inquiries and offer real-time insights and resources, regardless of time zones or language barriers. The Instant Help feature provides buyers with essential knowledge and industry insights about a variety of verticals and product types, as well as offer tips to elevate their communications with suppliers. It will help ensure small businesses can increase efficiency, purchase smart and keep up with trends by leveraging AI to increase competitive advantages. Since their launch in September 2023, the first two features of the Smart Assistant – Upgraded Image Search and Smart Request for Quotation (RFQ) – have already provided significant benefit to entrepreneurs using the Alibaba.com desktop platform. Based on Alibaba.com's internal study since September 2023, buyers using the Upgraded Image Search have seen a 28% higher deal closing rate than those only using traditional text search. Buyers who used the Smart RFQ tool saw 29% more quotes from suppliers, while suppliers saw a 21% increase in buyer responses to quotes as compared to the original RFQ process. "Developed from buyer-supplier feedback and embedded with profound industry knowledge, we are excited to demonstrate how the Smart Assistant rapidly and accurately produces product requests and images aligning with buyer needs," Lu said. "Smart Assistant helps buyers embrace their creativity, improve the efficiency of matching buyers and sellers, while making sourcing more accessible for all." Alibaba.com will provide a showcase of Smart Assistant features at their booth on Wednesday, January 10, 2024 at 11:00 AM PT, hosted by smart sourcing expert Stella Shenshen. The Alibaba.com booth is located at the Las Vegas Convention Center's Tech East in the AI and Robotics section in North Hall's Grand Lobby on level 1, Booth 9017. Visitors to the booth will also have the opportunity to network and connect with 20 top-rated suppliers in-person, personally experiencing the ways Alibaba.com offers buyers advanced sourcing solutions and AI-powered tools to take their business to the next level. Tech and AI Power the Future of Businesses, E-commerce and Sourcing In addition to announcing new Smart Assistant features at CES, Alibaba.com leadership will discuss the evolution of e-commerce and sourcing, as well as how sourcing has been influenced and improved by AI and other technological innovations. Going "Entreprenuts" to Support Small Business Innovation To complement its presence at CES, Alibaba.com is also debuting a new campaign celebrating entrepreneurial spirit and innovation. The Entreprenuts campaign highlights how entrepreneurs are willing to bet big, as well as maintain persistence and boundless creativity, against daunting odds. In other words, they can go a little "entreprenuts" to achieve their dreams and create new products – just like the products showcased each year at CES. Throughout the Entreprenuts campaign, which will run from January 8 through February 8, 2024, Alibaba.com will encourage buyers to share stories of their craziest entrepreneurial moments, utilizing the most "nuts'' stories in a video highlight to showcase what it means to be an Entreprenut. Buyers can also earn their Entreprenut badge and profile by answering a questionnaire that will determine their unique Entreprenut characteristic. At the end of each quiz, buyers will be provided with exclusive tools and services to help them achieve their goals as they kickstart 2024. "This campaign demonstrates Alibaba.com's continued support of small and medium-sized businesses in the United States and helping them realize their entrepreneurial dreams and push beyond what others might believe possible," said Rah Mahtani, Head of Marketing for North America at Alibaba.com. "As buyers share their experiences, Alibaba.com will offer innovative new resources and products to help these 'Entreprenuts' succeed on their journey." The campaign debuts at a key crossroads for small business owners. The US has seen a surge in the number of newly registered businesses, which hit record highs in both 2021 (5.4 million) and 2022 (5.1 million). Sadly, 20% of these new businesses face failure within the first two years, and a staggering 45% of startups do not surpass the five-year mark due to challenges such as market volatility, supply chain disruption, shifting consumer demands, and inventory management. This makes the tools and capabilities Alibaba.com offers, which are designed to help entrepreneurs level up their sourcing and supply chain operations in the increasingly competitive small business arena, more valuable than ever. About Alibaba.com Launched in 1999, Alibaba.com is a leading platform for global business-to-business (B2B) e-commerce that serves buyers and suppliers from over 200 countries and regions around the world. It is engaged in services covering all aspects of commerce, including providing businesses with tools that help them reach a global audience for their products and helping buyers discover products, find suppliers and place orders online fast and efficiently. Alibaba.com is part of Alibaba International Digital Commerce Group.

Read More

MARKETING AND NETWORKING, SMALL BUSINESS TRENDS

MyTradeZone.com Joins Certified Trade Mission to Hong Kong to Explore Business Expansion Opportunities in Asia

MyTradeZone | November 28, 2023

MyTradeZone.com, a trade and Social Networking for businesses, is pleased to announce its upcoming visit to Hong Kong from December 4th to 8th, 2023. Bachir Kassir, founder of MyTradeZone, will join a delegation of American companies to Hong Kong as part of a U.S. Department of Commerce Certified Trade Mission organized by IBS Global Consulting with the support of the Hong Kong Trade Development Council and the U.S. Commercial Service. The delegation, comprising a diverse group of American companies, aims to foster cross-border partnerships, explore export opportunities, and deepen economic ties between the United States and Hong Kong. The visit to Hong Kong presents an exciting opportunity for MyTradeZone.com to expand its global reach, tap into new markets, and establish key connections with Hong Kong's dynamic business community and trade associations. With Hong Kong's strategic location as a gateway to the Asia-Pacific region, robust financial services sector, and reputation as a major international trade hub, this visit holds immense promise for American enterprises looking to navigate the Asian market. Led by Tonya McNeal-Weary, Managing Director at IBS Global Consulting, the delegation will engage in a series of high-level meetings, networking events, and industry-specific forums during the five-day visit. These activities are designed to facilitate mutually beneficial partnerships between U.S. and Hong Kong businesses across various sectors. [MyTradeZone.com] is a disruptive business networking platform, and is like an always open trade show: • Businesses: Add company profile page. Showcase products & services. Network locally and around the world • Event Organizers, Trade Associations, & Networking Groups: Provide value-added offering to members & sponsors in a public or private setting • Creators & Group owners: Monetize your creations via peer-to-peer payment enablement • Advertisers and Marketers: MyTradeZone's B2B search engine offers highly targeted and cost-effective advertisements to both buyers and sellers • Business Professionals: Grow your professional network, chat, connect, follow, takes notes, share and collaborate As an official member of the delegation, MyTradeZone will have the opportunity to gain firsthand insights into Hong Kong's business landscape, explore regulatory frameworks, exchange best practices, and forge lasting relationships with key stakeholders. Additionally, the itinerary includes tailored site visits to cutting-edge facilities and industrial parks, showcasing Hong Kong's commitment to innovation and entrepreneurship. The visit to Hong Kong aims to enhance trade cooperation and seeks to highlight the enduring friendship between the United States and Hong Kong. As both economies continue to recover from the challenges posed by the global pandemic, this visit becomes even more crucial in reinvigorating trade ties and promoting long-term economic growth. About MyTradeZone.com MyTradeZone is a social networking platform for businesses. We are working on the next thing to disrupt business networking. MyTradeZone is a forward-thinking B2B media technology company reshaping how businesses connect and network. MyTradeZone's B2B search engine offers highly targeted and cost-effective advertisements to both buyers and sellers. MyTradeZone is also a perfect companion offering to trade show organizers and networking groups offering value added benefits to both members and sponsors.

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