Launching a new product to a market with high competition is extremely challenging process. Many startups fail because they struggle to secure sufficient market share for their products. If you want to minimize the risk when you launch a new product or expand your business, conducting adequate market research can give you the right information needed to improve your decision-making process and enhance the effect of your strategy. Knowing how important this process is for the future of every company, here we recommend you the following four tools to help you start your market research.

Survey Monkey

Survey Monkey is one of the most popular and powerful tools for creating exhaustive surveys. By asking the right questions in your survey, you are able to determine the potential of the market and the preferences of your future customers. The service is free for the basic features. The users are able to upgrade if they want to use the most powerful features, giving more in-depth information.

GutCheck

GutCheck is very useful tool helping researchers to get quick customer reads in short period of time. This can help businesses to address business questions more adequately by receiving insights from specific customer segments in their location and language.

Owler

Keeping an eye on the competition is never a bad idea. It is good to know what the rivals are doing and Owler is a great tool that can help you do that effortlessly. It helps you to stay up-to-date with your competitors and allows you to easily identify more business opportunities.

AYTM (Ask Your Target Market)

AYTM allows you to get valuable customer insights by conducting online studies. Before you write and launch the survey, you need to choose the source of panelists and to define the target market. After the launch, you are able to monitor the real-time updates and afterwards to review the final results, which will be presented to you as ready-to-use informative insights.