Running a business is not just about having an exceptional product. You must understand your audience, market, and competitors to ensure that everyone else also knows about what you have created. This is where the best market analysis tools come in handy.
Whether you have just started your business or want to enter a new market, you can use these tools. Our marketing experts have created a list of the best tools that will keep your business growing and successful.
Why Your Business Needs Market Analysis Tools
Market analysis is one of the top ways to understand what works for your audience, identify opportunities, fill gaps, and do much more. As a business, you can conduct this analysis yourself or purchase market analysis tools to aid your journey.
Let’s review some of the most important reasons your business needs market analysis and research in 2023:
Staying Ahead Of Competitors
According to the US BFS (Business Formation Statistics), they received five million new business applications. With millions of businesses opening each year, you must set yourself apart. The only way to make this happen is to conduct extensive market research that will allow you to understand what your competitors are doing, why new ones fail, and how you can make your new venture successful.
Yes, this is an extensive process, and it will take time, but it will also provide you with returns in the long run. It will also provide insights into where your competitors are and where you are in the market. Then, you can use these insights to guide your decisions.
Identifying Business Opportunities
Conducting business is all about seizing the opportunities available to you. Because of this, it is important to conduct research using market analysis tools. These tools will help you understand the industry landscape and market demands so you can make informed decisions.
Remember that this is not only for the beginning of the business. Instead, you must also identify opportunities regularly to check the opportunities you can benefit from. So, be sure to conduct regular analysis to identify areas of improvement and opportunities.
Relevant To Customers
Your customers are the backbone of your business, which is why you must understand the competition to see what they are doing to appeal to customers. Market analysis tools can give you in-depth insight into customer information, demographics, pain points, and more. You can use this information to tweak your business strategy and better target your customers.
In the long run, your business will only survive if it adapts to new concepts and changes. People and trends keep changing, and it is up to your business to keep up with them. So, use these tools to your advantage and ensure your business stays relevant to your customers.
Top 10 Market Analysis Tools For Your Business In 2023
Now that you understand why your business requires analysis tools, you might wonder which ones to choose. Fortunately, our digital marketing experts in Toronto have rounded up some of the best options we use for our clients.
Here are some of the top market trend analysis tools you can opt for your business today:
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Semrush Market Explorer
| Best For | Tracking digital marketing strategies of competitors |
| Pricing Structure | Starts at $119.95 per month |
| Top 3 Features |
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Market Explorer is an incredible analysis tool created by Semrush that will enable you to uncover some fantastic insights. Some things that it will allow you to understand include the following:
- The total size of your market
- Who is leading in your market
- What are the best marketing channels for your business
- And much more
The best part is that using this tool is incredibly easy and doesn’t come with an extensive learning curve. Once you start using it, you will figure it out within minutes and begin your market analysis journey. You can view market size, traffic, domains, consolidation, traffic cost, and more.
A section for Market Summary will provide you with a comprehensive overview of your market landscape. So, if you want to understand competitors, learn from them, and create strategies to stay ahead, this tool is for you.
Pros
- Multi-purpose tool with many extensions and features
- Many marketing intel features
- Provides current and historical trend data
Cons
- You must have a Semrush subscription already for this
- The intel is not very deep, as most data is based on traffic
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Exploding Topics
| Best For | Monitoring emerging market trends |
| Pricing Structure | Starts at $39 per month |
| Top 3 Features |
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Emerging trends are ones that you will not find people actively discussing online. However, Exploding Topics is one of the top market analysis tools that will enable you to discover hidden trends in your market. A flagship feature within the tool will provide you access to more than 14,000 relevant and trending topics.
The best part is that every topic is an industry keyword, product, or brand, which helps narrow your search. Depending on your needs, you can also sort the topics by category. Some other important features of this tool include the following:
- Discovering niche trends within a market
- A weekly report of detailed analysis of trending products
- Projects feature for detailed market analysis
There is also a free version, but it has limited features. So, you can opt for the paid plans and begin analyzing new trends in your market as soon as possible.
Pros
- Easy to use
- Provides relevant and high-quality data
- The basic Trends Database is free for users
- Integrates AI and human analysis for the best results
Cons
- It is not backed by a team of research consultants
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Jungle Scout
| Best For | Ecommerce businesses |
| Pricing Structure | Starts at $49 per month |
| Top 3 Features |
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Are you running an ecommerce business, and you need demand and sales forecasting? If you are a beginner at dropshipping, then Jungle Scout will be your companion for market analysis. It is one of the best market analysis tools for ecommerce and retail market researchers.
You will receive data on average monthly sales throughout your categories, including average:
- Monthly revenue
- Reviews
- Retail price
- Sales rank
- And more
It also has a profit calculator that will enable you to estimate how profitable each of your products will be. There are extensive tools within the platform to explore and figure out the best ones for your business.
Pros
- Friendly for beginners in the ecommerce industry
- The demand and product pricing metrics are valuable
- Dropshippers will benefit greatly from this analysis tool
Cons
- The data is limited to Amazon and its database suppliers
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One2Target
| Best For | Understanding target audience |
| Pricing Structure | Starts at $129.95 per month |
| Top 3 Features |
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Another Semrush tool you can add to your market analysis arsenal is One2Target. It gives you a deep dive into your audience to target them better. These insights will also enable you to customize your marketing strategies for the best results.
The only thing you must understand is that it uses competitors’ website to provide you with insights. You will have to open the tool, enter your top competitor’s website, and then click on the Analyze button.
Once you do, you will see detailed information that will help you make informed decisions. You can then use these insights to tailor market messaging, the approach you will use with your audience, pricing decisions, and more. It even shows the digital behavior of your customers for effective decision-making.
Pros
- You can set device targeting through the tool
- It will reveal what your audience prefers
- The behavior tab is ideal for diving into your customer’s mind
Cons
- If you are not a dropshipper, you might not find this analysis tool very useful
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Census Business Builder
| Best For | Analyzing geographical consumer spending |
| Pricing Structure | Free tool |
| Top 3 Features |
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The Census Business Builder is limited to businesses with a target market in the United States. Its primary aim is to offer detailed customer insights based on the specific location of your customers in the US. Let’s say you plan to open a new cafe in Alabama.
Now, you can open the tool and look for consumer spending data on dining out for that region. You will also see the region’s total population, demographic data, average household income, and more.
Perhaps a fantastic feature of this tool is that it collects data using primary research methods such as surveys. Because of this, you will receive high-quality data that you can use to guide your marketing and business decisions.
Pros
- Data is updated regularly
- Consumer insights are very specific
- The tool is free
- Investors will also benefit from this tool
Cons
- It is only useful for geographical market data
- You will not receive any insights from this tool
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Traffic Analytics
| Best For | Understanding marketing channels that work for competitors |
| Pricing Structure | Semrush add-on for $200 per month |
| Top 3 Features |
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Want to know what marketing channels are working the best for your channels? If you are, then Traffic Analytics is one of the best market analysis tools to help you invest in marketing channels that provide you with overall success. You will also see what makes up most of the competitor traffic, such as paid ads, PPC, and more.
Remember that this is also part of Semrush’s marketing toolkit. So, the same pros and cons will apply here, as we stated in Market Explorer. This is an additional tool you can add to your digital marketing arsenal.
- Owler
| Best For | Analyzing competitor revenue |
| Pricing Structure | Starts at $35 per month |
| Top 3 Features |
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Owler is a revenue estimation tool that will help you understand how big a company is. Now, you might wonder how Owler gets its revenue data, and all of the financial data on this tool is sourced from SEC filings for public companies. Besides that, it estimates the revenue for private companies through AI and an in-house data science team.
You may not receive 100% accurate data for private companies, but you can count on the data for public companies. You can also get data such as employee headcount, funding estimations, press releases, etc. If you want to track a company, you can save it to your list, create a newsfeed, and receive alerts whenever new information is available, making it one of the best market analysis tools.
Pros
- Startups will find this tool to be an affordable option
- You can set alerts and stay on top of competitors and trends
- The data from Owler is not available publicly on the internet
Cons
- Not all the data is accurate
- Provides a general overview of some competitors
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Attest
| Best For | Getting data from real consumers |
| Pricing Structure | Starts at $25,000 |
| Top 3 Features |
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Any business that wants to enter a new market must try Attest as one of its top market analysis tools. It collects first-hand data from real consumers so you no longer have to play guessing games. The data will be:
- Collected in real-time
- Relevant to your industry and business
- Helpful in guiding better and faster decisions
You can use the tool to reach your target audience in nearly 50 markets. The best part is that it also has analysis tools for all aspects of your niche, such as international research, audience profiling, and more. Everyone from novices to pro marketers and businesses can benefit from this tool.
Pros
- It has consistently reliable data available for marketers
- There are various research templates you can choose from
- It has a proven track record of reducing the time of product launches
Cons
- It comes with a learning curve as you begin using it for your marketing needs
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Brandwatch
| Best For | Tracking online customer discussions |
| Pricing Structure | Pricing information is not public |
| Top 3 Features |
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Customers keep posting their opinions online, but only a few market analysis tools will help you track these discussions. This is where Brandwatch comes in to help you gauge your market’s general popularity and demand. The tool allows businesses to track keywords and identify conservations online that contain such phrases or keywords.
In the long run, it will help you understand your customers’ different pain points and their sentiments regarding a topic. Let’s say you want to understand the “Marketing tools” for your business.
Then, the tool will offer you keyword mention trends, conversations by industry, and other similar topics becoming popular. It pulls data from across the web to help you receive relevant data.
Pros
- Learn about the pros and cons of your competitors from customers
- Historical data offers trends
- You can quickly create reports
- It has survey capabilities in the tool
Cons
- Social listening on some social media platforms is a little limited because of privacy issues
- Not everything people say online reflects their actions in real life
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Statista
| Best For | Access to market data |
| Pricing Structure | Starts at $79 per month |
| Top 3 Features |
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Finally, we have Statista, which will provide you with access to market data, depending on what you are looking for. It is one of the best market analysis tools thousands of businesses use to learn statistics and data. The good thing is that you can access market data from more than 150 countries and 170 industries, making it a comprehensive tool.
All you have to do is open the tool, enter the market you want data on, and click the Search button. Once you do, it will provide you with different data sets related to your market. As you open these sets, you can dive deeper into the market data to make informed decisions.
Pros
- It is mostly free to use, but there are also paid solutions
- You can download the data sets in various formats
- It is useful in discovering key trends and drivers that will shape your market
Cons
- It is only limited to data. You will have to create insights utilizing the data
Final Thoughts
Now that you know about the ten market analysis tools, you can begin using some of them for your marketing needs. However, if you want an all-in-one solution for your business, you can hire the experts at The Dreams Agency to help you conduct extensive market analysis. Our dedicated professionals have a decade of industry experience to help you stay relevant.
For more information regarding our complete digital marketing solutions, please book a consultation with us. We will assess your business and provide you comprehensive solutions.