How do You Choose the Right Market Research Software?

In today's fast-paced business environment, staying ahead of the competition requires informed decision-making. Market research is pivotal in understanding customer needs, industry trends, and competitor strategies. 

To streamline and enhance this process, businesses turn to market research software. However, with many options available, selecting the proper market research software can take time and effort. With the rise in automation, getting in-depth insights has become more accessible, reducing time and effort.

 

Time and money have always been the top priority for every market research company, which is why market research software has become relevant. Market research software development companies offer solutions tailored to every business need, saving time, money, and effort. These solutions cover sourcing genuine respondents and data collection to creating customized surveys and cost-effective DIY solutions.

But do you know that the Global Market Research Software market is expected to experience significant growth between 2023 and 2030? As of 2022, the market is exhibiting a stable growth pattern, and with critical players increasingly adopting strategic approaches, it is projected to see a notable rise in the forecasted period.

This guide aims to simplify the decision-making process by outlining key considerations when choosing a market research software solution.

1. Find the Purpose 

When choosing the right Market Research Tools, you must ensure they will support the research you want to conduct. Explore the tool, check which methodologies it offers, and review the case studies to understand its performance in specific research scenarios. 

The crucial question for every researcher is whether the software is compatible with your industry. It is because some software with unique functionality can cater to better and more precise results than its competitors. In some cases, you want customization of the features depending on the complexity of the research. So make sure your market research software covers that all.  

OnGraph’s market research platform offers a variety of automated, custom, and DIY tools for profound market research using various proven methodologies. We have helped businesses drive insights for more optimized results. 

2. What Features do you want? 

When planning a project using a market research platform, it's essential to figure out which parts of the research process you want the software to handle and whether it's up to the task. For instance, you might want to find respondents from your existing business data, employ an agency to collect survey data, and reserve the market research platform solely to crunch the numbers. Alternatively, you can use the platform for all these steps. Your choice will likely depend on your budget, time constraints, and the platform's capabilities you opt for.

OnGraph offers a comprehensive market research solution that covers every stage of the research process. You can choose how you source respondents – bringing your own, targeting specific panel participants, or utilizing a pre-defined panel. Setting up your survey is a breeze with our user-friendly interface, and OnGraph takes care of the heavy lifting with automatic data collection and statistical analysis processes. It's all about making your research journey smoother and more efficient.

3. Is Support Available? 

While market research platforms can simplify and streamline your study, there may be times when you need extra assistance. Navigating a new interface and troubleshooting potential issues can be frustrating and time-consuming without adequate support from the provider. It's crucial to ensure that the platform you're considering has user-friendly features and offers readily available assistance and essential functionality guides. 

This ensures that your experience remains smooth and hassle-free. Look for feedback options where you can address any concerns or suggest features you'd like to see. A great platform is constantly evolving to enhance the user experience.

At OnGraph, we understand the importance of support throughout the research process. Whether it's via phone or email, we're here for you. We are committed to continuously improving our platform to enhance functionality and ensure your seamless experience.

4. Budget Constraints

How you go about your market research is heavily influenced by your business budget. MarketResearch Software Development Company typically presents various subscription options tailored to different business sizes and needs. It's essential to consider how businesses will need platform access and how many projects they plan to run, as these factors often dictate subscription costs. Take the time to explore different options and perform a cost-benefit analysis to ensure you select the most suitable package.

At OnGraph, we offer different market research tools (pre-built and white-label) that will fit every business's needs. Before committing, you can take a quick demo of our Survey Creation Tool to test the platform's full functionality. It's a great way to explore the possibilities before making a decision.

5. Is Your Data and Research Secured?

Given the sensitivity of market research data, consider a software solution that prioritizes robust security measures. Ensure the software complies with industry standards for data protection and privacy. Look for features like encryption, secure data storage, and user authentication to safeguard sensitive information from unauthorized access. For example, ensure the software adheres to GDPR and other regulations to ensure complete privacy and data security.

OnGraph prioritizes data security and eliminates fraud respondents with two-factor authorization and fraud detection techniques like fingerprinting, GEO IP, mobile authentication, custom controls, open-end answer validation, and address verification. 

6. Integration Capabilities 

Consider how well the market research software integrates with your existing tools and systems. Integration with customer relationship management (CRM) software, data visualization tools, and other relevant platforms ensures a cohesive and streamlined workflow. This integration capability helps maximize your investment's value and promotes organizational efficiency. 

Timeliness is critical in the fast-paced business landscape. Opt for market research software that offers real-time reporting and analytics. This feature enables you to access up-to-date insights, facilitating agile decision-making and a competitive edge in your industry.

Choose OnGraph’s Range of Market Research Software

Market research is a crucial step in any business’s success. Without the right market research software or tool, you might not be able to get the relevant insights that can be a game changer for your business. Choosing the right software is complex due to the availability of various options. So, ensure you choose the right software incorporating all features to complement your different types of research.

OnGraph, a leading Market Research Software Development Company, offers pre-built and white-label AI-powered Market research solutions to streamline your business’s market research journey.