Grow a Business: Tools

Research Solution

Knowledge is more than power — it’s profit. Knowing the true potential of a market can mean the difference between a lucrative business decision and a financial disaster. There are a number of software solutions designed to help you determine market potential and perform accurate market research. The best ones are simple, intuitive, cost-effective and enlightening. 

What market research solution is right for you? We’ve taken three of the top solutions on the market and determined the pros, cons and ideal use cases for each. Review our concise, informative analysis of QuestionPro, Equity Net and Tetrad. Then decide what market research software offering will help you accurately gauge the potential of your business.

Description + Pros & - Cons Best for...

QuestionPro

QuestionPro allows companies to create a questionnaire to help conduct primary research.

Pros

+ Helps you determine what questions to ask.

+ Offers survey distribution tips.



Cons

- No secondary data available.

- Results are only accurate if you have a broad distribution and many responses.

A smaller business with many contacts and specific concerns.

Equity Net

Equity Net can provide a high-level overview of a market opportunity for a product or service – or a more detailed understanding of the size and growth rate of all relevant markets, barriers and driving forces to market demand, and possible regulatory issues within those market(s). EquityNet allows for demographic and strategic market analysis.

Pros

+ In-depth analysis for all of your needs including unseen opportunities.

+ Offer a wide range of analysis tools and valuable insights.



Cons

- Expensive and a large investment.

- Smaller businesses or those with less complicated products do not need this much data.

For comprehensive market analysis. For businesses who want to perform due diligence and need more investment capital.

Tetrad

Tetrad provides a geographic measurement of market potential from how much of a particular product sells, to locations of purchase and assesses competitors’ impact on business.

Pros

+ Unique by geographic region.

+ Helps define target market.



Cons

- Not useful for web based businesses that are not geographically constrained.

- Better competitive data available using other tools.

A small business looking to target a geographic area. It can be utilized by an entrant to the market or by an established business to see how they are performing and how they could improve.

Helpful Articles

  • Quantitative Research

    Quantitative research is distinguished from qualitative research primarily by the large numbers of people who are questioned (sampled respondents) and the type of questions asked.

  • Market Research Informs a Business Idea

    This entrepreneur and former banking executive shows how she used market research to discover the opportunity for an unexpected new venture.

  • Secondary Market Research Resources

    Understanding your industry, competitors, and customers is necessary for any entrepreneur. Primary research helps gather specific data, but secondary market research is also helpful. This article outlines fundamental, secondary research resources, which are either accessible online or at your local library.

  • Guide to Researching an Industry Online

    This guide, from the James J. Hill Reference Library, will walk you through the steps and point out the online tools to get a handle on your industry research.

  • Qualitative Research

    Qualitative research is in-depth subjective interviewing or conversing with target buyers or potential users of your product or service.

2 Comments

Matt Kiernan

1. I wanted more business. I was spending thousands of dollars on marketing, yet I was getting little response. I couldn’t figure out why no one was showing any interest in my products. I didn’t know where I was going wrong until I came across this chart. I used Tetrad to help me identify areas where my best customers are. Now I am able to save money by only marketing to my most likely customers. I am now getting better responses.

9/24/2008

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Neil Matthews

2. I always wondered what my customers thought of my company. Recently, I’ve noticed that my customer retention rate is’nt that great. I wanted to know where I was going wrong but I didn’t know how to ask. How do you ask over 1000 clients if you are doing a good job?- With Question Pro! I created and distributed surveys in just a few clicks. It was so easy! I’m happy I found this.

9/24/2008

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