benefits of market research reports

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5 Benefits of Market Research Reports

by Sarah Schmidt , on July 28, 2016

To illustrate the benefits of market research reports , we talked to a variety of professionals who use these reports in their day-to-day work. Read on to learn how these individuals use market research reports to their advantage.

1. Gather Industry Information Quickly

Max Robinson, Digital Marketing Manager at Aims Media Design in Glasgow, UK, uses market research reports to outline target audiences for clients before beginning any advertising campaign.

“Although we have a research team in place, we understand that there is a wealth of information out there that is relevant to our needs and has already been collected by another entity,” he explains. “Primary research is undoubtedly important, but in a fast-paced industry, we often need information quickly, and secondary market research is the best way to gather that information.”

Using market research reports takes much of the guesswork out of the process, saving Robinson “huge amounts of time."

2. Validate Internal Research

Content Marketer Linda Pophal uses market research reports for her own needs, as well as for her clients. She uses these reports to research best practices, prepare RFPs, get ready for client meetings, and create content.

“Research reports save me time by providing insights into questions I might have but don’t have the time/resources to conduct primary research for,” she says. “In addition, I also find research reports can help me to validate information I may be gathering through primary sources."

3. Get a Holistic View of the Market

Nick Braun, Founder & CEO of PetInsuranceQuotes.com, also uses market research reports to double check his data. “We still do our internal analyses, but secondary reports guide our changes, and we look for ways to justify what third parties say so we aren’t myopic and caught up in our own data.”

In addition, secondary research reports help Braun stay up to date on the market as a whole. “These reports give us a holistic view of the market and allow us to benchmark all the companies in the industry, not just the ones we focus on,” he explains.

4. Use Objective Data to Make Informed Decisions

Another important benefit of market research reports is their impartiality. “Any third-party report is more unbiased, and so they provide a better picture of what’s really happening in our market,” Braun asserts. “It’s the best way to stay on the right path because we focus on the data and realities of our industry.”

Armed with information produced by sound research methods, you will have a more accurate understanding of the market landscape, issues that will affect the industry in the future, and how to best position specific brands to drive business growth . All of this insight will lead to actionable ideas and better decision-making.

5. Strengthen Your Credibility and Reputation

By using objective analysis to make decisions, you will not only develop better business strategies, you will also improve your own professional reputation in the field and help others to have more confidence in your conclusions.

Braun explains it this way: “Instead of telling a client or partner, ‘This is what we’ve found,’ or ‘This is what we think,’ these reports allow us to say, ‘This is what the industry is doing,” and it lends more credibility and trust by not always being the sole source of data and information.”

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Top 10 Benefits of Market Research Reports

Last Updated on 07 th September 2023

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10 key benefits of market research

Market research is available as a service to help any company, service provider, individual or organisation make better, more informed decisions. The more research is embedded in the strategic plans of a firm, the better equipped it is to deal with the changing environment within which it operates. Here is a list outlining the main benefits of investing in marketing research:

It helps businesses strengthen their position. Knowledge is power. Use market research to gain a better perspective and understanding of your market or target audience and ensure that your firm stays ahead of the competition.
It minimises any investment risk. This is a simple but vitally important and often business critical consideration. Spending what is often only a small proportion of your investment on researching and testing the market, product, concept or idea makes sound business sense.
It identifies potential threats and opportunities. Both primary research (fieldwork) and secondary research (desk research) can be utilised as an insurance policy against both obvious dangers on the road ahead. Coupling this with some qualitative research for deeper probing can highlight certain opportunities or warning signs that may otherwise have been missed.
It helps to discover your’s and your competitor’s strengths and weaknesses. It’s vitally important to adopt an ‘eye’s wide open’ approach to any market research project which is why it’s often advised to work with a market research agency to ensure completely unbiased reporting. Use research findings to adapt and learn from your own weaknesses whilst capitalising on your new-found knowledge from competitor analysis to take advantage and forge ahead of the pack.
It facilitates strategic planning. What is the foundation of your business strategy? If it’s evidence based and you’ve taken the time to invest in your own (and hopefully ongoing) research, you can be confident that you’ve given yourself the best chance to achieve your business goals.
It helps in spotting emerging trends. Staying ahead in business is often about being the first, being the best or doing something that no-one else has thought about. Regularly taking the ‘pulse’ of what’s hot and what’s not in your industry is a key discipline. Speak to your research agency or research consultant about the range of techniques you can employ to spot and exploit these trends.
It assists businesses to stay ahead of the competition. Being the best demands a relentlessness to keep getting the basics right combined with a curiosity and willingness to innovate. Knowing how to leverage the findings and insights you extract from market research, audience research and data research are the keys to both getting ahead and staying ahead.
It provides revenue projections. A market forecast is a core component of a market analysis projecting the future numbers, characteristics, and trends in your target market. Potential customers can then be divided into segments . You want to focus on the best market – which is not necessarily the largest one or the market with the highest growth – it will be the one that matches your own company profile.
It focuses on customer needs and demands. There are so many important reasons to keep your customers at the centre of all that you do in business and the same goes for research. With so many ways to reach customers using online panels, web communities, telephone survey’s, depth interviews and focus groups, market research keeps you attentive to where you can improve your proposition, customer service or product offering.
It helps to evaluate the success of a business against benchmarks. A PWC survey found that companies that benchmark achieve 69% faster growth and 45% greater productivity than those that don’t. Use market research for competitor research, employee engagement surveys, and to highlight performance or knowledge gaps and areas for potential growth. This will open your company up to thinking about new methods, ideas and tools to improve your business effectiveness.

Find out more…

If you’re interested to find out more about the many techniques and research methodologies that are available to you, then check out our introduction to market research .

How to avoid common market research mistakes…

To help you avoid some common market research pitfalls , we’ve put together a list of the most common market research mistakes and how to avoid them!

Can we help you?

If you have a specific business question that you think could be solved with the help with a market research professional then we’d be delighted to have chat. Please get in touch using the form below or you can email [email protected] or call us on 01271 337 100.

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How to Do Market Research: The Complete Guide

Learn how to do market research with this step-by-step guide, complete with templates, tools and real-world examples.

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What are your customers’ needs? How does your product compare to the competition? What are the emerging trends and opportunities in your industry? If these questions keep you up at night, it’s time to conduct market research.

Market research plays a pivotal role in your ability to stay competitive and relevant, helping you anticipate shifts in consumer behavior and industry dynamics. It involves gathering these insights using a wide range of techniques, from surveys and interviews to data analysis and observational studies.

In this guide, we’ll explore why market research is crucial, the various types of market research, the methods used in data collection, and how to effectively conduct market research to drive informed decision-making and success.

What is market research?

Market research is the systematic process of gathering, analyzing and interpreting information about a specific market or industry. The purpose of market research is to offer valuable insight into the preferences and behaviors of your target audience, and anticipate shifts in market trends and the competitive landscape. This information helps you make data-driven decisions, develop effective strategies for your business, and maximize your chances of long-term growth.

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Why is market research important?

By understanding the significance of market research, you can make sure you’re asking the right questions and using the process to your advantage. Some of the benefits of market research include:

Informed decision-making: Market research provides you with the data and insights you need to make smart decisions for your business. It helps you identify opportunities, assess risks and tailor your strategies to meet the demands of the market. Without market research, decisions are often based on assumptions or guesswork, leading to costly mistakes.
Customer-centric approach: A cornerstone of market research involves developing a deep understanding of customer needs and preferences. This gives you valuable insights into your target audience, helping you develop products, services and marketing campaigns that resonate with your customers.
Competitive advantage: By conducting market research, you’ll gain a competitive edge. You’ll be able to identify gaps in the market, analyze competitor strengths and weaknesses, and position your business strategically. This enables you to create unique value propositions, differentiate yourself from competitors, and seize opportunities that others may overlook.
Risk mitigation: Market research helps you anticipate market shifts and potential challenges. By identifying threats early, you can proactively adjust their strategies to mitigate risks and respond effectively to changing circumstances. This proactive approach is particularly valuable in volatile industries.
Resource optimization: Conducting market research allows organizations to allocate their time, money and resources more efficiently. It ensures that investments are made in areas with the highest potential return on investment, reducing wasted resources and improving overall business performance.
Adaptation to market trends: Markets evolve rapidly, driven by technological advancements, cultural shifts and changing consumer attitudes. Market research ensures that you stay ahead of these trends and adapt your offerings accordingly so you can avoid becoming obsolete.

As you can see, market research empowers businesses to make data-driven decisions, cater to customer needs, outperform competitors, mitigate risks, optimize resources and stay agile in a dynamic marketplace. These benefits make it a huge industry; the global market research services market is expected to grow from $76.37 billion in 2021 to $108.57 billion in 2026 . Now, let’s dig into the different types of market research that can help you achieve these benefits.

Types of market research

Qualitative research
Quantitative research
Exploratory research
Descriptive research
Causal research
Cross-sectional research
Longitudinal research

Despite its advantages, 23% of organizations don’t have a clear market research strategy. Part of developing a strategy involves choosing the right type of market research for your business goals. The most commonly used approaches include:

1. Qualitative research

Qualitative research focuses on understanding the underlying motivations, attitudes and perceptions of individuals or groups. It is typically conducted through techniques like in-depth interviews, focus groups and content analysis — methods we’ll discuss further in the sections below. Qualitative research provides rich, nuanced insights that can inform product development, marketing strategies and brand positioning.

2. Quantitative research

Quantitative research, in contrast to qualitative research, involves the collection and analysis of numerical data, often through surveys, experiments and structured questionnaires. This approach allows for statistical analysis and the measurement of trends, making it suitable for large-scale market studies and hypothesis testing. While it’s worthwhile using a mix of qualitative and quantitative research, most businesses prioritize the latter because it is scientific, measurable and easily replicated across different experiments.

3. Exploratory research

Whether you’re conducting qualitative or quantitative research or a mix of both, exploratory research is often the first step. Its primary goal is to help you understand a market or problem so you can gain insights and identify potential issues or opportunities. This type of market research is less structured and is typically conducted through open-ended interviews, focus groups or secondary data analysis. Exploratory research is valuable when entering new markets or exploring new product ideas.

4. Descriptive research

As its name implies, descriptive research seeks to describe a market, population or phenomenon in detail. It involves collecting and summarizing data to answer questions about audience demographics and behaviors, market size, and current trends. Surveys, observational studies and content analysis are common methods used in descriptive research.

5. Causal research

Causal research aims to establish cause-and-effect relationships between variables. It investigates whether changes in one variable result in changes in another. Experimental designs, A/B testing and regression analysis are common causal research methods. This sheds light on how specific marketing strategies or product changes impact consumer behavior.

6. Cross-sectional research

Cross-sectional market research involves collecting data from a sample of the population at a single point in time. It is used to analyze differences, relationships or trends among various groups within a population. Cross-sectional studies are helpful for market segmentation, identifying target audiences and assessing market trends at a specific moment.

7. Longitudinal research

Longitudinal research, in contrast to cross-sectional research, collects data from the same subjects over an extended period. This allows for the analysis of trends, changes and developments over time. Longitudinal studies are useful for tracking long-term developments in consumer preferences, brand loyalty and market dynamics.

Each type of market research has its strengths and weaknesses, and the method you choose depends on your specific research goals and the depth of understanding you’re aiming to achieve. In the following sections, we’ll delve into primary and secondary research approaches and specific research methods.

Primary vs. secondary market research

Market research of all types can be broadly categorized into two main approaches: primary research and secondary research. By understanding the differences between these approaches, you can better determine the most appropriate research method for your specific goals.

Primary market research

Primary research involves the collection of original data straight from the source. Typically, this involves communicating directly with your target audience — through surveys, interviews, focus groups and more — to gather information. Here are some key attributes of primary market research:

Customized data: Primary research provides data that is tailored to your research needs. You design a custom research study and gather information specific to your goals.
Up-to-date insights: Because primary research involves communicating with customers, the data you collect reflects the most current market conditions and consumer behaviors.
Time-consuming and resource-intensive: Despite its advantages, primary research can be labor-intensive and costly, especially when dealing with large sample sizes or complex study designs. Whether you hire a market research consultant, agency or use an in-house team, primary research studies consume a large amount of resources and time.

Secondary market research

Secondary research, on the other hand, involves analyzing data that has already been compiled by third-party sources, such as online research tools, databases, news sites, industry reports and academic studies.

Here are the main characteristics of secondary market research:

Cost-effective: Secondary research is generally more cost-effective than primary research since it doesn’t require building a research plan from scratch. You and your team can look at databases, websites and publications on an ongoing basis, without needing to design a custom experiment or hire a consultant.
Leverages multiple sources: Data tools and software extract data from multiple places across the web, and then consolidate that information within a single platform. This means you’ll get a greater amount of data and a wider scope from secondary research.
Quick to access: You can access a wide range of information rapidly — often in seconds — if you’re using online research tools and databases. Because of this, you can act on insights sooner, rather than taking the time to develop an experiment.

So, when should you use primary vs. secondary research? In practice, many market research projects incorporate both primary and secondary research to take advantage of the strengths of each approach.

One rule of thumb is to focus on secondary research to obtain background information, market trends or industry benchmarks. It is especially valuable for conducting preliminary research, competitor analysis, or when time and budget constraints are tight. Then, if you still have knowledge gaps or need to answer specific questions unique to your business model, use primary research to create a custom experiment.

Market research methods

Surveys and questionnaires
Focus groups
Observational research
Online research tools
Experiments
Content analysis
Ethnographic research

How do primary and secondary research approaches translate into specific research methods? Let’s take a look at the different ways you can gather data:

1. Surveys and questionnaires

Surveys and questionnaires are popular methods for collecting structured data from a large number of respondents. They involve a set of predetermined questions that participants answer. Surveys can be conducted through various channels, including online tools, telephone interviews and in-person or online questionnaires. They are useful for gathering quantitative data and assessing customer demographics, opinions, preferences and needs. On average, customer surveys have a 33% response rate , so keep that in mind as you consider your sample size.

2. Interviews

Interviews are in-depth conversations with individuals or groups to gather qualitative insights. They can be structured (with predefined questions) or unstructured (with open-ended discussions). Interviews are valuable for exploring complex topics, uncovering motivations and obtaining detailed feedback.

3. Focus groups

The most common primary research methods are in-depth webcam interviews and focus groups. Focus groups are a small gathering of participants who discuss a specific topic or product under the guidance of a moderator. These discussions are valuable for primary market research because they reveal insights into consumer attitudes, perceptions and emotions. Focus groups are especially useful for idea generation, concept testing and understanding group dynamics within your target audience.

4. Observational research

Observational research involves observing and recording participant behavior in a natural setting. This method is particularly valuable when studying consumer behavior in physical spaces, such as retail stores or public places. In some types of observational research, participants are aware you’re watching them; in other cases, you discreetly watch consumers without their knowledge, as they use your product. Either way, observational research provides firsthand insights into how people interact with products or environments.

5. Online research tools

You and your team can do your own secondary market research using online tools. These tools include data prospecting platforms and databases, as well as online surveys, social media listening, web analytics and sentiment analysis platforms. They help you gather data from online sources, monitor industry trends, track competitors, understand consumer preferences and keep tabs on online behavior. We’ll talk more about choosing the right market research tools in the sections that follow.

6. Experiments

Market research experiments are controlled tests of variables to determine causal relationships. While experiments are often associated with scientific research, they are also used in market research to assess the impact of specific marketing strategies, product features, or pricing and packaging changes.

7. Content analysis

Content analysis involves the systematic examination of textual, visual or audio content to identify patterns, themes and trends. It’s commonly applied to customer reviews, social media posts and other forms of online content to analyze consumer opinions and sentiments.

8. Ethnographic research

Ethnographic research immerses researchers into the daily lives of consumers to understand their behavior and culture. This method is particularly valuable when studying niche markets or exploring the cultural context of consumer choices.

How to do market research

Set clear objectives
Identify your target audience
Choose your research methods
Use the right market research tools
Collect data
Analyze data
Interpret your findings
Identify opportunities and challenges
Make informed business decisions
Monitor and adapt

Now that you have gained insights into the various market research methods at your disposal, let’s delve into the practical aspects of how to conduct market research effectively. Here’s a quick step-by-step overview, from defining objectives to monitoring market shifts.

1. Set clear objectives

When you set clear and specific goals, you’re essentially creating a compass to guide your research questions and methodology. Start by precisely defining what you want to achieve. Are you launching a new product and want to understand its viability in the market? Are you evaluating customer satisfaction with a product redesign?

Start by creating SMART goals — objectives that are specific, measurable, achievable, relevant and time-bound. Not only will this clarify your research focus from the outset, but it will also help you track progress and benchmark your success throughout the process.

You should also consult with key stakeholders and team members to ensure alignment on your research objectives before diving into data collecting. This will help you gain diverse perspectives and insights that will shape your research approach.

2. Identify your target audience

Next, you’ll need to pinpoint your target audience to determine who should be included in your research. Begin by creating detailed buyer personas or stakeholder profiles. Consider demographic factors like age, gender, income and location, but also delve into psychographics, such as interests, values and pain points.

The more specific your target audience, the more accurate and actionable your research will be. Additionally, segment your audience if your research objectives involve studying different groups, such as current customers and potential leads.

If you already have existing customers, you can also hold conversations with them to better understand your target market. From there, you can refine your buyer personas and tailor your research methods accordingly.

3. Choose your research methods

Selecting the right research methods is crucial for gathering high-quality data. Start by considering the nature of your research objectives. If you’re exploring consumer preferences, surveys and interviews can provide valuable insights. For in-depth understanding, focus groups or observational research might be suitable. Consider using a mix of quantitative and qualitative methods to gain a well-rounded perspective.

You’ll also need to consider your budget. Think about what you can realistically achieve using the time and resources available to you. If you have a fairly generous budget, you may want to try a mix of primary and secondary research approaches. If you’re doing market research for a startup , on the other hand, chances are your budget is somewhat limited. If that’s the case, try addressing your goals with secondary research tools before investing time and effort in a primary research study.

4. Use the right market research tools

Whether you’re conducting primary or secondary research, you’ll need to choose the right tools. These can help you do anything from sending surveys to customers to monitoring trends and analyzing data. Here are some examples of popular market research tools:

Market research software: Crunchbase is a platform that provides best-in-class company data, making it valuable for market research on growing companies and industries. You can use Crunchbase to access trusted, first-party funding data, revenue data, news and firmographics, enabling you to monitor industry trends and understand customer needs.

Survey and questionnaire tools: SurveyMonkey is a widely used online survey platform that allows you to create, distribute and analyze surveys. Google Forms is a free tool that lets you create surveys and collect responses through Google Drive.
Data analysis software: Microsoft Excel and Google Sheets are useful for conducting statistical analyses. SPSS is a powerful statistical analysis software used for data processing, analysis and reporting.
Social listening tools: Brandwatch is a social listening and analytics platform that helps you monitor social media conversations, track sentiment and analyze trends. Mention is a media monitoring tool that allows you to track mentions of your brand, competitors and keywords across various online sources.
Data visualization platforms: Tableau is a data visualization tool that helps you create interactive and shareable dashboards and reports. Power BI by Microsoft is a business analytics tool for creating interactive visualizations and reports.

5. Collect data

There’s an infinite amount of data you could be collecting using these tools, so you’ll need to be intentional about going after the data that aligns with your research goals. Implement your chosen research methods, whether it’s distributing surveys, conducting interviews or pulling from secondary research platforms. Pay close attention to data quality and accuracy, and stick to a standardized process to streamline data capture and reduce errors.

6. Analyze data

Once data is collected, you’ll need to analyze it systematically. Use statistical software or analysis tools to identify patterns, trends and correlations. For qualitative data, employ thematic analysis to extract common themes and insights. Visualize your findings with charts, graphs and tables to make complex data more understandable.

If you’re not proficient in data analysis, consider outsourcing or collaborating with a data analyst who can assist in processing and interpreting your data accurately.

7. Interpret your findings

Interpreting your market research findings involves understanding what the data means in the context of your objectives. Are there significant trends that uncover the answers to your initial research questions? Consider the implications of your findings on your business strategy. It’s essential to move beyond raw data and extract actionable insights that inform decision-making.

Hold a cross-functional meeting or workshop with relevant team members to collectively interpret the findings. Different perspectives can lead to more comprehensive insights and innovative solutions.

8. Identify opportunities and challenges

Use your research findings to identify potential growth opportunities and challenges within your market. What segments of your audience are underserved or overlooked? Are there emerging trends you can capitalize on? Conversely, what obstacles or competitors could hinder your progress?

Lay out this information in a clear and organized way by conducting a SWOT analysis, which stands for strengths, weaknesses, opportunities and threats. Jot down notes for each of these areas to provide a structured overview of gaps and hurdles in the market.

9. Make informed business decisions

Market research is only valuable if it leads to informed decisions for your company. Based on your insights, devise actionable strategies and initiatives that align with your research objectives. Whether it’s refining your product, targeting new customer segments or adjusting pricing, ensure your decisions are rooted in the data.

At this point, it’s also crucial to keep your team aligned and accountable. Create an action plan that outlines specific steps, responsibilities and timelines for implementing the recommendations derived from your research.

10. Monitor and adapt

Market research isn’t a one-time activity; it’s an ongoing process. Continuously monitor market conditions, customer behaviors and industry trends. Set up mechanisms to collect real-time data and feedback. As you gather new information, be prepared to adapt your strategies and tactics accordingly. Regularly revisiting your research ensures your business remains agile and reflects changing market dynamics and consumer preferences.

Online market research sources

As you go through the steps above, you’ll want to turn to trusted, reputable sources to gather your data. Here’s a list to get you started:

Crunchbase: As mentioned above, Crunchbase is an online platform with an extensive dataset, allowing you to access in-depth insights on market trends, consumer behavior and competitive analysis. You can also customize your search options to tailor your research to specific industries, geographic regions or customer personas.

Product Image Advanced Search CRMConnected

Academic databases: Academic databases, such as ProQuest and JSTOR , are treasure troves of scholarly research papers, studies and academic journals. They offer in-depth analyses of various subjects, including market trends, consumer preferences and industry-specific insights. Researchers can access a wealth of peer-reviewed publications to gain a deeper understanding of their research topics.
Government and NGO databases: Government agencies, nongovernmental organizations and other institutions frequently maintain databases containing valuable economic, demographic and industry-related data. These sources offer credible statistics and reports on a wide range of topics, making them essential for market researchers. Examples include the U.S. Census Bureau , the Bureau of Labor Statistics and the Pew Research Center .
Industry reports: Industry reports and market studies are comprehensive documents prepared by research firms, industry associations and consulting companies. They provide in-depth insights into specific markets, including market size, trends, competitive analysis and consumer behavior. You can find this information by looking at relevant industry association databases; examples include the American Marketing Association and the National Retail Federation .
Social media and online communities: Social media platforms like LinkedIn or Twitter (X) , forums such as Reddit and Quora , and review platforms such as G2 can provide real-time insights into consumer sentiment, opinions and trends.

Market research examples

At this point, you have market research tools and data sources — but how do you act on the data you gather? Let’s go over some real-world examples that illustrate the practical application of market research across various industries. These examples showcase how market research can lead to smart decision-making and successful business decisions.

Example 1: Apple’s iPhone launch

Apple ’s iconic iPhone launch in 2007 serves as a prime example of market research driving product innovation in tech. Before the iPhone’s release, Apple conducted extensive market research to understand consumer preferences, pain points and unmet needs in the mobile phone industry. This research led to the development of a touchscreen smartphone with a user-friendly interface, addressing consumer demands for a more intuitive and versatile device. The result was a revolutionary product that disrupted the market and redefined the smartphone industry.

Example 2: McDonald’s global expansion

McDonald’s successful global expansion strategy demonstrates the importance of market research when expanding into new territories. Before entering a new market, McDonald’s conducts thorough research to understand local tastes, preferences and cultural nuances. This research informs menu customization, marketing strategies and store design. For instance, in India, McDonald’s offers a menu tailored to local preferences, including vegetarian options. This market-specific approach has enabled McDonald’s to adapt and thrive in diverse global markets.

Example 3: Organic and sustainable farming

The shift toward organic and sustainable farming practices in the food industry is driven by market research that indicates increased consumer demand for healthier and environmentally friendly food options. As a result, food producers and retailers invest in sustainable sourcing and organic product lines — such as with these sustainable seafood startups — to align with this shift in consumer values.

The bottom line? Market research has multiple use cases and is a critical practice for any industry. Whether it’s launching groundbreaking products, entering new markets or responding to changing consumer preferences, you can use market research to shape successful strategies and outcomes.

Market research templates

You finally have a strong understanding of how to do market research and apply it in the real world. Before we wrap up, here are some market research templates that you can use as a starting point for your projects:

Smartsheet competitive analysis templates : These spreadsheets can serve as a framework for gathering information about the competitive landscape and obtaining valuable lessons to apply to your business strategy.
SurveyMonkey product survey template : Customize the questions on this survey based on what you want to learn from your target customers.
HubSpot templates : HubSpot offers a wide range of free templates you can use for market research, business planning and more.
SCORE templates : SCORE is a nonprofit organization that provides templates for business plans, market analysis and financial projections.
SBA.gov : The U.S. Small Business Administration offers templates for every aspect of your business, including market research, and is particularly valuable for new startups.

Strengthen your business with market research

When conducted effectively, market research is like a guiding star. Equipped with the right tools and techniques, you can uncover valuable insights, stay competitive, foster innovation and navigate the complexities of your industry.

Throughout this guide, we’ve discussed the definition of market research, different research methods, and how to conduct it effectively. We’ve also explored various types of market research and shared practical insights and templates for getting started.

Now, it’s time to start the research process. Trust in data, listen to the market and make informed decisions that guide your company toward lasting success.

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What is a Marketing Research Report and How to Write It?

There is nothing more embarrassing for a marketer than to hear a client say “…this doesn’t quite address the business questions that we need to answer.” And unfortunately, this is a rather common occurrence in market research reporting that most marketers would care to admit.

So, why do most market research reports fail to meet client expectations? Well, in most cases, because there is more emphasis on methodology and analytic techniques used to craft the report rather than relying on data visualization, creative story-telling, and outlining actionable direction/steps.

Now, our next big question is, how do you avoid your client’s dreaded deer-in-the-headlights reaction when presenting such a report? This blog post will answer this and much more, as we go through the following:

What Is a Market Research Report?

Why is market research important, differences between primary and secondary market research, types of market research, market research reports advantages and disadvantages, how to do market research, how to prepare a market research report: 5 steps, marketing research report templates, marketing research reports best practices, bring your market research reports a step further with databox.

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The purpose of creating a market research report is to make calculated decisions about business ideas. Market research is done to evaluate the feasibility of a new product or service, through research conducted with potential consumers. The information obtained from conducting market research is then documented in a formal report that should contain the following details:

The characteristics of your ideal customers
You customers buying habits
The value your product or service can bring to those customers
A list of your top competitors

Every business aims to provide the best possible product or service at the lowest cost possible. Simply said, market research is important because it helps you understand your customers and determine whether the product or service that you are about to launch is worth the effort.

Here is an example of a customer complaint that may result in more detailed market research:

Suppose you sell widgets, and you want your widget business to succeed over the long term. Over the years, you have developed many different ways of making widgets. But a couple of years ago, a customer complained that your widgets were made of a cheap kind of foam that fell apart after six months. You didn’t think at the time that this was a major problem, but now you know it.

The customer is someone you really want to keep. So, you decide to research this complaint. You set up a focus group of people who use widgets and ask them what they think about the specific problem. After the conducted survey you’ll get a better picture of customer opinions, so you can either decide to make the changes regarding widget design or just let it go.

PRO TIP: How Well Are Your Marketing KPIs Performing?

Like most marketers and marketing managers, you want to know how well your efforts are translating into results each month. How much traffic and new contact conversions do you get? How many new contacts do you get from organic sessions? How are your email campaigns performing? How well are your landing pages converting? You might have to scramble to put all of this together in a single report, but now you can have it all at your fingertips in a single Databox dashboard.

Our Marketing Overview Dashboard includes data from Google Analytics 4 and HubSpot Marketing with key performance metrics like:

Sessions . The number of sessions can tell you how many times people are returning to your website. Obviously, the higher the better.
New Contacts from Sessions . How well is your campaign driving new contacts and customers?
Marketing Performance KPIs . Tracking the number of MQLs, SQLs, New Contacts and similar will help you identify how your marketing efforts contribute to sales.
Email Performance . Measure the success of your email campaigns from HubSpot. Keep an eye on your most important email marketing metrics such as number of sent emails, number of opened emails, open rate, email click-through rate, and more.
Blog Posts and Landing Pages . How many people have viewed your blog recently? How well are your landing pages performing?

Now you can benefit from the experience of our Google Analytics and HubSpot Marketing experts, who have put together a plug-and-play Databox template that contains all the essential metrics for monitoring your leads. It’s simple to implement and start using as a standalone dashboard or in marketing reports, and best of all, it’s free!

marketing_overview_hubspot_ga_dashboard_preview

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To set up the dashboard, follow these 3 simple steps:

Step 1: Get the template

Step 2: Connect your HubSpot and Google Analytics 4 accounts with Databox.

Step 3: Watch your dashboard populate in seconds.

Marketing research requires both primary and secondary market research. But what does that mean and what are the main differences?

Primary market research takes in information directly from customers, usually as participants in surveys. Usually, it is consisted of:

Exploratory Primary Research – This type of research helps to identify possible problem areas, and it’s not focused on discovering specific information about customers. As with any research, exploratory primary research should be conducted carefully. Researchers need to craft an interviewing or surveying plan, and gather enough respondents to ensure reasonable levels of statistical reliability.
Specific Primary Research – This type of research is one of the best ways to approach a problem because it relies on existing customer data. Specific research provides a deeper, more thorough understanding of the problem and its potential solutions. The greatest advantage of specific research is that it lets you explore a very specific question, and focus on a specific problem or an opportunity.

Secondary market research collects information from other sources such as databases, trend reports, market or government statistics, industry content, etc. We can divide secondary market research into 3 categories:

Public market data – Public sources range from academic journals and government reports to tax returns and court documents. These sources aren’t always easy to find. Many are available only in print in libraries and archives. You have to look beyond search engines like Google to find public source documents.
Commercial data – Those are typically created by specialized agencies like Pew, Gartner or Forrester. the research agencies are quite expensive, but they provide a lot of useful information.
Internal data – Your organization’s databases are gold mines for market research. In the best cases, your salespeople can tell you what they think about customers. Your salespeople are your direct sources of information about the market. Don’t underestimate your internal data.

In general, primary research is more reliable than secondary research, because researchers have to interview people directly. But primary research is expensive and time-consuming. Secondary research can be quicker and less expensive.

There are plenty of ways to conduct marketing research reports. Mostly, the type of research done will depend on your goals. Here are some types of market research often conducted by marketers.

Focus Groups

Product/service use research, observation-based research, buyer persona research, market segmentation research, pricing research, competitive analysis research, customer satisfaction and loyalty research, brand awareness research, campaign research.

An interview is an interactive process of asking and answering questions and observing your respondent’s responses. Interviews are one of the most commonly used tools in market research . An interview allows an organization to observe, in detail, how its consumers interact with its products and services. It also allows an organization to address specific questions.

A focus group is a group of people who get together to discuss a particular topic. A moderator leads the discussion and takes notes. The main benefit of focus groups is that they are quick and easy to conduct. You can gather a group of carefully-selected people, give them a product to try out, and get their feedback within a few hours/days.

Product or service use research helps you obtain useful information about your product or service such as:

What your current customers do with the product/service
Which features of the product/service are particularly important to your customers
What they dislike about the product/service
What they would change about the product/service

Observation-based research helps you to observe your target audience interacting with your product or service. You will see the interactions and which aspects work well and which could be improved. The main point is to directly experience the feedback from your target audience’s point of view.

Personas are an essential sales tool. By knowing your buyers’ pain points and the challenges they face, you can create better content, target messaging, and campaigns for them. Buyer persona research is based on market research, and it’s built around data that describes your customers’ demographics, behaviors, motivations, and concerns. Sales reporting software can significantly help you develop buyer personas when you gain insights after you collected all information.

Market segmentation research is carried out to better understand existing and potential market segments. The objective is to determine how to target different market segments and how they differ from each other. The three most important steps in writing a market segmentation research report are:

Defining the problem
Determining the solution [and]
Defining the market

Related : 9 Customer Segmentation Tips to Personalize Ecommerce Marketing and Drive More Sales

A price that is too high, or too low, can kill a business. And without good market research, you don’t really know what is a good price for your product. Pricing research helps you define your pricing strategy.

In a competitive analysis, you define your “competition” as any other entity that competes with you in your market, whether you’re selling a widget or a piece of real estate. With competitive analysis research, you can find out things like:

Who your competitors are
What they’ve done in the past
What’s working well for them
Their weaknesses
How they’re positioned in the market
How they market themselves
What they’re doing that you’re not

Related : How to Do an SEO Competitive Analysis: A Step-by-Step Guide

In today’s marketplace, companies are increasingly focused on customer loyalty. What your customers want is your product, but, more importantly, they want it delivered with a service that exceeds their expectations. Successful companies listen to their customers and respond accordingly. That’s why customer satisfaction and loyalty research is a critical component of that basic equation.

Related : 11 Tactics for Effectively Measuring Your Customer Service ROI

Who you are, what you stand for, what you offer, what you believe in, and what your audience thinks of you is all wrapped up in brand. Brand awareness research tells what your target audience knows about your brand and what’s their experience like.

A campaign research report is a detailed account of how your marketing campaign performed. It includes all the elements that went into creating the campaign: planning, implementation, and measurement.

Here are some of the top advantages and disadvantages of doing market research and crafting market research reports.

Identify business opportunities – A market research report can be used to analyze potential markets and new products. It can give information about customer needs, preferences, and attitudes. Also, it compare products and services.
A clear understanding of your customers – A market report gives company’s marketing department an in-depth picture about customers’ needs and wants. This knowledge can be used to improve products, prices, and advertising.
Mitigates risks – 30% of small businesses fail within the first two years. Why is this so? The answer is that entrepreneurs are risk takers. However, there are risks that could be avoided. A good marketing research will help you identify those risks and allow you to mitigate them.
Clear data-driven insights – Market research encompasses a wide range of activities, from determining market size and segment to forecasting demand, and from identifying competitors to monitoring pricing. All of these are quantified and measurable which means that gives you a clear path for building unique decisions based on numbers.

Disadvantages

It’s not cheap – Although market research can be done for as little as $500, large markets like the United States can run into millions of dollars. If a research is done for a specific product, the budget may be even much higher. The budget also depends on the quality of the research. The more expensive it is, the more time the research will take.
Some insights could be false – For example, if you are conducting a survey, data may be inadequate or inaccurate because respondents can, well, simply be dishonest and lie.

Here are the essential steps you need to take when doing market research:

Define your buyer persona

Identify a persona group to engage, prepare research questions for your market research participants, list your primary competitors, summarize your findings.

The job of a marketing persona is to describe your ideal customer and to tell you what they want, what motivates them, what frustrates them, and what limits them. Finding out these things means you have a better chance of designing your products, services, marketing messages, and brand around real customers. There is no one right way to create a buyer persona, though.

For example, if you’re in an industry focused on education, you could include things like:

Educational level
Education background

It’s recommended that you create 3-5 buyer personas for your products, based on your ideal customer.

This should be a representative sample of your target customers so you can better understand their behavior. You want to find people who fit both your target personas and who represent the broader demographic of your market. People who recently made a purchase or purposefully decided not to make one are a good sample to start with.

The questions you use determine the quality of your results. Of course, the quality of your results also depends on the quality of your participants.

Don’t ask questions that imply a yes or no answer. Instead, use open questions. For example, if you are researching customers about yogurt products, you could ask them: „ What have you heard about yogurt ?” or “ What do you think of yogurt ?“.

Avoid questions that use numbers, such as “ How many times a week do you eat yogurt ?”

Avoid questions that suggest a set of mutually exclusive answers, such as “ Do you like yogurt for breakfast, lunch, or dinner ?”

Avoid questions that imply a scale, such as “ Do you like chocolate-flavored yogurt ?”

Market researchers sometimes call one company the top competitor, another middle competitor, and the third one small competitor. However you classify them, you want to identify at least three companies in each category. Now, for each business on your list, list its key characteristics. For example, if your business sells running shoes, a key characteristic might be the product’s quality.

Next, make a list of your small business’s competitive advantages. These include the unique qualities or features of your business that make it the best choice of customers for the products or services it offers. Make a list of these competitive advantages and list them next to the key characteristics you listed for your business.

You have just finished writing your marketing research report. Everything is out there quantified or qualified. You just have to sum it up and focus on the most important details that are going to make a big impact on your decisions. Clear summary leads to a winning strategy!

Related : How to Prepare a Complete Marketing Report: The KPIs, Analysis, & Action Plan You Need

Here’s how to prepare a market research report in 5 simple steps:

Step 1: Cluster the data

Step 2: prepare an outline, step 3: mention the research methods, step 4: include visuals with narrative explanations, step 5: conclude the report with recommendations.

Your first step is to cluster all the available information into a manageable set. Clustering is the process of grouping information together in a way that emphasizes commonalities and minimizes differences. So, in market research, this will help to organize all the information you have about a product, service, or target market and identify your focus areas.

A marketing research report should be written so that other people can understand it:

Include background information at the beginning to explain who your audience is and what problem you are trying to solve for them.
In the body of the report, include a description of the methodology – Explain to the reader how your research was done, what was involved, and why you selected the methodology you used.
Also in the body of the report, include the results of your market research. These may be quantitative or qualitative, but either way they should answer the questions you posed at the beginning.
Include the executive summary – A summary of the entire report.

The market research methodology section includes details on the type of research, sample size, any limitations of the studies, research design, sample selection, data collection procedures, and statistical analyses used.

Visuals are an essential part of the presentation. Even the best-written text can be difficult to understand. Charts and graphs are easier to understand than text alone, and they help the reader see how the numbers fit the bigger picture.

But visuals are not the whole story. They are only one part of the presentation. Visuals are a cue for the reader. The narrative gives the story, not just the numbers.

Recommendations tend to follow logically from conclusions and are a response to a certain problem. The recommendation should always be relevant to the research rationale, that is, the recommendation should be based on the results of the research reported in the body of the report.

Now, let’s take a look at some dashboard reporting templates you could use to enhance your market research:

Semrush (Position Tracking) Report

Brand Awareness Report

Sales pipeline performance report, customer success overview report, stripe (mrr & churn) report, semrush (position tracking) report template.

This free SEMRush dashboard template will help you monitor how your website’s search visibility on search engines evolves on a monthly basis. This dashboard contains all of the information you need to make changes and improve the ranking results of your business in Google Search.

This Brand Awareness Report will help you to get a sense of your brand awareness performance in Google Analytics, Google Organic Search, and Facebook. Use this dashboard to track brand awareness the same way you track other marketing campaigns.

Are your sales and marketing funnel healthy and growing? How is your sales and marketing funnel performing? What are the key conversion rates between your lifecycle stages? With a pipeline performance dashboard , you’ll get all of the answers quickly.

This Customer Success Overview Dashboard allows you to analyze how your customer service team’s responsiveness impacts your business. Use this dashboard to assess the correlation between your customer service performance and churn rate.

Customer Success Overview Report Template

This Stripe dashboard tracks your churn rate and MRR growth in real-time and shows you which customers (and how many of them) you have at any given point in time. All you have to do to get started is to connect your Stripe account.

As we said earlier, there are no strict rules when it comes to writing marketing research reports. On the other hand, you must find your focus if you want to write a report that will make a difference. Here are some best practices you should keep in mind when writing a research report.

Objectives – The objective of a market research report is to define the problems, identify key issues, and suggest recommendations for further research. If you answer them successfully, you’re on the right way.
Don’t worry about the format – Be creative. The report could be in a form of a PowerPoint presentation, Excel sheet, interactive dashboard or even a video. Use the format that best fits your audience, but make sure to make it easy to read.
Include an executive summary, scorecard , or a dashboard – This is really important because time is money, and most people don’t have time to waste. So, how to put everything important in a short role? Address all of the objectives and put them in a graphic dashboard or scorecard. Also, you can write an executive summary template (heart of the report) that can be easily updated and read by managers or CEOs.
Use storytelling – A good story always makes a great point because it’s so memorable. Your research report results can double the effect with a catchy story.
Keep it short – It’s not a secret that we are reading so little in the digital era. Use a lot of white space and bullet points. Too much text on a page means less focus for the reader.
Be organized – Maintain the order of information. It’s important for the reader to navigate through the report easily. If they want to find some details or specific information it would be great to divide all sections with appropriate references.
Methodological information – Methodological details could be boring. Include only the most important details that the reader needs to know to understand the big picture.
Use images (or other visualizations) whenever you can – A good picture speaks for 1.000 words! If you can communicate the point visually, don’t hesitate to do it. It would be a lot easier for those who don’t like a lot of text to understand your results. But don’t push them where you can’t.
Create readable graphs – The crown of marketing research reports is a comprehensive graph. Make sure to design precise and attractive graphs that will power up and round your story.
Use the Appendix – You can include all secondary information such as methodological details and other miscellaneous data in the Appendix at the end of the report.

Market research reports are all about presenting your data in an easy-to-understand way and making calculated decisions about business ideas. But this is something easier said than done.

When busy stakeholders and executives grab a report, they need something that will give them an idea of the results – the big picture that addresses company wide-business goals.

Can a PowerPoint presentation or a PDF report meet those expectations? Most likely not. But a dashboard can.

Keep in mind that even with the best market analysis in the world, your market research report won’t be actionable if you don’t present the data efficiently and in a way that everyone understands what the next steps are. Databox is your key ally in the matter.

Databox dashboards are designed to help you present your market research data with clarity – from identifying what is influencing your business, and understanding where your brand is situated in the market, to gauging the temperature of your niche or industry before a new product/service launch.

Present your research results with efficient, interactive dashboards now by signing up for a free trial .

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Market Research: What It Is and How to Do It

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In other words, it’s the process of understanding who your business is targeting so you can better position your marketing strategy.

In this guide, you’ll learn:

The role of market research in a marketing strategy
When to conduct market research

Types of market research

Market research methods and their benefits
How to conduct market research (example included)
Market research tools and resources

What is the role of market research in a marketing strategy?

A marketing strategy is a business’s overall game plan for reaching consumers and turning them into customers.

The key word in the above definition is “game plan”. Entering a market with a product is like starting a new game. Since you’re new to the game, you don’t know the rules, and you don’t know who you’re playing against.

This is exactly where market research comes in . Market research allows you to discover the rules of the marketing game by understanding your target audience. Moreover, it allows you to understand who your opponent is by assessing the strengths and weaknesses of your competition.

Research is what marketing pros do to plan their moves, and outperform their competition. It’s also what marketing pros use to identify the strengths and weaknesses of their own marketing strategy .

But is market research the ultimate business oracle? Unfortunately no. Even companies that specialize in market research admit it - here’s a quote from one of them :

(…) it cannot be assumed that market research is an exact science, as it would be unrealistic and unreasonable to expect market researchers to predict the precise demand for a new concept, given that there are numerous variables that can impact demand outside of the market researchers’ remit.

That’s why market research with all of its significance is “only” a part of marketing, and it’s “only” an experiment. It’s up to you whether you will conduct your experiment, and when you will end it.

For example, Crystal Pepsi seemed very promising in the market research phase, yet it failed when released onto the market (a similar thing happened to New Coke). Xerox’s idea for a commercial photocopier was a no-go in the eyes of research analysts; Xerox did it anyway, and the rest is history.

When should you conduct market research?

Paul N. Hauge and Peter Jackson in their book “Do Your Own Market Research” point to three specific situations when market research is really useful:

Setting goals . Knowing things like the size of the market, or defining your potential customers can help you set your sales goals.
Problem-solving . Low sales? Low profitability? Market research will help you understand whether your problems are internal, like a low-quality product, or external, like aggressive competition.
Supporting company growth. Understanding how and why consumers decide on products will help you decide what products to introduce to the market.

Another answer to the “when” is the importance of the decision that you need to make. The more important the marketing issue you’re tackling, the more market research comes in handy.

For example, launching a new car on the market is quite a big event, right? So maybe Ford could have avoided losing 350 million dollars with the Ford Edsel if they had done their research properly. I mean, with the right methods in place it shouldn’t be that hard to predict that consumers will deem the car overpriced and ugly.

That said, market research doesn’t always have to be a large, complex project. The relatively new trend of agile market research allows you to research the market regularly and in a cost-effective way. This is where you employ bite-size, iterative, and evolutionary methods to react to fast-changing circumstances and adapt to unknown market territories.

Furthermore, if you’re working in startup conditions, especially if you’re developing an innovative product, you may be interested in customer development . In this methodology market research is at its “agilest” and it’s tightly woven into the product development process.

Take Ahrefs for example. We stick to agile market research hacks anyone can use. As you will see later in the article, we use simple (but effective!) stuff like social media polls, crowdsourcing, in-house competitive analysis, or just tracking the pricing of our competitors.

Case in point, just recently we asked our fellow marketers on Twitter how they go about researching the market. It seems that market research comes in all shapes and sizes:

Have you ever performed “market research?“ What was it for? — Tim Soulo (@timsoulo) May 3, 2021

Just because somebody does market research in a certain way doesn’t mean that you need to copy that. You should know your options, and they start with the different types of market research.

Primary research

Whenever the research is done by you or on your behalf, and you need to create the data to solve a given problem, that is called primary market research.

Examples: Focus groups, interviews, surveys (more on those later in the article).

Key benefits: It’s specific to your brand and products or services, and you can control the quality of the data.

Secondary research

Whenever you’re using already existing data, such as that put together by other businesses and organizations, you’re doing secondary market research.

Examples: Second-party and third-party sources like articles, whitepapers, reports, industry statistics, already collected internal data.

Key benefits: Get a macro perspective of your marketplace, as secondary research includes other players in the market, and most probably utilizes a bigger set of data than your primary sources.

Primary research vs. secondary research

Primary and secondary market research are different but by no means opposite. It’s actually recommended to use both.

While primary sources will give you a focused, micro perspective of your business, secondary research will tell you how other businesses are doing and how your research findings compare to bigger research sample sizes.

Market research subtypes

A bit more theory for all you marketing geeks out there. Professional market researchers distinguish between the following primary and secondary market research subtypes:

Qualitative research. Think interviews, open-ended questions, results expressed in words rather than numbers and graphs. This type of research is used to understand underlying reasons, opinions, and motivations.
Quantitative research. Think surveys, polls, usually closed-ended questions, results expressed in numbers and statistics. This type of research is used to test or confirm hypotheses or assumptions by quantifying defined variables (such as opinions or behaviours) and generalizing results from larger data samples.

Overview of market research methods

Let’s go over some popular market research methods you can use yourself and/or outsource.

Internal data analysis

The data you’ve already collected in your company is an invaluable secondary research data source. The more time you’re in the business, the more data you have on your hands.

The best thing about your internal data is that it’s been put into practice in real-life market conditions, so you just need to find the patterns and draw conclusions.

Here are some internal data sources you can leverage :

Website data (like Google Analytics)
Past campaigns performance data
Internal interviews with employees

Interviews allow for face-to-face discussions and are great for exploratory qualitative research.

In unstructured interviews, you have an informal, free-flowing conversation on a given set of topics.

In structured interviews, you prepare a detailed, rigorous interview protocol where you list every question you want to ask and you can’t divert from them.

You can also choose the “middle way” with semi-structured interviews which revolve around predefined themes or questions, but allow for open-ended discussion.

A word of advice here would be to always remain neutral and unbiased, even during unstructured interviews. Also, it’s helpful to perform a pilot test of the interview to quickly spot some defects of your protocol.

Recording the interview may influence the answers, so use it wisely.

Focus groups

Focus groups are where 5 to 10 people with common characteristics take part in an interactive discussion with a moderator. They’re used to learn how a particular group thinks about a given issue or to provide feedback on a product.

Now, you might know that Steve Jobs famously hated focus groups. He’s on record saying:

It’s really hard to design products by focus groups. A lot of times, people don’t know what they want until you show it to them.

If you’re trying to create a leapfrog product like the iPhone, there’s probably some validity to this statement. But most of us aren’t wrestling with that level of ambition. We just want to know if customers will like a proposed new feature or not. For this, focus groups are super useful.

Surveys involve polling your audience. They’re usually performed online for customer satisfaction and loyalty research, and are one of the most popular and cost-effective market research methods.

Some of the tried and tested use cases of online surveys are:

Product feature desirability
User satisfaction feedback
Quantitative analysis of certain issue occurrences
Identifying friction points in your customer journey
Discovering the reasons to convert to or cancel your service
During product onboarding to create a customer profile (and for marketing automation)
Opinion about a recently made change

An interesting example of surveying the market is crowdsourcing . That’s what Ahrefs does to understand what features to build, how important they are, and what customers expect from them.

What’s unique about crowdsourcing is that it allows the users to add their own ideas, and upvote or comment on existing ideas rather than answer predetermined questions, so this method leaves less room for marketing myopia. You improve your business, and the users get a better product—everybody wins.

How we crowdsource ideas at Ahrefs

Social media is another great place to survey the marketplace.

How many of you have disavowed links in GSC this year? — Tim Soulo (@timsoulo) October 8, 2020

Market segmentation

Market segmentation is the practice of categorizing a market into homogeneous groups based on specific criteria, also called segmentation variables (like age, sex, company size, country, etc.).

If you think you’re building a product for everyone, think again. Not everyone will want to buy from you.

Smart companies pick their target audience carefully. They pinpoint groups of people or organizations that could be valuable customers for the business. That way they also discover their non-ideal customers and develop a plan to attract customer segments gradually.

Ever wondered why Procter and Gamble creates so many, often competing, brands? You guessed it: market segmentation. P&G simply divides and conquers. Different people have different needs, so they need different products (and possibly brands).

Competitive analysis

Another powerful, yet often overlooked, market research method is the process of understanding one’s market environment. Seriously, if there’s only one thing you could do to learn what works and what doesn’t in your market, you should do a competitive analysis.

“Whenever we discuss building a certain feature, we would definitely research our competitors and see how they do it.” Tim Soulo, CMO

You’d be surprised by how much you can learn about and from your competition and how much of it can be done online. There are certain tried and tested techniques, hacks, and tools for this type of research, and you can find them in this guide .

Analyze commercial data

Secondary market research data is relatively affordable, fast to acquire, and easy to use. Think market reports, industry insights, and a ton of research data someone has already gathered and analyzed so you don’t have to.

The most reputable sources are Gartner , Forrester , and Pew . Apart from those, make sure to check if there is a trustworthy commercial data source specific to your niche.

Sites like G2, Capterra and Trust Pilot also count. Not only do they give you an overview of your industry, but you can also find some real gems in your users’ reviews and your competitors’ reviews as well. Ahrefs uses that data source regularly internally and externally, like for this section of our Ahrefs vs Semrush vs Moz landing page:

Benefits of market research - a comparison

Let’s quickly summarize the above 7 different methods of market research by their key benefits.

How to do market research process in 5 key steps

So now we know what market research is, why and when to do it, and we’ve learned about all of the important types and methods.

Let’s see how we can use that knowledge to conduct any type of market research in 5 steps. As an example of market research, I’ll tell you about some of my past experiences with a 3D printing company.

Identify the market research problem
Choose the sample and research method
Collect the data
Analyze the data
Interpret and present conclusions

1. Identify the market research problem

This is where every research project starts. You will also find that market research, in general, follows the pattern of the scientific method . First, you need to establish what exactly you are researching.

Do you have a question about your business you want to answer? Maybe you see an opportunity in the market. Or maybe you’ve observed something curious about your product use and you have a hypothesis that you want to validate? State that in the first step of the market research process.

Let me share an example.

In the past, I ran marketing for a few companies, and one of them was a 3D printer manufacturer. Early on I stumbled upon two problems with that company.

First: one of our market segments was saturated with similar products of similar quality at significantly lower price (classic, right?). Second: more and more 3D printing manufacturers seemed to be drifting away from the hobby segment to tackle the professional segments with more expensive products, yet we remained in the hobby/DIY niche. So we were too expensive for hobbyists but too hobbyist for customers who could afford us.

The hypothesis that I wanted to verify was that if the marketplace was showing a trend towards more professional use cases of 3D printing, our company should follow that trend. In other words, I wanted to check the viability of shifting the brand positioning into the professional/premium sector.

2. Choose the sample and research method

We’ve already covered the main types and methods of market research. You should already have a good idea of the differences between primary and secondary research, or whether qualitative or quantitative methods would best suit your needs.

As for the sample of your research, this refers to the portion of the entire data source in question that you will use. For example, if you want to run a survey among your customers, the sample will refer to the selection of customers you will include in your survey. There are a few options for choosing a sample:

Use the entire data source . Obviously, it’s not a sample per se. Nevertheless, if sending a survey to all of your customers is doable (and reasonable), this is a perfectly good choice.
Choose a random sample. Systematic sampling is the easiest way to choose a random sample. This is where you select every x/nth individual for the sample, where x is the population, n is the sample. For example, if you want a sample size of 100 from a population of 1000, select every 1000/100 = 10th member of the population.
Convenience sampling: choose respondents available and willing to take part in the survey.
Purposive sampling: choose respondents that in your judgement will be representative or possess some other feature that is important to the research.
Quota sampling: choose some arbitrary quota of respondents, e.g. 10 non-paying customers, 10 paying small companies and 10 paying large companies.

Back to our example. As a method for verifying my hypotheses, I chose a mix of:

Surveys sent to all of our resellers. We wanted to see if they also had seen a paradigm shift in the market and what segment of clients they had encountered the most. We also wanted to know their perspective on the longevity of that trend, and whether they potentially be interested in a more premium version of our product.
In-depth interviews on the phone with our resellers conducted by our sales team. We used purposive sampling here. Our sample comprised resellers with which we had the best relations (we knew they would be more eager to share).
Competitive analysis. We were mostly interested in market players who tried to penetrate the professional/industrial segment, so this was our sample ( purposive sampling ). We were interested in stuff like: what features were they building into their 3D printers, what was their brand positioning, what was their pricing, what language they used to communicate with their target audience, etc.
Wohler’s industry report, anything 3D printing from Gartner and the like, reports by 3D printing services providers, and basically any scrape of serious data we could find ( convenience sampling ).
Internal data: customer satisfaction issues, and just general current customer profile based on Google Analytics and Facebook data.

3. Collect the data

Once you’ve got your problem, method, and sample nailed, all you need to do is to gather the data. This is the step where you send out your surveys, conduct your interviews, or reach out for industry insights.

A word of advice, choose your market research tool carefully; it will greatly influence the amount of work you will have with analyzing the data. For example, Google Forms automatically makes graphs out of quantifiable data (plus it’s free).

Here’s the data we collected for the 3D printing company:

Reseller survey data (both quantitative and qualitative data).
Reseller interview data (qualitative data).
Customer satisfaction issues (qualitative data gathered through all customer support channels, we analysed about 200 issues and requests).
Competitive analysis data (from about 10 competitors).
We managed to gather 3 comprehensive, independent industry reports, a few smaller reports made by other 3D printing companies, and dozens of scrapes of data, like statistics and noteworthy insights. We pulled out data like: 3D printer manufacturer market share, market growth in time, market segmentation, key 3D printing applications, 3D printing adoption by region, key players’ sales numbers.
Any demographic, sociographic and psychographic data on customers and website visitors we could find in our internal data.

4. Analyze the data

Now that you have your data collected, the next step is to look for patterns, trends, concepts, or often repeated words—all dependent on whether your method was qualitative or quantitative (or both).

Simple research performed on a small sample will be relatively easy to analyze, or even analyzed automatically, like with the aforementioned Google Forms. Sometimes you will have to use expensive and harder to master software like Tableau , NVivo , PowerBI , or SPSS . Or you can use Python or R for data analysis (if you have a data analyst or data scientist on board, you’re in luck).

Continuing the example: Google Forms made it easy for us to spot patterns in surveys since quantitative data was calculated automatically. The most time-consuming part was reading through all of the responses and manually looking for patterns (back then I wasn’t aware of any tool that could do the job). Both sales and marketing teams worked on analyzing some of the qualitative data to have more than one reference point.

When it comes to researching the competition, coming up with some kind of data structure makes the work more comprehensive (and saner). We put our competitors’ data in specific categories, like products & services (prices included), target market, benefits, values, and brand message. We also used something called a brand positioning map which looks like this:

Analyzing secondary data was probably the easiest part, as the data we needed was already prepared in ready-to-use graphs, statistics and insights. We just had to sift through the contents to look for answers to our questions.

5. Interpret and present conclusions

Analyzing the data is not enough. You need to compile your data in a communicative, actionable way for the decision makers. A good practice is to include in your report: all your information, a description of your research process, the results, conclusions, and recommended actions.

Summing up my 3D printing example, I hypothesised that our market was experiencing a major shift and that the company should follow that trend. The research we did verified that hypothesis positively:

Our resellers were getting more and more inquiries about professional/industrial use cases and machines. As you can imagine, the budget of this kind of client was significantly higher than hobbyists but so were the expectations.
Our resellers indicated that this phenomenon is here to stay. Moreover, they declared interest in a new 3D printer tailored to the needs of their more demanding clientele.
Our customers were outgrowing their early-adopter habits and wanted something easier to use, something plug-and-play that just worked reliably. Tinkering with the printer was something only hardcore makers were interested in.
The companies we were interested in had already started adapting to the professional/premium market both with their offer and smart marketing communication.
We also found a ton of other interesting data that we used later on. For example, we found that apart from engineers and designers, an equally interesting segment was educational institutions.

Our initial market research lasted for about two months. We also came back to it whenever we had the chance (or the necessity) and reiterated it to see if we were on the right track.

Was it worth it? Let me tell you this: it saved the company. Our research showed us that this was the last call to reposition the brand and the product. Our original target segment was being gradually dominated by companies we couldn’t compete with.

It took us some time to get buy-in from key stakeholders and implement the conclusions throughout the whole company (eventually, we got it right). As a result, we increased sales, increased customer satisfaction and put ourselves on a more profitable growth track—a win-win for everyone. We even went as far as merging with another manufacturer to shorten the time to get to that sweet market spot.

Looking back, no one from our close competitors survived. They didn’t adapt as we did, and we owed everything to market research.

Whatever you do, avoid these common market research mistakes :

Poor sampling.
Ambiguous questions.
Leading or loaded questions (questions that show bias or contain controversial assumptions).
Unclear or too many research objectives.
Mixing correlation with causation.
Ignoring competitive analysis.
Allowing biases to influence your research ( confirmation bias being arguably the most common and the most dangerous one).
Not tracking data on a regular basis.

Online market research tools and resources

Market research reaches back to the 1930s and it’s probably rooted even “deeper” than the 20th century. Everything you could do then you can do now better, faster and cheaper thanks to these online tools and resources.

SEO tools - research the market with Ahrefs

I’ve put together 3 quick wins that can help with your market research—and that’s only a taste of what you can do with Ahrefs.

1. Brand awareness

In the early 20th century, you’d have to hire market researchers to spend days or even weeks asking people “have you heard about brand X”. Today, you can simply look up the search volume for that brand.

So let’s say you run a drone manufacturing brand, and you want to check out your competitors’ brand awareness in France. Go to Ahrefs Keywords Explorer , input the names of the brands, select “France” as your market, and in a flash you get:

The branded keyword volume indicates the brand awareness of that brand in a particular market. You can also keep track of that data by performing this search regularly to see if there are significant changes over time (for example, impacted by a recent campaign).

2. Feature demand

The next game-changing feature for electric cars will concern batteries, charging time, and charging cost (and not autopilot). How do I know?

Well, I opened Ahrefs Keywords Explorer , typed in “electric cars”, and went to the Questions report to find out what people search for. This gave me an idea of what problems electric car owners have (and potential owners worry about). You can easily perform similar research for your niche.

3. Understand the language of your market

Gerald Zaltman in his popular book “How Customers Think” proposes the idea that one of the major erroneous assumptions of marketing is that consumers think in words.

On the other hand, when consumers Google something they have to think in words. And when we market to those consumers we have to think in words as well. The question is: which words?

Let’s say that you want to enter a new and innovative market in the USA, for example the synthetic fermentation-derived dairy industry, also called animal-free dairy.

To you, this set of words “animal-free dairy” may be the very center of your business and marketing efforts. But let’s see what other people think. Let’s use Keywords Explorer to see how many people search Google in the U.S. just for that phrase:

Whoops! Looks like your product category has disappointingly low awareness. Does this mean you’re doomed? Not necessarily.

Let’s try other words. Words that mean something different, but still closely related to your new product.

Now we’re onto something. People search for “vegan dairy” and “lactose free dairy” more often. Not the same, but closely related. Yet, look at the difference in search volume.

Words make a huge difference. And Google knows that.

The only reason you were able to put all of those three phrases in the same bucket was that you knew the connection between those words. The problem is that your target audience may not know that connection; they may not even know that this kind of product exists. This quick analysis of search volume shows that you may want to make that connection, for example with content marketing .

If you create content around related higher volume keywords, you can potentially get more organic traffic than simply focusing on the keyword designating your product category. Look, even though you might believe the main benefit of your animal-free product is something unrelated to lactose, e.g., cruelty-free production, you might want to address the problem of lactose intolerance to appeal to people with this condition.

But that’s not all. You may have noticed “low lactose cheese” in the bottom right corner. This refers to the nifty feature of Ahrefs’ Keyword Explorer called “Parent topic”. Parent topic indicates that Google sees a given keyword as part of a broader topic.

If we click on this Parent topic, we uncover even more search demand:

We can see that the search for the topic “low lactose cheese” exceeds the “vegan dairy” topic by almost 300% in the US. Also, uncovering that parent topic gave us 879 potential keyword ideas (some of them have even higher search volume, like “lactose free cheese”).

Want to discover even more topic associations? No problem. You can dive deeper into this research by using other features of Ahrefs’ Keyword explorer. For example,the Also rank for report allows you to see which other keywords (and topics) the top 100 ranking pages for your target keyword also rank for.

This market research quick-win ties into the broader topic of keyword research. If you want to uncover even more keyword ideas and learn how to analyze them, read our keyword research guide .

Source: https://hubspot.com

Customer Relationship Management software is used to manage and track interactions between a company and its customers and prospects. Usually, it works in tandem with sales or marketing automation software (or has integrations for them). If used properly, it is a true cornucopia of market insight.

As I pointed out earlier, it’s one of those primary data sources that you can leverage to discover patterns in your customer behaviour or characteristics. Popular choices are Hubspot, Salesforce, Intercom, but there is a ton of CRM software out there, so check out a software comparison like G2 to see what best suits your needs.

User feedback tools

This type of tool allows you to carry out our aforementioned survey research method online.

Create targeted, user-specific surveys and analyze answers with tools like Google Forms , SurveyMonkey , Typeform , or Qualaroo .

Sending out your typical email with a survey is not the only option, for example with Qualaroo you can display surveys:

In your digital product
In your SaaS product
Inside your web app
Inside your mobile app
On your website
On your mobile site
On your prototypes.
On most public URLs. Even competitor sites

Need more? No problem, check out SurveyMonkey’s Market Research solution . It taps into the agile market research models we’ve discussed. They’ve got 14 online solutions that help you stay on top of your game, including customer segmentation, monitoring market dynamics, brand, creative analysis, feature importance, finding the right price for your products, and more.

So you think you have a tough business challenge? This daring gentleman is trying to disrupt… eggs. Extremely hard, but doable with market research on his side.

Website/app analytics

Tracking your website or app traffic is absolute marketing basics. Just look at some data dimensions Google Analytics offers:

Demographics

Sounds familiar? Yup, that sounds like good ol’ market segmentation. Here’s the best part: it’s free, quick to perform and it’s based on your primary data.

If you’ve never dug deeper into Google Analytics, or similar analytics software (e.g., Matomo , Woopra ) here are some questions that this marketing technology can answer for you:

What do people search for once they’re on my site?
What differentiates customers who have made a purchase from the ones that haven’t?
What are my top countries by revenue?
What are my best selling products?

If you’re already using Google Analytics, see if you’re not making these Google Analytics tracking mistakes.

User experience research tools

Commonly used by UX designers, but just listen to the value propositions of these tools:

“See and hear real people using your website, online shop or app.” ( https://userpeek.com/ )
“Real-time feedback. From real customers. Wherever you work. So you can create experiences that get real results.” ( https://www.usertesting.com/ )
“Scalable & Customized User Research” ( https://www.userlytics.com/ )
“Record video and audio of your users, so you see and hear their exact experience with your product.” ( https://www.loop11.com/ )

Again, sounds much like our market research methods, right? And it’s no joke, thousands of companies use these tools.

User experience research tools allow you to get user feedback and insights on your products, prototypes, websites, and apps.

Testing is based on tasks your test-takers perform. You can either use your own user base or define a custom base using their services. You’ll get written reports and even recorded videos that you can incorporate into your market research and make sure you’re properly taking advantage of that market opportunity.

Ad planning tools

That’s right—the Facebook, LinkedIn, and Twitter ad planner you already use for running ads can give you some insight into the numbers behind the market segments you’re interested in.

30+ males with higher education interested in technology gadgets? No problem. Female C-suite decision-makers from Europe? It’s all there.

Census data

The availability of this kind of data may vary based on your target market. For example, in the US the Census Bureau offers a free resource for searching the country’s census data. You can filter the data by topics, years, geography, surveys, or industry codes. You can also access premade interactive tables (which you can also download) or simply explore certain regions of the country using their maps.

Business intelligence tools

With business intelligence tools like Tableau , Looker or Sisense , you can connect to any data source to perform data cleaning, statistical operations, and data visualization. They are designed to allow you to glean insights into your data, and communicate effectively with your stakeholders. It’s like SQL combined with R, but you don’t need coding skills and you get a user-friendly interface.

Because these tools are overflowing with functionality and because they are usually pricey, they are overkill for small companies with basic market research needs. Often you will find that the tool that you are already using for your research method comes with some data analysis and visualization functions. And if not, you can always import your data to Excel or Google Docs and use Google Data Studio for a shareable interactive presentation.

Other noteworthy tools and services

Think with Google
Living Facts

Final thoughts

Market research is no easy feat. If you feel intimidated by it, you’re not the only one. But don’t shy away from it. The benefits of conducting even sporadic market research can have benefits for your business you simply can’t ignore. You won’t turn into a market research pro overnight, but the good news is you don’t have to. You can go the agile way (like Ahrefs), use affordable self-service online tools and resources, or you can even outsource your research. As long as you base your marketing game plan on valid data, you dramatically improve your chances for success.

Got questions? Ping me on Twitter .

10 Benefits of Market Research

Continuing the market research series, in this article, we’ll discuss the importance and benefits of market research.

To recap, in the last article we talked about what market research is, and the different types of market research every business needs to conduct.

From the last article you probably already have a good idea on the benefits of conducting your research, but let’s go deeper and expand on what you stand to gain from a thorough market research.

1. Provides Better Understanding Of Your Customers

Market research will help you map out the full profile of your ideal customers. Knowing who your customers really are will help you determine the market size and what triggers them to buy.

By conducting market research you stand to gain valuable insights like their age, location, gender & income, which will help you in creating effective marketing and pricing campaigns.

Market research will also help you determine the type of product or service that would be profitable to introduce in a market. Which would also help you test if the existing product/services in the market are meeting the customer’s needs or if there are potential customers you have not reached.

If you already have a product/service in the market that is not meeting customers’ expectations then the research will help you find out if you require a change in the packaging, delivery or in the product/service features itself.

2. Provides Insights On Your Competitor And How To Outsell Them

Your competitors are taking away your customers and winning in the marketplace because they’ve done their research ahead of you.

Market research is a good evaluation tool that can help you track your company’s progress and the growth of your competitors, by keeping an eye on your competitors. We can use the data collected to devise business strategies that would keep you ahead of your business rivals.

Being the best in your market demands a relentlessness to keep getting the basics right combined with a curiosity and willingness to innovate. Knowing how to leverage the findings and insights you get the from market research is the key to getting ahead and staying ahead.

According to Tutsplus Business , If you can beat your competitors at finding out your customers’ needs and you aim to fulfill those needs, you’ve got a better chance of standing out from the competition. Here are some ways you can use market research to outsell competitors:

Target your competitors’ dissatisfied customers
Find an under-served customer segment
Identify unaddressed customer needs

3. Ability To Test Product Success Before Launch

You can never be 100% sure that your product will be a hit or will instantly connect with your potential customer.

However, with market research, you’ll find out what approach you should take when marketing the product and the key messages that resonates with potential customers

4. Helps In Decision Making

If the goal of market research is to identify business opportunities and strengthen your position in the market, then there would undoubtedly be several big decisions that could facilitate the success of your business.

The need for and importance of marketing research frequently comes up when making tough business decisions. Instead of guessing, going with your gut feelings or having arbitrary criteria for the decisions you make as a business owner, you can always go back to your market research report.

Based on that research you would get answers to questions such as

Will this decision lead to more customers?
Will we be able to reach more people who are likely to buy from us?
Will it be clear to customers that our business can meet their needs?

While not all decisions should be solved by market research, many of them can be, such as:

where to spend your advertising or marketing budget
whether there’s a demand for a new product you want to make
if you should open a storefront in a new location
which products to discontinue and which ones to improve
how to price all your offers

5. Spot Business Opportunities

Every business is constantly looking to identify new market opportunities for existing and new products.

There is a lot of competition out there, for every product or service you put into the market, there are at least a dozen others from competitors. Even worse, consumer needs are difficult to predict based on product functionality alone.

This is where market research comes in to play. Good market research will assist in production planning and make the distribution process seamless.

After you’ve done your market research, it’ll be clear to you who you want to reach out to (your target customers), where you can reach them (your marketing channels), and what they’re interested in. Once you’ve defined these, you’ll be able to easily spot business opportunities such as:

Partnerships with other businesses
Profitable order upgrades
New locations to sell to

6. Strengthen Your Business Position In The Market

When done right, market research can provide detailed information on the market share, competitors, customer dissatisfaction levels, sales performance, and channel distribution.

Which would, in turn, identify potential issues with your business and ideas on how to address these issues quickly.

As the saying goes Knowledge is power . You should use market research to gain a better perspective and understanding of your market or target audience and ensure that your firm stays ahead of the competition.

When it comes to strengthening your position in your target market, the whole idea is to promote and distribute ideas, goods, and services to create a satisfying customer base. This is the basis of business growth.

Going a step further, market research also helps to analyze the cause of an existing customer choosing a different brand over the old one. The goal here is to retain your customer base while generating profit at the same time.

7. Lower Business Risks

According to data from the Bureau of Labor Statistics roughly half of businesses with employees don’t survive past the fifth year. And we all know that the only way to make sure that your business survives is to ensure that you’ve got a steady stream of sales and customers.

Here’s the kicker, you need market research to sustain your business.

Market research helps you understand your customers’ demands, identify more business opportunities, plan the perfect marketing campaign, minimize losses, and keep track of the competition.

Even better, it allows businesses to Identify problems in their strategies and business executions before they happen. Effective market research will not only help you predict some pitfalls that can occur but also it will save you a lot of money too.

We all want to believe that our product or service is the perfect solution to your customer’s needs, that our offering is a perfect customer-market fit, but what if that isn’t the case? What if you’re wrong and giving launching would be a big risk?

The process of market research itself is designed to reduce the risk.

What if you’re yet to launch, but is considering investing in a business venture? Well, Market research is also essential here. Spending what is a small proportion of your investment in researching and testing the market, product, concept or idea makes sound business sense.

Regular market research will help you check your business performance with your current customers and potential customers to ensure that you’re still meeting their needs.

8. Create Relevant Marketing Resources

We know that when we run ads, we should test to see what phrases, colors, images perform better than others. The same thing applies to marketing in general.

With in-depth market research, you’ll know what images or phrases to put on marketing assets such as fliers, website, social media, blog posts, videos, etc.

You’ll know this because if your research targets the right audience, then technically your target customers have already told you their wants, needs, and frustrations. And as such, you’ll know exactly what to address and how to address it when you create your marketing materials.

For example, an author or blogger can ask their readers via a survey, what problems they have and are trying to solve. and instead of blindly coming up with blog topics, they can use the result of the survey to create posts that readers are really interested in.

Here are some other ways your marketing materials will be easier to create:

Knowing whether customers see your products and services as a necessity or as a luxury can help you design your product labels, brochures, and a website that fits their perception.
Identifying the age range of your customers can tell you the type of language you’ll be using in your promotional materials. You’ll write differently when addressing retired Baby Boomers than you would when addressing young professionals.

The collecting relevant data and analyzing this data can help businesses adopt a proactive approach for both, framing and implementing market strategies.

9. Knowledge On Where To Advertise

Market research not only helps in identifying new business opportunities but also helps in designing ad campaigns that will directly target the interest of your potential consumers and help in increasing sales.

Thorough research should provide valuable information about the sales potential of a particular market segment, during a specific time period, and within a particular age group.

Let’s be honest, Ads can be expensive and one major issue small businesses face is a limited budget. This means you need to get smart with your marketing budget, and your ads must be optimized to give you the best possible return within your budget.

Conducting market research can help ensure that you’re reaching your intended audience in the channels where they’re most likely to see your message.

According to Tutsplus Business , market research can help with:

Buying ads on social media: If your market research shows that your target audience spends most of their time on Instagram and almost never use Twitter, you’ll know to direct most of your social media ad budget to Instagram and forget about Twitter.
Placing flyers and posters: Knowing the physical spaces where your customer spends their time will tell you where you can best place your advertising. For example, university students are likely to be on campus, so placing ads for that market means that you can try bulletin boards on campus or outside local establishments that their crowd frequents.
Targeting ads: Online ads such as social media ads and pay-per-click ads can often be targeted with precision. This means that you can target based not just on the usual demographic data, but also based on online behaviors, life stage, and interests. If you truly know your customers, you’ll be able to maximize the potential for targeting. For example: here are some targeting options for Facebook Ads .

10. Facilitates Strategic Planning

What is the basis of your current business strategy? If it’s evidence-based and you’ve taken the time to invest in market research, you can be confident that you’ve given yourself the best chance to achieve your business goals.

When businesses set goals for their business, it’s typically related to growth in sales or customers. But without market research, you won’t be able to know if your goal is achievable and how to achieve it in the first place.

You might say that you want to double sales by the end of the next quarter. But how would you know if this goal is feasible if you don’t know whether the size of your target market is more than twice the size of your current customer base?

Without knowing the current size of your potential market, you’ll just be setting irrational goals.

Now that you know the importance of market research and how it can benefit your business, in the next article will discuss how to create a market research proposal. A template of the proposal process will also be included.

Comment with any questions you have about Market Research Proposals and I will get back to you ASAP.

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Market Research: What It Is, Why It Matters, and How To Get It Right

What is market research?

What is market research used for? How important is it? And, how do you choose the right type of research for your business?

Sit back, take five, and I’ll explain the different types of research , what tools are best for the job, and how you can leverage them to grow your business and master your market .

Market research definition:

Market research means to systematically collect and analyze data about a target market or defined segment. It’s a multivariate process that uncovers key facts and insights to inform decisions.

Whether you’re launching a new product , looking for ways to expand a business, or seeking out efficiencies in an existing company, market research is a highly effective way to flesh-out ideas, innovate, and grow.

Advantages of market research

Market research helps you identify your greatest strengths, threats, and opportunities. It can help you find your way when markets become tough to predict and find efficient ways to grow your business .

Reduce costs
Define detailed customer personas
Make data-driven decisions
Find new opportunities for growth
Unpack competitor’s successes
Develop an informed content marketing strategy
Identify trends
Inform market analysis
Discover the best marketing channels to use
Find the best ways to communicate with customers
Benchmark performance against rivals

Online market research can help the whole business at any stage of its life. When practiced consistently and systematically, you can realize its many benefits.

Why is market research important?

Market research helps you identify your greatest threats. And it also gives you a clear picture of opportunities you can capitalize on for greater returns on your business investments, or ROI.

Understanding your specific market on different levels and from different perspectives helps you reach well-informed, data-informed decisions . The process can involve multiple phases. But, if you follow a systematic approach using a market research template , your efforts will pay off.

To skip ahead and start right now, download our free pack of market research templates.

Different types of market research

Market research is a questions and answers game. Once you’ve asked the important questions, you’ll need to choose the right type of research to get your answers. There are four core types of research, each of which can be applied to help you solve a problem or gather insights to inform key decisions.

Primary market research

Primary market research is the first-hand collection of data. It’s data that’s not available to others, and can be obtained in a number of ways. Here are the most common.

Web Metrics Use analytics software that provides traffic and engagement metrics to understand how audiences behave.
Observation To observe how users behave and navigate your site, you can install software that records visits and creates heatmaps. Such tools are useful for qualitative research regarding your UX/UI and at the same time, quantify the findings.
Customer surveys Survey questionnaires and polls can be distributed to any number of customers through email, SMS, your site, or social media. They let you collect both qualitative and quantitative data from respondents using open-ended questions.
Focus groups You select a small number of people for a group discussion. A moderator leads the session with questions and records the conclusions. This is also a form of qualitative research, and you would use it to get in-depth information.
Face-to-face interviews Another qualitative assessment method is one-on-one interviews. Consumers representative of your target audience or a segment of it are selected to answer questions about a specific research topic.
Phone calls To involve a larger number of people and get more answers, you can conduct surveys over the phone. These interviews would be less specific and include fewer questions.

Helpful: A complete guide to doing primary market research

Secondary market research

Secondary research is second-hand data that has already been produced. It’s available to all who wish to consume it. Using this type of data is preferred by those who wish to keep costs low, as it can be quicker and freely available.

Government reports and census data Annual, quarterly, and other periodic industry reports are a rich data source to tap into. Government organizations publish statistics in areas of trade, ecommerce, and finance.
Academic papers and educational resources University research is a source of high-quality information. This is useful for in-depth background information on a broad scale.
Online articles and case studies, public and commercial sources Industry-specific publications can be a valuable source of information for market segmentation, providing you with data and insights on market trends or a specific market segment or niche.

Further reading: A complete guide to doing desk research

Qualitative market research

Qualitative market research is one of the best ways to understand how people think or feel about a brand, product, or service. It takes more time to plan and analyze the results than other market research types. However, with tools like market research surveys , there are quick and effective ways to do it.

As some of the methods are outlined in the primary and secondary research sections, I’ve included a short list of qualitative research methods below.

Focus groups
Case study or whitepaper
Online forums
Biometrics
Ethnography

Helpful: Read the complete guide to qualitative research and 83 qualitative research questions & examples

Quantitative market research

Quantitative market research is all about numbers. It collects numerical data to help answer specific research questions . The information collected can be easily quantified and analyzed to establish trends, insights, and patterns.

With this type of research, you’ve got three core data collection methods. However, you’ve also got to consider the design of the research, which can impact which method is used.

What is market research used for?

The applications for market research are virtually limitless. Market research can help you unravel the most complex of business challenges to reach data-driven decisions , and when used consistently, it can help you navigate turbulent times, fuel growth, and support your success . Here are just a few examples of what market research is used for, with a few real-world examples thrown in for good measure.

1. Company research

Market research allows you to shine a spotlight on any business and unpack its wins and losses for your own gain. Let’s say you are doing market research for a business plan ; you’ll likely want to evaluate the successes of others in your industry. Doing systematic company research is a proven way to inform a SWOT analysis .

Doing industry analysis can show you who your industry leaders are , along with any emerging players showing exponential growth.

Industry Leaders from Similarweb's Market Research Tool

Let’s say I want to find out which companies to research, I would use Similarweb Digital Research Intelligence to analyze an industry. Here, I can see who my top companies to watch are instantly. It also shows me other companies showing rapid growth in my market.

Read More: How to Research a Company: The Ultimate Guide

2. Competitive benchmarking

Most of your relevant data will come from your competition. If you plan to offer something that’s new for you but already exists in the market, learn from other’s mistakes and successes. If your goal is to evaluate and optimize, collect competitors’ data, and compare it to yours. See what works for them, find their weak spots, and improve on them.

What is market research for - competitive analysis

What market research gives you here, is the ability to systematically compare each of your rivals. And, it’s not as complex as it sounds either. Simply choose a type of competitive analysis frameworks to use, complete the template for each; then compare the results to uncover relevant insights.

Read More: The Why and How of Competitive Benchmarking

3. Trendspotting

Another objective for market researchers is to forecast upcoming trends. Data collection over time helps you understand the dynamics of the market. Some markets have strong seasonal fluctuations. Increased shopping during December is an obvious example, but often these shifts are not always evident unless you measure and analyze them specifically.

With the data from your historical market research, you can evaluate their impact and the likelihood you will keep seeing these trends. Based on that, you can make predictions about future developments.

4. Audience analysis

Who will find your product most useful and why?

Examining the size of your audience and the existing demand for your product or services is crucial. Understanding your target audience allows you to build your product offering and marketing strategy more efficiently. You also want to learn first-hand where people buy this type of product and how much they are willing to spend so that you can estimate your reachable market share .

Audience Data from Similarweb Audience Analysis Tools

Here’s a quick example of how we use Similarweb to do effective audience analysis . You can unpack key audience demographics for any site you choose. And get up-to-date stats about gender, age, location, interests, browsing habits, and more.

5. Market segmentation

There are lots of ways to segment a market. Doing this well can deliver higher conversions, reduce costs, redefine marketing strategies, and help you connect with customers on a more personal level. Market research can help you do most types of market segmentation, the most widely adopted of all is demographic segmentation. Here, you look for shared but specific characteristics of a target audience.

Using Similarweb, I can view audience demographics for a website, and compare it side-by-side with rival sites. In this example, I am looking at hotel booking sites to try and spot any difference between the respective audiences of each.

Helpful: Read our complete guide to market segmentation

6. Marketing strategy

Market research can also help you reach the right decision regarding where to advertise or market your business. After analyzing the data, you’ll know which marketing channels are most effective with your target audience. You can also use research to look at the specific keywords and ad creatives that are generating the best responses and ROI.

Similarweb Digital Research Intelligence makes this type of research effortless. Within the marketing channels tab, you can analyze an entire industry or hone in on a specific site of interest. View the various channels across social media, email, direct, organic search, paid search, and display ads to see which channels convert and where the highest channel traffic comes from.

7. Customer experience

Market research is your best way to get information that isn’t naturally visible but that may significantly affect your business. Just think, the fact that your users don’t complain doesn’t necessarily mean they are all delighted with what you offer.

While some customers tend to keep their criticism to themselves, others will be vocal and leave reviews online. Market research is a powerful tool to help inform improvements to services and products alike. Asking for feedback, listening to it, and looking at the feedback left for rivals in your market can uncover telling insights that can shape service offerings, marketing campaigns, and new feature development.

To see what people use market research for and view real-world instances of research in action, head over to our market research examples page.

Tools for market research

When we look at what market research is, the answer is always rooted in data . Over 100 years ago, vehicle manufacturers undertook extensive research to help them develop different models to suit various segments of society. Fast-forward 100 years, and we find similar applications still exist. However, what’s changed are the tools being used and, more importantly, the accessibility of those tools to a far broader audience .

There are more market intelligence tools in existence today than ever before. Here’s a quick summary of a few you can use to collect information for your market research.

Google Trends Google Trends is a valuable resource for quantitative research data about market tendencies and user behavior.

Similarweb Research Intelligence Get the freshest digital intelligence from a platform that shows the insights that count. With the ability to analyze an entire market in an instant and unpick competitors’ wins and losses online, you can count on it to help you perform quick and effective market research.
Hotjar The digital tool lets you observe and record user behavior on your website. It also creates heatmaps of your pages so you can analyze how visitors navigate.
SurveyMonkey Create your own online survey with this free tool. SurveyMonkey provides templates for questionnaires and lets you distribute them through your various channels, then collect and interpret results.
YouGov This platform offers its users daily with thousands of data points and statistics on consumer attitudes, opinions, and behavior.
Pew Research Center This non-profit organization conducts and publishes public opinion polling, demographic research, content analysis, and other data-driven social science research.
Living Facts The site provides current statistics about the American population, including demographics, social and health issues, opinions, and more.

Read this post to see what market research tools are hot right now.

Wrapping up: what is market research

Market research is insight. It gives you information to fuel key decisions in your business. Without it, companies must navigate their market uncertainly and make key decisions based on instinct or outdated data.

Similarweb transforms the way companies do market research . There’s no expensive outlay for prolonged research reports that take an age to produce. The data is the freshest there is; it’s credible and shows traffic trends and comparable performance like no other.

Try using it to answer your next big market research question.

Stop Guessing, Start Analyzing

Get actionable insights for market research here

What are the benefits of market research?

Effective market research helps businesses understand and improve their position while also identifying potential threats and opportunities, while also spotting emerging trends .

What is the main purpose of market research?

The main benefit of market research is insight. It can give you access to the data you need to make decisions in your business. Before you invest money or time in any venture, use market research to inform your decision.

What’s the difference between primary and secondary market research?

Primary research is research you conduct on your own that uses numbers and metrics, and secondary research is research that was done by someone else with a qualitative focus.

How to Conduct a Social Media Competitor Analysis: 5 Quick Steps

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Wondering what similarweb can do for you.

Here are two ways you can get started with Similarweb today!

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Everything you want to know about market research.

Nearly 80% of businesses conduct market research to gather targeted insights into their performance, customers, industry, and competition.

While market research offers a variety of benefits, it can be challenging to identify what research to conduct, and when to ensure you get accurate and actionable data for your business decisions.

To cut through information overload and discover how market research can help you, we are breaking down the basics of market research, including what it is, what you can learn, potential benefits, and how to get started.

What is market research?

Market research is the process of collecting, analyzing, and interpreting data about your target market, competitors, and industry. Market research spans a wide range of topics, uncovering insights on various elements that can impact a business.

Some common subjects of market research include:

Customer needs, preferences, and behaviors
Market trends, competitors, and growth opportunities
Brand awareness, perception, and evaluation amongst competitors
Product performance, strengths and weaknesses, and customer evaluations

Why do companies conduct market research?

There is a wealth of insights and benefits provided by market research, but at its core, the purpose and value of market research is that it helps you make informed decisions by:

Understanding the Market

Market research provides in-depth insights, allowing companies to better understand the market, identify customers’ needs and preferences, discover how their brand is perceived in the market, and measure the impact of investments and strategies.

Identifying Opportunities

Market research spots untapped opportunities for companies to focus on, including how to improve their brand status, identify new customer bases and markets to sell to, and provide insights to help senior leadership prioritize investment opportunities.

Uncovering Risks

Market research also reveals potential risks that, if ignored, can cause considerable damage. This includes insight into competitors, the impact of major challenges or economic influences (i.e., COVID-19, heightened regulatory concerns), and negative perceptions of the company and its brands.

What types of companies use market research?

All types of businesses use market research, Including B2B ( 77% of companies ), B2C (82%), and B2B2C (83%).

While they conduct research at similar rates, the types of questions they ask are driven by the unique challenges each type of business faces. For example, over half of B2B companies conducted a market share analysis last year, while B2C and B2B2C companies’ top project was evaluating customer satisfaction.

Find out how Hanover can help collect and analyze the data you need for better business decisions.

Hanover Research Corporate Solutions

What can you learn from market research?

Anything. One of the biggest values of market research is how you can customize your research to gather the insights you need most. Below are some common examples of insights you can learn through market research.

Understand the Market

Identify and prioritize markets for exploration and entry.
Identify and build in-depth comparative profiles for your biggest competitors in the market.
Understand market dynamics and identify potential factors, innovations, and trends that might impact your company.

Optimize Products and Services

Generate new product ideas or optimize existing products.
Develop an optimized pricing strategy.
Evaluate how customers perceive and use your products and services.
Identify any sales and service gaps or unmet customer needs.

Strengthen Brand Strategy

Measure and track the strength of your brand and competing brands.
Measure and improve brand health.
Evaluate marketing and sales approaches to align with customer needs and preferences.

Understand Customers

Understand the needs and preferences of your target customers.
Identify crucial components of the customer experience. including unmet needs, pain points and levels of satisfaction.
Differentiate customers into targetable segments based on behavioral, attitudinal, demographic, and psychographic data.

What are the most common market research projects?

The most popular market research projects can vary slightly over time, often reflecting market, economic, and societal shifts that impact company performance. Last year, with a focus on expanding to new markets and obtaining new customers, leading projects were analyzing customer satisfaction and needs , evaluating the market and identifying current and upcoming market trends , and measuring the strength of their brand equity .

This year, with inflation affecting customers’ buying power and increased production and resource costs, companies have expressed increased interest in price sensitivity research , making it the fifth-most common market research project. Increased uncertainty has also prompted companies to evaluate sales and renewal performance with win loss analysis projects increasing by 19%.

Most Common Research Projects

Top market research projects: 45% market evaluation, 45% customer needs assessment, 43% customer satisfaction, 42% market trend forecast, 37% price sensitivity, 31% win loss analytics.

How do you know you need market research?

With endless possibilities for insights, it can be hard to figure out where to start. To identify the type of market research you need, examine your top business priorities and determine if they could benefit from new data and insights.

Ask yourself these two questions.

Do you have the information you need to accomplish your goals?
Is that data comprehensive and recent?

If the answer to either is no, your strategies will benefit from updated research insights.

Need help convincing your executive team to invest in market research?

You can find more stats on the use and impact of market research in our recent study.

The State of Market Research

When should you conduct market research?

Companies usually conduct market research for one of three reasons: In response to a triggering event, to evaluate past performance, or to measure changes over time and quickly respond to declined performance.

Market Research Triggers

There are a variety of triggering events that prompt businesses to conduct research. Some common situations include:

Evaluating the impact of external influences (economic factors, political shifts, etc.,)
Understanding and adjusting to shifting customer needs
Entering new markets
New or increased competition
Developing new products or features
Merging or acquiring a new company

Evaluating Past Performance

In addition to conducting research to inform upcoming strategies or overcome pressing challenges, companies also conduct market research to evaluate the success of recent strategies or determine the reason for recent declines in performance. Market research allows companies to measure performance and identify areas of improvement. This can include anything from evaluating the performance of recent product launches, assessing the impact of recent sales and marketing strategies, or measuring the impact of recent pricing or service changes.

Recurring Assessments

The final instance of market research is recurring research. Companies conduct recurring research to ensure data is relevant, to evaluate performance over time, and to quickly identify and respond to changes in performance. For example, some companies periodically measure their brand health including brand awareness, perception, and evaluation against their competitors. By consistently assessing their brand health, these companies have updated insights into their presence in the industry, how customers evaluate them, and potential threats from competitors.

How often should you conduct market research?

How much research you should conduct depends on your unique business needs and strategies. Often, the amount you conduct is determined by the market research triggers we mention above. If you are launching a new product, breaking into a new market or customer base, or have noticed a decline in performance, you should conduct market research to address these needs as they arise.

Most businesses conduct multiple market research projects a year depending on their needs and resources. Over 80% of companies conduct market research frequently, and 79% conduct at least five market research projects a year.

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Value of market research

What roi can you expect from market research.

In addition to successful key initiatives, companies that conduct market research say it provides an ROI of over four times the cost.

Market research ROI: 95% of businesses report a positive ROI from market research and 86% of businesses report an ROI of more than 4x.

What challenges does market research address?

The insights market research provides are directly related to businesses’ biggest challenges. In our State of Market Research report , we asked respondents what their company’s biggest challenges were. In addition, we also asked respondents how their companies have benefited from market research findings.

We found that the benefits they attributed to market research directly addressed their biggest reported challenges. Even those who did not report having a specific challenge reported market research insights helped them accomplish their goals.

Comparison of companies top challenges and the related benefits of market research.

What are the benefits of effective market research?

There are a variety of benefits of market research depending on the specific research you conduct.

Market research can benefit your company by helping you:

Benefits of market research: 55% says better understand the market, 54% say understand current customers and their needs, 50% say market our business effectively, 49% say identify potential customers and their needs, 47% say find new business opportunities, 44% say improve our brands status in the market, 43% say gather objective opinions about our product, service, or company, 39% say analyze the impact of other market-related challenges, 38% say improve resource allocation decisions, 37% say understand the impact of COVID-19 related challenges, 35% say identify key competitors in our market, 32% say evaluate the ROI on investments, 31% say reduce business risk, and 25% say get C suite buy-in for changes in company strategy.

Companies that leverage market research insights into their strategies are also able to accomplish their goals at a higher rate than those without market research insights.

Companies that conduct market research are:

Discover how Rheem leveraged customer insights to build its sustainability strategy.

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Market research KPIs

Some common KPIs based on the focus of the research can include:

Brand-focused

Brand recall and recognition
Brand perception
Brand preference
Net promoter score (NPS)

Customer-focused

Customer retention and churn
Customer satisfaction (CSAT)
Cost per acquisition

Product-focused

Product appeal
Willingness to pay
Future purchase consideration
Post-purchase satisfaction

Market-focused

Share of market
Competitive benchmarks
Total addressable market
Market demand

How do you evaluate the success of market research?

Market research is successful if the resulting data is accurate, representative, and informative. Accurate data means the data has been cleaned and is a valid response to the study questions. Representative means that the data reflects the target market and is comprehensive. Finally, informative means the data provides insight and is actionable.

See how market research can help you with these key market research stats.

Market Research Stats You Need to Know

How to perform market research

What are the common market research methods .

There are four main types of market research.

Quantitative Data Analysis

Data analytics involves collecting and analyzing large sets of existing data to uncover patterns and predict future outcomes. These data sets can include information like customer behavior data or historical sales data that allows companies to analyze their current performance and model potential scenarios and outcomes.

By leveraging existing data, data analytics provides companies with an objective view of the situation, allowing them to identify gaps and discern trends.

Quantitative Survey Research

Surveys pose a set of questions to a targeted group of people. The survey measures the opinions, preferences, perceptions, and experiences of a desired audience and can collect self-reported demographic and geographic data.

With surveys, companies get an aggregate but statistically valid picture that they can leverage to make decisions. Surveys also offer the ability to segment and further analyze the answers to determine key drivers of behaviors.

Qualitative Primary Research

Qualitative research focuses on targeted insights around concepts, opinions, and preferences. Unlike quantitative methods, these market research methodologies leverage a smaller set of data and respondents but allow for more in-depth answers.

There are two common types of qualitative primary research: in-depth Interviews and focus groups.

In-depth Interviews In-depth interviews involve one-on-one conversations between interviewers and those from the target audience. The interview follows a pre-determined set of questions, or guide, to reveal sentiment, decision-making processes, and unmet needs.
Focus Groups Focus groups are facilitator-led group discussions reveal perceptions of or reception to a concept or idea. While the facilitator guides the meeting, the direction of the conversation is determined by the participants creating organic responses that stem from participant perception and reactions.

Secondary Research

Secondary research, also known as desk research, is leveraging data that already exists to answer questions. It can be used to understand what others in the market are doing, identify potential markets for growth or expansion, or allow companies to compare their organization to others on key performance indicators.

What is the market research process?

There are five stages to the market research process.

Determine your Area of Focus To determine the focus of your market research, look at your goals objectively and determine if you have accurate and effective data to accomplish these goals. Once you have identified your goal, the next thing is to determine what you need to learn to support it. This could be anything from external information like market trends and competitors or internal information like customer satisfaction with your brand and offerings.

A chart comparing which market research methodology you should be using.

Gather Your Data With your focus and methodology determined, the next step is to start collecting data. Each methodology has its own methods of data collection. Methods like surveys and interviews require researchers to gather feedback data from a select sample of their intended audience. Data analysis and secondary research entail gathering existing internal or external data related to the primary research focus.
Analyze the Results Once the data is collected, the next step is to clean and analyze the results. It is essential that data is verified and accessed to ensure the data is valid and is sufficient to provide accurate results. Once the data has been cleaned it should be reviewed for general findings, evaluated against your initial questions, and benchmarked against past performance or competitors.
Leverage Findings to Inform Your Business Strategies After conducting your initial research, it’s time to reassess your strategies. Look at the strengths, weaknesses, opportunities, and threats that your research has uncovered to see how it might impact your business and existing strategies. Is there a way to enhance your current strategies with the new data? Do you need to alter your strategies and resources to address an uncovered threat?

Leverage your findings to inform your strategy and determine your next steps, whether they indicate you should stay the course, pivot to tackle a more pressing challenge, or even conduct new research to further understand your recent findings.

Why use both quantitative and qualitative research?

Leveraging both quantitative and qualitative research can provide a more holistic view of a situation. For example, quantitative data analysis offers relevant findings but can sometimes lack context. If it is followed up by qualitative in-depth interviews, companies can gather feedback to understand the factors that lead to the data analysis findings and identify potential solutions or untapped opportunities.

Interviews can help businesses identify customers’ thoughts and opinions and then that feedback can inform a survey that is sent to a wider audience for measurable insights. Companies can also use secondary desktop research to identify market trends and industry benchmarks and combine it with data analysis or surveys to evaluate the company’s performance in the market.

What is a sample in market research?

A sample in research refers to a small but representative group of people whose answers are extrapolated to a larger population.

For example, if a company wants to identify their brand awareness, they will survey a sample of people that have similar characteristics to their target audience. The survey’s findings will then provide a general understanding of how well known the brand is and directions on how to improve their brand’s presence in the market.

Start conducting your own research with this step-by-step guide.

The Ultimate Guide to Market Research

How companies conduct market research

How can you get market research.

There are three main ways companies can get market research insights.

Internal non-dedicated research Some companies conduct research with no real dedicated resource, requiring members in the marketing, product, strategy, and business intelligence departments to conduct research themselves. While initially low-cost, this option consumes internal resources and time, can produce incomplete, inaccurate, and biased results, and is often not shared company wide.
Dedicated internal research team Some companies are big enough or require extensive market research and have therefore invested in building an internal research department. This option produces more accurate and strategic results than the first option. However, it requires a long-term investment and the amount of research and insights you can collect will be limited depending on the amount and expertise of the analysts employed.
External market research company Many companies partner with an external research company to gain access to research experts, technology, and advice for actionable insights. The price for this option depends on the type and amount of research you do, but it can be less of a burden than maintaining an internal department while still providing the value of research expertise.

What are the types of market research firms?

A market research company is a firm that specializes in conducting research. There are a few different types of market research firms based on the services they provide.

Custom research providers Custom research companies (like Hanover) design and conduct research centered around client’s unique needs. They often specialize in all four research methodologies to develop research that answers clients’ focus questions and provide findings that connect the data back to the intent of the research.
Syndicated research providers Syndicated research companies do not conduct client-specific research. Instead, these companies conduct widespread research to offer data such as industry statistics, current best practices, or recent trends. Businesses can then buy this research to gather perspectives on their performance and identify areas where custom research can help provide more insight.
Self-service platforms Self-service companies provide research technology for companies to conduct their own research. It allows companies to design and administer their own research and analyze and assess the results.

Should you use a market research firm?

Market research companies provide valuable benefits, making them an effective partner for your research needs. In addition to the research they provide, they have added benefits like:

Removing the influence of preconceived opinions and personal or company bias
Access to sophisticated analysis software and research methods
Offering expert insights to help design research that results in accurate and relevant findings
Offloading time-intensive research and analysis enabling companies to focus internal resources on strategic work
Access to expert researchers without having to hire a full-time employees

How much does market research cost?

The cost of market research varies based on how you conduct your research. Conducting research in-house vs hiring a research company might be cheaper (but less effective). The type of methodology you use can affect the cost, for example, in-depth interviews can become quite expensive depending on the incentives you offer to participate. Price can also vary depending on the level of service you need, for example some companies will work with you to identify your focus and mythology, conduct the research, and present findings and recommendations while others will only conduct research and deliver the results.

Don’t make the mistake of focusing on costs by itself. Opting for cheaper or quick research can provide you with skewed data that can do more harm than good.

Good research is worth the investment. Over 85% of companies say market research ROI is over four times the investment. The insights and impact market research provides has also led 69% of businesses to increase their investment in market research this year.

Find out how Baltimore Aircoil successfully entered an international market with targeted insights

Baltimore Aircoil Company Develops HVAC Purchasing Strategy for New International Market

What are some tips for making market research effective?

Market research is instrumental in building effective data-driven strategies. But only if done right. As you begin to plan out your market research and business strategies, keep the following tips in mind.

Refresh your data to ensure it is accurate and relevant
Tailor research to your unique needs and challenges
Use the correct methodology to accurately answer your questions
Incorporate research findings into your strategies
Share insights across the company to ensure everyone is operating off the same data
Leverage outside expertise when you need it

By implementing these tips, you can enhance the quality and effectiveness of your market research efforts, enabling data-driven decision-making and strategic planning that aligns with your business objectives.

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Why Market Research Is Important

2022-06-02 Market Research

A consumer sees an ad for a product that seems perfect for them and rejoices over their luck, but this scenario likely didn’t (and shouldn’t) come down to luck. Companies make these scenarios possible through strategic market research. Equipped with valuable information about its target market, a company can develop products and create marketing campaigns that appeal directly to consumers. And the benefits don’t stop there. You can leverage the data procured through market research to propel your company to success in a variety of ways.

We’ll break down the basics of market research below to show how companies use it and explore some of the key benefits. If you’re not taking full advantage of market research to make data-driven decisions, you should start considering the ways it could help your company grow.

What Is Market Research in Business?

Market research involves gathering data to learn more about target demographics and consumers so a business can market itself more effectively and, ultimately, succeed in the market. Market research is a vital part of any business strategy, whether that business is B2B or B2C, big or small, new or old. It provides the answers companies need to make decisions that will move them forward instead of back by empowering them to base decisions on data.

Most companies know what market research is and acknowledge its importance in a general sense, but they may not realize just how crucial market research is to the success of their business. When you need to identify market trends, understand your core customer better, or achieve a long list of other important goals, market research is the answer.

Types of Market Research

Market research is a broad category. In fact, there are many varieties of market research that you can use to meet the specific goals of your business. Below, we’ll explore the different benefits of each type of market research.

Brand research: Brand research is focused on creating or refining your company brand to make a bold and favorable impression on your target market. You could look into the level of brand awareness among your target audience, how loyal customers are to your brand, what sorts of qualities people associate with your brand, and other aspects of customers’ relationship with your brand.
Marketing campaign evaluation: Some market research focuses specifically on marketing campaign effectiveness . You can evaluate how many people have seen your online ads and what the click-through rate has been, for example. This type of information can help you make adjustments if needed and inform future campaigns so you reach consumers effectively and keep customer-acquisition costs down.
Competitor research: Competitor research focuses on the competition to help you gain insights into how your company can pull ahead. Looking into a competitor’s marketing campaigns, brand reputation, revenue or sales volume, and other important data points can help you learn from their strengths and weaknesses.
Customer segmentation research: An important type of market research, especially for new businesses, is customer segmentation. These studies divide your larger consumer base into different groups or personas. Understanding the different types of consumers you want to connect with can help you create individualized campaigns tailored for each group.
Consumer research: Nearly all market research involves the consumer in some fashion, but some research is focused specifically on understanding consumers within a certain segment better. You may want to learn about their purchasing habits, interests, motivations, and more. The better you understand your consumers, the more effectively you can appeal to them.
Product development: Developing products calls for market research first to ensure the concept has value and then to refine the product over time. For example, you may see sales dipping on a flagship product and discover that customers’ needs have shifted and this product should offer a new feature to be more useful or convenient.
Usability testing: Similar to product development research, usability testing is focused on products. However, the focus here is on how consumers use your product. You may release a beta version of your mobile app, for example, and get feedback from users to find out if there are any bugs or other problems you need to work out.

The Benefits of Market Research

Market research can deliver valuable benefits to companies like yours. Let’s look at some of the most impactful ways market research can empower your company to succeed.

1. Maintain a Customer-Centric Approach

Market research is all about understanding your consumer base better, and that is an essential step to creating a customer-centric business. Customer-centric companies keep the customer experience at the forefront of all they do. Research has shown that customer-centric businesses are 60% more profitable . It’s easy to see why prioritizing the customer’s needs and desires is a recipe for success.

Market research is how you come to understand those needs and desires in the first place, along with other important aspects of your target customers. You can’t effectively build a customer-centric business unless you understand your customers. Conducting market research allows you to appeal more specifically to your customers’ pain points and preferences. It’s a win-win for your customers and your business.

One of the most effective ways to be customer-centric in your market research is by using a segmentation-targeting-positioning (STP) model. This marketing model involves:

Segmentation: Brainstorm the possible segments your product or service may appeal to. These segments can be defined geographically, demographically, or otherwise.
Targeting: Determine which segment or segments offer the most profitable opportunities for your company so you can focus on marketing to these segments.
Positioning: Develop a strategy for addressing your target segment’s needs and do it better than your competitors. You can also consider the best way to promote your solution to the target segment.

2. Connect With Your Audience More Effectively

When you understand your target customers better, that means you’ll be able to more effectively reach them. When it comes to your marketing campaign, you don’t want to waste time and money on trial and error — you want to have an informed marketing strategy. There are two main elements of effectively connecting with your audience: the marketing channels you use and the content you share.

Using a one-size-fits-all approach, regardless of your audience, can be a costly mistake when it comes to marketing channels. The print publications your audience reads, the television shows they watch, and the websites they spend time on can dramatically differ from those of the target audience for your last product.

For instance, you can reach close to half of the urban population by advertising or marketing on Instagram, but you’ll only reach approximately a fifth of the rural population this way. So advertising your farm equipment on Instagram is likely a poor choice.

Choosing the right marketing channels is an important first step to reach your audience, but to truly connect with them, you also need to tailor the content of your marketing materials. Everything from the features of your product you advertise to the tone and visuals you use should be crafted to speak to your target audience. When customers feel you’re “speaking their language,” they’re more likely to pay attention to what you have to say.

3. Identify Opportunities for Growth

Market research isn’t just an important step for new companies or companies launching new products. Conducting market research periodically can help you discover new opportunities to improve and grow. For example, you may discover:

Unreached segments: You may come across unreached segments that, like your current customers, could benefit from your products or services. Perhaps they just don’t know about your brand yet, or they think your products are intended for someone else. This segment could be consumers of a different age, gender, income level, or geographical region, for example. A simple modification in your product or marketing strategy may be all it takes to unlock a whole new customer base.
Business partnerships: Through market research, you may also discover opportunities to partner with other businesses that already have an established connection with your target audience. Joint promotions can be mutually beneficial for you and the partner company. Essentially, you can combine the power of both your brands to expand and strengthen your reach.
Product improvements: Market research can reveal possible shortcomings in your product or services that, if remedied, would allow you to appeal to more customers and improve customer satisfaction. You may also discover opportunities for add-ons, product bundles, or other upsells that appeal to customers’ preferences and help you increase profits.

4. Reduce Risks by Testing Concepts

Risk is a necessary part of any business venture. If businesses didn’t take on risks, they would also limit the potential for reward. However, successful businesses tend to mitigate their risks in strategic ways. The way to avoid risk is not to avoid doing anything. Instead, businesses should use market research to minimize risks and maximize rewards.

A major way you can minimize risks is by ensuring there’s demand for a product. The reality is that many products fail. Some experts place the failure rate as high as 95% . While that estimate is likely too high, it remains true that many new products fail to connect with consumers and end up in clearance bins. One study found that, of the 9,000 new products that were broadly distributed at a national retailer, 60% were no longer sold within three years.

Because of the high risk involved, you should never create a product based on a mere hunch. Use thorough market research to predict whether a product concept has real potential for success. Will your product meet a need or desire your customers have, and will it do so more effectively than your competitors are doing? When you have proof of concept, you can be more confident in your efforts and more effectively attract investors.

After you’ve created your product, whether it’s a prototype or a limited run, you can employ market research again to help you refine your strategy before an official product launch. For example, you could give samples of a new food product to passersby in exchange for their feedback. You can also use market research to test reactions to a new logo, new packaging, or any number of other business decisions.

5. Make More Informed Decisions

Market research empowers companies to make more informed decisions that are backed by data. Gut feelings are not reliable means of making decisions. For instance, you may think releasing a luxury version of your product at a higher price point is a great business idea, but consumers willing to pay that price may associate your brand with budget-friendly products and opt for luxury products from luxury brands instead. The only way to know for sure is to conduct market research.

Market research data can serve as a compass, steering each choice a company makes to take them one step closer to their goal of successfully converting and retaining their target customers.

Here are some examples of decisions you can make more accurately with the help of market research:

Choosing a different consumer base to target through a new marketing campaign
Determining which channels to include in your advertising campaign
Selecting design and personality elements to form a brand persona that will connect with your audience
Choosing whether to open a new retail location
Deciding whether a product should be discontinued or modified
Pricing products in a way that maintains margins and appeals to customers

Through market research, you can make these and other decisions based on data rather than guesses and, as a result, boost your chances of getting it right the first time.

6. Compete More Effectively

Solid market research can be the difference that gives you a competitive edge in the marketplace. For one, by understanding your customers better, you may be able to engage them more effectively than your competitor is doing. Additionally, competitor research can give you direct insight into your competitors so you can understand how you fit into the marketplace.

If you’re a newcomer and want to know the best ways to draw customers away from legacy brands, market research can help you find out where consumers are dissatisfied with these brands and their offerings. By pinpointing these gaps, you can appeal directly to consumers’ desires and market yourself as a disruptive company with a superior solution.

You can also use market research to help you discover underserved segments of the market. By targeting these underserved consumers, you can carve out a place in the market for yourself where you’ll excel. For example, the founder of War Paint, a cosmetic company marketed to men, said, “Growing up, I never felt there was a brand for me, that spoke to me.” War Paint and some other emerging cosmetic brands target male consumers who were previously not part of the equation in the makeup market.

7. Stay on Top of Trends

Market research isn’t just important for new businesses. As consumers evolve, companies must also evolve to optimize the way they connect with customers. Market research is a valuable means of staying up on relevant trends. Researching trends can often be done through secondary research. Industry reports or research from your competitors, for example, can reveal what new product features consumers are interested in.

Today’s culture changes rapidly, and market research is essential if you want to keep up. You need to stay aware of trends regarding your consumers’ purchasing behavior, the most popular advertising channels, packaging preferences, product features, relevant messaging, and much more. Mimicking what your competitor did last year isn’t a good strategy.

Trends are especially important and cycle more frequently in some industries, such as fashion and design. If your company sells light fixtures, for example, you need to conduct research frequently to see what styles appeal to modern interior designers and homeowners. You also need to be aware of any new technology you can incorporate into your product to help you stay at the cutting edge and deliver the latest and greatest products to your consumers.

How to Conduct Market Research

Companies can conduct market research through various means. First, it’s helpful to understand the difference between two main categories of sourcing market research data — primary and secondary research:

Primary research is the data a company collects or an expert collects on the company’s behalf for their market research purposes. In other words, it’s field research. Some primary research is exploratory, meaning it’s more open-ended, and other forms of primary research aim to provide insight into specific questions or issues.
Secondary research involves using data that already exists and is at your disposal for market research purposes. For example, you could consult government census data, industry data reports or statistics on market trends. This type of research can provide a good starting point for understanding the market more broadly and learning about the competition.

Secondary research tends to be a starting point before conducting primary research.

There are several methods of primary research companies use to learn from consumers. Some of the most popular methods include:

Surveys: Surveys involve asking consumers questions they can quickly answer. Survey questions can be multiple choice or more open-ended. Surveys can be conducted in-person, over the phone, through the mail or online . They provide a fast and simple way of reaching a large audience and getting their feedback.
Focus groups: Focus groups tend not to involve as many participants as a survey. Instead, a market researcher leads a small group of consumers in a discussion to get a window into consumers’ thoughts. Because the groups are small, most companies will assemble multiple focus groups and take all the results into account. They may observe through a one-way mirror or watch a recording.
Interviews: Interviews are similar to focus groups but may involve even fewer people. A one-on-one interview can be a valuable way of gaining detailed insight from one customer. These insights can be helpful, but they don’t provide statistically reliable data as you can get with a large survey.
Observation: Market observation involves watching consumers to see how they behave under natural conditions, such as a retail store. These consumers may or may not know they are being observed. For example, researchers may watch security footage taken from a store to see which departments customers tend to go to first and whether they stop to look at point-of-purchase displays.
Field trials: Field trials involve making a business move but doing so on a smaller scale and observing the results. For example, a restaurant chain may try a new menu item at a handful of locations and see how popular it is. If it’s a success, the company can feel more confident about adding the item to their menus throughout the region.

Companies can conduct their own market research in-house, but many choose to share their goals with a third-party expert who can create a market research strategy and execute it. By outsourcing your market research, you can streamline the process, focus on your core competencies, and receive valuable data from the experts that you can then leverage to drive your business forward.

Does Market Research Work?

Market research takes time, effort, and finances to complete, so it makes sense to spend these resources only if you’re going to get a positive return. The reality is that market research remains a crucial part of running a successful business because it is indeed worth the investment. Of course, market research alone won’t cause your business to succeed — but it will give you the information you need to make strategic decisions that will steer your company to success.

We looked at several benefits of market research but consider the inverse reality. Without market research, you could fail to connect with customers, miss out on growth opportunities, be vulnerable to risks, make poor business decisions, and ultimately lose your customers to your competitors. Some businesses get lucky without doing their research, but these instances are rare. Market research can help you avoid common pitfalls and grow your business.

Learn More About Our Market Research Tools

Market research should be a key part of your company’s recipe for success. Surveys are one of the most popular and effective means of reaching consumers and gaining insight into their values, preferences, opinions, and more. At Cint, we help brands and agencies conduct online studies that can empower them with the market research data they need. We can connect your company with millions of consumers, deliver fast results, and ensure those results are accurate through robust quality checks. Cint can help you produce the primary data you need on a tight timetable so you can make informed decisions to help you connect with customers and grow your business. To learn more about our market research tools, contact our team today.

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10 Key Benefits of Market Research

What is market research in business.

Every business, big or small, can benefit from understanding market research. Understanding both existing and potential customers should be a primary component of any marketing strategy, and organizations keen on maintaining a competitive edge are wise to invest in market research.

Market research can be as simple as getting to know a business’s target market, or hearing about feedback from focus groups. Making the most of valuable information about customer behaviors and emerging opportunities all comes down to a proper understanding of market research.

“If you are thinking of starting a business, the first thing you have to do is to conduct thorough and extensive market research,” Business 2 Community reported last year. “There has never been a business which grew successfully without going through the painstaking process of researching the market they are playing in.”

What Types of Businesses Use Market Research?

Market research data can be beneficial to any type of business or organization, large or small. Large, international corporations can especially profit from market research that identifies cultural changes in foreign regions. Anyone trying to conduct business with anyone else can gain insights from market research—primary research, as well as secondary.

Benefits of Market Research

There are a number of market research benefits, and it’s usually possible to tailor them to an organization’s unique business objectives. Market research can help organizations gain a better understanding of their competitors, and it can identify opportunities for growth. Market research can help identify emerging customer trends within a target audience, and it can clarify why customers might choose one product over another.

Market research can also help organizations streamline their operations, eliminate unnecessary spending, and conduct more effective strategic planning. Here we’ll examine 10 of the many other benefits of market research.

1. Helps steer business communication

Market analysis allows businesses to understand how and when to communicate with their customers. It can help them avoid mixed messaging and prevent corporate communications from getting lost in translation.

Marketing research can also identify what customers expect to hear from a company, and assist in learning about their feelings when those expectations aren’t met. Market research helps everyone communicate more effectively.

2. Limits risk

Better communication is one thing, but perhaps even more important is properly understanding and managing the potential for risk in the marketplace. Business-forward organizations understand that some of the most important market research has the potential for risk in mind.

Market research data can impact a company’s mere survival by identifying extremely risky scenarios in advance—which allows it to better allocate responsive resources, or to avoid the possibility completely.

Additionally, let’s not forget that members of a target audience are human, and change their minds over time. There’s a lot of risk involved when companies disregard shifting consumer attitudes, and effective market analysis can assist those companies in staying connected with their target audiences.

3. Identifies opportunities in the marketplace

Any business that anticipates market needs and opportunities before others will have a competitive edge. Market research can identify emerging trends, which allows, for example, companies to develop new products to meet new customer needs.

Market trends around the world are influenced by culture, natural events, technology, and many other factors. When we utilize market research to help us become more aware of the changes a different society or culture is experiencing, we’re all able to answer the call for new products and services.

4. Discovers potential issues

How many times would you have saved time or money by knowing in advance that business would be hitting a snag? It applies to nearly everyone, and here’s where market research can be especially helpful.

When we conduct market research, we’re not just doing so with competitor research in mind. Ideally, we’re also learning ways that our own businesses might not meet customer needs. Or, we’re able to learn when external influences impact the way business is done (new government regulations, for example).

Market research helps us prepare for many different situations, both internal and external.

5. Estimates sales and fully utilizes advertising expenditure

Consider as well how market research helps organizations budget resources for the promotion of a new product or service. Any budget, in fact, benefits from market research.

For example, let’s say you notice at the grocery store that peanut butter is going up in cost. Well, that simple observation is considered market research, and it will allow you to budget funds appropriately for the next grocery trip.

Now imagine that scenario on a massive scale: Let’s say you’re a purchasing agent in charge of stocking a million packages of peanut butter per year. You can see how market research tools can be essential for budgeting and advertising.

6. Determines brand reputation and customer needs

Now let’s think about brand reputation and customer needs. Every single brand today banks big on their reputation. It’s why a styrofoam cup of coffee from a gas station might cost $1.50, while a coffee chain might charge $6.50 for the same product.

Every time a brand’s reputation gets “dinged”–that is, becomes less favorable in the public eye–their entire existence might be at stake. Market research can be invaluable in helping an organization or company keep tabs on how it's perceived (not just by devoted customers, but by potential customers as well).

It’s not just harmful mistakes that can damage a brand’s reputation, though. Sometimes, emerging trends can cause the public to see a company as simply old-fashioned or out of touch. Effective market research helps companies avoid that trap, too.

Market_researchers_discussing_information

7. Establishes customer trends

It’s important to recognize trends over time. A single major trend can render a business obsolete overnight; on the other hand, a missed opportunity might have been an organization’s chance to continue serving its customers into a new decade.

Here’s where ongoing market research can be particularly important. Customer acquisition costs can be sky-high, and any market research project, for best results, will be a long-term investigation into every factor that might impact business.

This routine market research might surface as weekly, monthly, quarterly, or annual reports. It’s important that these market research reports are shared with all key stakeholders (especially those resistant to change—you probably already know a few of those types at your own business).

Over time, it becomes easy to understand customer trends. Bonus: With that time, you’ll be able to compare past spending and resource allotment against past customer trends, which will allow your market research to reach new levels of value. How well did you meet yesterday’s changes, and what did you learn that will come in handy for tomorrow’s changing customer?

8. Monitors market position over time

You might be at the top of your game today, but tomorrow’s another story. That’s been the case for businesses since the dawn of time, and it will always continue to ring true.

With market research, you’re able to determine your market standing or position in the minds of those who are most important to it: customers. Proper market research allows you to understand how your customers think about you. Are you held in high regard? For what reasons might they think poorly of you or your products?

A market research project can also determine your customers’ thoughts toward your marketing campaigns. Funny, offensive, out of touch, you name it—we can all think of organizations with marketing campaigns that have fit any of those bills. Marketing research helps to make sure you’re held in high regard, and as often as possible.

9. Resolves conflicts between gut feeling and the actual insights

There’s a lot to be said about “gut feelings”—those moments when, evidence be damned, you just have a notion that one decision is better than another.

While that debate is free to continue (and it will), we’re sticking with data.

Market research allows you to minimize risks and develop business strategies that are based on solid feedback. Have a hunch? That’s fine, but let’s run it by what your customers are saying. You might have a change of heart when confronted with facts.

10. Helps define a brand promise

When you run a business, you deliver a lot more than just products and services. You provide customers with a promise to deliver on their expectations.

But are those expectations being met? Market research allows you to gain insight into the ways your brand promise might be successful, or failing. Every marketing strategy should include both primary research and secondary research to learn firsthand what customers think.

Conducting research isn’t just about asking the questions yourself. A successful business will be able to learn from data that others have collected, as well. It all leads back to making sure you’re keeping your brand’s promise.

Limitations of Market Research

Market research helps you understand your target audience’s motivations, and a thorough market research strategy includes both the insights you collect directly, along with secondary research from other sources. Remember to conduct research with both your own goals and those of competitors in mind.

Market research tools are evolving, though, and it’s key that you adapt to emerging technologies. Customer satisfaction and the future of business depend on it!

Technology magazine reported in 2021 that some of the most important emerging technologies and tools for market research will include virtual reality, AI, microdata, and social listening. While customer satisfaction polls can be valuable, there’s a lot more to market research than questionnaires.

Ready to learn how Creatives On Call can help with your market research journey? When you give us a call, we can get started today.

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How To Present Your Market Research Results And Reports In An Efficient Way

Market research reports blog by datapine

Table of Contents

1) What Is A Market Research Report?

2) Market Research Reports Examples

3) Why Do You Need Market Research Reports

4) How To Make A Market Research Report?

5) Types Of Market Research Reports

6) Challenges & Mistakes Market Research Reports

Market research analyses are the go-to solution for many professionals, and for good reason: they save time, offer fresh insights, and provide clarity on your business. In turn, market research reports will help you to refine and polish your strategy. Plus, a well-crafted report will give your work more credibility while adding weight to any marketing recommendations you offer a client or executive.

But, while this is the case, today’s business world still lacks a way to present market-based research results efficiently. The static, antiquated nature of PowerPoint makes it a bad choice for presenting research discoveries, yet it is still widely used to present results.

Fortunately, things are moving in the right direction. There are online data visualization tools that make it easy and fast to build powerful market research dashboards. They come in handy to manage the outcomes, but also the most important aspect of any analysis: the presentation of said outcomes, without which it becomes hard to make accurate, sound decisions.

Here, we consider the benefits of conducting research analyses while looking at how to write and present market research reports, exploring their value, and, ultimately, getting the very most from your research results by using professional market research software .

Let’s get started.

What Is a Market Research Report?

A market research report is an online reporting tool used to analyze the public perception or viability of a company, product, or service. These reports contain valuable and digestible information like customer survey responses and social, economic, and geographical insights.

On a typical market research results example, you can interact with valuable trends and gain insight into consumer behavior and visualizations that will empower you to conduct effective competitor analysis. Rather than adding streams of tenuous data to a static spreadsheet, a full market research report template brings the outcomes of market-driven research to life, giving users a data analysis tool to create actionable strategies from a range of consumer-driven insights.

With digital market analysis reports, you can make your business more intelligent more efficient, and, ultimately, meet the needs of your target audience head-on. This, in turn, will accelerate your commercial success significantly.

Your Chance: Want to test a market research reporting software? Explore our 14-day free trial & benefit from interactive research reports!

How To Present Your Results: 4 Essential Market Research Report Templates

When it comes to sharing rafts of invaluable information, research dashboards are invaluable.

Any market analysis report example worth its salt will allow everyone to get a firm grip on their results and discoveries on a single page with ease. These dynamic online dashboards also boast interactive features that empower the user to drill down deep into specific pockets of information while changing demographic parameters, including gender, age, and region, filtering the results swiftly to focus on the most relevant insights for the task at hand.

These four market research report examples are different but equally essential and cover key elements required for market survey report success. You can also modify each and use it as a client dashboard .

While there are numerous types of dashboards that you can choose from to adjust and optimize your results, we have selected the top 3 that will tell you more about the story behind them. Let’s take a closer look.

1. Market Research Report: Brand Analysis

Our first example shares the results of a brand study. To do so, a survey has been performed on a sample of 1333 people, information that we can see in detail on the left side of the board, summarizing the gender, age groups, and geolocation.

**click to enlarge**

At the dashboard's center, we can see the market-driven research discoveries concerning first brand awareness with and without help, as well as themes and celebrity suggestions, to know which image the audience associates with the brand.

Such dashboards are extremely convenient to share the most important information in a snapshot. Besides being interactive (but it cannot be seen on an image), it is even easier to filter the results according to certain criteria without producing dozens of PowerPoint slides. For instance, I could easily filter the report by choosing only the female answers, only the people aged between 25 and 34, or only the 25-34 males if that is my target audience.

Primary KPIs:

a) Unaided Brand Awareness

The first market research KPI in this most powerful report example comes in the form of unaided brand awareness. Presented in a logical line-style chart, this particular market study report sample KPI is invaluable, as it will give you a clear-cut insight into how people affiliate your brand within their niche.

As you can see from our example, based on a specific survey question, you can see how your brand stacks up against your competitors regarding awareness. Based on these outcomes, you can formulate strategies to help you stand out more in your sector and, ultimately, expand your audience.

b) Aided Brand Awareness

This market survey report sample KPI focuses on aided brand awareness. A visualization that offers a great deal of insight into which brands come to mind in certain niches or categories, here, you will find out which campaigns and messaging your target consumers are paying attention to and engaging with.

By gaining access to this level of insight, you can conduct effective competitor research and gain valuable inspiration for your products, promotional campaigns, and marketing messages.

c) Brand image

When it comes to research reporting, understanding how others perceive your brand is one of the most golden pieces of information you could acquire. If you know how people feel about your brand image, you can take informed and very specific actions that will enhance the way people view and interact with your business.

By asking a focused question, this visual of KPIs will give you a definitive idea of whether respondents agree, disagree, or are undecided on particular descriptions or perceptions related to your brand image. If you’re looking to present yourself and your message in a certain way (reliable, charming, spirited, etc.), you can see how you stack up against the competition and find out if you need to tweak your imagery or tone of voice - invaluable information for any modern business.

d) Celebrity analysis

This indicator is a powerful part of our research KPI dashboard on top, as it will give you a direct insight into the celebrities, influencers, or public figures that your most valued consumers consider when thinking about (or interacting with) your brand.

Displayed in a digestible bar chart-style format, this useful metric will not only give you a solid idea of how your brand messaging is perceived by consumers (depending on the type of celebrity they associate with your brand) but also guide you on which celebrities or influencers you should contact.

By working with the right influencers in your niche, you will boost the impact and reach of your marketing campaigns significantly, improving your commercial awareness in the process. And this is the KPI that will make it happen.

2. Market Research Results On Customer Satisfaction

Here, we have some of the most important data a company should care about: their already-existing customers and their perception of their relationship with the brand. It is crucial when we know that it is five times more expensive to acquire a new consumer than to retain one.

This is why tracking metrics like the customer effort score or the net promoter score (how likely consumers are to recommend your products and services) is essential, especially over time. You need to improve these scores to have happy customers who will always have a much bigger impact on their friends and relatives than any of your amazing ad campaigns. Looking at other satisfaction indicators like the quality, pricing, and design, or the service they received is also a best practice: you want a global view of your performance regarding customer satisfaction metrics .

Such research results reports are a great tool for managers who do not have much time and hence need to use them effectively. Thanks to these dashboards, they can control data for long-running projects anytime.

Primary KPIs :

a) Net Promoter Score (NPS)

Another pivotal part of any informative research presentation is your NPS score, which will tell you how likely a customer is to recommend your brand to their peers.

The net promoter score is shown on a gauge chart by asking the question: on a scale of 1-10, how likely is it that you would recommend our service to a friend?

Centered on overall customer satisfaction, your NPS Score can cover the functions and output of many departments, including marketing, sales, and customer service, but also serve as a building block for a call center dashboard . When you’re considering how to present your research effectively, this balanced KPI offers a masterclass. It’s logical, it has a cohesive color scheme, and it offers access to vital information at a swift glance. With an NPS Score, customers are split into three categories: promoters (those scoring your service 9 or 10), passives (those scoring your service 7 or 8), and detractors (those scoring your service 0 to 6). The aim of the game is to gain more promoters. By gaining an accurate snapshot of your NPS Score, you can create intelligent strategies that will boost your results over time.

b) Customer Satisfaction Score (CSAT)

The next in our examples of market research reports KPIs comes in the form of the CSAT. The vast majority of consumers that have a bad experience will not return. Honing in on your CSAT is essential if you want to keep your audience happy and encourage long-term consumer loyalty.

Visual representation of a customer satisfaction score (CSAT) metric

This magnificent, full report KPI will show how satisfied customers are with specific elements of your products or services. Getting to grips with these scores will allow you to pinpoint very specific issues while capitalizing on your existing strengths. As a result, you can take measures to improve your CSAT score while sharing positive testimonials on your social media platforms and website to build trust.

c) Customer Effort Score (CES)

When it comes to presenting research findings, keeping track of your CES Score is essential. The CES Score KPI will give you instant access to information on how easy or difficult your audience can interact with or discover your company based on a simple scale of one to ten.

The customer effort score (CES) helps you in figuring out how easy and fast it is to make business with your company according to your customers

By getting a clear-cut gauge of how your customers find engagement with your brand, you can iron out any weaknesses in your user experience (UX) offerings while spotting any friction, bottlenecks, or misleading messaging. In doing so, you can boost your CES score, satisfy your audience, and boost your bottom line.

3. Market Research Results On Product Innovation

This final market-driven research example report focuses on the product itself and its innovation. It is a useful report for future product development and market potential, as well as pricing decisions.

Market research results report on product innovation, useful for product development and pricing decisions

Using the same sample of surveyed people as for the first market-focused analytical report , they answer questions about their potential usage and purchase of the said product. It is good primary feedback on how the market would receive the new product you would launch. Then comes the willingness to pay, which helps set a price range that will not be too cheap to be trusted nor too expensive for what it is. That will be the main information for your pricing strategy.

a) Usage Intention

The first of our product innovation KPI-based examples comes in the form of usage intention. When you’re considering how to write a market research report, including metrics centered on consumer intent is critical.

This market analysis report shows the usage intention that resulted in 41% of a target group would use a product of the newest generation in comparison to competing or older products

This simple yet effective visualization will allow you to understand not only how users see your product but also whether they prefer previous models or competitor versions . While you shouldn’t base all of your product-based research on this KPI, it is very valuable, and you should use it to your advantage frequently.

b) Purchase Intention

Another aspect to consider when looking at how to present market research data is your audience’s willingness or motivation to purchase your product. Offering percentage-based information, this effective KPI provides a wealth of at-a-glance information to help you make accurate forecasts centered on your product and service offerings.

The purchase intention is showing the likelihood of buying a product in percentage

Analyzing this information regularly will give you the confidence and direction to develop strategies that will steer you to a more prosperous future, meeting the ever-changing needs of your audience on an ongoing basis.

c) Willingness To Pay (WPS)

Willingness to pay is depicted on a pie chart with additional explanations of the results

Our final market research example KPI is based on how willing customers are to pay for a particular service or product based on a specific set of parameters. This dynamic visualization, represented in an easy-to-follow pie chart, will allow you to realign the value of your product (USPs, functions, etc.) while setting price points that are most likely to result in conversions. This is a market research presentation template that every modern organization should use to its advantage.

4. Market Research Report On Customer Demographics

This particular example of market research report, generated with a modern dashboard creator , is a powerful tool, as it displays a cohesive mix of key demographic information in one intuitive space.

Market research reports example for a customer demographics study

By breaking down these deep pockets of consumer-centric information, you can gain the power to develop more impactful customer communications while personalizing every aspect of your target audience’s journey across every channel or touchpoint. As a result, you can transform theoretical insights into actionable strategies that will result in significant commercial growth.

Every section of this responsive marketing research report works in unison to build a profile of your core audience in a way that will guide your company’s consumer-facing strategies with confidence. With in-depth visuals based on gender, education level, and tech adoption, you have everything you need to speak directly to your audience at your fingertips.

Let’s look at the key performance indicators (KPIs) of this invaluable market research report example in more detail.

a) Customer By Gender

Straightforward market research reports showing the number of customers by gender

This KPI is highly visual and offers a clear-cut representation of your company’s gender share over time. By gaining access to this vital information, you can deliver a more personalized experience to specific audience segments while ensuring your messaging is fair, engaging, and inclusive.

b) Customers by education level

Number of customers by education level as an example of a market research report metric

The next market analysis report template is a KPI that provides a logical breakdown of your customers’ level of education. By using this as a demographic marker, you can refine your products to suit the needs of your audience while crafting your content in a way that truly resonates with different customer groups.

c) Customers by technology adoption

Market research report template showing customers technology adoption for the past 5 years

Particularly valuable if you’re a company that sells tech goods or services, this linear KPI will show you where your customers are in terms of technological know-how or usage. By getting to grips with this information over time, you can develop your products or services in a way that offers direct value to your consumers while making your launches or promotions as successful as possible.

d) Customer age groups

Number of customers by age group as a key demographic metric of a market research report

By understanding your customers’ age distribution in detail, you can gain a deep understanding of their preferences. And that’s exactly what this market research report sample KPI does. Presented in a bar chart format, this KPI will give you a full breakdown of your customers’ age ranges, allowing you to build detailed buyer personas and segment your audience effectively.

Why Do You Need Market Research Reports?

As the adage goes, “Look before you leap“ – which is exactly what a research report is here for. As the headlights of a car, they will show you the pitfalls and fast lanes on your road to success: likes and dislikes of a specific market segment in a certain geographical area, their expectations, and readiness. Among other things, a research report will let you:

Get a holistic view of the market : learn more about the target market and understand the various factors involved in the buying decisions. A broader view of the market lets you benchmark other companies you do not focus on. This, in turn, will empower you to gather the industry data that counts most. This brings us to our next point.
Curate industry information with momentum: Whether you’re looking to rebrand, improve on an existing service, or launch a new product, time is of the essence. By working with the best market research reports created with modern BI reporting tools , you can visualize your discoveries and data, formatting them in a way that not only unearths hidden insights but also tells a story - a narrative that will gain a deeper level of understanding into your niche or industry. The features and functionality of a market analysis report will help you grasp the information that is most valuable to your organization, pushing you ahead of the pack in the process.
Validate internal research: Doing the internal analysis is one thing, but double-checking with a third party also greatly helps avoid getting blinded by your own data.
Use actionable data and make informed decisions: Once you understand consumer behavior as well as the market, your competitors, and the issues that will affect the industry in the future, you are better armed to position your brand. Combining all of it with the quantitative data collected will allow you to more successful product development. To learn more about different methods, we suggest you read our guide on data analysis techniques .
Strategic planning: When you want to map out big-picture organizational goals, launch a new product development, plan a geographic market expansion, or even a merger and acquisition – all of this strategic thinking needs solid foundations to fulfill the variety of challenges that come along.
Consistency across the board: Collecting, presenting, and analyzing your results in a way that’s smarter, more interactive, and more cohesive will ensure your customer communications, marketing campaigns, user journey, and offerings meet your audience’s needs consistently across the board. The result? Faster growth, increased customer loyalty, and more profit.
Better communication: The right market research analysis template (or templates) will empower everyone in the company with access to valuable information - the kind that is relevant and comprehensible. When everyone is moving to the beat of the same drum, they will collaborate more effectively and, ultimately, push the venture forward thanks to powerful online data analysis techniques.
Centralization: Building on the last point, using a powerful market research report template in the form of a business intelligence dashboard will make presenting your findings to external stakeholders and clients far more effective, as you can showcase a wealth of metrics, information, insights, and invaluable feedback from one centralized, highly visual interactive screen.
Brand reputation: In the digital age, brand reputation is everything. By making vital improvements in all of the key areas above, you will meet your customers’ needs head-on with consistency while finding innovative ways to stand out from your competitors. These are the key ingredients of long-term success.

How To Present Market Research Analysis Results?

Here we look at how you should present your research reports, considering the steps it takes to connect with the outcomes you need to succeed:

Collect your data

As with any reporting process, you first and foremost need to collect the data you’ll use to conduct your studies. Businesses conduct research studies to analyze their brand awareness, identity, and influence in the market. For product development and pricing decisions, among many others. That said, there are many ways to collect information for a market research report. Among some of the most popular ones, we find:

Surveys: Probably the most common way to collect research data, surveys can come in the form of open or closed questions that can be answered anonymously. They are the cheapest and fastest way to collect insights about your customers and business.
Interviews : These are face-to-face discussions that allow the researcher to analyze responses as well as the body language of the interviewees. This method is often used to define buyer personas by analyzing the subject's budget, job title, lifestyle, wants, and needs, among other things.
Focus groups : This method involves a group of people discussing a topic with a mediator. It is often used to evaluate a new product or new feature or to answer a specific question that the researcher might have.
Observation-based research : In this type of research, the researcher or business sits back and watches customers interact with the product without any instructions or help. It allows us to identify pain points as well as strong features.
Market segmentation : This study allows you to identify and analyze potential market segments to target. Businesses use it to expand into new markets and audiences.

These are just a few of the many ways in which you can gather your information. The important point is to keep the research objective as straightforward as possible. Supporting yourself with professional BI solutions to clean, manage, and present your insights is probably the smartest choice.

2. Hone in on your research:

When looking at how to source consumer research in a presentation, you should focus on two areas: primary and secondary research. Primary research comes from your internal data, monitoring existing organizational practices, the effectiveness of sales, and the tools used for communication, for instance. Primary research also assesses market competition by evaluating the company plans of the competitors. Secondary research focuses on existing data collected by a third party, information used to perform benchmarking and market analysis. Such metrics help in deciding which market segments are the ones the company should focus its efforts on or where the brand is standing in the minds of consumers. Before you start the reporting process, you should set your goals, segmenting your research into primary and secondary segments to get to grips with the kind of information you need to work with to achieve effective results.

3. Segment your customers:

To give your market research efforts more context, you should segment your customers into different groups according to the preferences outlined in the survey or feedback results or by examining behavioral or demographic data.

If you segment your customers, you can tailor your market research and analysis reports to display only the information, charts, or graphics that will provide actionable insights into their wants, needs, or industry-based pain points.

Identify your stakeholders:

Once you’ve drilled down into your results and segmented your consumer groups, it’s important to consider the key stakeholders within the organization that will benefit from your information the most.

By looking at both internal and external stakeholders, you will give your results a path to effective presentation, gaining the tools to understand which areas of feedback or data are most valuable, as well as most redundant. As a consequence, you will ensure your results are concise and meet the exact information needs of every stakeholder involved in the process.

Set your KPIs:

First, remember that your reports should be concise and accurate - straight to the point without omitting any essential information. Work to ensure your insights are clean and organized, with participants grouped into relevant categories (demographics, profession, industry, education, etc.). Once you’ve organized your research, set your goals, and cleaned your data, you should set your KPIs to ensure your report is populated with the right visualizations to get the job done. Explore our full library of interactive KPI examples for inspiration.

Include competitor’s analysis

Whether you are doing product innovation research, customer demographics, pricing, or any other, including some level of insights about competitors in your reports is always recommended as it can help your business or client better understand where they stand in the market. That being said, competitor analysis is not as easy as picking a list of companies in the same industry and listing them. Your main competitor can be just a company's division in an entirely different industry. For example, Apple Music competes with Spotify even though Apple is a technology company. Therefore, it is important to carefully analyze competitors from a general but detailed level.

Providing this kind of information in your reports can also help you find areas that competitors are not exploiting or that are weaker and use them to your advantage to become a market leader.

Produce your summary:

To complement your previous efforts, writing an executive summary of one or two pages that will explain the general idea of the report is advisable. Then come the usual body parts:

An introduction providing background information, target audience, and objectives;
The qualitative research describes the participants in the research and why they are relevant to the business;
The survey research outlines the questions asked and answered;
A summary of the insights and metrics used to draw the conclusions, the research methods chosen, and why;
A presentation of the findings based on your research and an in-depth explanation of these conclusions.
Use a mix of visualizations:

When presenting your results and discoveries, you should aim to use a balanced mix of text, graphs, charts, and interactive visualizations.

Using your summary as a guide, you should decide which type of visualization will present each specific piece of market research data most effectively (often, the easier to understand and more accessible, the better).

Doing so will allow you to create a story that will put your research information into a living, breathing context, providing a level of insight you need to transform industry, competitor, or consumer info or feedback into actionable strategies and initiatives.

Be careful not to mislead

Expanding on the point above, using a mix of visuals can prove highly valuable in presenting your results in an engaging and understandable way. That being said, when not used correctly, graphs and charts can also become misleading. This is a popular practice in the media, news, and politics, where designers tweak the visuals to manipulate the masses into believing a certain conclusion. This is a very unethical practice that can also happen by mistake when you don’t pick the right chart or are not using it in the correct way. Therefore, it is important to outline the message you are trying to convey and pick the chart type that will best suit those needs.

Additionally, you should also be careful with the data you choose to display, as it can also become misleading. This can happen if you, for example, cherry-pick data, which means only showing insights that prove a conclusion instead of the bigger picture. Or confusing correlation with causation, which means assuming that because two events happened simultaneously, one caused the other.

Being aware of these practices is of utmost importance as objectivity is crucial when it comes to dealing with data analytics, especially if you are presenting results to clients. Our guides on misleading statistics and misleading data visualizations can help you learn more about this important topic.

Use professional dashboards:

To optimize your market research discoveries, you must work with a dynamic business dashboard . Not only are modern dashboards presentable and customizable, but they will offer you past, predictive, and real-time insights that are accurate, interactive, and yield long-lasting results.

All market research reports companies or businesses gathering industry or consumer-based information will benefit from professional dashboards, as they offer a highly powerful means of presenting your data in a way everyone can understand. And when that happens, everyone wins.

Did you know? The interactive nature of modern dashboards like datapine also offers the ability to quickly filter specific pockets of information with ease, offering swift access to invaluable insights.

Prioritize interactivity

The times when reports were static are long gone. Today, to extract the maximum value out of your research data, you need to be able to explore the information and answer any critical questions that arise during the presentation of results. To do so, modern reporting tools provide multiple interactivity features to help you bring your research results to life.

For instance, a drill-down filter lets you go into lower levels of hierarchical data without generating another graph. For example, imagine you surveyed customers from 10 different countries. In your report, you have a chart displaying the number of customers by country, but you want to analyze a specific country in detail. A drill down filter would enable you to click on a specific country and display data by city on that same chart. Even better, a global filter would allow you to filter the entire report to show only results for that specific country.

Through the use of interactive filters, such as the one we just mentioned, you’ll not only make the presentation of results more efficient and profound, but you’ll also avoid generating pages-long reports to display static results. All your information will be displayed in a single interactive page that can be filtered and explored upon need.

Customize the reports

This is a tip that is valuable for any kind of research report, especially when it comes to agencies that are reporting to external clients. Customizing the report to match your client’s colors, logo, font, and overall branding will help them grasp the data better, thanks to a familiar environment. This is an invaluable tip as often your audience will not feel comfortable dealing with data and might find it hard to understand or intimidating. Therefore, providing a familiar look that is also interactive and easier to understand will keep them engaged and collaborative throughout the process.

Plus, customizing the overall appearance of the report will also make your agency look more professional, adding extra value to your service.

Know your design essentials

When you’re presenting your market research reports sample to internal or external stakeholders, having a firm grasp on fundamental design principles will make your metrics and insights far more persuasive and compelling.

By arranging your metrics in a balanced and logical format, you can guide users toward key pockets of information exactly when needed. In turn, this will improve decision-making and navigation, making your reports as impactful as possible.

For essential tips, read our 23 dashboard design principles & best practices to enhance your analytics process.

Think of security and privacy

Cyberattacks are increasing at a concerning pace, making security a huge priority for organizations of all sizes today. The costs of having your sensitive information leaked are not only financial but also reputational, as customers might not trust you again if their data ends up in the wrong hands. Given that market research analysis is often performed by agencies that handle data from clients, security and privacy should be a top priority.

To ensure the required security and privacy, it is necessary to invest in the right tools to present your research results. For instance, tools such as datapine offer enterprise-level security protocols that ensure your information is encrypted and protected at all times. Plus, the tool also offers additional security features, such as being able to share your reports through a password-protected URL or to set viewer rights to ensure only the right people can access and manipulate the data.

Keep on improving & evolving

Each time you gather or gain new marketing research reports or market research analysis report intel, you should aim to refine your existing dashboards to reflect the ever-changing landscape around you.

If you update your reports and dashboards according to the new research you conduct and new insights you connect with, you will squeeze maximum value from your metrics, enjoying consistent development in the process.

Types of Market Research Reports: Primary & Secondary Research

With so many market research examples and such little time, knowing how to best present your insights under pressure can prove tricky.

To squeeze every last drop of value from your market research efforts and empower everyone with access to the right information, you should arrange your information into two main groups: primary research and secondary research.

A. Primary research

Primary research is based on acquiring direct or first-hand information related to your industry or sector and the customers linked to it.

Exploratory primary research is an initial form of information collection where your team might set out to identify potential issues, opportunities, and pain points related to your business or industry. This type of research is usually carried out in the form of general surveys or open-ended consumer Q&As, which nowadays are often performed online rather than offline .

Specific primary research is definitive, with information gathered based on the issues, information, opportunities, or pain points your business has already uncovered. When doing this kind of research, you can drill down into a specific segment of your customers and seek answers to the opportunities, issues, or pain points in question.

When you’re conducting primary research to feed into your market research reporting efforts, it’s important to find reliable information sources. The most effective primary research sources include:

Consumer-based statistical data
Social media content
Polls and Q&A
Trend-based insights
Competitor research
First-hand interviews

B. Secondary research

Secondary research refers to every strand of relevant data or public records you have to gain a deeper insight into your market and target consumers. These sources include trend reports, market stats, industry-centric content, and sales insights you have at your disposal. Secondary research is an effective way of gathering valuable intelligence about your competitors.

You can gather very precise, insightful secondary market research insights from:

Public records and resources like Census data, governmental reports, or labor stats
Commercial resources like Gartner, Statista, or Forrester
Articles, documentaries, and interview transcripts

Another essential branch of both primary and secondary research is internal intelligence. When it comes to efficient market research reporting examples that will benefit your organization, looking inward is a powerful move.

Existing sales, demographic, or marketing performance insights will lead you to valuable conclusions. Curating internal information will ensure your market research discoveries are well-rounded while helping you connect with the information that will ultimately give you a panoramic view of your target market.

By understanding both types of research and how they can offer value to your business, you can carefully choose the right informational sources, gather a wide range of intelligence related to your specific niche, and, ultimately, choose the right market research report sample for your specific needs.

If you tailor your market research report format to the type of research you conduct, you will present your visualizations in a way that provides the right people with the right insights, rather than throwing bundles of facts and figures on the wall, hoping that some of them stick.

Taking ample time to explore a range of primary and secondary sources will give your discoveries genuine context. By doing so, you will have a wealth of actionable consumer and competitor insights at your disposal at every stage of your organization’s development (a priceless weapon in an increasingly competitive digital age).

Dynamic market research is the cornerstone of business development, and a dashboard builder is the vessel that brings these all-important insights to life. Once you get into that mindset, you will ensure that your research results always deliver maximum value.

Common Challenges & Mistakes Of Market Research Reporting & Analysis

We’ve explored different types of market research analysis examples and considered how to conduct effective research. Now, it’s time to look at the key mistakes of market research reporting. Let’s start with the mistakes.

The mistakes

One of the biggest mistakes that stunt the success of a company’s market research efforts is strategy. Without taking the time to gather an adequate mix of insights from various sources and define your key aims or goals, your processes will become disjointed. You will also suffer from a severe lack of organizational vision.

For your market research-centric strategy to work, everyone within the company must be on the same page. Your core aims and objectives must align throughout the business, and everyone must be clear on their specific role. If you try to craft a collaborative strategy and decide on your informational sources from the very start of your journey, your strategy will deliver true growth and intelligence.

Measurement

Another classic market research mistake is measurement – or, more accurately, a lack of precise measurement. When embarking on market intelligence gathering processes, many companies fail to select the right KPIs and set the correct benchmarks for the task at hand. Without clearly defined goals, many organizations end up with a market analysis report format that offers little or no value in terms of decision-making or market insights.

To drive growth with your market research efforts, you must set clearly defined KPIs that align with your specific goals, aims, and desired outcomes.

Competition

A common mistake among many new or scaling companies is failing to explore and examine the competition. This will leave you with gaping informational blindspots. To truly benefit from market research, you must gather valuable nuggets of information from every key source available. Rather than solely looking at your consumers and the wider market (which is incredibly important), you should take the time to see what approach your direct competitors have adopted while getting to grips with the content and communications.

One of the most effective ways of doing so (and avoiding such a monumental market research mistake) is by signing up for your competitors’ mailing lists, downloading their apps, and examining their social media content. This will give you inspiration for your own efforts while allowing you to exploit any gaps in the market that your competitors are failing to fill.

The challenges

Informational quality

We may have an almost infinite wealth of informational insights at our fingertips, but when it comes to market research, knowing which information to trust can prove an uphill struggle.

When working with metrics, many companies risk connecting with inaccurate insights or leading to a fruitless informational rabbit hole, wasting valuable time and resources in the process. To avoid such a mishap, working with a trusted modern market research and analysis sample is the only way forward.

Senior buy-in

Another pressing market research challenge that stunts organizational growth is the simple case of senior buy-in. While almost every senior decision-maker knows that market research is an essential component of a successful commercial strategy, many are reluctant to invest an ample amount of time or money in the pursuit.

The best way to overcome such a challenge is by building a case that defines exactly how your market research strategies will offer a healthy ROI to every key aspect of the organization, from marketing and sales to customer experience (CX) and beyond.

Response rates

Low interview, focus group, or poll response rates can have a serious impact on the success and value of your market research strategy. Even with adequate senior buy-in, you can’t always guarantee that you will get enough responses from early-round interviews or poll requests. If you don’t, your market research discoveries run the risk of being shallow or offering little in the way of actionable insight.

To overcome this common challenge, you can improve the incentive you offer your market research prospects while networking across various platforms to discover new contact opportunities. Changing the tone of voice of your ads or emails will also help boost your consumer or client response rates.

Bringing Your Reports a Step Further

Even if it is still widespread for market-style research results presentation, using PowerPoint at this stage is a hassle and presents many downsides and complications. When busy managers or short-on-time top executives grab a report, they want a quick overview that gives them an idea of the results and the big picture that addresses the objectives: they need a dashboard. This can be applied to all areas of a business that need fast and interactive data visualizations to support their decision-making.

We all know that a picture conveys more information than simple text or figures, so managing to bring it all together on an actionable dashboard will convey your message more efficiently. Besides, market research dashboards have the incredible advantage of always being up-to-date since they work with real-time insights: the synchronization/updating nightmare of dozens of PowerPoint slides doesn’t exist for you anymore. This is particularly helpful for tracking studies performed over time that recurrently need their data to be updated with more recent ones.

In today’s fast-paced business environment, companies must identify and grab new opportunities as they arise while staying away from threats and adapting quickly. In order to always be a step further and make the right decisions, it is critical to perform market research studies to get the information needed and make important decisions with confidence.

We’ve asked the question, “What is a market research report?”, and examined the dynamics of a modern market research report example, and one thing’s for sure: a visual market research report is the best way to understand your customer and thus increase their satisfaction by meeting their expectations head-on.

From looking at a sample of a market research report, it’s also clear that modern dashboards help you see what is influencing your business with clarity, understand where your brand is situated in the market, and gauge the temperature of your niche or industry before a product or service launch. Once all the studies are done, you must present them efficiently to ensure everyone in the business can make the right decisions that result in real progress. Market research reports are your key allies in the matter.

To start presenting your results with efficient, interactive, dynamic research reports and win on tomorrow’s commercial battlefield, try our dashboard reporting software and test every feature with our 14-day free trial !

What is a Marketing Research Report and How to Write It

In essence, a market research report is a document that reveals the characteristics of your ideal customers, their buying habits, the value your product or service can bring to them, and the list of your top competitors.

The marketing research report paints a picture of what kinds of new products or services may be the most profitable in today’s highly competitive landscape. For products or services already available, a marketing research report can provide detailed insights as to whether they are meeting their consumers’ needs and expectations. It helps understand the reasons why consumers buy a particular product by studying consumer behavior, including how economic, cultural, societal, and personal factors influence that behavior.

Furthermore, the purpose of writing a marketing research report is to make calculated decisions about business ideas – whether they’re worth pursuing or not. This requires one primary skill which is observing the pattern which is hidden in the User Generated Content (UGC) written in different tones and perspectives on the social web.

Simply put, writing a market research report is a vital part of planning business activities and serves as a neat way to assimilate all the information about your target market and prospective customers.

Now, there are two key varieties of marketing research report formats – primary and secondary.

Primary vs. Secondary Market Research

Let’s take a look at the main recipes of how to make a market research report in detail:

Primary Research

This method of marketing research involves gathering firsthand information about your market and prospective clients. You study your customers directly by conducting:

Interviews (either by telephone or face-to-face)
Surveys and polls (online or by email)
Questionnaires (online or by email)
Focus groups discussions with a sample of potential customers and getting their direct feedback

Some crucial questions that you need to ask your prospective customers in your primary research are:

What are the factors that motivate you to purchase this product or service?
What do you like or dislike about this type of product or service already available on the market?
Are there any areas you’d like to suggest for improvement?
What according to you is the appropriate price for this product or service?

Primary research also involves analyzing competitors’ strategies, so you can find gaps and weaknesses that you can turn into your strengths.

Secondary Research

The second method of writing a marketing research report is all about analyzing the data that has already been published and using the available information on the web. That is, secondary research is done from reliable reports and statistics found on the websites of other organizations or authority blogs in your industry.

Sources can be:

Public: This includes all the free sources like social media and forums, Google Trends, YouGov, and government sources such as the United States Census Bureau.
Commercial: This includes industry insights compiled by research agencies like Pew, Gartner, Forrester, and so on. Typically, these are paid.
Internal: This is the historical market data your organization already has in-house, such as the Net Promoter Score, customer churn rate, and so on.

Secondary data can help you identify competitors, establish benchmarks, and determine target customer segments or demographics – people who live a certain lifestyle, their income and buying patterns, age group, location, etc.

Market Research Reports Advantages and Disadvantages

Before we discuss how to write a marketing research report, let’s quickly take a look at market research report benefits and also some of the limitations in marketing research reports.

Advantages of Market Research Report

Here are the top reasons why you should invest in creating a market research report.

1. Gives a Better Understanding of Your Customers

The answers to questions like who will buy your product, what are the customers’ pain points, what motivates their buying behavior, and so on will be effectively answered with a market research report. Essentially, it will help you map out the full profile of your ideal customer and consequently, allow you to create tailored products and marketing campaigns.

2. Helps Spot Business Opportunities

As already mentioned, market research will give you insights about your competitors’ strategies, so you can find gaps in their offerings that you can turn into your product’s strengths. You may also find other business opportunities such as potential partnerships with brands that sell complementary products, or an opportunity to better upsell or cross-sell your products. For example, a keyword research report from a SaaS SEO agency provides an opportunity to acquire organic search ranking by creating in-depth, high-converting, and funnel-oriented content.

3. Minimizes Risks

Starting or running a business is synonymous with risk. In fact, nearly half of all small businesses with employees don’t survive for more than five years. Conducting proper market research frequently will allow you to stay on top of trends, and not waste your efforts and resources in things that would likely be fruitless.

For instance, before you launch a new product, conducting market research gives you a much better idea of the demand for your product. Or if an existing product is seeing a big drop in sales, market research helps you determine the root cause of the issue.

4. Facilitates Data-Driven Decision Making

When it comes to business decisions – data over guesswork, always. So, based on your market research results, you can make more informed decisions regarding the pricing, distribution channels, and marketing budget of your products.

Disadvantages of Market Research Report

As with anything, there are a couple of downsides to conducting marketing research as well.

1. Could Be an Expensive Activity

Conducting a comprehensive, in-depth research is usually a costly activity in terms of both time and money. To research the right audience with the right questions requires you to invest a lot of time. If you wish to use data by commercial market research agencies or get help from one such agency in conducting primary research, be prepared to spend a substantial amount.

2. Insights Gathered Could Be Inadequate or Even Inaccurate

Another problem often faced in marketing research is a lack of respondents. While you can figure out who is your target audience, getting them to fill out surveys and questionnaires can indeed be challenging. Plus, you’re using data you collected for drawing conclusions, which may be unreliable.

For example, by the time you act on the data you collected, it may have become outdated. This translates into poor decision making and the whole process may become counterproductive.

How to Prepare Market Research Report

Now, here are some concrete steps and guidelines for writing a marketing research report.

Step 1: Cluster the Data

First off, compile all the relevant data you’ve accumulated from your primary and/or secondary research efforts. Survey results, interview answers, statistics from third-party sources – bring it all together and then analyze the information to sketch out the profile of your target market.

Step 2: Prepare an Outline

Next, create a skeleton of the report so that you understand what information will go where. An outline with sections and subsections will help you structure your marketing research report properly. A typical report includes an introduction, background and methodology, executive summary, results, and a conclusion with links to all references.

With an outline in front of you, start by writing the front matter of your report – an introduction that provides a brief overview of your business and the reason you conducted the market research. Include a summary of the market research process and the results you have analyzed. For instance, you might have been gauging the feasibility of a new product, so summarize that your market research report is for a new product launch.

Step 3: Mention the Research Methods

An important next step is to clearly mention the methods used to conduct the research. That is, if you conducted polls, specify the number of polls, the percentage of responses, the types of people or businesses targeted, and the questions included in the poll. Tag all the resources for demographic information, such as census data.

Step 4: Include Visuals With Narrative Explanation

Visuals such as charts and graphs are an important part of any research paper. They make sure that the findings are easy to comprehend.

So, create tables, graphs, and/or charts illustrating the results of the research. Accompany it with a narrative explanation of the visual data. Highlight the inferences you made based on this data.

Step 5: Conclude the Report With Recommendations

Finally, conclude your report with a section that lists actionable recommendations based on the research results to facilitate decision making. For example, all the numbers may point to the conclusion that your customers desire a particular feature that no other product on the market is currently offering. In this case, it is clear that it’s a good idea to invest your resources in providing that feature and gain a competitive edge.

At the very end of the report, include reference links to all the sources and an appendix for supplementary materials and further reading.

Marketing Research Report Templates

Before you go, check out some templates and samples you can use to better understand the marketing research report structure, and maybe even use them to kickstart your report instead of preparing one from scratch.

Market Research Report for New Product Launch
Market Research Report for Restaurant (competitor analysis)
Social Media Market Research Report

Writing a marketing research report is a tried-and-true way to gain a solid understanding of your target audience and competitors while enabling you to make more informed decisions and minimize investment risks. Sure, it may take considerable time, effort, and even money to conduct thorough research and prepare a report, but when done well, the ROI of it all is well worth it.

Shahid Abbasi is a Senior SEO and Content Marketing Analyst at Growfusely, a SaaS content marketing agency specializing in content and data-driven SEO.

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What is Market Research Analysis? Definition, Steps, Benefits, and Best Practices

By Nick Jain

Published on: September 8, 2023

Table of Contents

What is Market Research Analysis?

Market research analysis steps, market research analysis benefits, 15 market research analysis best practices.

Market research analysis is defined as the systematic process of collecting, processing, interpreting, and evaluating data related to a specific market, industry, or business environment. Its primary purpose is to gain insights into various aspects of the market, including consumer behavior, market trends, competitive landscape, and other relevant factors. Market research analysis aims to provide businesses with actionable information that can inform their decision-making processes and strategies.

Here are the key components and objectives of market research analysis:

Data Collection: The process begins with gathering data from a variety of sources. This data can be classified into two main categories:

Primary Data: Data collected directly from original sources, such as surveys, interviews, focus groups , observations, and experiments.

Secondary Data: Existing data collected by third parties, such as market reports, government publications, industry publications, and academic studies.

Data Processing: Once collected, the data is processed to ensure its accuracy and reliability. This step involves cleaning the data to remove errors or inconsistencies and structuring it in a way that is suitable for analysis. Data processing may also involve data coding, categorization, and transformation.
Data Analysis: The heart of market research analysis involves examining and interpreting the data to extract meaningful insights. Various analytical techniques and statistical tools are used to identify patterns, relationships, trends, and correlations within the data. This analysis supports businesses in making knowledgeable decisions.
Competitive Analysis: Assessing the competitive landscape is an essential aspect of market research analysis. This includes studying competitors’ strengths, weaknesses, strategies, market share, and customer perceptions. Understanding the competitive environment is crucial for shaping a company’s strategy and positioning in the market.
Consumer Behavior Analysis: Understanding how consumers think, feel, and act is a central objective of market research analysis. It involves identifying consumer preferences, purchasing habits, motivations, and pain points. This information helps businesses tailor their products, services, and marketing efforts to meet customer needs effectively.
Market Trends Identification: Market research analysis helps businesses stay updated on the latest market trends, industry developments, and emerging technologies. Recognizing these trends allows companies to adapt, innovate, and remain competitive in their respective markets.
Strategic Decision-Making: Ultimately, the goal of market research analysis is to provide actionable insights that inform strategic decision-making. These decisions can relate to product development, pricing strategies, marketing campaigns, market entry or expansion, and more.
Risk Mitigation: By understanding market dynamics and potential challenges, businesses can proactively identify and mitigate risks. This reduces the likelihood of unexpected setbacks and allows for more effective crisis management.

Market research analysis is a vital tool that helps businesses gather and interpret data to make informed decisions, mitigate risks, identify opportunities for growth, and stay competitive in their respective markets. It plays a pivotal role in shaping business strategies and ensuring that resources are allocated effectively to achieve business objectives.

Market research analysis involves a series of systematic steps to gather, process, and interpret data to gain insights into a specific market or industry. These steps are crucial for making informed business decisions and developing effective strategies. Here are the key steps in the market research analysis process:

Step 1: Define Research Objectives

Precisely outline the goals and objectives of your market research . What specific insights or data are you aiming to acquire? What are your research questions? Understanding your objectives is essential for guiding the entire process.

Step 2: Data Collection

Collect relevant data from various sources. This can include primary data (directly collected from surveys, interviews, focus groups , observations, etc.) and secondary data (existing data from reports, publications, databases, etc.). Make certain that your data-gathering approaches are in harmony with your research objectives.

Step 3: Data Processing and Cleaning

Clean and preprocess the collected data to ensure its accuracy and reliability. This step may involve removing duplicate records, correcting errors, and organizing the data for analysis.

Step 4: Data Analysis

Perform data analysis using appropriate techniques and tools. Common analytical methods include statistical analysis, regression analysis, trend analysis, customer segmentation, and sentiment analysis. The objective is to derive significant insights from the data.

Step 5: Competitive Analysis

Assess the competitive landscape by studying your competitors. Analyze their strengths, weaknesses, market share, strategies, and customer perceptions. Recognize potential opportunities and vulnerabilities within the competitive landscape.

Step 6: Consumer Behavior Analysis

Examine consumer behavior by analyzing data related to preferences, purchasing habits, motivations, and demographics. Gain insights into what drives consumer decisions and how they interact with your products or services.

Step 7: Market Trends Identification

Identify and analyze current market trends, industry developments, and emerging technologies. Stay up-to-date with changes in the market that could impact your business.

Step 8: Data Interpretation

Interpret the outcomes of your data analysis within the framework of your research goals. What do the findings mean for your business? Are there actionable insights that can inform your decisions?

Step 9: Report and Presentation

Create a comprehensive report or presentation that summarizes your research findings. Use clear visuals, charts, and graphs to convey the information effectively. Include recommendations and insights that can guide decision-making.

Step 10: Strategic Decision-Making

Use the insights gained from your market research analysis to make informed strategic decisions. These decisions can relate to product development, pricing strategies, marketing campaigns, market entry or expansion, and more.

Step 11: Implementation

Put your strategic decisions into action. Implement the changes and strategies based on your market research analysis. Continuously track progress and adapt your approach as necessary.

Step 12: Continuous Monitoring

Market research analysis is an ongoing process. Continuously monitor market conditions, consumer behavior, and competitive developments to stay adaptable and responsive to changes in the market.

By following these steps, businesses can harness the power of market research analysis to make informed decisions, gain a competitive edge, and drive growth and innovation in their respective industries.

Learn more: What is Research Design?

Market research analysis offers numerous benefits to businesses and organizations across various industries. These benefits are instrumental in making informed decisions, shaping strategies, and ultimately achieving business objectives. Here are some of the key advantages of conducting market research analysis:

Informed Decision-Making: Market research analysis provides valuable insights and data-driven information that support informed decision-making. By understanding market dynamics, consumer behavior, and trends, businesses can make strategic choices that are more likely to lead to success.
Risk Mitigation: Through market research , organizations can identify potential risks and challenges in advance. This proactive approach allows them to develop strategies for risk mitigation and crisis management, reducing the impact of unforeseen events.
Market Understanding: Market research analysis helps companies gain a deeper understanding of their target audience, including demographics, preferences, and purchasing behavior. This knowledge is critical for tailoring products, services, and marketing efforts to meet customer needs effectively.
Competitive Advantage: By analyzing the competitive landscape, businesses can identify their competitors’ strengths and weaknesses. This information enables them to develop strategies that capitalize on their strengths and exploit competitors’ weaknesses, leading to a competitive advantage.
Product Development: Market research analysis guides product development by uncovering consumer preferences, pain points, and unmet needs. This ensures that companies create products that resonate with their target market, increasing the likelihood of success in the market.
Effective Marketing Strategies: Understanding consumer behavior and preferences helps in crafting more effective marketing campaigns. Market research analysis can identify the most suitable marketing channels, messaging, and timing to reach and engage the target audience.
Optimized Pricing Strategies: Businesses can determine the optimal pricing strategies for their products or services through market research analysis. This includes assessing price sensitivity, competitive pricing, and value perception among customers.
Market Expansion and Diversification: Market research analysis can reveal new market opportunities and potential areas for diversification. Companies can use this information to expand their reach into new markets or introduce new product lines.
Improved Customer Satisfaction: By aligning products and services with customer preferences, companies can enhance customer satisfaction and loyalty. Contented customers are increasingly inclined to become returning purchasers and enthusiastic brand supporters.
Cost Efficiency: Market research analysis can help companies allocate resources more efficiently by focusing on strategies and initiatives that are most likely to yield positive results. This reduces wasteful spending on ineffective activities.
Measurable Results: Market research provides a basis for measuring the success of strategies and initiatives. It allows companies to set benchmarks, track progress, and assess the return on investment (ROI) of various marketing and business efforts.
Innovation and Adaptation: Market research analysis keeps businesses up-to-date with market trends and emerging technologies. This knowledge encourages innovation and the ability to adapt to changing market conditions.
Enhanced Reputation: Companies that demonstrate a commitment to understanding their market and meeting customer needs often enjoy an enhanced reputation in the eyes of consumers, partners, and investors.

Market research analysis is a valuable tool that empowers businesses to make data-driven decisions, minimize risks, gain a competitive edge, and achieve sustainable growth. It is an investment that can yield substantial returns by helping organizations align their strategies and resources with market realities and customer expectations.

Learn more: What is Primary Market Research?

Effective market research analysis is crucial for businesses to make informed decisions and stay competitive in their respective industries. To ensure that your market research analysis yields valuable insights, consider these best practices:

1. Clearly Define Objectives

Begin by clearly defining the objectives of your market research analysis. What particular inquiries do you aim to address? What are your goals and desired outcomes? Having a well-defined purpose will guide your research efforts.

2. Use a Mix of Data Sources

Combine both primary and secondary data sources. Primary data is collected directly from your target audience, while secondary data comes from existing sources. Using a mix of data sources enhances the comprehensiveness of your analysis.

3. Ensure Data Quality

Data quality is paramount. Take steps to ensure the data you collect is accurate, relevant, and reliable. Verify the credibility of your sources and implement data-cleaning processes to remove errors and inconsistencies.

4. Segment Your Audience

Segment your target audience into distinct groups based on demographics, behaviors, or other relevant criteria. This allows for more tailored insights and strategies.

5. Use a Variety of Analysis Techniques

Employ a range of analysis techniques such as quantitative and qualitative methods . Quantitative analysis involves numerical data, while qualitative analysis explores insights from open-ended questions and interviews. This all-encompassing strategy offers a more complete perspective.

6. Stay Objective and Unbiased

Avoid bias in your research by maintaining objectivity. Be aware of any preconceived notions or assumptions that might influence your analysis. Use unbiased language and interpretation of results.

7. Thoroughly Understand Your Market

Before conducting research , gain a deep understanding of the market and industry you’re investigating. This background knowledge will help you ask the right questions and interpret findings effectively.

8. Invest in Technology and Tools

Utilize advanced tools and software for data analysis. These tools can streamline the process, handle large datasets, and provide more robust insights. Consider investing in data visualization tools to present findings effectively.

9. Continuous Learning and Adaptation

Keep yourself informed about the most current research methodologies and industry developments. Market conditions evolve, so it’s essential to adapt your research methods accordingly.

10. Ethical Considerations

Adhere to ethical standards in data collection and analysis. Respect privacy and confidentiality, obtain informed consent when necessary, and ensure compliance with data protection regulations.

11. Regularly Communicate Findings

Share research findings with relevant stakeholders within your organization. Effective communication ensures that insights are used to inform decision-making and strategy development.

12. Iterative Process

Market research analysis should be an iterative process. As you implement strategies based on your findings, continue to monitor and analyze the market to stay responsive to changes.

13. Benchmark and Measure Progress

Set benchmarks and key performance indicators (KPIs) to measure the success of your strategies. Regularly assess whether you are meeting your objectives and adjust your approach as needed.

14. Seek External Expertise

Consider consulting with external experts or hiring market research professionals when needed. Their expertise can enhance the quality and reliability of your analysis.

15. Document Your Process

Maintain thorough documentation of your research process , including data sources, methodologies, and assumptions. This documentation is valuable for transparency and future reference.

By following these best practices, businesses can conduct market research analysis that provides actionable insights, informs decision-making, and contributes to long-term success in a competitive market.

Learn more: What is Qualitative Market Research?

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Why Is Market Research Important?

Is conducting market research worth it, benefits of market research, 1. customer-centric business approach, 2. effective communication with customers, 3. decreased investment risk, 4. data-driven decisions, 5. identifying potential threats and opportunities (swot analysis), 6. understanding the target market and personas, 7. keep up with emerging trends, 8. keep up with competition, 9. identifying the right marketing channels, learn about market research and more.

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Top 10 Benefits of Market Research: An Overview

Explore the dynamic world of Business Intelligence with our blog on the "Top 10 Benefits of Market Research." Uncover how strategic insights drive success, enhance decision-making, and maximise profitability. From customer satisfaction to competitive analysis, delve into the invaluable Benefits of Market Research and revolutionise your approach.

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Table of Contents

1) Key Benefits of Market Research

a) Improved communication with customers

b) Facilitates the creation of strategic

c) Formulate comprehensive target personas

d) Minimise expenses and enhance time efficiency

e) Maintain a competitive edge in the Market

f) Recognise growth opportunities

2) Challenges associated with Market Research

3) Conclusion

Key Benefits of Market Research

Market Research can provide valuable insights into various aspects of your business, such as customer satisfaction, Market trends, competitor analysis, product development, pricing, branding, and more. Some of the key Benefits of Market Research are:

1) Improved communication with customers

Communication is essential for building and maintaining relationships with customers, as well as understanding their needs, expectations, feedback, and pain points. By conducting Market Research, businesses can collect customer data and analyse their opinions, attitudes, and behaviors, using methods such as surveys, interviews, focus groups, or online reviews.

It can help businesses improve their customer service, loyalty, retention, and referrals, by addressing their issues, answering their questions, solving their problems, or fulfilling their desires. For example, a business can use Market Research to find out what customers think about their products or services, how satisfied they are, what they like or dislike, what they want or need, or how they use or perceive them. It can help the business improve its products or services or create new ones that meet or exceed customer expectations.

2) Facilitates the creation of strategic

Strategic plans are long-term goals and actions that guide the direction and vision of a business. By conducting Market Research, businesses can identify their Strengths, Weaknesses, Opportunities, And Threats (SWOT analysis) and evaluate their current performance, position, and potential in the Market. It can help businesses create strategic plans that are realistic, achievable, and measurable, and align with their mission, vision, and values.

For example, a business can use Market Research to assess its Market size, share, growth, and trends, compare itself with its competitors, and identify gaps or areas for improvement. It can help the business create strategic plans focusing on its core competencies, differentiating itself from its competitors, and capitalising on its opportunities.

3) Formulate comprehensive target personas

Target personas are detailed profiles of the ideal customers for a business based on their demographics, psychographics, behaviours, and needs. By conducting Market Research, businesses can segment their Market into different groups and create target personas for each group, using methods such as surveys, interviews, focus groups, or online analytics. It can help businesses tailor their Marketing messages, channels, and strategies to appeal to each segment and increase their conversion, retention, and loyalty rates.

For example, a business can use Market Research to find out the age, gender, income, education, location, lifestyle, hobbies, values, goals, challenges, and motivations of their customers and create target personas that reflect their characteristics, preferences, and behaviours. It can help the business design and deliver products or services or create and distribute content that resonates with each target persona and addresses their needs, wants, or pain points.

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4) Minimise expenses and enhance time efficiency

Expenses and time are valuable resources for any business, and they should be used wisely and efficiently. By conducting Market Research, businesses can reduce the risk of making costly mistakes or wasting resources by testing their products or services or their Marketing strategies before launching them and ensuring that they meet the needs and expectations of their customers. It can help businesses optimise their pricing, distribution, promotion, and positioning strategies and ensure that they are aligned with their Market demand and competitive advantage.

For example, a business can use Market Research to test their products or services with their target customers, using methods such as surveys, interviews, focus groups, or experiments, and collect their feedback, opinions, and reactions. It can help the business refine its products or services, eliminate flaws, and improve its quality, functionality, usability, or appeal.

5) Maintain a competitive edge in the Market

Competition is inevitable and unavoidable in any Market, and it can be a threat or an opportunity for any business. By conducting Market Research, businesses can keep themselves updated on the latest trends, innovations, and changes in their industry, and monitor their competitors’ activities, such as their products, prices, promotions, strengths, weaknesses, and strategies. It can help businesses maintain a competitive edge in the Market by staying ahead of the curve, adapting to the changing environment, and leveraging their strengths while overcoming their weaknesses.

For example, a business can use Market Research to identify the emerging needs, preferences, expectations, and demands of their customers, and adapt their products or services accordingly. They can also use Market Research to spot the emerging trends, innovations, and opportunities in their industry, and leverage them to gain a competitive advantage.

6) Recognise growth opportunities

Growth opportunities are potential ways for a business to expand its Market, products, or services, and increase its sales, revenue, or profit. By conducting Market Research, businesses can explore new Markets, products, or services and assess their potential size, demand, and profitability using methods such as surveys, interviews, focus groups, or secondary data. It can help businesses recognise growth opportunities that are feasible, desirable, and viable, and pursue them with confidence and clarity.

For example, a business can use Market Research to assess the potential of new geographic, demographic, or psychographic segments and enter them with appropriate products, services, or Marketing strategies. They can also use Market Research to generate new ideas, concepts, or features for their products or services based on customer needs, preferences, or feedback to create new products or services or improve existing ones.

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7) Mitigate risks through concept testing

Concept testing is the process of evaluating the feasibility, desirability, and viability of a new product or service before launching it, using methods such as surveys, interviews, focus groups, or experiments. By conducting Market Research, businesses can mitigate risks through concept testing and ensure that their new products or services are aligned with their customers’ needs, expectations, and preferences and that they have a clear value proposition, competitive advantage, and Market potential.

It can help businesses avoid launching products or services that are not well-received, not well-differentiated, or not well-Marketed and save time, money, and resources. For example, a business can use Market Research to test their new product or service with their target customers, and collect their feedback, opinions, and reactions, and use them to refine their product or service, eliminate flaws, and improve their quality, functionality, usability, or appeal.

8) Enhance decision-making with better information

Decision-making is the process of choosing the best course of action among various alternatives based on the available information, criteria, and goals. By conducting Market Research, businesses can enhance their decision-making with better information by providing them with reliable, accurate, and relevant data and insights that support their decisions with facts, evidence, and logic, rather than relying on intuition, assumptions, or guesses.

It can help businesses make informed, rational, and effective decisions that are aligned with their goals, objectives, and strategies and that have positive impacts, outcomes, and consequences. For example, a business can use Market Research to support their decisions on product development, pricing, distribution, promotion, or positioning, by providing them with data and insights on customer needs, expectations, preferences, behaviours, or feedback, Market size, share, growth, or trends, competitor strengths, weaknesses, opportunities, or threats, or industry innovations, changes, or opportunities.

9) Compete with greater effectiveness

Competing with greater effectiveness means being able to outperform, outsmart, or outshine your competitors and attract, satisfy, and retain more customers by offering superior products or services or Marketing strategies that are differentiated, valuable, and appealing. By conducting Market Research, businesses can compete with greater effectiveness by understanding their competitive position, advantages, and disadvantages in the Market and by developing or improving their Unique Selling Proposition (USP), which is the factor that distinguishes them from their competitors and makes them attractive to their customers. It can help businesses stand out from the crowd, create a loyal customer base, and increase their Market share, sales, revenue, or profit.

For example, a business can use Market Research to compare its performance, products, prices, and strategies with its competitors and identify its strengths, weaknesses, opportunities, and threats. They can also use Market Research to develop or improve their USP by highlighting their benefits, features, or values that are unique, relevant, and compelling to their customers.

10) Stay abreast of current trends

Trends are patterns or movements of change or development in a Market, industry, or customer behaviour that have significant impacts or implications for businesses. By conducting Market Research, businesses can stay abreast of current trends by monitoring and anticipating the changes and developments in their Market, industry, and customer behaviour, using methods such as surveys, interviews, focus groups, or secondary data.

It can help businesses stay relevant, responsive, and proactive, adapt their products or services, or their Marketing strategies, to the changing environment, and meet or exceed customer expectations. For example, a business can use Market Research to identify the current trends, innovations, and opportunities in their industry and leverage them to gain a competitive edge. They can also use Market Research to identify the current needs, preferences, expectations, and demands of their customers and adapt their products or services accordingly.

Challenges associated with Market Research

Market Research can provide many benefits for your business, but it can also pose some challenges, such as:

a) Cost: Market Research can be expensive, depending on the scope, scale, and complexity of the research project. You may need to invest in hiring professional Researchers, Consultants, or agencies or purchasing specialised tools, software, or databases.

b) Time: Market Research can be time-consuming, depending on the type, method, and frequency of the research. You may need to spend a lot of time planning, designing, conducting, analysing, and reporting the research.

c) Quality: Market Research can be affected by the quality of the data, sources, methods, and analysis. You may encounter issues such as bias, error, validity, reliability, or generalizability of the research results.

d) Action: Market Research can be useless if you do not act on the findings, insights, and recommendations. You may need to implement, monitor, and evaluate the changes or improvements that you make based on the research.

Therefore, you need to plan and execute your Market Research carefully and use it wisely to reap the maximum Benefits of Market Research for your business.

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Market Research is a powerful tool that can help you grow your business in various ways. By conducting Market Research, you can improve your communication with your customers, facilitate the creation of strategic plans, and much more. However, you also need to be aware of the challenges associated with Market Research, such as cost, time, quality, and action, and overcome them with proper planning and execution. By doing so, you can enjoy the Benefits of Market Research and achieve your business goals.

Empower your business acumen with precision: Join our Marketing Research Training and harness the intelligence to propel your brand ahead of the competition.

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Top 5 Benefits of Market Research Reports for Business Analytics

19, January 2022

With the plethora of options available today, research forms a crucial aspect for making an informed decision. Market Research is to a decision what envisioning is to execution. Especially for a business, it can have a powerful effect on its future prospects. Detailed research reports have thus emerged as the preferred option for a number of companies. Packed with the latest data, valuable insights, and future projections, these reports help assess market conditions, make effective & strategic plans, and support your business.

We’ve enlisted 5 ways in which market research analysis can benefit your brand and overall business:

1. gain a better understanding of targeted audience.

Customers hold prime importance in the market scenario. Research, combined with effective analytical tools, enables understanding them better. Industry-specific reports will better equip you with the demographics of your potential buyers, and how likely they are to buy your products or services. By gaining an in-depth understanding of the customers’ needs, companies can effectively serve their expectations.

2. Stay Up-to-date with Trends

Market research keeps you updated with the latest industry trends, thus giving a holistic overview. According to Triton’s analyst, “syndicated and custom reports provide key metrics, such as market size, segmentation analysis, regional outlook, competitive landscape, and several market estimations that provide thorough knowledge to make informed decisions for growth.” You can also gain an in-depth analysis of the various factors driving or restraining a market’s growth. Staying abreast of the latest developments facilitates better decision-making around shifting trends.

3. Mitigate Possible Business Risks

While crafting an effective business strategy, companies need to factor in all the possible risks like regulatory hurdles faced while entering a new market or gaining product approval. With research, companies can learn about their market’s potential or assess whether it is already saturated. This will provide all the necessary data to mitigate risks or minimize financial losses.

4. Attain a Competitive Edge

Competitor research provides a direct insight about other players in the industry. A thorough analysis of the competitive landscape makes it easier to differentiate yourself from those offering similar products and services. By analyzing their actions, you can improve your product offerings and stay ahead of the game with advanced strategies. In short, solid research will give a company an edge over others in the marketplace. Besides, it will also foster more effective customer engagement.

5. Consolidate Market Positioning

It is vital to know where your business stands at particular moments in time, especially in this post-pandemic era. Market research data enables to evaluate your position, which can be used to track progress, make better decisions, and take action. Using an objective analysis not only helps formulate better business strategies, but also improve a brand’s reputation in the field and gain trust.

The role of market research in the development of any business cannot be underestimated. It majorly influences the business outlook and turnover of any company by providing all the necessary resources to steer it to success.

Triton Market Research provides fact-based, informative data, comprising a profound study of secondary market research, with in-depth data analysis performed by research experts. Our offerings include analysis of a wide horizon of industries and exceptional consulting services.

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1. How does Customer Behavior Analysis offered by Market Research Data aid Business Growth?

Market research identifies and highlights the key needs of the targeted audience to improve your customer service strategy. By catering to buyers’ needs, you can build lasting relationships with them. This will allow a stronger foothold in the market segment, ultimately influencing your future profits.

2. What are the Benefits of Staying Updated with Industry Trends?

Market research not only tells you about the latest trends but also the possible changes that are likely to affect the market in the future. With this information, you can choose a more suitable & stable business scheme, reduce material losses that may hamper profitability, and even identify areas for business improvement or increase access to products/services.

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6 Benefits Of Writing Market Research Reports

Market research reports can help you find answers to many questions that your business has. They not only help save a lot of your time but also add credibility to your work when you are presenting to a client, improving or making changes to your business plan, or making new business plans for the future .

You probably would have heard about Neilsen , one of the biggest market research companies in the world. The company is primarily into conducting market research. They provide data and insights into people’s buying habits. They create market research reports that their clients use to understand the market and take important business decisions. And there are many other companies like this that are into market research and market reports to help businesses understand market trends and do what is required for success and growth.

Market research involves the systematic collection of data and analysing the same. Market reports are nothing but this data analysed by market research analysts.

Let’s take a look at the many benefits of market research reports :

1. Get Hold of Important Data Quickly

Having market research reports handy helps companies in taking informed decisions. For example: Suppose you have to design advertising campaigns for two different clients. You can make use of a market research report to outline the target audience for the two clients, depending on the products they sell and other demographics.

Collecting primary takes a lot of time and that is something you often do not have. This is the reason why millions of entrepreneurs around the world rely on secondary market research report to get hold of data quickly.

Using market research reports will save a lot of time and make your life easy.

2. Easy to Understand

Marketing reports are written in the marketer’s language and so are easy to understand. They are often the outcome of rigorous surveys, focus groups, and data analysis. And conducting surveys and analysing data is not only time-consuming but, at times, difficult even for marketers.

Market reports eliminate all these and put everything on paper so that it becomes easy for you to understand the findings of the research and survey. The writer often prepares the report in the way the marketer wants that, answers questions like who the target audience is, who the competitors are, how to get more customers, and so on.

3. Provides Valuable Insights

You can use market research reports for a variety of purposes. From researching best practices and preparing RFPs to creating content , market research reports can help you in achieving all.

Often people do not have the time or resources to conduct primary research and this is when secondary market research is useful. Market reports often provide valuable insights into questions you have in mind. You can also use research reports to validate information collected at the source.

4. Helps in Making Informed Decision Through Objective Analysis

One of the biggest benefits of market research reports is their impartiality. When a third party makes the report, it is unbiased and will provide a better picture of what is happening in your market.

Market reports are loaded with information backed by sound research methods. Such reports give a better understanding of the market, issues that are likely to affect the market in the near future, and how to position your brands well to achieve growth. All these will help in better decision-making.

5. Builds Credibility

As you will be using objective analysis to make your decisions, it will not only help in better business planning but also enhance your professional reputation and credibility in the field and gives others the confidence to trust your decisions more.

With a market report, you will be in a position to tell your client or partner what the industry is doing and what more needs to be done in order to stay ahead in the competition.

6. Articulate Visible Risks

Risks are aplenty when it comes to running a business. And market research reports can help you understand the causes behind these risks and how you to tackle them effectively.

Market research reports can come in handy when presenting or proposing new ideas to clients and even while designing business plans. And these are only some of the ways in which you can make use of market research reports for the advantage of your business.

A market research report is meant to be a detailed document. Writing a market research report is as important as data collection and requires expertise on the subject matter, and unless the report is written in the correct way, the effort gone into the collection of the data will go to waste.

A market survey report captures all the information on the latest trends and gives you a fair idea of your target audience. It has to be structured and crafted with the help of a professional market research analyst to avoid ambiguity.

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Exploring the Pros and Cons of Research Reports

The purpose of this article is to provide a comprehensive exploration into the various pros and cons of research reports. With the recent proliferation in academic, commercial, governmental and non-governmental organizations engaging in various forms of research initiatives, it has become increasingly important for professionals to understand both the benefits and limitations associated with these data collection methods. This paper will review how different types of report formats can influence results as well as examine key considerations when planning or evaluating a research report project. In addition, we will discuss practical strategies for overcoming some common challenges that arise when utilizing this type of information gathering approach. By examining each component thoroughly, readers should gain an enhanced appreciation for what factors contribute towards successful outcomes while identifying potential areas needing improvement if desired goals are not achieved.

I. Introduction to Research Reports

Ii. benefits of research reports, iii. limitations of research reports, iv. advantages and disadvantages of various types of research report structures, v. evaluating the costs associated with conducting a research report study, vi. strategies for overcoming common challenges in generating useful results from a research report, vii conclusion: exploring the pros and cons of undertaking a research report.

Research Reports: A Comprehensive Overview

It is undeniable that research reports are essential for advancing knowledge in a wide variety of disciplines. These documents provide detailed summaries and analyses of collected data, offering researchers the means to communicate their findings with precision and clarity. Research reports may vary depending on specific field or domain; however, they all generally adhere to certain accepted conventions in terms of formatting, language, organization and content.

Scientific Research Report
Business-related Research Report

One type of research report particularly common among scientists is the scientific research report. This format requires an introductory section which explains the purpose of the document as well as any theoretical foundations upon which it was built. The body typically contains descriptions about methodologies used during experimentation along with interpretations made from results obtained from those experiments. Lastly, there is usually some sort of conclusion drawn based off these observations that presents what can be inferred from them moving forward into future studies.

Another popular form within academic circles is the literary analysis research report—often required by English professors when reading classic texts such as Shakespearean plays or 19th century novels like Jane Eyre . Literary analysis reports aim at delving deeper into themes explored by authors while also critiquing its implications given various historical contexts it finds itself situated within today’s world. Additionally included will likely be biographical details related to authorial background in order to garner greater understanding for how this influences writings produced throughout said author’s lifetime.

Advantages of Market Research Reports

Market research reports have become increasingly valuable for businesses and other organizations. Such reports enable a deeper understanding of customer needs, provide insight into competitive markets, and offer useful guidance on how to optimize product offerings. Additionally, they are invaluable sources of data that can be used to inform decision-making processes.

For example, a business utilizing market research might identify in which countries it should open stores or explore the effectiveness of its current advertising campaigns. A company also may find out what products customers desire most or uncover emerging trends before their competitors do so they can react swiftly. Furthermore, information from these studies allows firms to gauge customer satisfaction with existing services or goods – invaluable when considering making changes or launching new products entirely.

The limitations of research reports are significant. Firstly, there is the issue of bias , especially with qualitative studies. The researcher’s own opinions can significantly influence their results, leading to a lack of impartiality and objectivity in the report’s findings.

Furthermore, most types of research reports , including surveys or case studies tend to focus on a small sample size that may not accurately reflect an entire population. Even if larger groups are considered for study, it is impossible to represent every individual within them meaning potential areas of exploration will be left out.

A great way to reduce bias as much as possible when producing research reports is through triangulation; collecting data from multiple sources and viewpoints.
When selecting your sample size for any kind of survey or experiment based project, aim high where you can – the greater number participants included in your research means more comprehensive results!

In terms of research report structure, there are several key advantages and disadvantages to consider. From experimental reports, which rely on the researcher’s data collection as the primary source of evidence, to literature reviews that offer a synthesis of other scholarly works in the field, each type has its own benefits and drawbacks.

Experimental Reports : These reports have great potential for uncovering causal relationships between variables because they can control many factors within an experiment or survey. However, it is challenging to capture all relevant information from participants in this format due to their limited scope.
Literature Reviews : Literature reviews provide broader coverage than single-source studies by incorporating multiple perspectives and analyzing different bodies of work. While very comprehensive compared with other structures such as case studies, literature reviews do not usually offer unique insights since much of the evidence used is derived from existing sources.

When evaluating the costs associated with conducting a research report study, one must first consider which type of report they are completing. For instance, if an individual is looking to conduct a market research survey , there will be varying expenses depending on the sample size and method used. The cost of using an online platform for data collection can range from hundreds to thousands of dollars depending on the length and scope of the project.

In addition to collecting data, researchers may need additional funds in order to analyze and present results through comprehensive reports or presentations. Hiring experts for this task could easily add several thousand dollars into budgeting calculations.

As research projects progress, common challenges may arise in the process of obtaining useful results from a report. In this section, we will explore strategies to help address these difficulties when working with qualitative research reports.

Ensuring accurate data representation: Research should be conducted thoroughly and meticulously in order for it to produce valid conclusions. To guarantee accuracy throughout the entire project lifecycle, steps such as verifying all data entered into the system and double-checking calculations can prove invaluable.
Managing time constraints: It is important that deadlines are met while producing a meaningful output which can sometimes cause difficulty if there are limited resources available or if an unexpected event occurs during the course of investigation. Therefore it is necessary to set realistic goals beforehand so that they remain achievable despite any potential disruptions.

The research report in question examined the pros and cons of undertaking a survey-based study. After considering both the advantages and disadvantages, it became clear that conducting such a study is not without its challenges. Nonetheless, with adequate preparation and attention to detail, researchers can maximize their chances for success.

Research reports provide an objective overview of data which allows all stakeholders to make informed decisions. They also offer great flexibility when it comes to structuring questions and gathering responses from respondents across different locations or demographic groups. Finally, survey-based studies are relatively inexpensive compared to other forms of research methods such as laboratory experiments or focus groups.

One major downside associated with these types of studies is that they rely heavily on self-reporting by participants who may be unreliable sources of information due to biases or lack knowledge about certain topics. Additionally, surveys can take considerable amounts of time before results are obtained; thus affecting turnaround times for projects relying on this type data collection method. Lastly, errors related sampling size could potentially affect accuracy levels within analysis.

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Published March 26 th 2024

What is LinkedIn Messaging for Pages, and Why Should You Enable It Immediately?

LinkedIn’s Page Messaging is a new feature that allows your audience to contact you directly through your LinkedIn Page.

Previously, LinkedIn members could only message other LinkedIn members, and there was no easy way of messaging company Pages. This new functionality breaks down that barrier and facilitates two-way conversations between people and brands.

This is a great opportunity for your company to make yourself more easily available to your audience on LinkedIn.

A direct communication channel

So, how does this work, exactly?

As a brand, you’ll have the freedom to choose from a range of topics members can reach out about. That might be questions about your business, a service or demo request, support or career opportunities. Select a minimum of two topics from the list to define the inquiries you wish to receive.

When you reply to these messages, you do so on behalf of your company, which means the recipient only sees your company name and logo. The benefit of that is your audience can experience a one-on-one interaction with your brand, strengthening both brand awareness and the overall relationship.

Three big advantages of enabling messages for your LinkedIn Page

1. receive quality leads .

Enabling LinkedIn’s Pages messaging feature increases accessibility, making it easier for your audience to connect with you.

Breaking down barriers of communication can significantly increase your chances of getting quality leads. When potential customers make an effort to contact you, they already demonstrate a keen interest in your brand. By enabling a convenient way to reach you, your business is readily available to meet their needs, effectively turning initial interest into actual leads.

2. Attract the right talent

Messaging for your LinkedIn Page also helps your company attract talent. By opening a direct communication channel on LinkedIn, you simplify the process for motivated applicants to connect with you.

Providing a direct channel for potential candidates signals that your company values proactive engagement and is receptive to job inquiries. This might attract individuals who are passionate, motivated, and eager to join your organization.

3. Strengthen your brand

Personalization, responsiveness, and availability on social media is vital for building brand trust and loyalty. Opening up for direct messages makes your brand more approachable, allowing your audience to reach out to you through their preferred channel.

Close contact with potential customers allows for a more personalized customer care approach, ensuring relevant information and personal guidance through the buyer’s journey. These efforts showcase dedication to excellent customer service, enhancing credibility, satisfaction, and trust, which ultimately strengthens your brand.

Now that you know the advantages of LinkedIn’s Pages Messages, let’s explore the best practices of leveraging these benefits.

Messages for LinkedIn Pages best practices

Keep your conversations organized.

Even though LinkedIn prompts people to categorize their message, there might be times where inquiries don’t fit the predefined topics. If that happens, go to your Pages Inbox to change the topic and make sure every message is properly organized and accounted for.

Coordinate across teams

Make sure your team has super admin or content admin access to your LinkedIn Business Page, so you can efficiently delegate tasks between team members. Efficient delegation ensures that each inquiry is assigned to the appropriate team member, so they can take swift action.

Be responsive

Timely responses show your dedication to potential customers, job applicants, or future partners, boosting their confidence in your company.

Stay efficient with a social media management tool

If you are managing several social media accounts, another stream of incoming messages can be overwhelming. By implementing a social media management tool , you can ensure that no message goes unnoticed, and that everyone who reaches out receives a timely response.

As a member of the LinkedIn Marketing Partner Program, we are excited to announce that LinkedIn’s Pages Messages feature is already fully integrated in Brandwatch Engage .

Tempted to see it in action? Book a free demo .

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COMMENTS

11 Benefits of Market Research + Examples
Yet still, there are many who focus on instinct instead of insight. While intuition is all good and well, there's no getting away from the power of cold-hard data. In this post, I list 11 market research benefits, with real-world examples and six free research templates thrown in for good measure. 1. Better communication with customers.
5 Benefits of Market Research Reports
4. Use Objective Data to Make Informed Decisions. Another important benefit of market research reports is their impartiality. "Any third-party report is more unbiased, and so they provide a better picture of what's really happening in our market," Braun asserts. "It's the best way to stay on the right path because we focus on the data ...
Top 10 Benefits of Market Research Reports
Components of a Market Research Report. 3. Types of Market Research Reports. 4. Top 10 Benefits of Market Research Reports. 4.1. #1 Discover your competitor's strengths and weaknesses. 4.2. #2 Gather industry information faster. 4.3. #3 Get a holistic view of the market. 4.4. #4 Focus on customer demands and needs.
10 key benefits of market research
Here is a list outlining the main benefits of investing in marketing research: It helps businesses strengthen their position. Knowledge is power. Use market research to gain a better perspective and understanding of your market or target audience and ensure that your firm stays ahead of the competition. It minimises any investment risk.
How to Do Market Research: The Complete Guide
Monitor and adapt. Now that you have gained insights into the various market research methods at your disposal, let's delve into the practical aspects of how to conduct market research effectively. Here's a quick step-by-step overview, from defining objectives to monitoring market shifts. 1. Set clear objectives.
What is a Marketing Research Report and How to Write It?
Market Research Reports Advantages and Disadvantages. Here are some of the top advantages and disadvantages of doing market research and crafting market research reports. Advantages. Identify business opportunities - A market research report can be used to analyze potential markets and new products. It can give information about customer ...
Market Research: What It Is and How to Do It
June 3, 2021 28 min read. Market research is a process of gathering, analyzing, and interpreting information about a given market. It takes into account geographic, demographic, and psychographic data about past, current, and potential customers, as well as competitive analysis to evaluate the viability of a product offer.
10 Benefits of Market Research
Market research helps you understand your customers' demands, identify more business opportunities, plan the perfect marketing campaign, minimize losses, and keep track of the competition. Even better, it allows businesses to Identify problems in their strategies and business executions before they happen.
What Is Market Research & Why Is It Important?
Advantages of market research. Market research helps you identify your greatest strengths, threats, and opportunities. It can help you find your way when markets become tough to predict and find efficient ways to grow your business. Online market research can help the whole business at any stage of its life.
Everything You Want to Know About Market Research
Why do companies conduct market research? There is a wealth of insights and benefits provided by market research, but at its core, the purpose and value of market research is that it helps you make informed decisions by:. Understanding the Market. Market research provides in-depth insights, allowing companies to better understand the market, identify customers' needs and preferences ...
Why Market Research Is Important
The Benefits of Market Research. ... Industry reports or research from your competitors, for example, can reveal what new product features consumers are interested in. Today's culture changes rapidly, and market research is essential if you want to keep up. You need to stay aware of trends regarding your consumers' purchasing behavior, the ...
10 Key Benefits of Market Research
Market research helps us prepare for many different situations, both internal and external. 5. Estimates sales and fully utilizes advertising expenditure. Consider as well how market research helps organizations budget resources for the promotion of a new product or service. Any budget, in fact, benefits from market research.
Market Research Report Examples For Your Analysis Results
1. Market Research Report: Brand Analysis. Our first example shares the results of a brand study. To do so, a survey has been performed on a sample of 1333 people, information that we can see in detail on the left side of the board, summarizing the gender, age groups, and geolocation. **click to enlarge**.
What is a Marketing Research Report and How to Write It
Before we discuss how to write a marketing research report, let's quickly take a look at market research report benefits and also some of the limitations in marketing research reports. Advantages of Market Research Report. Here are the top reasons why you should invest in creating a market research report. 1.
What is Market Research Analysis? Definition, Steps, Benefits, and Best
These benefits are instrumental in making informed decisions, shaping strategies, and ultimately achieving business objectives. Here are some of the key advantages of conducting market research analysis: Informed Decision-Making: Market research analysis provides valuable insights and data-driven information that support informed decision ...
Market Research: 9 Key Benefits You Might Not Have Considered
Some other market research benefits may include (but aren't limited to): 1. Customer-Centric Business Approach. There are plenty of important reasons to position your customers at the center of your business. Strong customer loyalty implies repeat customers who are less likely to abandon you for a competitor.
Market Research: 8 Pros and Cons (Plus Definition and Methods)
Here are the advantages of conducting market research: 1. Managing risks. The first major advantage of conducting market research is improving your risk management strategy. Doing research helps you understand patterns of consumer behavior so you can calculate the likelihood of your products and services succeeding with your target market.
Top 10 Benefits of Market Research
In this blog, we will explore the top 10 Benefits of Market Research and how it can help you grow your business. Table of Contents. 1) Key Benefits of Market Research. a) Improved communication with customers. b) Facilitates the creation of strategic. c) Formulate comprehensive target personas. d) Minimise expenses and enhance time efficiency.
Benefits of Market Research Reports for Business Analytics
Market research identifies and highlights the key needs of the targeted audience to improve your customer service strategy. By catering to buyers' needs, you can build lasting relationships with them. This will allow a stronger foothold in the market segment, ultimately influencing your future profits. 2. What are the Benefits of Staying ...
6 Benefits Of Writing Market Research Reports
Market research involves the systematic collection of data and analysing the same. Market reports are nothing but this data analysed by market research analysts. Let's take a look at the many benefits of market research reports. creating content. A market research report is meant to be a detailed document. Writing a market research report is ...
What Are The Benefits Of Market Research?
Market Research Minimizes Risk. First and foremost, market research provides security. By supplying a selection of timely, relevant facts and figures, market research helps protect a company's market presence, providing validation for specific business strategies. With market research data, companies can identify and segment market needs ...
Market Research and Insight: Past, Present and Future
One hundred years have passed since the founding of the first independent market research firm in the UK in 1921. This important milestone inspired this special issue of the International Journal of Market Research that explores the role and importance of market research through a historical lens. A historical approach enables recognising and (re)framing both academic and practitioner ...
5 Benefits of Conducting Marketing Research Surveys
When you conduct marketing research surveys, you will experience numerous benefits. 1. You'll understand your audience better. Your audience is the backbone of your business, so it's important that you listen to them and understand what they need from your business.
Exploring the Pros and Cons of Research Reports
Advantages of Market Research Reports. Market research reports have become increasingly valuable for businesses and other organizations. Such reports enable a deeper understanding of customer needs, provide insight into competitive markets, and offer useful guidance on how to optimize product offerings. Additionally, they are invaluable sources ...
Unlock the Benefits of LinkedIn Messaging for Pages
Discover the benefits and best practices for leveraging this feature. [Report] The Marketer of 2024 Discover the insights of 300+ marketing professionals on the essential tools, resources, and skills for success.

5 Benefits of Market Research Reports

1. Gather Industry Information Quickly

2. Validate Internal Research

3. Get a Holistic View of the Market

4. Use Objective Data to Make Informed Decisions

5. Strengthen Your Credibility and Reputation

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What is market research?

Why is market research important?

Types of market research

1. Qualitative research

2. Quantitative research

3. Exploratory research

4. Descriptive research

5. Causal research

6. Cross-sectional research

7. Longitudinal research

Primary vs. secondary market research

Primary market research

Secondary market research

Market research methods

1. Surveys and questionnaires

2. Interviews

3. Focus groups

4. Observational research

5. Online research tools

6. Experiments

7. Content analysis

8. Ethnographic research

How to do market research

1. Set clear objectives

2. Identify your target audience

3. Choose your research methods

4. Use the right market research tools

5. Collect data

6. Analyze data

7. Interpret your findings

8. Identify opportunities and challenges

9. Make informed business decisions

10. Monitor and adapt

Online market research sources

Market research examples

Example 1: Apple’s iPhone launch

Example 2: McDonald’s global expansion

Example 3: Organic and sustainable farming

Market research templates

Strengthen your business with market research

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