How to Do Market Research: A Guide and Template
Discover the different types of market research, how to conduct your own market research, and use a free template to help you along the way.
MARKET RESEARCH KIT
5 Research and Planning Templates + a Free Guide on How to Use Them in Your Market Research
Today's consumers have a lot of power. They can research your product or service and make purchase decisions entirely on their own.
Moreover, rather than talking to one of your sales reps, they're more likely to ask for referrals from members of their networks or read online reviews.
With this in mind, have you adapted your marketing strategy to complement the way today's consumers research, shop, and buy?
To do just that, you must have a deep understanding of who your buyers are, your specific market, and what influences the purchase decisions and behavior of your target audience members.
Enter: Market Research.
Whether you're new to market research, this guide will provide you with a blueprint for conducting a thorough study of your market, target audience, competition, and more.
What is market research?
Market research is the process of gathering information about your target market and customers to verify the success of a new product, help your team iterate on an existing product, or understand brand perception to ensure your team is effectively communicating your company's value effectively.
Market research can answer various questions about the state of an industry, but it's hardly a crystal ball that marketers can rely on for insights on their customers. Market researchers investigate several areas of the market, and it can take weeks or even months to paint an accurate picture of the business landscape.
However, researching just one of those areas can make you more intuitive to who your buyers are and how to deliver value that no other business is offering them right now.
Certainly you can make sound judgment calls based on your experience in the industry and your existing customers. However, keep in mind that market research offers benefits beyond those strategies. There are two things to consider:
- Your competitors also have experienced individuals in the industry and a customer base. It's very possible that your immediate resources are, in many ways, equal to those of your competition's immediate resources. Seeking a larger sample size for answers can provide a better edge.
- Your customers don't represent the attitudes of an entire market. They represent the attitudes of the part of the market that is already drawn to your brand.
The market research services market is growing rapidly, which signifies a strong interest in market research as we enter 2023. The market is expected to grow from roughly $75 billion in 2021 to $90.79 billion in 2025 at a compound annual growth rate of 5%.
Free Market Research Kit
- SWOT Analysis Template
- Survey Template
- Focus Group Template
You're all set!
Click this link to access this resource at any time.
Why do market research?
Market research allows you to meet your buyer where they are. As our world (both digital and analog) becomes louder and demands more and more of our attention, this proves invaluable. By understanding your buyer's problems, pain points, and desired solutions, you can aptly craft your product or service to naturally appeal to them. Once you're ready to expand your business, you can also use market research to help you create a market development strategy .
Market research also provides insight into a wide variety of things that impact your bottom line, including:
- Where your target audience and current customers conduct their product or service research
- Which of your competitors your target audience looks to for information, options, or purchases
- What's trending in your industry and in the eyes of your buyer
- Who makes up your market and what their challenges are
- What influences purchases and conversions among your target audience
- Consumer attitudes about a particular topic, pain, product, or brand
- Whether there's demand for the business initiatives you're investing in
- Unaddressed or underserved customer needs that can be flipped into selling opportunity
- Attitudes about pricing for a particular product or service
Ultimately, market research allows you to get information from a larger sample size of your target audience, eliminating bias and assumptions so that you can get to the heart of consumer attitudes. As a result, you can make better business decisions from knowing the bigger picture.
As you begin honing in on your market research, you'll likely hear about primary and secondary market research. The easiest way to think about primary and secondary research is to envision two umbrellas sitting beneath market research: one for primary market research and one for secondary market research.
Beneath these two umbrellas sits a number of different types of market research, which we'll highlight below . Defining which of the two umbrellas your market research fits beneath isn't necessarily crucial, although some marketers prefer to make the distinction.
So, in case you encounter a marketer who wants to define your types of market research as primary or secondary — or if you're one of them — let's cover the definitions of the two categories next. Then, we'll look at the different types of market research in the following section .
Primary vs. Secondary Research
To give you an idea of how extensive market research can get, consider that it can either be qualitative or quantitative in nature — depending on the studies you conduct and what you're trying to learn about your industry.
Qualitative research is concerned with public opinion, and explores how the market feels about the products currently available in that market. Quantitative research is concerned with data, and looks for relevant trends in the information that's gathered from public records.
There are two main types of market research that your business can conduct to collect actionable information on your products, including primary research and secondary research. Let's dive into those two types, now.
Primary research is the pursuit of first-hand information about your market and the customers within your market. It's useful when segmenting your market and establishing your buyer personas. Primary market research tends to fall into one of two buckets: exploratory and specific research.
Exploratory Primary Research
This kind of primary market research is less concerned with measurable customer trends and more about potential problems that would be worth tackling as a team. It normally takes place as a first step — before any specific research has been performed — and may involve open-ended interviews or surveys with small numbers of people.
Specific Primary Research
Specific primary market research often follows exploratory research and is used to dive into issues or opportunities the business has already identified as important. In specific research, the business can take a smaller or more precise segment of their audience and ask questions aimed at solving a suspected problem.
Secondary research is all the data and public records you have at your disposal to draw conclusions from (e.g. trend reports, market statistics, industry content, and sales data you already have on your business). Secondary research is particularly useful for analyzing your competitors . The main buckets your secondary market research will fall into include:
These sources are your first and most-accessible layer of material when conducting secondary market research. They're often free to find and review — lots of bang for your buck here.
Government statistics are one of the most common types of public sources according to Entrepreneur. Two U.S. examples of public market data are the U.S. Census Bureau and the Bureau of Labor & Statistics , both of which offer helpful information on the state of various industries nationwide.
These sources often come in the form of market reports, consisting of industry insight compiled by a research agency like Pew , Gartner , or Forrester . Because this info is so portable and distributable, it typically costs money to download and obtain.
Internal sources deserve more credit for supporting market research than they generally get. Why? This is the market data your organization already has!
Average revenue per sale, customer retention rates, and other historical data on the health of old and new accounts can all help you draw conclusions on what your buyers might want right now.
Now that we've covered these overarching market research categories, let's get more specific and look at the various types of market research you might choose to conduct.
Types of Market Research
- 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
Interviews allow for face-to-face discussions (in-person and virtual) so you can allow for a natural flow or conversation and watch your interviewee's body language while doing so.
Your interviewees can answer questions about themselves to help you design your buyer personas. These buyer personas describe your ideal customer's age, family size, budget, job title, the challenges they face at work, and similar aspects of their lifestyle. Having this buyer profile in hand can shape your entire marketing strategy, from the features you add to your product to the content you publish on your website.
2. Focus Groups
Focus groups provide you with a handful of carefully-selected people that can test out your product, watch a demo, provide feedback, and/or answer specific questions.
This type of market research can give you ideas for product differentiation, or the qualities of your product that make it unique in the marketplace. Consider asking your focus group questions about (and showing them examples of) your services, and ultimately use the group's feedback to make these services better.
3. Product/Service Use Research
Product or service use research offers insight into how and why your audience uses your product or service, and specific features of that item. This type of market research also gives you an idea of the product or service's usability for your target audience.
4. Observation-Based Research
Observation-based research allows you to sit back and watch the ways in which your target audience members go about using your product or service, what works well in terms of UX , what roadblocks they hit, and which aspects of it could be easier for them to use and apply.
5. Buyer Persona Research
Buyer persona research gives you a realistic look at who makes up your target audience, what their challenges are, why they want your product or service, what they need from your business and brand, and more.
6. Market Segmentation Research
Market segmentation research allows you to categorize your target audience into different groups (or segments) based on specific and defining characteristics — this way, you can determine effective ways to meet their needs, understand their pain points and expectations, learn about their goals, and more.
7. Pricing Research
Pricing research gives you an idea of what similar products or services in your market sell for, what your target audience expects to pay — and is willing to pay — for whatever it is you sell, and what's a fair price for you to list your product or service at. All of this information will help you define your pricing strategy .
8. Competitive Analysis
Competitive analyses are valuable because they give you a deep understanding of the competition in your market and industry. You can learn about what's doing well in your industry, what your target audience is already going for in terms of products like yours, which of your competitors should you work to keep up with and surpass, and how you can clearly separate yourself from the competition .
9. Customer Satisfaction and Loyalty Research
Customer satisfaction and loyalty research give you a look into how you can get current customers to return for more business and what will motivate them to do so (e.g. loyalty programs , rewards, remarkable customer service). This research will help you discover the most-effective ways to promote delight among your customers . If you're using a CRM system, see if you're able to send out automated customer feedback surveys to aid in this process.
10. Brand Awareness Research
Brand awareness research tells you about what your target audience knows about and recognizes from your brand. It tells you about the associations your audience members make when they think about your business and what they believe you're all about.
11. Campaign Research
Campaign research entails looking into your past campaigns and analyzing their success among your target audience and current customers. It requires experimentation and then a deep dive into what reached and resonated with your audience so you can keep those elements in mind for your future campaigns and hone in on the aspects of what you do that matters most to those people.
Now that you know about the categories and types of market research, let's review how you can conduct your market research .
Here's how to do market research step-by-step.
How to Do 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.
1. Define your buyer persona.
Before you dive into how customers in your industry make buying decisions, you must first understand who they are.
This is where your buyer personas come in handy. Buyer personas — sometimes referred to as marketing personas — are fictional, generalized representations of your ideal customers.
Use a free tool to create a buyer persona that your entire company can use to market, sell, and serve better.
They help you visualize your audience, streamline your communications, and inform your strategy. Some key characteristics you should be keen on including in your buyer persona are:
- Job title(s)
- Family size
- Major challenges
The idea is to use your persona as a guideline for how to effectively reach and learn about the real audience members in your industry. Also, you may find that your business lends itself to more than one persona — that's fine! You just need to be thoughtful about each specific persona when you're optimizing and planning your content and campaigns.
To get started with creating your personas, check out these free templates , as well as this helpful tool.
2. Identify a persona group to engage.
Now that you know who your buyer personas are, use that information to help you identify a group to engage to conduct your market research with — this should be a representative sample of your target customers so you can better understand their actual characteristics, challenges, and buying habits.
The group you identify to engage should also be made of people who recently made a purchase or purposefully decided not to make one. Here are some more guidelines and tips to help you get the right participants for your research.
How to Identify the Right People to Engage for Market Research
When choosing who to engage for your market research, start by focusing on people who have the characteristics that apply to your buyer persona. You should also:
Aim for 10 participants per buyer persona.
We recommend focusing on one persona, but if you feel it's necessary to research multiple personas, be sure to recruit a separate sample group for each one.
Select people who have recently interacted with you.
You may want to focus on people that have completed an evaluation within the past six months — or up to a year if you have a longer sales cycle or niche market. You'll be asking very detailed questions so it's important that their experience is fresh.
Free Focus Group Kit
Gather a mix of participants..
You want to recruit people who have purchased your product, purchased a competitor's product, and decided not to purchase anything at all. While your customers will be the easiest to find and recruit, sourcing information from those who aren't customers (yet!) will help you develop a balanced view of your market.
Here are some more details on how to select this mix of participants:
- Pull a list of customers who made a recent purchase. As we mentioned before, this is usually the easiest set of buyers to recruit. If you're using a CRM system with list segmentation capabilities , you can run a report of deals that closed within the past six months and filter it for the characteristics you're looking for. Otherwise, you can work with your sales team to get a list of appropriate accounts from them.
- Pull a list of customers who were in an active evaluation, but didn't make a purchase. You should get a mix of buyers who either purchased from a competitor or decided not to make a purchase. Again, you can get this list from your CRM or from whatever system your Sales team uses to track deals.
- Call for participants on social media. Try reaching out to the folks that follow you on social media, but decided not to buy from you. There's a chance that some of them will be willing to talk to you and tell you why they ultimately decided not to buy your product.
- Leverage your own network. Get the word out to your coworkers, former colleagues, and LinkedIn connections that you're conducting a study. Even if your direct connections don't qualify, some of them will likely have a coworker, friend, or family member who does.
- Choose an incentive. Time is precious, so you'll need to think about how you will motivate someone to spend 30-45 minutes on you and your study. On a tight budget? You can reward participants for free by giving them exclusive access to content. Another option? Send a simple handwritten 'thank you' note once the study is complete.
3. Prepare research questions for your market research participants.
The best way to make sure you get the most out of your conversations is to be prepared. You should always create a discussion guide — whether it's for a focus group, online survey, or a phone interview — to make sure you cover all of the top-of-mind questions and use your time wisely.
(Note: This is not intended to be a script. The discussions should be natural and conversational, so we encourage you to go out of order or probe into certain areas as you see fit.)
Your discussion guide should be in an outline format, with a time allotment and open-ended questions for each section.
Wait, all open-ended questions?
Yes — this is a golden rule of market research. You never want to "lead the witness" by asking yes and no questions, as that puts you at risk of unintentionally swaying their thoughts by leading with your own hypothesis. Asking open-ended questions also helps you avoid one-word answers (which aren't very helpful for you).
Example Outline of a 30-Minute Survey
Here's a general outline for a 30-minute survey for one B2B buyer. You can use these as talking points for an in-person interview, or as questions posed on a digital survey that can be made with tools like HubSpot's free online form builder , to administer as a survey to your target customers.
Background Information (5 Minutes)
Ask the buyer to give you a little background information (their title, how long they've been with the company, and so on). Then, ask a fun/easy question to warm things up (first concert attended, favorite restaurant in town, last vacation, etc.).
Remember, you want to get to know your buyers in pretty specific ways. You might be able to capture basic information such as age, location, and job title from your contact list, there are some personal and professional challenges you can really only learn by asking.
Here are some other key background questions to ask your target audience:
- Describe how your team is structured.
- Tell me about your personal job responsibilities.
- What are the team's goals and how do you measure them?
- What has been your biggest challenge in the past year?
Now, make a transition to acknowledge the specific purchase or interaction they made that led to you including them in the study. The next three stages of the buyer's journey will focus specifically on that purchase.
Awareness (5 Minutes)
Here, you want to understand how they first realized they had a problem that needed to be solved without getting into whether or not they knew about your brand yet.
- Think back to when you first realized you needed a [name the product/service category, but not yours specifically]. What challenges were you facing at the time?
- How did you know that something in this category could help you?
- How familiar were you with different options on the market?
Consideration (10 Minutes)
Now you want to get very specific about how and where the buyer researched potential solutions. Plan to interject to ask for more details.
- What was the first thing you did to research potential solutions? How helpful was this source?
- Where did you go to find more information?
If they don't come up organically, ask about search engines, websites visited, people consulted, and so on. Probe, as appropriate, with some of the following questions:
- How did you find that source?
- How did you use vendor websites?
- What words specifically did you search on Google?
- How helpful was it? How could it be better?
- Who provided the most (and least) helpful information? What did that look like?
- Tell me about your experiences with the sales people from each vendor.
Decision (10 Minutes)
- Which of the sources you described above was the most influential in driving your decision?
- What, if any, criteria did you establish to compare the alternatives?
- What vendors made it to the short list and what were the pros/cons of each?
- Who else was involved in the final decision? What role did each of these people play?
- What factors ultimately influenced your final purchasing decision?
Here, you want to wrap up and understand what could have been better for the buyer.
- Ask them what their ideal buying process would look like. How would it differ from what they experienced?
- Allow time for further questions on their end.
- Don't forget to thank them for their time and confirm their address to send a thank-you note or incentive.
4. List your primary competitors.
List your primary competitors — keep in mind listing the competition isn't always as simple as Company X versus Company Y.
Sometimes, a division of a company might compete with your main product or service, even though that company's brand might put more effort in another area.
For example, Apple is known for its laptops and mobile devices but Apple Music competes with Spotify over its music streaming service.
From a content standpoint, you might compete with a blog, YouTube channel, or similar publication for inbound website visitors — even though their products don't overlap with yours at all.
And a toothpaste company might compete with magazines like Health.com or Prevention on certain blog topics related to health and hygiene even though the magazines don't actually sell oral care products.
Identifying Industry Competitors
To identify competitors whose products or services overlap with yours, determine which industry or industries you're pursuing. Start high-level, using terms like education, construction, media & entertainment, food service, healthcare, retail, financial services, telecommunications, and agriculture.
The list goes on, but find an industry term that you identify with, and use it to create a list of companies that also belong to this industry. You can build your list the following ways:
- Review your industry quadrant on G2 Crowd: In certain industries, this is your best first step in secondary market research. G2 Crowd aggregates user ratings and social data to create "quadrants," where you can see companies plotted as contenders, leaders, niche, and high performers in their respective industries. G2 Crowd specializes in digital content, IT services, HR, ecommerce, and related business services.
- Download a market report: Companies like Forrester and Gartner offer both free and gated market forecasts every year on the vendors who are leading their industry. On Forrester's website, for example, you can select "Latest Research" from the navigation bar and browse Forrester's latest material using a variety of criteria to narrow your search. These reports are good assets to save on your computer.
- Search using social media: Believe it or not, social networks make great company directories if you use the search bar correctly. On LinkedIn, for example, select the search bar and enter the name of the industry you're pursuing. Then, under "More," select "Companies" to narrow your results to just the businesses that include this or a similar industry term on their LinkedIn profile.
Identifying Content Competitors
Search engines are your best friends in this area of secondary market research. To find the online publications with which you compete, take the overarching industry term you identified in the section above, and come up with a handful of more specific industry terms your company identifies with.
A catering business, for example, might generally be a "food service" company, but also consider itself a vendor in "event catering," "cake catering," "baked goods," and more.
Once you have this list, do the following:
- Google it: Don't underestimate the value in seeing which websites come up when you run a search on Google for the industry terms that describe your company. You might find a mix of product developers, blogs, magazines, and more.
- Compare your search results against your buyer persona: Remember the buyer persona you created during the primary research stage, earlier in this article? Use it to examine how likely a publication you found through Google could steal website traffic from you. If the content the website publishes seems like the stuff your buyer persona would want to see, it's a potential competitor, and should be added to your list of competitors.
After a series of similar Google searches for the industry terms you identify with, look for repetition in the website domains that have come up.
Examine the first two or three results pages for each search you conducted. These websites are clearly respected for the content they create in your industry, and should be watched carefully as you build your own library of videos, reports, web pages, and blog posts.
5. Summarize your findings.
Feeling overwhelmed by the notes you took? We suggest looking for common themes that will help you tell a story and create a list of action items.
To make the process easier, try using your favorite presentation software to make a report, as it will make it easy to add in quotes, diagrams, or call clips.
Feel free to add your own flair, but the following outline should help you craft a clear summary:
- Background: Your goals and why you conducted this study.
- Participants: Who you talked to. A table works well so you can break groups down by persona and customer/prospect.
- Executive Summary : What were the most interesting things you learned? What do you plan to do about it?
- Awareness: Describe the common triggers that lead someone to enter into an evaluation. (Quotes can be very powerful.)
- Consideration: Provide the main themes you uncovered, as well as the detailed sources buyers use when conducting their evaluation.
- Decision: Paint the picture of how a decision is really made by including the people at the center of influence and any product features or information that can make or break a deal.
- Action Plan: Your analysis probably uncovered a few campaigns you can run to get your brand in front of buyers earlier and/or more effectively. Provide your list of priorities, a timeline, and the impact it will have on your business.
Lastly, let's review a resource that can help you compile everything we just discussed in a simple yet effective way (plus, it's free!).
Market Research Report Template
Within a market research kit, there are a number of critical pieces of information for your business's success. Let's take a look at what those different kit elements are next.
Download HubSpot's free, editable market research report template here.
1. Five Forces Analysis Template
Use Porter's Five Forces Model to understand an industry by analyzing five different criteria and how high the power, threat, or rivalry in each area is — here are the five criteria:
- Competitive rivalry
- Threat of new entrants
- Threat of substitution
- Buyer power
- Supplier power
Download a free, editable Five Forces Analysis template here.
2. SWOT Analysis Template
A SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis looks at your internal strengths and weaknesses, and your external opportunities and threats within the market.
A SWOT analysis highlights direct areas of opportunity your company can continue, build, focus on, and work to overcome.
Download a free, editable SWOT Analysis template here.
3. Market Survey Template
Both market surveys and focus groups ( which we'll cover in the next section ) help you uncover important information about your buyer personas , target audience, current customers, market, competition, and more (e.g. demand for your product or service, potential pricing, impressions of your branding, etc.).
Surveys should contain a variety of question types, like multiple choice, rankings, and open-ended responses. Ask quantitative and short-answer questions to save you time and to more easily draw conclusions. (Save longer questions that will warrant more detailed responses for your focus groups.)
Here are some categories of questions you should ask via survey:
- Demographic questions
- Business questions
- Competitor questions
- Industry questions
- Brand questions
- Product questions
Download a free, editable Market Survey template here.
4. Focus Group Template
Focus groups are an opportunity to collect in-depth, qualitative data from your real customers or members of your target audience. You should ask your focus group participants open-ended questions. While doing so, keep these tips top of mind:
- Set a limit for the number of questions you're asking (after all, they're open-ended).
- Provide participants with a prototype or demonstration.
- Ask participants how they feel about your price.
- Ask participants about your competition.
- Offer participants time at the end of the session for final comments, questions, or concerns.
Download a free, editable Focus Group template here.
Market Research Examples
1. disney uses kid-centric focus groups to test new characters and ideas..
The Walt Disney Company can spend millions crafting what its Animation Studio team believes is a worthwhile story, but it wisely focuses on its intended audience — children — when testing how well a character or topic performs.
A few times each year, Disney executives meet with preschoolers and kindergartners in kid-centric focus groups to get their opinions and insights on TV episodes, Disney characters, and more.
Why is this an effective market research strategy? Because children are ultimately the audience Disney hopes to delight — so collecting their feedback is invaluable to iterating on their existing content and ensuring it continues to meet its audiences' preferences.
2. KFC tested its meatless product in select markets before launching nationwide.
In 2019, KFC began developing and testing a new meatless version of its chicken. Rather than instantly rolling the product out nationwide, however, it started small: In select stores in the Atlanta, Georgia area .
This is an easy, effective example of conducting market research to determine how well a new product sells on a smaller scale before dedicating too many resources to it. If the meatless chicken flopped in Georgia, KFC would need to change the product before re-launching it to the market.
3. Yamaha conducted a survey to determine whether they should use knobs or sliding faders on the Montage keyboard.
When Yamaha, a Japanese-based corporation that produces a variety of products ranging from motorcycles to golf cars to musical instruments, began developing its new Montage keyboard, the team was unsure whether to use knobs or sliding faders on the product.
So Yamaha used Qualtrics to send a survey to their customers, and received 400 responses in a few hours.
Using survey feedback helped Yamaha ensure it was designing a product that exactly fit its audiences' preferences.
4. The Body Shop used social listening to determine how they should reposition brand campaigns to respond to what their customers cared most about.
The Body Shop has long been known for offering ethically sourced and natural products, and proudly touts "sustainability" as a core value.
To dive deeper into the sustainability subtopics that meant the most to their audiences, the team at The Body Shop tracked conversations and ultimately found their audiences cared a lot about refills.
Using this information helped the Body Shop team feel confident when relaunching their Refill Program across 400 stores globally in 2021 , and another 400 in 2022. Market research proved they were on the right track with their refill concept, and demonstrated increased efforts were needed to show Body Shop customers that the Body Shop cared about their customers' values.
Conduct Market Research to Grow Better
Conducting market research can be a very eye-opening experience. Even if you think you know your buyers pretty well, completing the study will likely uncover new channels and messaging tips to help improve your interactions.
Editor's note: This post was originally published in March 2016 and has been updated for comprehensiveness.
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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.
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.
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.
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.
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.
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 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.
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)
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.
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
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
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
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
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.
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.
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.
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.
- 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 !
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What Is Market Research?
- How It Works
- Primary vs. Secondary
- How to Conduct Research
The Bottom Line
- Marketing Essentials
How to Do Market Research, Types, and Example
Joules Garcia / Investopedia
The term market research refers to the process of evaluating the viability of a new service or product through research conducted directly with potential customers. It allows a company to define its target market and get opinions and other feedback from consumers about their interest in a product or service.
Research may be conducted in-house or by a third party that specializes in market research. It can be done through surveys and focus groups, among other ways. Test subjects are usually compensated with product samples or a small stipend for their time.
- Companies conduct market research before introducing new products to determine their appeal to potential customers.
- Tools include focus groups, telephone interviews, and questionnaires.
- The results of market research inform the final design of the product and determine how it will be positioned in the marketplace.
- Market research usually combines primary information, gathered directly from consumers, and secondary information, which is data available from external sources.
How market research works.
Market research is used to determine the viability of a new product or service. The results may be used to revise the product design and fine-tune the strategy for introducing it to the public. This can include information gathered for the purpose of determining market segmentation . It also informs product differentiation , which is used to tailor advertising.
A business engages in various tasks to complete the market research process. It gathers information based on the market sector being targeted by the product. This information is then analyzed and relevant data points are interpreted to draw conclusions about how the product may be optimally designed and marketed to the market segment for which it is intended.
It is a critical component in the research and development (R&D) phase of a new product or service introduction. Market research can be conducted in a number of different ways, including surveys, product testing, interviews, and focus groups
Market research is a critical tool that companies use to understand what consumers want, develop products that those consumers will use, and maintain a competitive advantage over other companies in their industry.
Primary Market Research vs. Secondary Market Research
Market research usually consists of a combination of:
- Primary research, gathered by the company or by an outside company that it hires
- Secondary research, which draws on external sources of data
Primary Market Research
Primary research generally falls into two categories: exploratory and specific research.
- Exploratory research is less structured and functions via open-ended questions. The questions may be posed in a focus group setting, telephone interviews, or questionnaires. It results in questions or issues that the company needs to address about a product that it has under development.
- Specific research delves more deeply into the problems or issues identified in exploratory research.
Secondary Market Research
All market research is informed by the findings of other researchers about the needs and wants of consumers. Today, much of this research can be found online.
Secondary research can include population information from government census data , trade association research reports , polling results, and research from other businesses operating in the same market sector.
History of Market Research
Formal market research began in Germany during the 1920s. In the United States, it soon took off with the advent of the Golden Age of Radio.
Companies that created advertisements for this new entertainment medium began to look at the demographics of the audiences who listened to each of the radio plays, music programs, and comedy skits that were presented.
They had once tried to reach the widest possible audience by placing their messages on billboards or in the most popular magazines. With radio programming, they had the chance to target rural or urban consumers, teenagers or families, and judge the results by the sales numbers that followed.
Types of Market Research
From their earliest days, market research companies would interview people on the street about the newspapers and magazines that they read regularly and ask whether they recalled any of the ads or brands that were published in them. Data collected from these interviews were compared to the circulation of the publication to determine the effectiveness of those ads.
Market research and surveys were adapted from these early techniques.
To get a strong understanding of your market, it’s essential to understand demand, market size, economic indicators, location, market saturation, and pricing.
A focus group is a small number of representative consumers chosen to try a product or watch an advertisement.
Afterward, the group is asked for feedback on their perceptions of the product, the company’s brand, or competing products. The company then takes that information and makes decisions about what to do with the product or service, whether that's releasing it, making changes, or abandoning it altogether.
The man-on-the-street interview technique soon gave way to the telephone interview. A telephone interviewer could collect information in a more efficient and cost-effective fashion.
Telephone research was a preferred tactic of market researchers for many years. It has become much more difficult in recent years as landline phone service dwindles and is replaced by less accessible mobile phones.
As an alternative to focus groups, surveys represent a cost-effective way to determine consumer attitudes without having to interview anyone in person. Consumers are sent surveys in the mail, usually with a coupon or voucher to incentivize participation. These surveys help determine how consumers feel about the product, brand, and price point.
Online Market Research
With people spending more time online, market research activities have shifted online as well. Data collection still uses a survey-style form. But instead of companies actively seeking participants by finding them on the street or cold calling them on the phone, people can choose to sign up and take surveys and offer opinions when they have time.
This makes the process far less intrusive and less rushed, since people can participate on their own time and of their own volition.
How to Conduct Market Research
The first step to effective market research is to determine the goals of the study. Each study should seek to answer a clear, well-defined problem. For example, a company might seek to identify consumer preferences, brand recognition, or the comparative effectiveness of different types of ad campaigns.
After that, the next step is to determine who will be included in the research. Market research is an expensive process, and a company cannot waste resources collecting unnecessary data. The firm should decide in advance which types of consumers will be included in the research, and how the data will be collected. They should also account for the probability of statistical errors or sampling bias .
The next step is to collect the data and analyze the results. If the two previous steps have been completed accurately, this should be straightforward. The researchers will collect the results of their study, keeping track of the ages, gender, and other relevant data of each respondent. This is then analyzed in a marketing report that explains the results of their research.
The last step is for company executives to use their market research to make business decisions. Depending on the results of their research, they may choose to target a different group of consumers, or they may change their price point or some product features.
The results of these changes may eventually be measured in further market research, and the process will begin all over again.
Benefits of Market Research
Market research is essential for developing brand loyalty and customer satisfaction. Since it is unlikely for a product to appeal equally to every consumer, a strong market research program can help identify the key demographics and market segments that are most likely to use a given product.
Market research is also important for developing a company’s advertising efforts. For example, if a company’s market research determines that its consumers are more likely to use Facebook than X (formerly Twitter), it can then target its advertisements to one platform instead of another. Or, if they determine that their target market is value-sensitive rather than price-sensitive, they can work on improving the product rather than reducing their prices.
Market research only works when subjects are honest and open to participating.
Example of Market Research
Many companies use market research to test new products or get information from consumers about what kinds of products or services they need and don’t currently have.
For example, a company that’s considering starting a business might conduct market research to test the viability of its product or service. If the market research confirms consumer interest, the business can proceed confidently with its business plan . If not, the company can use the results of the market research to make adjustments to the product to bring it in line with customer desires.
What Are the Main Types of Market Research?
The main types of market research are primary research and secondary research. Primary research includes focus groups, polls, and surveys. Secondary research includes academic articles, infographics, and white papers.
Qualitative research gives insights into how customers feel and think. Quantitative research uses data and statistics such as website views, social media engagement, and subscriber numbers.
What Is Online Market Research?
Online market research uses the same strategies and techniques as traditional primary and secondary market research, but it is conducted on the internet. Potential customers may be asked to participate in a survey or give feedback on a product. The responses may help the researchers create a profile of the likely customer for a new product.
What Are Paid Market Research Surveys?
Paid market research involves rewarding individuals who agree to participate in a study. They may be offered a small payment for their time or a discount coupon in return for filling out a questionnaire or participating in a focus group.
What Is a Market Study?
A market study is an analysis of consumer demand for a product or service. It looks at all of the factors that influence demand for a product or service. These include the product’s price, location, competition, and substitutes as well as general economic factors that could influence the new product’s adoption, for better or worse.
Market research is a key component of a company’s research and development (R&D) stage. It helps companies understand in advance the viability of a new product that they have in development and to see how it might perform in the real world.
Britannica Money. “ Market Research .”
U.S. Small Business Administration. “ Market Research and Competitive Analysis .”
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Written by Mary Kate Miller | June 1, 2021
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Market research is a cornerstone of all successful, strategic businesses. It can also be daunting for entrepreneurs looking to launch a startup or start a side hustle . What is market research, anyway? And how do you…do it?
We’ll walk you through absolutely everything you need to know about the market research process so that by the end of this guide, you’ll be an expert in market research too. And what’s more important: you’ll have actionable steps you can take to start collecting your own market research.
What Is Market Research?
Market research is the organized process of gathering information about your target customers and market. Market research can help you better understand customer behavior and competitor strengths and weaknesses, as well as provide insight for the best strategies in launching new businesses and products. There are different ways to approach market research, including primary and secondary research and qualitative and quantitative research. The strongest approaches will include a combination of all four.
“Virtually every business can benefit from conducting some market research,” says Niles Koenigsberg of Real FiG Advertising + Marketing . “Market research can help you piece together your [business’s] strengths and weaknesses, along with your prospective opportunities, so that you can understand where your unique differentiators may lie.” Well-honed market research will help your brand stand out from the competition and help you see what you need to do to lead the market. It can also do so much more.
The Purposes of Market Research
Why do market research? It can help you…
- Pinpoint your target market, create buyer personas, and develop a more holistic understanding of your customer base and market.
- Understand current market conditions to evaluate risks and anticipate how your product or service will perform.
- Validate a concept prior to launch.
- Identify gaps in the market that your competitors have created or overlooked.
- Solve problems that have been left unresolved by the existing product/brand offerings.
- Identify opportunities and solutions for new products or services.
- Develop killer marketing strategies .
What Are the Benefits of Market Research?
Strong market research can help your business in many ways. It can…
- Strengthen your market position.
- Help you identify your strengths and weaknesses.
- Help you identify your competitors’ strengths and weaknesses.
- Minimize risk.
- Center your customers’ experience from the get-go.
- Help you create a dynamic strategy based on market conditions and customer needs/demands.
What Are the Basic Methods of Market Research?
The basic methods of market research include surveys, personal interviews, customer observation, and the review of secondary research. In addition to these basic methods, a forward-thinking market research approach incorporates data from the digital landscape like social media analysis, SEO research, gathering feedback via forums, and more. Throughout this guide, we will cover each of the methods commonly used in market research to give you a comprehensive overview.
Primary vs. Secondary Market Research
Primary and secondary are the two main types of market research you can do. The latter relies on research conducted by others. Primary research, on the other hand, refers to the fact-finding efforts you conduct on your own.
This approach is limited, however. It’s likely that the research objectives of these secondary data points differ from your own, and it can be difficult to confirm the veracity of their findings.
Primary Market Research
Primary research is more labor intensive, but it generally yields data that is exponentially more actionable. It can be conducted through interviews, surveys, online research, and your own data collection. Every new business should engage in primary market research prior to launch. It will help you validate that your idea has traction, and it will give you the information you need to help minimize financial risk.
You can hire an agency to conduct this research on your behalf. This brings the benefit of expertise, as you’ll likely work with a market research analyst. The downside is that hiring an agency can be expensive—too expensive for many burgeoning entrepreneurs. That brings us to the second approach. You can also do the market research yourself, which substantially reduces the financial burden of starting a new business .
Secondary Market Research
Secondary research includes resources like government databases and industry-specific data and publications. It can be beneficial to start your market research with secondary sources because it’s widely available and often free-to-access. This information will help you gain a broad overview of the market conditions for your new business.
Identify Your Goals and Your Audience
Before you begin conducting interviews or sending out surveys, you need to set your market research goals. At the end of your market research process, you want to have a clear idea of who your target market is—including demographic information like age, gender, and where they live—but you also want to start with a rough idea of who your audience might be and what you’re trying to achieve with market research.
You can pinpoint your objectives by asking yourself a series of guiding questions:
- What are you hoping to discover through your research?
- Who are you hoping to serve better because of your findings?
- What do you think your market is?
- Who are your competitors?
- Are you testing the reception of a new product category or do you want to see if your product or service solves the problem left by a current gap in the market?
- Are you just…testing the waters to get a sense of how people would react to a new brand?
Once you’ve narrowed down the “what” of your market research goals, you’re ready to move onto how you can best achieve them. Think of it like algebra. Many math problems start with “solve for x.” Once you know what you’re looking for, you can get to work trying to find it. It’s a heck of a lot easier to solve a problem when you know you’re looking for “x” than if you were to say “I’m gonna throw some numbers out there and see if I find a variable.”
How to Do Market Research
This guide outlines every component of a comprehensive market research effort. Take into consideration the goals you have established for your market research, as they will influence which of these elements you’ll want to include in your market research strategy.
Secondary data allows you to utilize pre-existing data to garner a sense of market conditions and opportunities. You can rely on published market studies, white papers, and public competitive information to start your market research journey.
Secondary data, while useful, is limited and cannot substitute your own primary data. It’s best used for quantitative data that can provide background to your more specific inquiries.
Find Your Customers Online
Once you’ve identified your target market, you can use online gathering spaces and forums to gain insights and give yourself a competitive advantage. Rebecca McCusker of The Creative Content Shop recommends internet recon as a vital tool for gaining a sense of customer needs and sentiment. “Read their posts and comments on forums, YouTube video comments, Facebook group [comments], and even Amazon/Goodreads book comments to get in their heads and see what people are saying.”
If you’re interested in engaging with your target demographic online, there are some general rules you should follow. First, secure the consent of any group moderators to ensure that you are acting within the group guidelines. Failure to do so could result in your eviction from the group.
Not all comments have the same research value. “Focus on the comments and posts with the most comments and highest engagement,” says McCusker. These high-engagement posts can give you a sense of what is already connecting and gaining traction within the group.
Social media can also be a great avenue for finding interview subjects. “LinkedIn is very useful if your [target customer] has a very specific job or works in a very specific industry or sector. It’s amazing the amount of people that will be willing to help,” explains Miguel González, a marketing executive at Dealers League . “My advice here is BE BRAVE, go to LinkedIn, or even to people you know and ask them, do quick interviews and ask real people that belong to that market and segment and get your buyer persona information first hand.”
Market research interviews can provide direct feedback on your brand, product, or service and give you a better understanding of consumer pain points and interests.
When organizing your market research interviews, you want to pay special attention to the sample group you’re selecting, as it will directly impact the information you receive. According to Tanya Zhang, the co-founder of Nimble Made , you want to first determine whether you want to choose a representative sample—for example, interviewing people who match each of the buyer persona/customer profiles you’ve developed—or a random sample.
“A sampling of your usual persona styles, for example, can validate details that you’ve already established about your product, while a random sampling may [help you] discover a new way people may use your product,” Zhang says.
Market surveys solicit customer inclinations regarding your potential product or service through a series of open-ended questions. This direct outreach to your target audience can provide information on your customers’ preferences, attitudes, buying potential, and more.
Every expert we asked voiced unanimous support for market surveys as a powerful tool for market research. With the advent of various survey tools with accessible pricing—or free use—it’s never been easier to assemble, disseminate, and gather market surveys. While it should also be noted that surveys shouldn’t replace customer interviews , they can be used to supplement customer interviews to give you feedback from a broader audience.
Who to Include in Market Surveys
- Current customers
- Past customers
- Your existing audience (such as social media/newsletter audiences)
Example Questions to Include in Market Surveys
While the exact questions will vary for each business, here are some common, helpful questions that you may want to consider for your market survey. Demographic Questions: the questions that help you understand, demographically, who your target customers are:
- “What is your age?”
- “Where do you live?”
- “What is your gender identity?”
- “What is your household income?”
- “What is your household size?”
- “What do you do for a living?”
- “What is your highest level of education?”
Product-Based Questions: Whether you’re seeking feedback for an existing brand or an entirely new one, these questions will help you get a sense of how people feel about your business, product, or service:
- “How well does/would our product/service meet your needs?”
- “How does our product/service compare to similar products/services that you use?”
- “How long have you been a customer?” or “What is the likelihood that you would be a customer of our brand?
Personal/Informative Questions: the deeper questions that help you understand how your audience thinks and what they care about.
- “What are your biggest challenges?”
- “What’s most important to you?”
- “What do you do for fun (hobbies, interests, activities)?”
- “Where do you seek new information when researching a new product?”
- “How do you like to make purchases?”
- “What is your preferred method for interacting with a brand?”
Online survey tools make it easy to distribute surveys and collect responses. The best part is that there are many free tools available. If you’re making your own online survey, you may want to consider SurveyMonkey, Typeform, Google Forms, or Zoho Survey.
A competitive analysis is a breakdown of how your business stacks up against the competition. There are many different ways to conduct this analysis. One of the most popular methods is a SWOT analysis, which stands for “strengths, weaknesses, opportunities, and threats.” This type of analysis is helpful because it gives you a more robust understanding of why a customer might choose a competitor over your business. Seeing how you stack up against the competition can give you the direction you need to carve out your place as a market leader.
Social Media Analysis
Social media has fundamentally changed the market research landscape, making it easier than ever to engage with a wide swath of consumers. Follow your current or potential competitors on social media to see what they’re posting and how their audience is engaging with it. Social media can also give you a lower cost opportunity for testing different messaging and brand positioning.
SEO Analysis and Opportunities
SEO analysis can help you identify the digital competition for getting the word out about your brand, product, or service. You won’t want to overlook this valuable information. Search listening tools offer a novel approach to understanding the market and generating the content strategy that will drive business. Tools like Google Trends and Awario can streamline this process.
Ready to Kick Your Business Into High Gear?
Now that you’ve completed the guide to market research you know you’re ready to put on your researcher hat to give your business the best start. Still not sure how actually… launch the thing? Our free mini-course can run you through the essentials for starting your side hustle .
About Mary Kate Miller
Mary Kate Miller writes about small business, real estate, and finance. In addition to writing for Foundr, her work has been published by The Washington Post, Teen Vogue, Bustle, and more. She lives in Chicago.
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Writing a market research report is a tough skill to master. Read our 5 top tips to get you started for writing a successful market research report.
While data collection and results analysis can be highly in-depth and time-consuming processes to complete, they still only mark the beginning of your market research project. The next step is writing a market research report, which is a tough skill to master. The report must effectively communicate your research findings such as consumer trends, market trends, and competitor behaviour surrounding your target audience .
A market research report is a summary of research findings and insights uncovered during the data collection and analysis processes. Research reports usually contain information about a company’s competition, industry trends/opportunities, and recommendations for next steps based on the research questions being addressed.
A good research report helps guide decision-making and highlight market opportunities. You should be clear and concise but also detailed and comprehensive, keeping in mind that stakeholders must be able to interpret your findings with ease. This is no easy task, which is why we have listed our 5 top tips to get you started for writing a successful market research report.
Use language stakeholders can understand
Your market research report will be presented to many stakeholders, not all of which will have a strong understanding of market research terms, so it is important that you write in clear, simple language.
Do not assume stakeholders will understand without explanation, for example, all diagrams should be clearly labelled and accurately describe what they are displaying. It is helpful to imagine you are writing the research report for a reader who has no prior knowledge on the topic to ensure you are explaining your findings comprehensively.
Report on insights through storytelling
Writing a seamless research report is not only easier to read but also ensures you have covered all necessary elements. Work chronologically to unpack your research — What is it about? What did you discover? What should you do next? Your research report should build upon your “story” the further it reads and further support your final recommendations .
Share insights through visual reporting
Visual elements such as diagrams and charts deliver numerical information more clearly than writing. They also help to break up text and keep the reader engaged with the research report and can be easily referenced during presentations. Similarly, images and icons can be used to draw attention to certain findings and make formatting more presentable.
Turn data into actionable insights
Data is meaningless to stakeholders unless it is interpreted and presented with a set of actions or “next steps”. Your goal is to explain how the data you have collected can drive smart business decisions and why these decisions are the best course of action. Outline step-by-step connections to ensure all readers can clearly understand the relationship between data and action.
Avoid vague reporting
It is important to keep your research report brief, including only the most substantial points you want to communicate. All reporting must be supplemented with firm evidence and written in an assertive tone to convey certainty of your findings. Keep recommendations clear and concise, without straying too far from your main points — writing that goes off on tangents can distract from your main points.
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5 Things to Remember When Writing a Market Research Report
Filed Under: Best Practices , Market Research , Reporting , Tools & Techniques , Quantitative Research
Vice President and Marketing Content Strategist, Marketing
There is nothing more embarrassing for a researcher than to hear a client say “…this doesn’t really address the business questions that we set out to answer.” This is more common an occurrence in research reporting than most of us would care to admit. But unfortunately, much report writing these days falls short of expectations for those on the client side. This is likely due to more emphasis on methodology or analytic technique at the expense of clear graphics, creative story-telling and actionable direction.
What often happens during the report-writing process is that market researchers have their direct research client in mind. They neglect the fact that their direct contact must present these findings to the ultimate stakeholder in the process — someone in senior management or the head of marketing who does not function in the research realm.
We need to take conscious steps to break out of our little bubble to avoid some of the lingo that is prevalent in research circles. You know what I mean if you’ve ever found yourself presenting your findings to marketing folks. While peppering them with terms such as “mean,” “monadic,” “DK/NS,” “latent class,” and the like, you suddenly notice the deer-in-the-headlights reaction. Worse yet, your audience’s eyes glaze over completely. These terms are foreign to many marketers and, frankly, most of them couldn’t care less about such things. They simply want a viable solution to the particular business need they set out to address.
So, when writing a research report for my clients it helps me to keep a few things in mind….
Speak to Marketers in Their Language
Focus on what marketers care most about — getting customers, keeping customers, and increasing their share of the customer’s wallet. So tell them what is meaningful to them….
- How to position their brand
- How best to price it
- Who their best prospects are and how to reach them
- What message should they be communicating
- Who are their most loyal and valuable customers
- How do they keep them loyal to their service or brand
Net, net — put some Marketing-Speak into your report, and leave out the Research-speak.
Tell a good story
A good report tells a good story. So, how do you tell a compelling story? Start by getting organized!
- Develop an analytic plan that focuses on business issues and objectives — the questions that need to be answered.
- Outline how the questions will be.
- Once the data is in, all team members should know how the data relates to those question, and they can craft the best story together.
Remember, every page in the report should contribute to the story! If something doesn’t contour well with your story, stick it in the Appendix. How many hundred-page reports have you been subjected to where the charts are all in the same order as the questionnaire? Where is the story?
It’s also important to stick closely to your analytic plan when crafting your story. The analytic plan is what helps to keep everyone focused on why the research was conducted in the first place.
Insightful Headlines and Bullets
What I also find helpful in getting my arms around the story is to write effective bullets and headlines for the data presented. Too many people think an insight is reiterating the numbers that are in the charts. Remember, anyone can read the numbers on a chart – our job, as researchers, is to pull the deeper insights from seemingly obvious data.
Be Creative and Have a Llittle Fun
Creativity also comes into play! Package the story in a creative way. No one wants to see rows and rows of data. Make the report visually appealing so you don’t intimidate those who are going to be using the findings to help drive strategy. Avoid too much text and too many numbers.
And, don’t be afraid to insert some humor here and there. It reminds your clients that you are human and helps to lighten the tone and keep things relaxed.
Get to the Heart of It
And finally, probably the hardest part of the report process for any researcher is to get straight to the heart of it… what is the story – conclusions, implications, and recommendations. Go to the next step to tell them what the data MEANS, and what they might consider doing to maximize their investment.
And there is nothing sweeter to a market researcher’s ears than to hear a client voice saying, “Thanks, this really addresses the business questions that we set out to answer!”
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The 8 free market research tools and resources you need to know.
With over 400,000 new businesses opening in the United States each month, the need for individual companies to conduct their own market research has never been more urgent. However, conducting market research isn’t an easy task — it presents challenges to businesses of all shapes and sizes.
With that being said, those with large budgets do enjoy certain advantages. When you have access to an endless array of top-tier tools and resources, you can uncover strategy-changing insights with relative ease.
Does that mean businesses with small (or non-existent) budgets are out of luck? Absolutely not.
Nowadays, free market research tools and resources are abundant — and you’ll be familiar with eight of our favorites by the time you’re done reading this blog post.
But first, some housekeeping:
What is market research?
Market research is the process of gathering and analyzing information about your customers — both current and prospective — with the intent of optimizing your business strategy.
Customer-related information that you may want to gather includes (but is not limited to):
- The goals they want to achieve
- The pain points they want to alleviate
- The income or budget that constrains them
- The products and/or services they use (a.k.a. your competitors)
- The strengths and weaknesses of the products and/or services they use
Why is market research important?
Market research is important because — if you’re thorough and open-minded — it dramatically improves your chances of long-term success. Only through market research can you uncover the insights you need to develop a product or service that (1) satisfies the demands of your prospects and (2) stands out from the competition.
For a complete overview of how conducting market research can benefit your business, here’s Market Research Defined and How to Get Started .
Cool? Cool. Let’s dive into the good stuff.
Top 4 Free Market Research Tools
For clarity, we will define a free market research tool as any tool that:
- Costs nothing, and
- Helps with the collection and/or analysis of customer-related information
Keep in mind that “customer-related information” encompasses everything from a pain point to a weakness of one of your competitors’ products.
1. Google Trends
If you want to get a sense of the level of interest in a particular product or service — as well as how that interest fluctuates over time and across regions — Google Trends is an excellent tool.
All you need to do is enter a search query and toggle with the filters. As an example, take a look at the level of interest in “office supplies'' in the U.S. over the past five years. Perhaps unsurprisingly, interest peaked in February 2020 — at the onset of the COVID-19 pandemic:
Plus, you can explore variations in interest across the 50 states, as well as related topics and queries that are surging in popularity:
The “interest by subregion” data is powerful. In Wyoming, searches for “office supplies” account for a greater percentage of all search queries than in any other state. Your average resident of Wyoming, in other words, is more interested in searching for office supplies than is your average resident of, say, Louisiana — a valuable insight for anyone who sells office supplies online.
Equally valuable is the insight that searches for “where to buy office supplies in bulk” are on the rise — potentially indicative of an emerging pain point.
As some of you already know, one of the best ways to conduct market research is to ask your customers a handful of open-ended questions. You can do this for free with SurveyMonkey .
Specifically, with a free SurveyMonkey account, you can ask up to 10 questions and field up to 40 responses with each of your surveys.
Open-ended questions you may ask your customers include (but are not limited to):
- Why did you buy our product?
- What has our product helped you accomplish?
- How does our product compare to others that you’ve used in the past?
With just three questions — well under the limit of a free survey — you can learn quite a bit about your target market. If, for example, the majority of respondents say they bought your product because they were struggling to do their jobs in a cost-effective manner, that gives you a clearer picture of your prospects’ pain points and your competitors’ weaknesses .
3. Make My Persona
As you collect and analyze customer-related information, it’s a good idea to create or tweak your buyer personas : detailed profiles of the semi-fictional people for whom your product or service is designed. In the context of market research, personas are useful because they help you synthesize and comprehend the information you’re gathering.
Thanks to our friends at HubSpot, you can use a wonderful free tool called Make My Persona .
Intuitive and fun, Make My Persona is a seven-step process that walks you through the essential components of your target customer: demographic information, firmographic information, job title, pain points, and so on. And if you want to go beyond the bare essentials, you can add as many extra sections of information as you like.
Important note: Your personas should be dynamic. As you conduct further market research and learn more about your target customers, your personas should evolve accordingly.
Make My Persona is appealing, in part, because it enables you to make sense of raw data — to separate the signal from the noise. The same can be said about WordSift , the final free tool we’ll be discussing today.
Built to help teachers with the instruction of vocabulary and reading comprehension, WordSift allows you to generate word clouds: images that represent the frequency with which certain words are used in a given body of text. Look what happens when I copy the introduction to this blog post and paste it into WordSift:
Instantaneously — and unsurprisingly — I can conclude that “business,” “market,” and “research” are among the most frequently used words in the introduction to this post.
What does this have to do with market research? Well, let’s say you’ve been using SurveyMonkey to ask your customers about their reasons for buying your product. One by one, if you were to copy their responses and paste them into WordSift, you’d be able to see which words your customers use most often. That’s a market research gold mine!
Top 4 Free Market Research Resources
Again, for clarity, we will define a free market research resource as any resource that:
- Helps with the collection of customer-related information
The scope of “customer-related information" remains the same — encompassing everything from a pain point to a weakness of one of your competitors’ products.
5. Bureau of Labor Statistics
A government organization that “measures labor market activity, working conditions, price changes, and productivity in the U.S. economy to support public and private decision-making,” the Bureau of Labor Statistics (BLS) is a wealth of information.
Because this is a blog post about market research — not an economics class — we’ll focus on BLS’ industry- and region-specific information. If you’re on the homepage and you hover over the Data Tools drop-down menu, you’ll see a hyperlink to something titled “Industry at a Glance.” Click on that, find your industry of interest, and explore the dozens of statistics that BLS has aggregated.
If, for example, you’re interested in the apparel manufacturing industry — either because you’re in the industry or you sell into it — you can see how earnings, prices, and productivity figures are changing over time.
Head back to the homepage, hover over the Subjects drop-down menu, and you’ll see a section labeled Geographic Information:
Select your region of interest, filter by state or metropolitan area (if necessary), and take a tour of BLS’ enormous library of area-specific data.
6. U.S. Census Bureau
On a mission to “serve as the [United States’] leading provider of quality data about its people and economy,” the U.S. Census Bureau is another terrific resource that costs nothing to use.
Just as we did with the BLS, we’ll focus on industry- and region-specific information. Admittedly, using the Census website to find industry-specific information is slightly more complicated than it is when using the BLS website. If you’re on the homepage and you hover over the Explore Data drop-down menu, you’ll see a hyperlink titled “Explore Data Main.”
Click on that, and you’ll be brought to the Census’ search engine. Then, click inside the search bar and select “Advanced Search.”
Underneath “Find A Filter,” type in the name of the industry you’re interested in researching. Once the search suggestions load, simply check the appropriate box and click “Search.”
From there, you’ll be able to explore thousands of data tables, maps, and whitepapers — many of them chock-full of industry-specific information that you can use to your advantage.
Finding region-specific information is a bit more straightforward. Head back to the Advanced Search engine, select “Geography” from underneath Browse Filters, and go from there:
7. Pew Research Center
A nonprofit dedicated to “inform[ing] the public about the issues, attitudes, and trends shaping the world,” the Pew Research Center is one of the most authoritative sources of information for anyone striving to make better business decisions.
Whereas the BLS and the Census are (among other things) aggregators of economic data, the Pew Research Center is a “fact tank” — an organization focused on public opinion polling, demographic research, media content analysis, and other forms of social science inquiry.
So, although you can’t necessarily use Pew to uncover hyper-specific insights related to your industry or region, you can use it to learn more about your target audience. The best way to do this is through the Topics section of the Pew website.
Clicking that hyperlink brings you to an index of dozens of topics, ranging from Online Video to Homeownership to Democracy. Selecting any of these topics will bring you to a list of relevant content — reports, fact tanks, transcripts, and other forms of media that can date back as far as the early 1980s.
As an example, let’s say you’re developing a product or service that targets new homeowners. If you were to click on the Homeownership topic, you’d land on a list of reports like this one:
If I were you, that’s not a report I’d want to overlook!
We’ll wrap up today’s guide with a free resource specifically for those of you in the software world. Designed to help buyers determine which products are best suited to their needs, G2 is the leading source of validated, unbiased software reviews.
G2 is, in other words, an excellent way to find out what your target customers are saying about your competitors’ products. Do a quick search for the type of software you’re developing and you’re in business.
If you were developing a sales compensation software product and you searched this keyword, you’d be brought to the page you see below. To learn more about Spiff — one of your top-rated industry competitors — all you’d need to do is click “Read Spiff Reviews.”
If you want to get granular, you can filter reviews in a number of different ways. As an example, let’s say you’re developing a sales compensation software product specifically for small businesses. G2 has the filter you’re looking for:
And just like that, you’ve got access to dozens of valuable insights like this one:
Start using market research tools today!
If you try to bring a product or service to market without an understanding of your target customers, your chances of success are slim. According to the most recent State of Competitive Intelligence Report , 84% of businesses say their industry has gotten more competitive in the last three years. With the range of choices at your prospects’ fingertips growing by the day, the need for a thorough market research strategy only intensifies.
We hope you find these free market research tools and resources useful. And if you decide to make the leap to a paid solution, make sure to request a demo of Crayon — the competitive intelligence platform that enables you to track, analyze, and act on everything happening outside your businesses’ four walls.
See why Gong, Mastercard, and ZoomInfo trust Crayon to help them win more competitive deals.
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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:
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.
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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Market research templates: what they are and how to use them.
18 min read Interested in market research but need some templates to start with? In this guide, we unpack market research, survey planning best practice and share some of our best templates for brand, customer, product and employee research.
What is a market research template?
While you’re no doubt familiar with the concept of market research and how it can help you to reach your target audiences and improve your product or service , the real challenge is designing a market research plan that is conducive to excellent results.
All of this starts with the right market research template(s) to help you analyze specific target audiences, collect the right data and uncover insights that can drive actionable change.
In this article, we’re going to:
- talk about market research and its use cases,
- provide you with a standard template that allows you to plan your research,
- and share several other templates to help you with specific types of market research
You can also check out our free template library.
But first, let’s revisit market research.
What is market research?
Market research is the process of determining the viability of a new service or product through surveys and questionnaires with prospects and/or customers. It involves gathering information about market needs and prospect/customer preferences .
Through market research, you can discover and/or refine your target market, get opinions and feedback on what you provide to them and uncover further prospect/customer pain points and expectations of your service or product .
Market research can be conducted in-house, either by you and your research team, or through a third-party company that specializes in it (they will typically have their own research panels or be capable of creating a research panel to suit your requirements).
The four common types of market research
There are lots of different ways to conduct market research to collect customer data and feedback , test product concepts , and do brand research, but the four most common are:
The most commonly used form of market research, surveys are a form of qualitative research that asks respondents a series of open or closed-ended questions , delivered either as an on-screen questionnaire or email.
Surveys are incredibly popular because they’re cheap, easy to produce, and can capture data very quickly, leading to faster insights.
2) Focus groups
Why not bring together a carefully selected group of people in your target market using focus groups? Though more expensive and complex than surveys and interviews, focus groups can offer deeper insight into prospect and customer behavior – from how users experience your products and services to what marketing messages really resonate with them.
Of course, as a market research method that’s reliant on a moderator to steer conversation, it can be subject to bias (as different moderators might have preferred questions or be more forceful) and if you cut corners (not asking all the necessary questions or making assumptions based on responses), the data could get skewed.
As if you were a fly-on-the-wall, the observation market research method can be incredibly powerful. Rather than interviewing or surveying users, you simply take notes while someone from your target market/target audience engages with your product . How are they using it? What are they struggling with? Do they look as though they have concerns?
Observing your target audience/target market in this fashion is a great alternative to the other more traditional methods on this list. It’s less expensive and far more natural as it isn’t guided by a moderator or a predefined set of questions. The only issue is that you can’t get feedback directly from the mouth of the user, so it’s worth combining this type of research with interviews, surveys, and/or focus groups.
Interviews allow for face-to-face discussions (both in-person and virtually), allowing for more natural conversations with participants.
For gleaning deeper insights (especially with non-verbal cues giving greater weight to opinions), there’s nothing better than face-to-face interviews. Any kind of interview will provide excellent information, helping you to better understand your prospects and target audience/target market.
Use cases for market research
When you want to understand your prospects and/or customers, but have no existing data to set a benchmark – or want to improve your products and services quickly – market research is often the go-to.
Market research (as mentioned above), helps you to discover how prospects and customers feel about your products and services, as well as what they would like to see .
But there are more use cases and benefits to market research than the above.
Reduce risk of product and business failure
With any new venture, there’s no guarantee that the new idea will be successful. As such, it’s up to you to establish the market’s appetite for your product or service. The easiest way to do this is through market research – you can understand the challenges prospects face and quickly identify where you can help. With the data from your market survey, you can then create a solution that addresses the needs and expectations of would-be customers.
Forecast future trends
Market research doesn’t just help you to understand the current market – it also helps you to forecast future needs. As you conduct your research and analyze the findings, you can identify trends – for example, how brands and businesses are adopting new technology to improve customer experiences or how sustainability is becoming a core focus for packaging. Whatever it is you’re looking to understand about the future of business in your market, comprehensive market research can help you to identify it.
Stay ahead of the competition
Understanding your market and what prospects and customers want from you will help to keep you ahead of the competition . The fact is that the top businesses frequently invest in market research to get an edge, and those that don’t tap into the insights of their audience are missing low-hanging fruit.
As well as helping you to stay in front, you can also use market research to identify gaps in the market, e.g. your competitors’ strengths and weaknesses . Just have participants answer questions about competitor products/services – or even use the products/services – and work out how you can refine your offerings to address these issues.
Plan more strategically
What’s the foundation of your business strategy? If it’s based on evidence, e.g. what people expect of your products and services, it’ll be much easier to deliver something that works. Rather than making assumptions about what you should do, market research gives you a clear, concrete understanding of what people want to see.
Check out our guide to market research for a more comprehensive breakdown.
How do you write a market research plan/template?
A market research plan is very similar to a brief in that it documents the most vital information and steps about your project. Consider it a blueprint that outlines your main objective (summary), key questions and outcomes, target audience and size, your timeline, budget, and other key variables.
Let’s talk about them in more detail.
Elements of a great market research plan
1) overview or summary.
Use the first section of your market research plan to outline the background to the problem that you are attempting to solve (this is usually your problem statement or problem question). Include background information on the study’s purpose and the business to provide context to those who would read the report, as well as the need for the research. Keep the overview simple and concise; focus on the most salient elements.
What is it that you hope to achieve with this survey? Your objectives are the most important part of the survey. Make sure to list 3-5 of the decisions or initiatives that the research will influence.
Understand the most-used channels for customer engagement and purchasing to decide where to prioritize marketing and sales budget in Q1 2022. Determine what’s causing customer churn at the later stages of the buyer journey and implement a new retention and sales strategy to address it.
Your objectives should be smart, that is: Specific, Measurable, Attainable, Relevant, and Timely.
3) Deliverables (or outcomes)
This section should focus on what you expect to have at the end of the project. How many responses are you looking for? How will the data be presented? Who will the data be shared with? (Stakeholders, executives) What are your next steps? Make sure you state how you will collect and analyze the data once it’s available.
Products such as Qualtrics CoreXM make this process fast and incredibly easy to do, drastically reducing the time to insights so you can make more meaningful changes, faster.
4) Target audience
Not to be confused with your market research sample, your target audience represents who you want to research. Of course, your sample may include ideal buyers from your target audience. Here you want to define the main variables or factors of your audience: demographic , age, location , product interaction, experience, and so on. It’s worth building out your buyer personas (if you haven’t already) and including a quick breakdown of them here.
5) Sample plan
How many participants do you want to research and what kind of groups do you want to reach? Depending on these two variables, you may have to use qualitative, quantitative , or multi-method approaches.
6) Research methods
What methods will you use in your market research project? The insights (and the granularity of those insights) will depend on the methods and tools you choose. For example, and as mentioned earlier, surveys are often the go-to for many organizations as they’re affordable and straightforward, but if you want to get more personal views from your respondents, one-to-one interviews might be more applicable. You might even want to take a hands-off approach and simply observe participants as they use your products, or try a combination of research methods. Make sure to outline what methods you will use as part of your research plan.
How long will your research project run? It’s worth putting together a Gantt chart to highlight key milestones in the project, along with dependencies, and to break down tasks as much as possible. Schedule in contingency time in case some tasks or research runs over – or you need more responses.
Set a budget for the overall program and list it in your plan. Though this might be the most difficult aspect of any research plan, it helps you to be more strategic about tasks and hold people accountable at each stage of the process. If costs go over, that’s good to know for future market research. If costs are lower than anticipated, you then have the opportunity to do further research or prop up other areas of the study.
9) Ethical concerns or conflicts of interest
One of the most important parts of your market research plan, you should highlight any ethical concerns. To begin with, it’s your duty to state whether or not responses will be kept confidential and anonymous as part of the study. It’s also important to allow participants to remain anonymous and ensure you protect their privacy at all times.
Another issue to consider is stereotyping. Any analysis of real populations needs to make approximations and place individuals into groups, but if conducted irresponsibly, stereotyping can lead to undesirable results.
Lastly, conflicts of interest – it may be that researchers have interests in the outcome of the project that lead to a personal advantage that might compromise the integrity of your market research project. You should clearly state in your market research report that any potential conflicts of interest are highlighted and addressed before continuing.
But I want a faster solution!
Well, there’s a quicker and far easier way to do all of the above and get the data you need – just use a market research survey template. In our next section, we’re going to share a whole list of templates that you can use.
Free market research survey templates
No matter what kind of research you want to conduct, we have templates that will remove the complexity of the task and empower you to get more from your data. Below we’ve compiled a list of templates for four key experience areas: Brand , Customer , Employee , and Product .
All of our research templates are free. All you need to do is sign up for a free Qualtrics account to access them.
Brand experience market research templates:
- Logo testing : Collect feedback to help you evaluate and iterate on your logo designs and concepts
- Brand awareness : Track the level of brand awareness in your target market, including current and potential future customers
- Ad testing : Evaluate your consumers’ reaction to an advertisement so you know which campaigns to deploy before you invest
- A/B testing : Quickly and easily compare to versions or options in a study, whether it’s a design, headline, color palette or a mock-up of your latest ad campaign
Customer experience market research templates
- Student satisfaction : Gather feedback on how your institution is delivering on the student experience
- Net promoter score (NPS) : Measure customer loyalty and understand how they feel about your product or service using one of the world’s best-recognized metrics
- Customer satisfaction : Evaluate how satisfied your customers are with your company, including the products and services you provide, and how they are treated when they buy from you
- Customer service : Gain insights into the contact center experience, so you can achieve and maintain optimum levels of customer experience (CX) performance
- Event feedback : Measure the effectiveness of your events and how well they meet attendee expectations so that you can continuously improve your offering
- IT help desk : Understand how satisfied your employees and customers are with your IT help desk experience
- Website suggestion box : Collect visitor feedback on how your website can be improved
- Website satisfaction : Find out how satisfied visitors are with your website’s design, usability, and performance
- Store purchase feedback : Capture customer experience data at the point of purchase to help you improve the in-store experience
- Online purchase feedback : Find out how well your online shopping experience performs against customer needs and expectations
Employee experience market research templates
- Employee satisfaction : Get an overview of your current employee experience
- Manager feedback : Improve your skills as a leader with valuable feedback from your team
- Employee engagement : Find out how employees find the current experience at your workplace with this entry-level engagement survey
- Employee exit interview : Understand why your employees are leaving and how they’ll speak about your company once they’re gone with this survey template
- Employee onboarding : Improve your onboarding program by understanding what’s working and what’s not
- Team event planning : Collect inputs from employees to plan a team event that works for everyone
- Meeting feedback : Check-in with team members after a meeting to see how well your company is running and what improvements can be made
- Interview feedback : Improve your candidate experience by gathering actionable insights about the interview process
- Employee suggestion box : Gather anonymous data to help address concerns and improve the employee experience in your organization
- Candidate experience : Improve your candidate experience to increase brand perception, offer acceptance rates, and hiring process efficiency with this single-touchpoint survey template
- Employee suggestion action : Take employee feedback a step further by working with your staff to quantify solutions based on their experience data
Product experience market research templates
- Product research : Evaluate your consumers’ reaction to a new product or product feature across every stage of the product development journey
- Pricing : Understand how to set the exact price point for your product or service, according to your target consumers
- Feature prioritization : Compare and contrast product features using conjoint analysis to find the optimal mix for your customers
- Product package testing : Collect feedback on your product packaging to see how well it meets the needs and expectations of your customers
Armed with the right market research templates, getting the information you need across brand, product, customer and employee disciplines — as well as beyond — is significantly easier.
But if you want help putting together complex market research and scaling your in-house research team to get agile insights, check out our guide to building an agile research function.
Insights are more important than ever, especially during times of change, but building a great team takes a lot of time and money.
In our eBook, we’ll explain how you can:
- Scale your research team
- Build a smart partner strategy
- Ensure you have the right technology for market research and data analysis
Tackle your market research with our agile market research eBook
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What is Market Research? Definition, Types, Process, Examples and Best Practices
By Nick Jain
Published on: June 21, 2023
Table of Content
What is Market Research?
Types of market research, market research process, examples of market research, market research methods, best practices for market research in 2023.
Market research is defined as the systematic collection, analysis, and interpretation of data about a specific market, industry, or consumer segment. It involves studying customers, competitors, and market dynamics to identify opportunities, mitigate risks, and make informed business decisions.
Market research provides valuable insights into consumer behavior, preferences, and market trends, helping organizations develop effective marketing strategies, launch new products, and optimize their market positioning.
Key components of market research:
Market research typically involves several key components that contribute to a comprehensive understanding of the market and its dynamics. These components include:
- Market Segmentation: Identifying and dividing the target market into distinct segments based on demographics, psychographics, behavior, or other relevant characteristics. This helps tailor marketing strategies to specific customer groups.
- Data Collection: Gathering relevant data from primary and secondary sources. Primary data refers to information collected directly from the target market through surveys, interviews, observations, or experiments. Secondary data involves leveraging existing research, reports, industry databases, or government sources.
- Research Design: Developing a research plan that outlines the objectives, methodology, and timeline for conducting the research. This includes selecting appropriate research methods, determining the sample size, and defining the sampling technique.
- Qualitative Research: Utilizing techniques like interviews, focus groups , or observations to gain in-depth insights into consumer attitudes, opinions, motivations, and behaviors. Qualitative research helps explore underlying reasons and provides a richer understanding of the market.
- Quantitative Research: Employing surveys, questionnaires, or structured data analysis to gather numerical data on a larger scale. Quantitative research enables statistical analysis, measurement of market trends, and generation of quantitative insights and metrics.
- Competitive Analysis: Assessing competitors’ strategies, strengths, weaknesses, market positioning, and offerings. This helps identify market opportunities, potential threats, and areas for differentiation.
- Consumer Behavior Analysis: Examining consumer decision-making processes, buying habits, preferences, and satisfaction levels. Understanding consumer behavior is crucial for developing effective marketing strategies and targeted campaigns.
- Market Size and Forecasting: Estimating the total market size, growth potential, and future trends. Market sizing helps assess the market’s attractiveness and potential demand for products or services.
- Data Analysis: Applying statistical techniques and tools to analyze collected data and derive meaningful insights. This includes data cleaning, segmentation analysis, correlation analysis, regression analysis, and other statistical methods.
- Reporting and Presentation: Summarizing research findings, insights, and recommendations in a clear and concise manner. Effective communication of research results ensures that stakeholders can make informed decisions based on the findings.
These components work together to provide a holistic view of the market, consumer behavior, and competitive landscape, enabling businesses to make informed decisions and develop effective marketing strategies.
Primary Research: Primary research involves collecting data directly from the target market or consumer segment. It is customized and tailored to address specific research objectives. Primary research methods include surveys, interviews, focus groups , observations, and experiments. Primary research allows for the collection of firsthand data and offers more control over the research process.
Secondary Research: Secondary research involves gathering and analyzing existing data that has been previously collected by other sources. This data can include industry reports, government publications, academic studies, market research reports, and online databases. Secondary research helps to gain a broader understanding of the market, industry trends, and historical data. It is a cost-effective way to access existing information and can provide a foundation for further primary research.
Learn more: What is Customer Experience (CX) Research?
Step 1. Define Research Objectives
The first step in market research is to clearly define the research objectives. This involves identifying the specific information needed, the target audience, and the desired outcomes of the research.
Step 2. Design Research Plan
Once the objectives are defined, the next step is to design a research plan that outlines the methodology, data collection techniques, sample size, and timeline. The research plan should be tailored to address the research objectives and provide reliable and valid data.
Step 3 Data Collection
In this stage, data is collected using primary or secondary research methods. Primary research involves gathering data directly from respondents through surveys, interviews, focus groups , or observations. Secondary research involves gathering existing data from published sources, industry reports, or databases.
Step 4. Market research Analysis
Once the data is collected, it needs to be analyzed to identify patterns, trends, and insights. This can involve quantitative research and analysis, such as statistical techniques, or qualitative research and analysis, such as thematic coding or content analysis. The goal is to derive meaningful insights from the data that can inform decision-making.
Step 5. Final Market Research Insights
After analyzing the data, the next step is to interpret the findings and extract actionable insights. This involves drawing conclusions, identifying key trends, and relating them to the research objectives. The insights should provide valuable information that guides marketing strategies, product development, or business decisions.
Step 6. Reporting Research Findings
The final step is to present the research findings in a clear and concise manner. A market research report is typically prepared, which includes an executive summary, methodology, findings, insights, and recommendations. The report should effectively communicate the research results to stakeholders and provide actionable recommendations based on the insights.
Here are some examples of market research. These examples illustrate the diverse applications of market research across various industries and scenarios:
- Customer Satisfaction Market Research : A company conducts a customer satisfaction survey to gather feedback from its existing customers . The survey includes questions about their experience with the product or service, overall satisfaction, likelihood to recommend, and areas for improvement. The results help the company understand customer satisfaction levels, identify key drivers of satisfaction, and take action to enhance the customer experience .
- Pricing Market Research: A business is considering introducing a new product or service and wants to determine the optimal pricing strategy. They conduct pricing research, which involves surveys or conjoint analysis, to gather data on customer price sensitivity, willingness to pay, and perceptions of value. The research helps the company set competitive pricing that aligns with customer expectations and maximizes profitability.
- Market Trend Research: A market research firm monitors industry trends and analyzes market data to provide insights to clients. They track market size, growth rates, industry dynamics, and consumer preferences through secondary research. The analysis helps businesses understand market trends, identify emerging opportunities or threats, and make informed strategic decisions.
- Concept Testing Market Research: A company has developed several product concepts and wants to evaluate their potential success before investing in product development. They conduct concept testing research, which involves presenting the concepts to a target audience through surveys or focus groups . The research helps assess consumer interest, perceived benefits, and purchase intent for each concept, allowing the company to select the most promising one to pursue further.
- Competitor Market Research: A company wants to assess the strengths and weaknesses of its competitors in the market. They conduct competitor analysis, which involves gathering data on competitors’ products, pricing, distribution channels, marketing strategies, and customer perceptions. The insights obtained help the company benchmark against competitors, identify areas of competitive advantage and develop strategies to differentiate itself in the market.
- Ad Testing Market Research: A company is planning to launch a new advertising campaign and wants to assess its effectiveness. They conduct ad testing research, which involves presenting different versions of the ad to a sample audience and gathering user or customer feedback on message comprehension, brand recall, and emotional response. The research helps the company optimize the ad campaign by identifying the most impactful and persuasive elements.
- Market Segmentation Research: A company wants to understand its target market better and tailor marketing strategies to specific customer segments. They conduct market segmentation research, which involves analyzing demographic, psychographic, and behavioral data to identify distinct customer segments with different needs, preferences, and buying behaviors. The segmentation analysis helps the company develop targeted marketing campaigns, messages, and product offerings for each segment.
Learn more: What is Customer Feedback?
- Qualitative Market Research Methods
Qualitative market research methods focus on non-data intensive methods of information gathering and analysis. These methods focus on a small sample of respondents who are probed for an in-depth understanding of a subject. The goal of such a method is to gain an in-depth understanding of the market and consumer behavior based on open-ended questions and discussions.
For example, focus groups , one-on-one interviews, case studies, etc are popular qualitative methods of market research.
- Quantitative Market Research Methods
Quantitative market research focuses on data-intensive methods that return solid data that can be quantitatively analyzed in bulk. These methods often rely on a large sample of respondents who answer a common questionnaire, which may further have an internal logic to branch out to new questions based on answers to previous questions.
Examples of quantitative market research methods are physical survey questionnaires, online feedback surveys, Twitter polls, Net Promoter Score (NPS) questions after a product purchase, customer satisfaction (CSAT) feedback forms, etc.
Market research is a crucial process that helps businesses understand their target market, consumer preferences, industry trends, and competitive landscape. By gathering and analyzing relevant data, companies can make informed decisions and develop effective marketing strategies. Here are some best practices for market research:
1. Define your research objectives: Clearly articulate the goals and purpose of your research. Identify the specific information you need to gather, such as customer insights, market size, competitor analysis, or product feedback.
2. Identify your target audience: Determine the specific demographic or customer segment you want to study. This will help you tailor your research methods and questions to gather the most relevant data.
3. Choose the right research methods: Select the most appropriate research methods based on your objectives and target audience. Common methods include surveys, interviews, focus groups , observation, secondary research, and data analysis.
4. Develop a research plan: Create a detailed plan outlining the research methodology, timeline, and resource allocation. This will ensure that the research is conducted efficiently and effectively.
5. Use a combination of qualitative and quantitative research: Qualitative research methods , such as interviews and focus groups , provide in-depth insights and opinions, while quantitative methods , like surveys and data analysis, offer statistical data and measurable metrics. Combining both approaches provides a comprehensive understanding of the market.
6. Collect data from multiple sources: Gather information from diverse sources, including primary data (collected directly from customers or target audiences) and secondary data (existing research, industry reports, and government data). This multi-source approach enhances the reliability and accuracy of your findings.
7. Maintain data quality and integrity: Ensure the data collected is accurate, reliable, and relevant to your research objectives. Use standardized measurement scales and survey techniques to maintain consistency.
8. Analyze and interpret the data: Use appropriate statistical analysis tools and techniques to analyze the collected data. Look for patterns, trends, and correlations that can provide valuable insights for decision-making.
9. Keep an eye on competitors: Conduct a competitive analysis to understand your competitors’ strategies, strengths, weaknesses, and market positioning. This information can help you identify opportunities and develop effective marketing plans.
10. Stay ethical and maintain privacy: Adhere to ethical guidelines and protect the privacy of participants and their data. Obtain informed consent and ensure confidentiality throughout the research process.
11. Communicate and act on findings: Present your research findings in a clear and concise manner. Translate the insights into actionable strategies and recommendations that can drive business growth.
12. Continuously monitor the market: Market research is an ongoing process. Keep a pulse on industry trends, consumer preferences, and market dynamics to stay ahead of the competition and identify new opportunities.
By following these best practices, businesses can conduct effective market research that informs decision-making, helps identify growth opportunities, and supports the development of successful marketing strategies.
Learn more: What is Online Focus Group?
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Market Research Reports
Market research reports are essential tools for businesses to understand their industry, target market, and competition. These reports provide in-depth analysis and insights into market trends, consumer behavior, and industry competition that can help businesses make informed decisions and develop effective strategies. In this article, we will explore why market research reports are crucial for business success, the types of market research reports available, their importance, key players in the market research report industry, and how to choose the right market research report for your business.
Table of Contents
Why Market Research Reports are Essential for Business Success
Market research reports are valuable resources that enable businesses to make informed decisions and develop effective strategies. These reports provide insights into consumer behavior, industry trends, and market competition, helping businesses to understand their target audience and develop effective marketing and advertising campaigns. Furthermore, market research reports can help businesses identify potential opportunities and challenges in their industry, allowing them to adapt their strategies accordingly.
Moreover, market research reports can also assist businesses in making important investment decisions. By analyzing market trends and consumer preferences, businesses can identify potential areas for growth and expansion. This information can be used to make informed decisions about where to allocate resources and invest in new products or services. Additionally, market research reports can help businesses stay ahead of the competition by providing insights into emerging trends and technologies, allowing them to innovate and stay relevant in their industry.
Types of Market Research Reports and their Importance
There are several types of market research reports, including industry analysis reports, consumer behavior reports, and competitive analysis reports. Industry analysis reports provide insights into market trends, industry growth, and the competitive landscape. Consumer behavior reports focus on consumer preferences, purchasing habits, and attitudes towards products and services. Competitive analysis reports provide insights into competitor strategies, market share, and positioning. All of these reports are essential for businesses seeking to gain a better understanding of their target market and competitors.
Another important type of market research report is the market segmentation report. This report helps businesses identify and understand different segments within their target market, such as age, gender, income, and geographic location. By understanding these segments, businesses can tailor their marketing strategies and product offerings to better meet the needs and preferences of each group.
Finally, market research reports can also include feasibility studies, which assess the viability of a new product or service. These reports analyze factors such as market demand, production costs, and potential revenue to determine whether a new product or service is worth pursuing. Feasibility studies can help businesses avoid costly mistakes and make informed decisions about new ventures.
Market Research Report Industry Overview
The market research report industry is a rapidly growing sector, fueled by the increasing demand for insights and analysis by businesses seeking to gain a competitive edge. According to a recent report by Grand View Research, the global market research report industry is expected to reach $107.05 billion by 2027, growing at a CAGR of 5.4% from 2020 to 2027.
This growth is being driven by several factors, including the rise of e-commerce and the increasing importance of data-driven decision making. As businesses continue to expand their online presence, they require more detailed information about their customers and competitors. Market research reports provide this information, allowing businesses to make informed decisions about their marketing, product development, and overall strategy.
Key Players in the Market Research Report Industry
Some of the key players in the market research report industry include Nielsen Holdings, Kantar Group, The NPD Group, Ipsos, and GfK SE. These companies provide a range of research and consulting services, including market research reports, data analysis, and strategic consulting services.
Nielsen Holdings is a global measurement and data analytics company that provides market research, audience measurement, and advertising effectiveness solutions. They offer insights into consumer behavior and media consumption across various platforms and industries.
Kantar Group is a data, insights, and consulting company that helps clients understand their markets and customers. They offer a range of services, including brand strategy, innovation, and customer experience management.
How to Choose the Right Market Research Report for Your Business
Choosing the right market research report for your business can be a daunting task, given the vast array of reports available. Some factors to consider when selecting a report include the research methodology used, the scope of the report, the level of detail provided, and the cost. It's also essential to consider the relevance of the report to your business and industry, ensuring that the insights provided are actionable and relevant.
Another important factor to consider when choosing a market research report is the reputation of the research firm or organization that produced the report. It's important to select a report from a reputable source to ensure that the data and insights provided are accurate and reliable. You can research the reputation of the firm by reading reviews, checking their credentials, and looking at their track record.
Additionally, it's important to consider the format of the report. Some reports may be presented in a traditional written format, while others may include visual aids such as graphs, charts, and infographics. Depending on your preferences and needs, you may find that a report with more visual aids is easier to understand and more engaging to read.
The Cost of Market Research Reports
The cost of market research reports can vary depending on the scope and level of detail provided. Some reports can cost several hundred or even thousands of dollars, while others may be available for free or at a lower cost. However, the cost of market research reports should be viewed as an investment in the business's growth and success, given the insights and strategic value they provide.
It is important to note that the cost of market research reports can also be influenced by the source of the report. Reports from well-established and reputable market research firms may be more expensive, but they often provide more comprehensive and reliable data. On the other hand, reports from lesser-known or newer firms may be less expensive, but the quality and accuracy of the data may be questionable. Therefore, it is crucial to carefully evaluate the source and credibility of the report before making a purchase decision.
How to Access and Interpret Market Research Reports
Market research reports can be accessed through various channels, including research firms, industry associations, and online marketplaces. Once you have obtained a report, it's essential to interpret the insights and data provided in a way that is relevant to your business and industry. This may involve analyzing the data, identifying trends, and developing strategic recommendations based on the insights provided.
It's important to note that not all market research reports are created equal. Some may be more comprehensive or relevant to your business than others. Before investing in a report, it's important to evaluate its credibility and usefulness. This can be done by researching the reputation of the research firm or organization that produced the report, as well as reviewing the methodology and sample size used in the research. By carefully selecting and interpreting market research reports, businesses can gain valuable insights that can inform their strategic decision-making and improve their competitive position in the market.
The Impact of Technology on the Market Research Report Industry
The market research report industry has been significantly impacted by technological advancements in recent years. The use of big data and artificial intelligence has enabled more in-depth analysis and insights, while online marketplaces and platforms have made it easier for businesses to access and purchase reports. These technological advancements have also led to the development of new and innovative research methods, further enhancing the value of market research reports.
One of the most significant impacts of technology on the market research report industry is the ability to collect and analyze data in real-time. With the use of mobile devices and sensors, businesses can gather data on consumer behavior and preferences as they happen, providing more accurate and up-to-date insights. This has also led to the rise of predictive analytics, which uses machine learning algorithms to forecast future trends and behaviors based on historical data. As technology continues to evolve, the market research report industry will undoubtedly continue to adapt and innovate to meet the changing needs of businesses.
Trends in the Market Research Report Industry
Some of the trends in the market research report industry include the increasing use of artificial intelligence and predictive analytics, the growing demand for real-time data and insights, the use of social media analytics, and the rise of niche research firms specializing in specific industries or markets. These trends are likely to further reshape the industry in the coming years, providing new opportunities and challenges for businesses seeking to leverage market research reports.
Top Strategies for Using Market Research Reports to Grow Your Business
There are several effective strategies for using market research reports to grow your business, including using insights to develop targeted marketing campaigns, identifying new opportunities and potential growth areas, developing competitive strategies based on competitor insights, and identifying potential risks and challenges in the industry. Adopting these strategies can help businesses to develop more effective strategies and gain a competitive edge.
Common Mistakes to Avoid When Using Market Research Reports
Using market research reports can be a complex and challenging process, and there are several common mistakes that businesses should avoid. These include failing to select a relevant report, misinterpreting data or insights, using outdated reports, failing to consider the competition, and not investing adequate time and resources in analyzing and interpreting the insights provided. By avoiding these mistakes, businesses can ensure that they are getting the most value out of their market research reports.
Case Studies: Examples of Businesses that Used Market Research Reports Successfully
There are many examples of businesses that have used market research reports successfully to gain a competitive edge. For example, Apple used consumer behavior reports to understand customer preferences and develop products that met their needs and preferences. Amazon used industry analysis reports to identify potential growth areas and develop competitive strategies in the e-commerce industry. These examples highlight the importance of using market research reports to inform strategic decision-making and drive business growth.
Future Outlook for the Market Research Report Industry
The market research report industry is expected to continue growing in the coming years, driven by the increasing demand for insights and analysis by businesses seeking to gain a competitive edge. Technological advancements and the rise of niche research firms are likely to further reshape the industry, creating new opportunities and challenges. By leveraging market research reports effectively, businesses can gain insights and develop strategies that position them for success in an increasingly competitive marketplace.
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Home • Knowledge hub • How to write a market research report for a new product launch
How to write a market research report for a new product launch
When launching a new product to market, it’s imperative to be prepared with relevant information. You need a deep understanding of your market, how your products will benefit that market, the potential challenges you might run into, and much more.
This is why it’s so important to write an in-depth, professional, and relevant market research report. Not only to gather and display all the right information but also so that you can share that information clearly and easily with people within and outside your organization. This is important for a wide range of different reasons.
In this article, we’ll look at why market research reports for product launches are so important and show you how to do it as effectively as possible.
Why market research reports are important
Conducting a detailed and relevant market research report before you launch your new product is a good idea for all kinds of reasons. Here are some of the main ones:
- Get buy-in from senior decision-makers . When launching any product, you’ll always want the full support of the top decision-makers at your organization. This can be a tricky thing to acquire, especially if your team is relatively unproven. A detailed and informative market research report can be the deciding factor in winning their support, convincing them that your product is well-placed to succeed, and making it much easier to achieve your goals.
- Learn more about your customers and target audience . One of the main reasons to conduct market research is to understand your prospective customers in more detail. The work you do to compile a report will give you a clear and detailed understanding of what your customers want, what they already like, where they conduct their own research, and much more. This will arm you with the insights and knowledge you need to launch your product confidently and successfully.
Discover ideas for new products and how to improve existing ones . When you research your target market, you’ll likely stumble upon inspiration for new products in addition to the one you’re planning to launch. The feedback you get from your research will also be laced with ideas for improving and tweaking existing products
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How to write a market research report effectively
In the rest of this guide, we’ll show you what you need to do to ensure your market research report is as detailed, relevant, and valuable as it possibly can be. Let’s start with the type of information you need to include.
What you need to include:
This is a crucial part of getting to know your customers and the different groups they fall into. You should start by researching your target market members as much as possible through a range of channels — interviews, social media research, email surveys, and more. Then, divide them into demographics and create a detailed persona to represent each one.
This is an incredibly valuable step because it allows you to break down your market and make broad predictions about each group’s preferences, pain points, habits, and desires. If done right, this helps you target your future marketing much more accurately and effectively.
Understand your competitors
Getting to know your competitors is a key element of market research. It allows you to understand what you will be up against when launching your product and what segments of your market might be easier or more difficult to sway from their loyalty to your competitors.
Your research report should contain detailed information about each of your competitors and what they offer. What do their products lack that yours can provide? Why do your customers go to them? How dominant are they in your market? What kind of loyalty do they command? What are some of the keys to their success? All this will help you understand what you’re up against and strengthen your chances of success.
Who did you talk to?
Much of your market research will involve talking to various people and groups of people in situations like focus groups, interviews, and surveys. It’s important to document this side of your research carefully and include it in your market research report. Be sure to break down the people you spoke to into demographics and be as specific as possible — try to align this with your buyer personas.
This will help you understand what different demographics want, identify any areas you may have missed, and see any opportunities for segmentation or expansion, as well as providing clear visibility into your research process and allowing you to justify your findings and decisions to other company members carefully.
Clearly show what will happen next — how will you use your findings?
When you present your market research report to decision-makers in your organization, their primary concern will be what you want to do with it. Research is only valuable if it has a practical application, which should be a key element of your report.
It’s best to be specific — create plans and roadmaps for campaigns, build strategies, and include timelines and carefully researched cost estimates. If you can present a clear and viable plan for your product launch, it will be much easier to gain the support and buy-in of the higher-ups in your company. Be ready to defend and justify these plans.
Primary vs Secondary Market Research
There are two main types of research you’ll need to do when preparing your market research report: primary and secondary. Here is the difference:
- Primary research . This refers to the first-hand information you have gathered during your research — straight from the primary source. Examples include interviews with individuals, focus groups, surveys, and information from sales teams. It helps add a human touch to your research, incorporating real people’s distinct voices and opinions.
- Secondary research. This is data that your company didn’t personally collect but is available in the form of things like public records, trend reports, and market statistics. While it lacks the specific human element of primary research, it’s a great way to gain valuable overall insights about your target market without having to conduct huge research projects yourself.
Convincing company decision-makers with your market research report
One of the most essential functions of a market research report is to convince your company’s key stakeholders that you are prepared for a product launch and have everything in place to begin the process successfully.
When creating your report, you should always have this goal in mind. Here are some ways to do that:
- Always clearly tie your research for business outcomes. For every conclusion your report reaches, explain what this means for the business and what concrete actions you will take as a result.
- Use as many stats and as much hard data as possible. Clearly express this data in the form of graphs and other visual aids. Show where your data came from, how you collected it, and how your findings will impact your product launch.
- Consider using Porter’s 5 Forces Model . This business model is aimed at understanding and explaining the fundamental market forces at work in any given industry. It can be illuminating to tie your research into this model.
A well-researched and detailed market research report is an essential part of a successful product launch strategy. It allows you to clearly understand your market, formulate concrete plans and strategies, and gain the support of your organization’s decision-makers.
Without one, you’ll be plunged into the dark, facing the monumentally challenging task of launching a product without the support of extensive research and data. To find out more about how Kadence can help you prepare a market research report and launch your product with confidence, contact us .
Five Trends Shaping the Future of Dining Out
The restaurant industry has transformed with five key trends: convenience, tech integration, health-focused menus, global flavors, and sustainability. Diners now seek unique experiences that combine these elements in innovative ways. Learn more in our latest trend report.
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The expectations of travelers have changed. From personalized experiences to the power of virtual reality, our report explores how travel brands are adapting to evolving consumer behaviors and technological advancements. We examine how the industry is catering to digital nomads and the rise of experiential travel, where travelers immerse themselves in local cultures and communities.
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We’ve been working with Kadence on a couple of strategic projects, which influenced our product roadmap roll-out within the region. Their work has been exceptional in providing me the insights that I need. Senior Marketing Executive Arla Foods
Kadence’s reports give us the insight, conclusion and recommended execution needed to give us a different perspective, which provided us with an opportunity to relook at our go to market strategy in a different direction which we are now reaping the benefits from. Sales & Marketing Bridgestone
Kadence helped us not only conduct a thorough and insightful piece of research, its interpretation of the data provided many useful and unexpected good-news stories that we were able to use in our communications and interactions with government bodies. General Manager PR -Internal Communications & Government Affairs Mitsubishi
Kadence team is more like a partner to us. We have run a number of projects together and … the pro-activeness, out of the box thinking and delivering in spite of tight deadlines are some of the key reasons we always reach out to them. Vital Strategies
Kadence were an excellent partner on this project; they took time to really understand our business challenges, and developed a research approach that would tackle the exam question from all directions. The impact of the work is still being felt now, several years later. Customer Intelligence Director Wall Street Journal
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10 examples of great marketing research reports from 2022
Find inspiration for your next marketing survey report. See how industry-leading brands design, develop, + promote proprietary data reports.
By Katherine Boyarsky • Dec 28, 2022
B2B SaaS brands, and any other business that has a vested interest in helping their customers succeed, need the latest benchmark data to do so. And according to Google’s Helpful Content Update guidelines , “people-first content” should be created for a specific intended audience, and include the latest information.
Today, brands are taking proprietary research, data analysis, and industry trends report creation into their own hands. Why? It gives them the ability to tailor the research to help their audience, and creates a steady flow of traffic, which improves brand awareness.
Looking for content marketing support for your brand? We can help. Let’s Talk
The even more recent Google Helpful Content Update on the E-A-T content marketing strategy adds an extra “E” for experience, making it the E-E-A-T strategy now. That means that people who have firsthand experience with the topic they’re writing about will be prioritized. This is where I explain that I am the CMO of a creative content marketing agency ( CXD Studio ) that helps create or reports like the annual HubSpot State of Marketing Trends report, among others. Our team has been doing the content strategy, copywriting, data analysis, design, data visualization, and promotion for marketing research reports for almost a decade, and our reports have reached millions of readers.
Here are the basics on how to produce an industry trends report campaign and inspirational reports from 2022.
Reminder — creating any sized research report takes significant time, effort, expertise, and resources. Don’t try to take it on yourself, and plan enough time for each phase in the production process. There will be delays — build those into your timelines.
Who creates marketing industry trends reports?
Marketing research reports typically fall under the responsibility of the content marketing team within the marketing department. However, they might be owned by demand generation, sales enablement, a research/analytics team, or outsourced to a specialized agency or freelancer. Here’s who typically leads and executes marketing research campaigns:
- Market research companies
- Creative agencies
- Advertising agencies
- In-house content teams
Types of marketing research reports brands can create
- Industry trends reports
- Benchmark reports
- Brand awareness surveys
- Analyses of product data
- Executive/decision-maker surveys
- User experience reports
10 examples of great industry trends reports from B2B brands from 2022
Use these marketing research report examples to spark your creativity from outline, to promotion, to format.
- HubSpot’s State of Marketing Trends Report
- Owl Labs’ State of Remote Work Report
- ConvertKit’s State of the Creator Economy Report
- DoorDash’s Restaurant Online Ordering Trends Report
- TINT’s State of User-Generated Content 2022 Report
- Spotify’s Culture Next Report
- HubSpot’s Building Winning Regional Marketing Teams Report
- Semrush’s State of Content Marketing Report
- Chicory’s Annual Recipe Usage Report
- Lightcast’s Workers Wanted Worldwide Report
How do you create an industry trends research report?
Let’s break down the marketing research report process.
Phase 1: Background research, marketing strategy, and survey design
Identify your target audience, the goals of the report, and your survey questions. Try to ask a minimum of 10-20 questions, and don’t ask too many or you’ll fatigue your respondents. If you’ll be pulling product data, map out the questions that you want to answer from the data.
Phase 2: Survey administration and data collection
Use a platform like Pollfish or Survey Monkey Audience to collect responses from a certain demographic, or collect data from your own audience using a basic survey tool. Alternatively, some companies choose to pull product data to learn about their audience.
Phase 3: Data analysis and key themes
Examine the data using pivot tables or more advanced statistical modeling programs. Look for statistically significant themes and patterns, and analyze them in the context of the past few years.
Phase 4: Report outline and copywriting
Include key themes as chapters, and plan for calls-to-action (CTAs) throughout where it makes sense to include them. Pull out actionable tips for your audience so they can make the most out of the data. Use your brand’s copywriting guidelines to match the right tone for the audience.
Phase 5: Data visualization and report design
Design the charts, statistics, and data visualizations using your brand identity, and create shareable images for social media. Design the report as a web page or downloadable PDF using brand fonts, colors, imagery, iconography, and overall style.
Phase 6: Promotion and distribution
Plan for a launch blog post with key findings, emails to your audience, social media posts, paid advertising, and individual posts from your team, employees, or influencers. If you work with a PR team or individual freelancer, get them involved early, and have them share the key findings when they’re finalized. Source quotes from experts on the early side, too.
Phase 7: Campaign analysis
Analyze the performance of the campaign after the first week, month, and then a year or two out. Large-scale campaigns like annual or bi-annual reports can have a long tail, so measure influenced contacts, net new contacts, and influenced revenue after a bit of time.
Marketing survey promotion ideas
- Share interesting stats and data points using data visualizations on social media, using both organic posts and paid ads. Try static and animated ads and compare the results.
- Create a compelling landing page with key insights from the report and a preview of what’s inside.
- Incorporate leadership insights from partners or thought leaders with similar audiences, then ask them to promote the report when it comes out.
- Partner with similar brands and pool your resources, then promote to all of your audiences.
Need help creating an industry trends report, from start to finish? Let’s chat.
We’ve got a small but experienced team that handles project management, survey design and data acquisition, data analysis, copywriting, content strategy, data visualization, design, and promotional assets. And we work quickly, as a seamless extension of your team. Let’s talk through your marketing research report creation needs .
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Writing a Marketing Research Report
After completing this module, you will be able to:
- Discuss the main elements of a clear, accurate, and complete research report
- Explain the purpose of the Executive Summary
- Outline the elements of an Executive Summary
- Explain what makes a good oral report
- Discuss how oral reports are different from written reports
- List the different types of charts and tables that are used in research reports
The Research Report
What is the research report.
A research report is an oral or written presentation to management detailing a research project's objectives, methodology, findings, and recommendations. Typically, written reports are more detailed that an oral report, which presenters usually deliver in an hour or an hour-and-a-half.
Objectives of the Research Report T
he objective of a research report is to provide a clear, accurate and complete report of the research project. It should help clarify the research issues so management can use the findings as an aid to decision-making.
Good research reports are clearly written and presented. The authors avoid using unnecessary jargon. Experienced report writers know that their audience, while composed of marketers, may not be experts in all aspects of marketing research. Good reports present an honest, accurate, and unbiased review of the research objectives, methodology, and findings. And, good reports present a complete review of the data gathered. Reports should include appendices that show all data. It is very common for executives from the client's organization and its promotion agencies to study these data with great care to see if alternate conclusions can be supported.
Elements of the Written Report
While the elements of actual reports may vary slightly, a basic research report has three sections:
Section I: Introduction
Section II: Body of the Report
Section III: Appendices
Here is an outline of a standard written research report. Actual reports may vary somewhat from this outline:
Section I of the Research Report: Introduction
The first page of the research report is the Title Page. This page should include the following elements:
- Title of the research project
- Names, titles, firm, and contact information of the person who authorized and directed the project for the client
- Names, titles, firm, and contact information of the people who prepared the report
- Release date of the report
The transmittal letter is a one-page letter or memo written by the lead person on the team that prepared the report. This letter is usually written on official letterhead, which includes the name of the marketing research firm responsible for the report and the name and contact information of the lead person from that firm
The letter serves as proof that the report was sent to the client. It:
- States the specific subject of the report
- Identifies the names of the people who authorized the project
- Outlines key findings
- Highlights recommendations
- Outline the limitations of the report
- Reports any discrepancies that might exist between the approved proposal and the final project
- Thanks the client for the opportunity of conducting this research
This is a letter written by the client to the marketing research firm. This letter acknowledges receipt of the research proposal made by the market research firm. And, it authorizes the marketing researcher to conduct a research project. It is written on corporate letterhead. It includes the name, title, and contact information of the author. The fee structure and delivery dates for the research are clearly spelled out. The letter concludes with a statement that the client looks forward to the successful conclusion of the study and suggests a follow-up telephone call should the lead marketing researcher have any questions or concerns.
Table of Contents
The table of contents is based on the final outline of the report. It includes a list of the report's sections and sub-sections, and their respective page numbers.
The executive summary is a short synopsis of the research report. Some might even call it the mini-report. It is typically no more than four pages long. It is intended to provide busy senior executives with the highlights of the study. An effective Executive Report includes the following elements:
- The name of the study
- The names of the people who prepared the study
- The name of the client who authorized the study
- Date of the report
- Introductory statement that defines the research objectives and research question
- Key findings
- Conclusions and indicated actions
- Limitations of the research
Section II of the Research Report: Body of the Report
The body of the marketing research report includes the following sections:
This section of the report reviews the objectives of the research. It summarizes the research proposal and highlights any changes to the research design that were agreed to after the client approved the proposal. Please Note: It is highly unprofessional for market researchers to change the research design without getting their client's expressed approval.
This section covers a review of the literature and secondary research. And, if relevant, this section cites primary research sponsored by the client on similar issues.
In the case of Exploratory Research, this section lists the research questions. With Descriptive or Causal Research, the null and alternate hypotheses are spelled out.
This is the most technical section of the research report. It includes the following sections:
Research Design : This includes a statement of the type of research conducted: Exploratory, Descriptive, or Causal. Secondary research sources are mentioned along with a description of how primary data were collected. And, the authors should include a rationale for why the research design is appropriate for achieving the research objectives and answering the research questions. In an appendix, the authors of the report include any discussion guides, questionnaires or observation forms.
Sample Design : This section includes:
- A statement defining the population of interest and the sampling frame
- Sampling units  included in the study
- The sampling method used
- The size of the selected sample
- The response rate achieved
Details about the samples and calculations used in the sampling should be included in the appendices.
Data Collection and Fieldwork : This section reviews how the fieldwork was conducted. It states the number and types of fieldworkers, how they were trained and supervised, and how the accuracy of their work was verified.
Statistical Analysis :
A review of the statistical methods employed in the analysis. This section provides a rationale for these methods, but the actual analysis is not presented.
A glossary may be included to define any technical terms that might be unknown to experienced managers.
The findings section is the longest part of the research report. It is where the results of the study are reported in detail. This section should include supporting tables and graphs. Tables and graphs make the report easier to read and more memorable. To avoid overwhelming the reader, the findings should refer the reader to the detailed data, which should be in an appendix.
Limitations of the Study
No research design is perfect; they all have their limitations. Good researchers always state the limitations of their research.
Conclusions and Recommendations
After the findings are presented, the researchers present their conclusions and recommendations, including conducting further research.
 A sampling frame defines a set of elements from which a researcher can select a sample of the target population. Source: http://srmo.sagepub.com/view/the-sage-encyclopedia-of-social-science-research-methods/n884.xml
 Sampling units are the individual items—people or households—included in a sample.
Section III of the Research Report: Appendices
The appendices of the marketing research report include all technical materials and data related to specific parts of the study. These materials may be of interest to only a few readers. Materials posted in one of the appendices may not deal directly with the research objectives.
The appendices include the following:
- Discussion Guides, Questionnaires, and Data Collection Forms
- Table for each survey question
- Details on the statistical analyses performed and the sampling methods
- Bibliography, if appropriate
Important research attracts the interest a managers. Good researchers and good clients are skeptical. After reading the report and attending the presentation, many executives may have serious questions. These executives often spend hours pouring over the appendices. They may raise questions about the validity, reliability, logic, and conclusions of the research. Good marketing research expect and welcome these inquiries.
Presenting the Research Report
Research reports are presented in writing and in oral presentations.
Written presentations are far more detailed than oral presentations. Oral presentations are often done with presentation software like PowerPoint. Oral presentations cannot cover all of the details covered in the written presentations. There is simply not enough time to read the entire report at a presentation. Reading slides with multiple sentences is a sure way of boring your audience. PowerPoint slides should have few words. Each slide should focus on a single idea supported with a picture, table, or chart. Good presenters know what they want to communicate. They rehearse. And, they connect with their audience by making eye contact.
Tables and Charts
Researchers use tables and charts to communicate their ideas.
Tables are a useful way of presenting numerical data. The numbers are presented in vertical columns and horizontal rows. Tables can organize the data longitudinally or by cross section.
Cross sectional data divides the data into its component parts. Here us an example of cross sectional data:
Longitudinal data shows how the data changes over time. Here us an example of longitudinal data:
Cross sectional and longitudinal data can be combined in a single table:
A good table should have:
- A title that identifies the data presented
- A table number
- A legend, if needed
Charts provide a graphic representation of data. Just like tables, a chart should have:
- A chart number
Bar or Column Charts
Bar charts are used to present cross sectional data. The heights of the columns depict the size or magnitude of each section
Chart 1: Bar or Column Chart
Pie charts are used to present cross sectional data. They show the proportion of each section
Chart 2: Pie Chart
Line charts are used to present longitudinal data.
Chart 3: Line Chart
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How to Write a Market Research Report [5+ Templates to Download]
Three months down 2019 and you still think your marketing strategy can do better. Just like any other company, you’re hoping that this year would be your year. Performing a market research will help you learn more about your target market before spending effort and valuable time in planning and building strategies that you’re not sure will work. Getting the results or information documented in a report would then pave the way to a tangible marketing plan .
Table of Content
7 steps to write a market research report, 5+ market research report templates, 1. market research report template, 2. market research report template, 3. sample market research report, 4. market research report template, 5. market research report sample, 6. market research report template, step 1: think of your reader, step 2: gather data, step 3: write the front matter, step 4: include methods used, step 5: create relevant visuals, step 6: write your recommendations, step 7: close with a call to action.
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- One-on-one interviews- These are conducted in high-traffic areas such as shopping malls during in-person surveys. They allow you to hand out product samples, packaging, or advertising to consumers and get rapid feedback. In-person surveys can provide response rates of over 90%, but they are expensive. An in-person survey might cost up to $100 per interview due to the time and work needed.
- Telephone surveys- This is cheaper than in-person surveys, but they are more costly than surveys sent by mail. However, consumers’ aversion to constant telemarketing and persuading consumers to engage in phone polls has become more challenging. Response rates to telephone surveys are typically in the 50 %to 60 % range.
- Mail surveys- This is a low-cost technique to reach a large number of people. They’re a lot less expensive than in-person or phone surveys, but they only get 3 to 15% of people to respond. Mail surveys, despite their low return, are still a cost-effective option for small enterprises.
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Industrial Market Report Q3 2023
- Industrial absorption exceeded positive 2.8M square feet for Q3 2023
- Market vacancy increased by 40 basis points to 4.2% , remaining in the 4%-range over the last 16 consecutive quarters
- Nashville development total remains elevated, with nearly 4.9M square feet under construction
According to data from Oxford Economics, Nashville continues to post one of the highest job growth rates in the country at 2.1%, ranking in the top 10 largest 50 metros. Job growth is forecasted to grow 0.5% in 2024, with a 5-year average growth rate of 1.3% from 2023-2027. Additionally, Nashville’s GDP growth of 3.5% at YTD 2023 ranked in the top 5 of the largest 50 metros, with a 5-year average growth rate of 2.5%. GDP growth is predicted to be led by professional and technical services, real estate, and manufacturing. Looking at job performance by industrial-space users, Nashville’s trade, transportation, and utilities sector employment increased by 3.5% from September 2022 to September 2023 while manufacturing grew 3.1% in the same time frame. At the close of Q3, Nashville’s industrial market recorded 2,893,769 SF in positive net absorption and nearly 3M square feet in new deliveries, the latter resulting in a slight uptick in market vacancy. Nashville remains a top location for relocating and expanding industrial space occupiers, as all announced jobs reported by the Nashville Area Chamber of Commerce represented the manufacturing sector during Q3.
Katie joined Colliers in the fall of 2014. She works closely with her advisors, third-party data sources, sales associates and members of the marketing staff to conduct high quality and accurate market analysis, research and reporting for the company and Colliers USA.
Katie plans and executes the company’s research strategy including database creation, management and maintenance, data interpretation, presentation, and marketing of the data, economic and financial analysis, and Colliers International Quarterly Reports. In addition, she is responsible for obtaining the market and industry data for market report production and distribution and executes web searches for pertinent data and information related to research and analysis of local, regional and national trends that influence the commercial real estate market.
The global economy will perform better than many expect in 2024
Goldman Sachs Research expects the global economy to outperform expectations in 2024 — just as it did in 2023.
That outlook is based on our economists’ prediction for strong income growth (amid cooling inflation and a robust job market), their expectation that rate hikes have already delivered their biggest hits to GDP growth, and their view that manufacturing will recover. Central banks, meanwhile, will have room to reduce interest rates if they’re concerned about the economy slowing. “This is an important insurance policy against a recession,” Goldman Sachs Research Chief Economist Jan Hatzius writes in the team’s report titled Macro Outlook 2024: The Hard Part Is Over .
Worldwide GDP is forecast to expand 2.6% next year on an annual average basis, compared with the 2.1% consensus forecast of economists surveyed by Bloomberg. In fact, Goldman Sachs Research’s forecasts for GDP growth in 2024 are more optimistic than the consensus for eight of the world’s nine largest economies, as of Nov. 8, 2023. And notably, our economists expect US growth to outpace its developed market peers again.
The global economy fared better than many economists expected in 2023
Goldman Sachs Research was also optimistic about the global economy in 2023 — and the results have exceeded even our own economists’ expectations .
Solid GDP growth has translated into more-than-solid labor market performance. The unemployment rate across all the economies covered by our analysts (and with high-quality labor market data) now stands about 0.5 percentage points below its pre-pandemic level. Importantly, this improvement is visible even in some key economies that have seen very low real GDP growth, such as the Euro area.
Will inflation continue to cool in 2024?
Importantly, GDP growth and employment have been surprisingly buoyant among economies that experienced a large and unwanted inflation surge in 2021-2022. (Policymakers in Japan, by contrast, wanted inflation.) And inflation is now cooling across G10 and emerging market economies.
“We don’t think the last mile of disinflation will be particularly hard,” Hatzius writes. The supply and demand of goods have grown more balanced, and the impact of this on core goods disinflation is still unfolding and is forecast to continue through most of 2024. Shelter inflation is expected to have considerably further to fall.
Most crucially, the supply-demand balance in the labor market continues to improve. Goldman Sachs Research’s jobs-workers gap — measured as job openings minus unemployed workers — is trending down everywhere. The adjustment has so far occurred almost entirely in a benign fashion, as job openings have declined without a rise in unemployment.
Our economists forecast this year’s decline in inflation to continue in 2024: sequential core inflation is predicted to fall from 3% now to an average 2-2.5% range across the G10 (excluding Japan). “That would be broadly consistent with the inflation targets of most developed market central banks by the end of 2024,” Hatzius writes. “If anything, we think that the risks to the achievement of target-consistent inflation are on the earlier side.”
Many big economies will avoid recession in 2024
Over the past year, our economists have been relatively optimistic that major economies can avoid a recession. In the team’s report, they reaffirm their longstanding view that the probability of a US recession is much lower than commonly appreciated — at just 15% over the next 12 months.
There are four main reasons Goldman Sachs Research is optimistic about growth next year.
- Our economists have a positive outlook for real disposable income growth at a time of much lower headline inflation and still-strong labor markets. While they predict US real income growth will slow from its very strong 2023 pace, they think it will still be enough to support consumption and GDP growth of at least 2%. Meanwhile, both the Euro area and the UK are expected to have a meaningful acceleration in real income growth — to around 2% by end-2024 — as the gas shock following Russia’s invasion of Ukraine fades.
- Rate hikes and fiscal policy will continue to weigh on growth across the G10 economies, but the worst of that drag has already happened, Hatzius writes. The team’s research shows that the maximum impact of monetary tightening on the growth rate (as opposed to level) of GDP occurs with a short lag of about two quarters. “We therefore expect a smaller drag from tighter financial conditions in 2024 than in 2023, even after factoring in the recent increase in long-term interest rates,” Hatzius writes.
- Industrial activity has been weak amid a rebalancing of spending back towards services from goods, the European energy crisis, an inventory cycle that had to correct for overbuilding in 2022, and a weaker-than-expected rebound in Chinese manufacturing. Most of these headwinds are forecast to fade this year, and manufacturing is expected to recover toward longer-term trend levels.
- The “most novel reason” to be optimistic about GDP growth is that central banks don’t need a recession to bring inflation down, and will therefore try hard to avoid one, Hatzius writes. Our economists’ analysis of past hiking cycles shows that major central banks are twice as likely to cut rates when there’s a risk to growth once inflation has normalized to sub-3% rates (relative to when inflation is above 5%).
Will central banks cut interest rates next year?
Policymakers in developed markets are unlikely to cut interest rates before the second half of 2024 unless economic growth proves weaker than anticipated, according to Goldman Sachs Research. In part, that view is based on our economists’ baseline forecasts, which expect inflation to remain modestly above target, unemployment rates to stay below their long-run levels, and GDP to grow roughly at trend pace in 2024. In emerging markets, policy cuts are expected to be announced sooner.
Japan stands apart because its inflation pickup was largely desired. After three decades of anemic price pressures or outright deflation, wage increases in 2023 signalled that the Bank of Japan was moving towards its goal of establishing a virtuous cycle between wages and prices.
The BoJ is therefore poised to move toward an exit from its policy of yield curve control in April 2024, although a formal abandonment of these measures is unlikely until October 2024, according to Goldman Sachs Research. Even so, Japanese inflation should remain far below the levels experienced by its G10 peers during this cycle.
China also stands apart when it comes to policy stimulus, as authorities have sought to counteract sluggish economic growth. Our economists expect China’s GDP growth to slow to 4.8% in 2024 as the boost from post-covid reopening fades, but partly offset by a slightly smaller housing drag, a modest rebound in global trade, and additional policy easing.
The world’s second-largest economy still has challenges, however. Its property downturn is likely to endure, and there is still a risk that the resulting pessimism becomes entrenched. The country’s ongoing demographic deterioration and persistently shrinking working-age population will require it to reinvent its growth model. A modest cyclical rebound in exports is unlikely to reverse the ongoing diversification of global value chains away from China. “Near-term growth in China should benefit from further policy stimulus, but China’s multi-year slowdown will likely continue,” Hatzius writes.
This article is being provided for educational purposes only. The information contained in this article does not constitute a recommendation from any Goldman Sachs entity to the recipient, and Goldman Sachs is not providing any financial, economic, legal, investment, accounting, or tax advice through this article or to its recipient. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the statements or any information contained in this article and any liability therefore (including in respect of direct, indirect, or consequential loss or damage) is expressly disclaimed.
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Alternative lending market in Brazil is expected to grow by 43.9% on annual basis to reach US$19,943.0 million in 2023.
Medium to long term growth story of alternative lending in Brazil remains strong. Alternative lending adoption is expected to grow steadily over the forecast period, recording a CAGR of 33.9% during 2023-2027. The alternative lending market in the country will increase from US$13,861.1 million in 2022 to reach US$64,061.0 million by 2027.
This report provides a detailed data-centric analysis of the alternative lending market covers in-depth market potential and various. Embark on a detailed exploration of the alternative lending market with our latest report, dissecting key economic indicators to provide a holistic view of this dynamic landscape. Delve into the alternative lending market's expansive horizons, from overall market size and forecasts to granular analyses of end-user segments, diverse finance models, and payment instrument intricacies.
This report helps in navigating the nuanced relationships between payment instruments and lending models, offering a detailed breakdown of transaction dynamics. Uncover the multifaceted nature of loans, from personalized B2C offerings like payroll advances to strategic B2B solutions like lines of credit. Complementing these insights, delve into consumer attitudes and behaviors, decoding the impact of age, income, and gender on financial choices.
This report provides a thorough knowledge of alternative lending market dynamics, market size and forecast with more than 75+ KPIs. KPIs in both value and volume terms help in getting an in-depth understanding of end market dynamics.
The research methodology is based on industry best practices. Its unbiased analysis leverages a proprietary analytics platform to offer a detailed view on emerging business and investment market opportunities.
Reasons to buy
This report offers a comprehensive insight into the alternative lending market in Brazil, covering the following key areas:
- Comprehensive Market Intelligence: This report offers a thorough scrutiny of the alternative lending market in Brazil, providing a deep dive into its size, growth potential, emerging trends, and key industry leaders. Investors and entrepreneurs can identify potential areas for market expansion, based on the payment instruments, finance models, and loan types covered in the report.
- Economic Indicators: Access to Brazil's economic indicators, including GDP, unbanked population, unemployment rate, and loan default rate, to empower your business with crucial data for market analysis and strategic planning.
- Industry Attractiveness Analysis: In-depth trend analyses for transaction value, average value, and transaction volume within the Brazil alternative lending sector. This information aids in assessing the industry's appeal and potential for growth.
- Strategic Segmentation Analysis: The report presents an extensive analysis of market segments based on financial models (P2P marketplace lending, balance sheet lending, invoice trading, debt-based securities, equity-based crowdfunding, real estate crowdfunding, and others), payment methods (cash, cheques, credit transfers, direct debits, debit cards, credit cards, and e-money) and end-users (consumers, businesses, and property).
- Growth Projections: The report contains future growth projections for the Brazil alternative lending market, classified by end-user, financial model, and payment instrument. These projections offer insights into areas with growth potential within various market segments, aiding your company in strategy alignment and informed decision-making.
- Loan Type Analysis: A thorough examination of loan types, including B2C Loans (Personal Loans, Payroll Advances, Home Improvement, Education/Student Loans, Point of Sale, Auto Loans, Medical Loans) and B2B Loans (Lines of Credit, Merchant Cash Advance, Invoice Factoring, Revenue Financing), offering valuable market insights.
- Consumer Attitude and Behaviour Analysis: Get a closer look at consumer behaviour and attitude, segmented by age, income, and gender, which can aid in developing targeted marketing and lending strategies.
Brazil Economic Indicators
- Gross Domestic Product at Current Prices
- Unbanked Population
- Unemployment Rate
- Loan Default Rate
Brazil Alternative Lending Market Size and Forecast
- Transaction Value
- Average Transaction Value
- Transaction Volume
Brazil Alternative Lending Market Size and Forecast by End User
- End User - Business
- End User - Consumer
Brazil Alternative Lending Market Size and Forecast by Finance Models
- P2P Marketplace Consumer Lending
- P2P Marketplace Business Lending
- P2P Marketplace Property Lending
- Balance Sheet Consumer Lending
- Balance Sheet Business Lending
- Balance Sheet Property Lending
- Invoice Trading
- Debt Based Securities
- Equity Based Crowd Funding
- Real Estate Crowd funding
Brazil Alternative Lending Market Size and Forecast by Payment Instrument - Transaction Value, Volume and Average Value
- Credit Transfer
- Direct Debits
- Credit Card
Brazil Alternative Lending Market Size and Forecast by Payment Instrument to Model
Alternative Lending Market Size and Forecast by Payment Instrument to P2P Marketplace Consumer Lending
Alternative Lending Market Size and Forecast by Payment Instrument to P2P Marketplace Business Lending
Alternative Lending Market Size and Forecast by Payment Instrument to P2P Marketplace Property Lending
Alternative Lending Market Size and Forecast by Payment Instrument to Balance Sheet Consumer Lending
Alternative Lending Market Size and Forecast by Payment Instrument to Balance Sheet Business Lending
Alternative Lending Market Size and Forecast by Payment Instrument to Balance Sheet Property Lending
Alternative Lending Market Size and Forecast by Payment Instrument to Invoice Trading
Alternative Lending Market Size and Forecast by Payment Instrument to Debt Based Securities
Alternative Lending Market Size and Forecast by Payment Instrument to Equity Based Crowd Funding
Alternative Lending Market Size and Forecast by Payment Instrument to Real Estate Crowd funding
Brazil Alternative Lending Market Size and Forecast by Loan Types
- Personal Loan
- Payroll Advance
- Home Improvement
- Education/Student Loans
- Point of Sale
- Medical Loans
- Lines of Credit
- Merchant Cash Advance
- Invoice Factoring
- Revenue Financing
Brazil Alternative Lending Analysis by Consumer Attitude and Behaviour
For more information about this report visit https://www.researchandmarkets.com/r/efi96m
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