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How to do market research: The complete guide for your brand

Written by by Jacqueline Zote

Published on  April 13, 2023

Reading time  10 minutes

Blindly putting out content or products and hoping for the best is a thing of the past. Not only is it a waste of time and energy, but you’re wasting valuable marketing dollars in the process. Now you have a wealth of tools and data at your disposal, allowing you to develop data-driven marketing strategies . That’s where market research comes in, allowing you to uncover valuable insights to inform your business decisions.

Conducting market research not only helps you better understand how to sell to customers but also stand out from your competition. In this guide, we break down everything you need to know about market research and how doing your homework can help you grow your business.

Table of contents:

What is market research?

Why is market research important, types of market research, where to conduct market research.

• Steps for conducting market research
• Tools to use for market research

Market research is the process of gathering information surrounding your business opportunities. It identifies key information to better understand your audience. This includes insights related to customer personas and even trends shaping your industry.

Taking time out of your schedule to conduct research is crucial for your brand health. Here are some of the key benefits of market research:

Understand your customers’ motivations and pain points

Most marketers are out of touch with what their customers want. Moreover, these marketers are missing key information on what products their audience wants to buy.

Simply put, you can’t run a business if you don’t know what motivates your customers.

And spoiler alert: Your customers’ wants and needs change. Your customers’ behaviors today might be night and day from what they were a few years ago.

Market research holds the key to understanding your customers better. It helps you uncover their key pain points and motivations and understand how they shape their interests and behavior.

Figure out how to position your brand

Positioning is becoming increasingly important as more and more brands enter the marketplace. Market research enables you to spot opportunities to define yourself against your competitors.

Maybe you’re able to emphasize a lower price point. Perhaps your product has a feature that’s one of a kind. Finding those opportunities goes hand in hand with researching your market.

Maintain a strong pulse on your industry at large

Today’s marketing world evolves at a rate that’s difficult to keep up with.

Fresh products. Up-and-coming brands. New marketing tools. Consumers get bombarded with sales messages from all angles. This can be confusing and overwhelming.

By monitoring market trends, you can figure out the best tactics for reaching your target audience.

Not everyone conducts market research for the same reason. While some may want to understand their audience better, others may want to see how their competitors are doing. As such, there are different types of market research you can conduct depending on your goal.

Interview-based market research allows for one-on-one interactions. This helps the conversation to flow naturally, making it easier to add context. Whether this takes place in person or virtually, it enables you to gather more in-depth qualitative data.

Buyer persona research

Buyer persona research lets you take a closer look at the people who make up your target audience. You can discover the needs, challenges and pain points of each buyer persona to understand what they need from your business. This will then allow you to craft products or campaigns to resonate better with each persona.

Pricing research

In this type of research, brands compare similar products or services with a particular focus on pricing. They look at how much those products or services typically sell for so they can get more competitive with their pricing strategy.

Competitive analysis research

Competitor analysis gives you a realistic understanding of where you stand in the market and how your competitors are doing. You can use this analysis to find out what’s working in your industry and which competitors to watch out for. It even gives you an idea of how well those competitors are meeting consumer needs.

Depending on the competitor analysis tool you use, you can get as granular as you need with your research. For instance, Sprout Social lets you analyze your competitors’ social strategies. You can see what types of content they’re posting and even benchmark your growth against theirs.

Brand awareness research

Conducting brand awareness research allows you to assess your brand’s standing in the market. It tells you how well-known your brand is among your target audience and what they associate with it. This can help you gauge people’s sentiments toward your brand and whether you need to rebrand or reposition.

If you don’t know where to start with your research, you’re in the right place.

There’s no shortage of market research methods out there. In this section, we’ve highlighted research channels for small and big businesses alike.

Considering that Google sees a staggering 8.5 billion searches each day, there’s perhaps no better place to start.

A quick Google search is a potential goldmine for all sorts of questions to kick off your market research. Who’s ranking for keywords related to your industry? Which products and pieces of content are the hottest right now? Who’s running ads related to your business?

For example, Google Product Listing Ads can help highlight all of the above for B2C brands.

The same applies to B2B brands looking to keep tabs on who’s running industry-related ads and ranking for keyword terms too.

There’s no denying that email represents both an aggressive and effective marketing channel for marketers today. Case in point, 44% of online shoppers consider email as the most influential channel in their buying decisions.

Looking through industry and competitor emails is a brilliant way to learn more about your market. For example, what types of offers and deals are your competitors running? How often are they sending emails?

Email is also invaluable for gathering information directly from your customers. This survey message from Asana is a great example of how to pick your customers’ brains to figure out how you can improve your quality of service.

Industry journals, reports and blogs

Don’t neglect the importance of big-picture market research when it comes to tactics and marketing channels to explore. Look to marketing resources such as reports and blogs as well as industry journals

Keeping your ear to the ground on new trends and technologies is a smart move for any business. Sites such as Statista, Marketing Charts, AdWeek and Emarketer are treasure troves of up-to-date data and news for marketers.

And of course, there’s the  Sprout Insights blog . And invaluable resources like The Sprout Social Index™  can keep you updated on the latest social trends.

Social media

If you want to learn more about your target market, look no further than social media. Social offers a place to discover what your customers want to see in future products or which brands are killin’ it. In fact, social media is become more important for businesses than ever with the level of data available.

It represents a massive repository of real-time data and insights that are instantly accessible. Brand monitoring and social listening are effective ways to conduct social media research . You can even be more direct with your approach. Ask questions directly or even poll your audience to understand their needs and preferences.

The 5 steps for how to do market research

Now that we’ve covered the why and where, it’s time to get into the practical aspects of market research. Here are five essential steps on how to do market research effectively.

Step 1: Identify your research topic

First off, what are you researching about? What do you want to find out? Narrow down on a specific research topic so you can start with a clear idea of what to look for.

For example, you may want to learn more about how well your product features are satisfying the needs of existing users. This might potentially lead to feature updates and improvements. Or it might even result in new feature introductions.

Similarly, your research topic may be related to your product or service launch or customer experience. Or you may want to conduct research for an upcoming marketing campaign.

Step 2: Choose a buyer persona to engage

If you’re planning to focus your research on a specific type of audience, decide which buyer persona you want to engage. This persona group will serve as a representative sample of your target audience.

Engaging a specific group of audience lets you streamline your research efforts. As such, it can be a much more effective and organized approach than researching thousands (if not millions) of individuals.

You may be directing your research toward existing users of your product. To get even more granular, you may want to focus on users who have been familiar with the product for at least a year, for example.

Step 3: Start collecting data

The next step is one of the most critical as it involves collecting the data you need for your research. Before you begin, make sure you’ve chosen the right research methods that will uncover the type of data you need. This largely depends on your research topic and goals.

Remember that you don’t necessarily have to stick to one research method. You may use a combination of qualitative and quantitative approaches. So for example, you could use interviews to supplement the data from your surveys. Or you may stick to insights from your social listening efforts.

To keep things consistent, let’s look at this in the context of the example from earlier. Perhaps you can send out a survey to your existing users asking them a bunch of questions. This might include questions like which features they use the most and how often they use them. You can get them to choose an answer from one to five and collect quantitative data.

Plus, for qualitative insights, you could even include a few open-ended questions with the option to write their answers. For instance, you might ask them if there’s any improvement they wish to see in your product.

Step 4: Analyze results

Once you have all the data you need, it’s time to analyze it keeping your research topic in mind. This involves trying to interpret the data to look for a wider meaning, particularly in relation to your research goal.

So let’s say a large percentage of responses were four or five in the satisfaction rating. This means your existing users are mostly satisfied with your current product features. On the other hand, if the responses were mostly ones and twos, you may look for opportunities to improve. The responses to your open-ended questions can give you further context as to why people are disappointed.

Step 5: Make decisions for your business

Now it’s time to take your findings and turn them into actionable insights for your business. In this final step, you need to decide how you want to move forward with your new market insight.

What did you find in your research that would require action? How can you put those findings to good use?

The market research tools you should be using

To wrap things up, let’s talk about the various tools available to conduct speedy, in-depth market research. These tools are essential for conducting market research faster and more efficiently.

Social listening and analytics

Social analytics tools like Sprout can help you keep track of engagement across social media. This goes beyond your own engagement data but also includes that of your competitors. Considering how quickly social media moves, using a third-party analytics tool is ideal. It allows you to make sense of your social data at a glance and ensure that you’re never missing out on important trends.

Email marketing research tools

Keeping track of brand emails is a good idea for any brand looking to stand out in its audience’s inbox.

Tools such as MailCharts ,  Really Good Emails  and  Milled  can show you how different brands run their email campaigns.

Meanwhile, tools like  Owletter  allow you to monitor metrics such as frequency and send-timing. These metrics can help you understand email marketing strategies among competing brands.

Content marketing research

If you’re looking to conduct research on content marketing, tools such as  BuzzSumo  can be of great help. This tool shows you the top-performing industry content based on keywords. Here you can see relevant industry sites and influencers as well as which brands in your industry are scoring the most buzz. It shows you exactly which pieces of content are ranking well in terms of engagements and shares and on which social networks.

SEO and keyword tracking

Monitoring industry keywords is a great way to uncover competitors. It can also help you discover opportunities to advertise your products via organic search. Tools such as  Ahrefs  provide a comprehensive keyword report to help you see how your search efforts stack up against the competition.

Competitor comparison template

For the sake of organizing your market research, consider creating a competitive matrix. The idea is to highlight how you stack up side-by-side against others in your market. Use a  social media competitive analysis template  to track your competitors’ social presence. That way, you can easily compare tactics, messaging and performance. Once you understand your strengths and weaknesses next to your competitors, you’ll find opportunities as well.

Customer persona creator

Finally, customer personas represent a place where all of your market research comes together. You’d need to create a profile of your ideal customer that you can easily refer to. Tools like  Xtensio  can help in outlining your customer motivations and demographics as you zero in on your target market.

Build a solid market research strategy

Having a deeper understanding of the market gives you leverage in a sea of competitors. Use the steps and market research tools we shared above to build an effective market research strategy.

But keep in mind that the accuracy of your research findings depends on the quality of data collected. Turn to Sprout’s social media analytics tools to uncover heaps of high-quality data across social networks.

• Marketing Disciplines
• Social Media Strategy

Social media RFPs: The best questions to include (plus a template)

Template: Essential Questions to Ask in Your Social Media Management Software RFP

• Team Collaboration

How to build a marketing tech stack that scales your business

• Customer Experience

Brand trust: What it is and why it matters

• Now on slide

Build and grow stronger relationships on social

Sprout Social helps you understand and reach your audience, engage your community and measure performance with the only all-in-one social media management platform built for connection.

Market Research: A How-To 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

Published: 02/21/24

Today's consumers have a lot of power. As a business, you must have a deep understanding of who your buyers are and what influences their purchase decisions.

Enter: Market Research.

Whether you're new to market research or not, I created this guide to help you conduct a thorough study of your market, target audience, competition, and more. Let’s dive in.

Table of Contents

What is market research?

Primary vs. secondary research, types of market research, how to do market research, market research report template, market research examples.

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 if you ask me, 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.

How? Consider these two things:

• 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 2024. The market is expected to grow from roughly $75 billion in 2021 to $90.79 billion in 2025 .

Free Market Research Kit

• SWOT Analysis Template
• Survey Template
• Focus Group Template

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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 becomes louder and demands 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.

Market research also provides insight into the following:

• 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.

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.

That said, there are two main types of market research that your business can conduct to collect actionable information on your products: primary research and secondary research.

Primary Research

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 Primary Research: This kind of primary market research 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: This type of research often follows exploratory research. In specific research, you take a smaller or more precise segment of your audience and ask questions aimed at solving a suspected problem.

Secondary Research

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:

• Public Sources: These sources are your first and most-accessible layer of material when conducting secondary market research. They're often free to find and review — like government statistics (e.g., from the U.S. Census Bureau ).
• Commercial Sources: These sources often come in the form of pay-to-access market reports, consisting of industry insight compiled by a research agency like Pew , Gartner , or Forrester .
• Internal Sources: This is the market data your organization already has like average revenue per sale, customer retention rates, and other historical data that can help you draw conclusions on buyer needs.
• 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

1. Interviews

Interviews allow for face-to-face discussions so you can allow for a natural flow of conversation. Your interviewees can answer questions about themselves to help you design your buyer personas and shape your entire marketing strategy.

2. Focus Groups

Focus groups provide you with a handful of carefully-selected people that can test out your product and provide feedback. This type of market research can give you ideas for product differentiation.

3. Product/Service Use Research

Product or service use research offers insight into how and why your audience uses your product or service. 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 , and which aspects of it could be improved.

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, and what they need from your business or brand.

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.

7. Pricing Research

Pricing research helps you define your pricing strategy . It gives you an idea of what similar products or services in your market sell for and what your target audience is willing to pay.

8. Competitive Analysis

Competitive analyses give you a deep understanding of the competition in your market and industry. You can learn about what's doing well in your industry and how you can separate yourself from the competition .

9. Customer Satisfaction and Loyalty Research

Customer satisfaction and loyalty research gives 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).

10. Brand Awareness Research

Brand awareness research tells you what your target audience knows about and recognizes from your brand. It tells you about the associations people make when they think about your business.

11. Campaign Research

Campaign research entails looking into your past campaigns and analyzing their success among your target audience and current customers. The goal is to use these learnings to inform future campaigns.

• 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.

You have to understand who your customers are and how customers in your industry make buying decisions.

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.

The Beginner's Guide to the Competitive Matrix [+ Templates]

What is a Competitive Analysis — and How Do You Conduct One?

9 Best Marketing Research Methods to Know Your Buyer Better [+ Examples]

SWOT Analysis: How To Do One [With Template & Examples]

28 Tools & Resources for Conducting Market Research

TAM, SAM & SOM: What Do They Mean & How Do You Calculate Them?

How to Run a Competitor Analysis [Free Guide]

5 Challenges Marketers Face in Understanding Audiences [New Data + Market Researcher Tips]

Causal Research: The Complete Guide

Free Guide & Templates to Help Your Market Research

Marketing software that helps you drive revenue, save time and resources, and measure and optimize your investments — all on one easy-to-use platform

How to Start a Market Research Company and Sell Reports for Profit

By: Author Tony Martins Ajaero

Home » Business ideas » B2B Industry » Market Research Firm

Do you want to start a market research company? If YES, here is a complete guide to starting a market research business with NO money and no experience plus a sample market research firm business plan template.

Business in this modern age has gone from just a roadside shop to a field of battle for supremacy. Often, corporations are so busy with running day-to-day operations that third-party providers are now required to do market research for them.

Market research companies have become priceless partners to companies interested in knowing and understanding the current and future health of their customers, visions and industry.

Suggested for You

• How to Make Money Selling Market Research Reports
• How Do Market Research Companies Make Money?

This industry from its inception has proven to be recession-proof in that organizations need to collect pertinent market data to operate optimally even in a down economy. Starting this business will definitely make you constantly learn about different markets, and in some cases to network with and even blend with business executives and everyday consumers.

When planning to start this business, you have to be well versed in the art of questionnaire creation, the most common research instrument. Experts on this industry believe questionnaires should include simple instructions, should progress from simple to more complex questions, and should be pre-tested on random subjects, even friends, to assess their simplicity and effectiveness.

It is also very important to know that it is better to focus on one niche than to attempt expertise in a myriad of industries. Specialize in one niche and try to gain more market share. The target market in this industry is massive due to a lot of reasons.

Market research improves businesses decision-making capabilities and it also reduces risk. It provides insightful information about the market, product, audience, competition, and more. Read on as we take you through the necessary things to do when planning to start a market research company.

How Market Research Companies Make Money

It should be noted that market research companies carry out services on behalf of their clients. When the research has been done and results collated, the market research company gets to submit its findings to their clients after which they get paid.

Market research companies usually do not get paid a certain determined lump sum for every research they undertake as the various research methods differ and some do involve more logistics than the others.

Generally, market research companies make money or get paid through question development, managing focus groups, per question asked etc.

i. Question development

Market research companies get to make their money from developing questions to administer to research groups. This method is usually used where the company only wants the research company to create appropriate questions to fit the research situation, but may not be needed to administer the questions. The company can then take the questions and conduct their own surveys while paying off the market research company.

ii. Managing focused groups

A focus group is a gathering of deliberately selected people who participate in a planned discussion that is intended to elicit consumer perception/reaction about a particular topic or product or service.

During a focus group, a group of individuals – usually 6-12 people – is brought together in a room to engage in a guided discussion of a topic. Market research companies sometimes utilize focus groups when carrying out market research. Market research companies get to bill their clients for organizing focus groups on their behalf because participants in focus groups always get paid for their time.

iii. Through billing per question asked

Some market research companies have been known to make money through billing their clients per questions asked.

iv. Research analysis

Market research companies have been known to bill separately for research analysis as against submitting raw data to their clients. Research analysis is predominantly part of the marketing research package, but some companies prefer to bill it separately.

Steps to Starting a Market Research Company and Sell Reports for Profit

1. understand the industry.

Reports have it that the global revenue of this industry has grown past 44 billion U.S. dollars in 2015, rising year-on-year since it experienced a slight dip in 2009 during the Great Recession. According to reports, North America generated the largest share of market research revenue at 44 percent, or 19.45 billion U.S. dollars in 2015, closely followed by Europe with 37 percent.

These regions also ranked first and second in terms of annual growth, with North America growing by 3.1 percent over 2014 and Europe by 2.8 percent. Nielsen Holdings, a united states Market research company, headquartered in New York City, was by far the largest market research company worldwide in terms of revenue in 2015. That year, the company’s revenue amounted to approximately 6.17 billion U.S. dollars – almost twice that of its closest competitor, Kantar, with revenues of 3.71 billion.

In the United States, market research industry leaders made over ten billion U.S. dollars combined in revenue in 2015. The same companies also employed more than 34 thousand people in the U.S. – Nielsen employees accounted for around one third of this figure.

The U.S. market research industry generates $20 billion in revenue annually. There was .4 percent annual growth in the industry between 2011 and 2016. Research has shown that this industry has experienced slow, steady growth the past few years, and growth is expected to speed up in the coming years due to stronger corporate profits and more market research opportunities online and with social media.

This industry is also new and is relatively young compared to other industries. It got its start in the early 1900s, when people started to take interest in the relationship between sellers and buyers.

2. Conduct Market Research and Feasibility Studies

• Demographics and Psychographics

Any successful entrepreneur would tell you wholeheartedly that market research is crucial for business growth. Businesses need to get concrete information before releasing a new product or service into a marketplace. Crucial information like demographics, help shed some light on whether a product will be well received in a certain region.

The objective of the market research company is to provide its clients with a snapshot view of a particular market, thereby reducing the financial risk involved in the launch of a new product. Your target market in this business is endless as every organization will always want to know how to best attract its required audience. Your target market may include…

• Banks, Insurance Companies and other related Financial Institutions
• Blue Chips Companies
• Corporate Organizations
• Manufacturers and Distributors
• Real Estate Owners, Developers, and Contractors
• Research and Development Companies
• The Government (Public sector
• Schools (High Schools, Colleges and Universities)
• Sport Organizations
• Religious Organizations
• Television Stations
• Printing Press (Publishing Houses) and Authors
• Branding and Advertising agencies
• Entrepreneurs and Startups

3. Decide Which Niche to Concentrate On

When planning to start this business, you have to first and foremost identify a sector or niche that you will specialize or focus on. Maybe you love finance, or organic products, or technology. Then choose a niche and maybe start a market research company for the financial industry in your area, for the organic snack niche, or the gadget and mobile device industry. There are various types of market research as there as business segments. Specialized areas of expertise include…

• Market testing using product samples
• Creating and tabulating customer satisfaction surveys
• Market segmentation research
• Brand equity research
• Mystery shopping
• Market segmentation

The Level of Competition in the Industry

The steady growth of this industry has totally encouraged more and more companies to invest in market research with a motive to grow their leads and also to introduce newer products. Unfortunately, the market research industry is seeing a slow but steady and consistent growth.

Reports have it that the sudden spurt of technological changes that are likely to take place in the year 2018 will likely impact the market research work. Experts still believe that the market research industry might struggle with the handling and implementation of the entire research aspects.

Reports have it that the market research industry will enjoy favourable growth in spite of the uncertainties prevailing at varied levels of micro-macro, political, economic and monetary. The market research industry as per the industry overview studies can expect a major shift in their business.

Have it in mind that the leading giants of the market research industry as per industry overview studies outsource their research needs to research firms. We believe that this step by the leading market research giants of the market research industry would be done to understand the complexity of the factors that drive the ever-evolving nature of the consumers, the supply chain, and the competitor’s motive including macro dynamics.

4. Know Your Major Competitors in the Industry

• Forrester Research
• Frost & Sullivan
• Gartner Group
• Hall & Partners
• Harris Interactive
• Decision Analyst
• International Data Corporation
• Off Madison Ave
• A. Walker Research Solutions
• Rockbridge Associates, Inc.
• SIS International Research
• StrategyOne
• D. Power and Associates
• Medimix International

Economic Analysis

We can all agree that businesses that sell products and services get to understand more about their current customers and target audiences through market research. They also use market research to learn more about their business reputation, brands, and other aspects of their organization. The very first step in the business planning process is market research.

Businesses use it to help avoid such challenges as market segmentation, which is the identification of specific groups within a market, or product differentiation, the creation of an identity for a service or product to distinguish it from that of competitors.

Businesses in the market research industry gather, record, tabulate, and present data on marketing and public opinions. The services that market research companies offer include sampling and statistical services, broadcast media rating services, market analysis services, and political polling.

It’s very important to note that a lot of organizations also have their own marketing departments. The types of jobs in the field include research director or manager, research analyst, operations director, fieldwork manager, and statistician/data processing workers.

We were able to note from our detailed research that 506,420 market research analysts and specialists were employed in the United States in May 2015. These individuals worked for management, scientific, and technical consulting services; wholesale trade companies; finance and insurance companies, among others. But note that most individuals who work in market research work in a team and collaborate on projects for clients.

5. Decide Whether to Buy a Franchise or Start from Scratch

We believe there are two ways to start a business full time, you start from the scratch or buy into a franchise. In the case of market research business, it is advisable that you start from the scratch. Market research is now a necessity in business process and many companies, especially small businesses, don’t have the time or the means to adequately research up on all their target markets.

This leaves an opening for you to start your own market research company from the scratch. Research has shown that a market research business has relatively low startup costs and low barriers to entry — you don’t need a special degree for this service, but you do need a firm understanding of laws and business industry. Starting from the scratch offers you this few advantages…

• It gives you the chance to choose what services you will provide and pick a niche
• You have control over your marketing strategy
• You choose your speed and scale of business
• It gives you control over your business

6. Know the Possible Threats and Challenges You Will Face

Just like we stated above, starting and running a market research business is not capital intensive, because you don’t need to purchase expensive machineries and equipment to run the business. But on the issue of labour, you can get few employees to run the business with you. But there are few challenges and barriers you might face when starting your market research company and they may include;

• writing a business plan
• Deciding on a suitable marketing strategy
• Deciding on a niche for yourself
• Registering your business as a company
• Renting an office space

7. Choose the Most Suitable Legal Entity (LLC, C Corp, S Corp)

Your ideal customers in this business should be corporate organizations both big and small, which is why you need to incorporate your business as a legal body because it may be difficult for you to get clients to use your services if they know you are running the business as a private individual, not a corporate firm. Advantages of incorporating your business includes…

• Boosts Your Business’ Credibility
• Perpetual Existence
• Gain anonymity
• Protecting your personal assets
• Have Easier Access to Capital

8. Choose a Catchy Business Name

• Market Solutions
• April Search
• Edge Information
• People Research
• Sterling Infosystems
• Argus Services
• FasTrak Services
• Klink Researchs
• Lighthouse Information Services
• Nation Research
• Paper Trails
• Certifix Live Scan
• Centre Markets

9. Discuss with an Agent to Know the Best Insurance Policies for You

Market research helps businesses do the job that will surely dictate the direction and success of the business. Organizations are always busy taking care of their day to day activities and so they outsource this task to other companies or experts. This creates a unique opportunity for you but don’t think it will come easily.

When you work from home to offer Market research services to your clients, the problem of lawsuits and liability claims may seem like a remote possibility. But you need to understand that your line of business bares you to unique risks – a lot of which come with price tags high enough to bankrupt a small-business owner.

And though you run your business from home, your Homeowner’s Insurance will not cover these losses. To protect your market research business, you need adequate business insurance coverage that can address your most pressing risks. They may include;

• General Liability Insurance.
• Errors & Omissions Insurance.
• Cyber Liability Insurance.
• Umbrella Insurance
• Property Insurance / Inland Marine Insurance.
• Business Owner’s Policy.
• Workers’ Compensation Insurance.

10. Protect your Intellectual Property With Trademark, Copyrights, Patents

When planning to start a market research company, we strongly suggest you consider going for intellectual property protection to be able to protect your intellectual property. Filing for intellectual property protection for a market research company goes beyond protecting your company’s logo and other documents, but also protecting your investments, patents and of course the name of your company.

If you want to file for intellectual property protection and also register your trademark in the United States, then you are expected to begin the process by filing an application with the USPTO. The final approval of your trademark is subjected to the review of attorneys as required by USPTO.

11. Get the Necessary Professional Certification

We still pinpoint the fact that you don’t need special skill or a college degree to start a market research firm; as long as you can carry out an extensive research and compile detailed information on your clients business needs, then you have what it takes to run the business, but also having a professional certification can boost your business and increase your cooperate identity.

• Certified Market Research Professional ( CMRP) certification
• The Certified Research Analyst (CRA)
• Certified Research Expert (CRE)
• Certified Research Professional (CRP)
• Certificate in Market and Social Research Practice
• Professional Researcher Certification (PRC)

12. Get the Necessary Legal Documents You Need to Operate

• Request for Reservation of Corporate Name.
• Articles of incorporation
• Corporate bylaws
• Minutes of First Meeting
• Stock certifications

Have it in mind that every state or even country has its own terms for issuing out such licenses, make an inquiry of the requirement for the State you are planning to run your business and get the license. Or better still, you can use the services of a lawyer to hasten up the process.

13. Hire Employees for your Technical and Manpower Needs

In this business, just like every other business, you should develop effective and strategic business plan to help plan your business for success. It will help you in predicting possible business problems and at the same time helps you identify the services you will offer.

We also suggest that you connect with powerful organizations that can help promote your company. Tying up with Chamber of Commerce and other associations gives you the opportunity to obtain updates about the latest business trends. You can also obtain valuable information by networking with your contacts.

You have to understand that you cannot run the business alone which is why you will need to hire qualified staff that have experience in marketing research. In looking for staff, you should include the requirements and job description.

It is recommended to hire competent employees as they can help you grow your marketing research company. Also have it in mind that establishing a solid connection with other local business owners will keep you in the right track and at the same time help you understand the client’s needs and challenges in the marketing.

The Service Delivery Process of the Business

Market research is very crucial for entrepreneurs who want their business to succeed and achieve more grounds. The market research process is a systematic methodology for making business decisions. The process involves six steps that help to achieve very reasonable results that would benefit both your supposed client and you financially and otherwise. Below are the six steps for conducting an excellent market research…

Know the Objective and the problem

The very first step and indeed the most important step in the market research process is knowing the goals of the project. This is the point where you have to know the root question that needs to be answered by market research.

There is typically a key business problem (or opportunity) that needs to be acted upon, but there is a lack of information to make that decision comfortably. When you understand the business problem clearly, you’ll be able to keep your research focused and effective.

Choose your Research Design

Then you have to think of the “research design” as your detailed plan of attack. Note that in this step, it’s very important that you first choose your market research method (will it be a survey, focus group, etc.?). You will also think through specifics about how you will identify and choose your sample (who are we going after?  where will we find them?  how will we incentivize them?, etc.).

Also at this point, you have to plan where you will conduct your research (telephone, in-person, mail, internet, etc.). Don’t forget to keep the end goal in mind–what will your final report look like? It will help you decide the types of data analysis you’ll be conducting (simple summaries, advanced regression analysis, etc.).

We believe that your choice of research instrument will be based on the nature of the data you are trying to collect. It’s very important to state that there are three classifications to think of…

Exploratory Research

This form of research is used when the topic is not well defined or understood, your hypothesis is not well defined, and your knowledge of a topic is vague.

Descriptive Research

If your research objective calls for more detailed data on a specific topic, you’ll be conducting quantitative descriptive research.

Causal Research

The most specific type of research is causal research, which usually comes in the form of a field test or experiment. In this case, you are trying to determine a causal relationship between variables.

Get your Research Instrument ready

At this point, you have to wonderfully design your research tool. If a survey is the most appropriate tool, then you will have to start by writing your questions and designing your questionnaire. If a focus group is your instrument of choice, then you have to start preparing questions and materials for the moderator. Also at this point you have to test your survey instrument with a small group prior to broad deployment.

Retrieve Your Data

This is where the main achievement and activity is, because at this point you then have to administer your survey, running your focus groups, conducting your interviews, implementing your field test, etc. The answers, choices, and observations are all being collected and recorded, usually in spreadsheet form. Each nugget of information is precious and will be part of the masterful conclusions you will soon draw.

Calculate Your Data

After you must have collected your data, it’s now time to convert those scraps of paper into a systematic spreadsheet form for further analysis. If it’s already in spreadsheet form, it’s time to make sure you’ve got it structured properly. Once that’s all done, the fun begins.

Then you have to do the summaries with the tools provided in your software package (typically Excel, SPSS, Minitab, etc.), build tables and graphs, segment your results by groups that make sense (i.e. age, gender, etc.), and look for the major trends in your data.

Know and understand Your Data and Communicate Results

After you must have taken your time going through your raw data, building useful summary tables, charts and graphs, you now have to compile the most meaningful information into a digestible report or presentation. A great way to present the data is to start with the research objectives and business problem that was mentioned earlier, then restate those business questions, and then present your recommendations based on the data, to address those issues. Don’t forget to present insights, answers and recommendations, not just charts and tables.

14. Write a Marketing Plan Packed with ideas & Strategies

Having numerous marketing factors can alter the profitability of your company, yet one feature seems to be part of the shared DNA of all effective marketing programs. Seasoned entrepreneurs usually have a solid foundation in marketing. But to achieve your goals, there are some other things you also need to learn about marketing your market research company.

Price Matching

It’s very important to state that price matching is a protection for buyers who are concerned that they could get a better deal elsewhere. For businesses, price matching deletes buying risk, convincing cautious consumers to buy now. The principle is simple:

Since pricing is a primary factor in product selection, your business should agree to match advertised competitor pricing. If they can find a similar proposition from another market research company with less pricing, then your customers will abandon your brand in droves. So always remember that pricing is a necessary aspect of your overall marketing strategy or plan.

Expertise in Marketing

Not having a personal marketing experience is not an excuse for not moving forward and achieving success in business. Large market research companies can’t afford to invest large sums of money in untested marketing strategies or first-time marketers. When in doubt, look into either an internal or external knowledge base to design your company’s marketing strategy.

Measurement and Evaluation

Have it in mind that there are no substitutes for measurement and evaluation mechanisms. A well bedded measurement and evaluation process should include metrics that can be monitored on a monthly, weekly or even daily basis.

These metrics can be used as a baseline for strategic planning. Given the importance of measurement and evaluation, market research companies often choose to consult with professional marketers for assessment tools and strategic insights.

15. Develop Iron-clad Competitive Strategies to Help You Win

The world has changed drastically and now it flows with integration. The world is now all about finding a common ground with your competitors. It’s about collaborating with each other to collectively get more customers. If you want to take your market research company to the next level, you have to know the power of partnerships.

We suggest that you stop seeing your competition as your enemy, learn to embrace it, instead of fighting it. By joining forces with your competitors, you’ll worry less about losing sales and be able to focus more on growing your business.

Now, the question is, how do you create joint ventures that give results without hurting your own profits? For starters, we strongly advise that you do your homework before you jump into any kind of partnership with a competitor. You need to understand and know them before jumping into bed with them, find a gap and make the best out of it. Excellent ways to leverage your competition to boost your market research company include….

• Conduct Free Value-Driven Webinars
• Create branded pdf reports
• Refer Service to Get Services In Return
• Give 100% Commission on a Front End service

16. Develop Strategies to Boost Brand Awareness and Create a Corporate Identity

Have it in mind that your company needs to be recognizable and stand out from the rest if you want to keep progressing. Corporate identity allows your brand to speak with a unique and consistent voice. It helps you grow in people’s minds and start creating a particular impression in them.

Establish an Online Presence

With the world going vastly online, you have to create an online presence for your company. This website needs to contain explicit details of the services your company offers, contact information including email address and phone numbers.

Also an online customer service is needed on the site to attend to questions of website visitors. Then you should have a price package for each service you offer because corporate organizations or private individuals who are looking for good market research firms in your location may decide to look up the internet to find a good firm close to them.

Referral adverts

We also believe that you can spread the word around to your friends and acquaintances that you run a market research company. You can offer them an incentive for every client they refer to your company.

Send Out Proposals

Marketing being the primary task of every organisation is managed by the marketing department of any company. This is why we suggest you send out proposals to the marketing department of all the major firms and organisations in your city or state; stating that your firm will make their growth strategy easier by helping the company carry out thorough market research on any intended employee.

How to Do Market Research: The Complete Guide

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

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Market research is the systematic process of gathering, analyzing and interpreting information about a specific market or industry.

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

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

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

What is market research?

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

Why is market research important? 

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

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

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

Types of market research 

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

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

1. Qualitative research

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

2. Quantitative research

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

3. Exploratory research

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

4. Descriptive research

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

5. Causal research

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

6. Cross-sectional research

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

7. Longitudinal research

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

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

Primary vs. secondary market research

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

Primary market research 

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

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

Secondary market research 

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

Here are the main characteristics of secondary market research:

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

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

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

Market research methods

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

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

1. Surveys and questionnaires

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

2. Interviews

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

3. Focus groups

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

4. Observational research

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

5. Online research tools

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

6. Experiments

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

7. Content analysis

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

8. Ethnographic research

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

How to do market research

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

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

1. Set clear objectives

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

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

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

2. Identify your target audience

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

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

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

3. Choose your research methods

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

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

4. Use the right market research tools

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

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

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

5. Collect data

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

6. Analyze data

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

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

7. Interpret your findings

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

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

8. Identify opportunities and challenges

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

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

9. Make informed business decisions

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

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

10. Monitor and adapt

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

Online market research sources

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

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

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

Market research examples

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

Example 1: Apple’s iPhone launch

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

Example 2: McDonald’s global expansion

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

Example 3: Organic and sustainable farming

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

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

Market research templates

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

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

Strengthen your business with market research

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

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

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

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