market research to sales

"For example, we did a large voluntary survey of email subscribers and top readers a few years back."

While these readers gave us a long list of topics, formats, or content types they wanted to see, they sometimes engaged more with content types they didn’t select or favor as much on the surveys when we ran follow-up ‘in the wild’ tests, like A/B testing.”  

Pepsi saw similar results when it ran its iconic field experiment, “The Pepsi Challenge” for the first time in 1975.

The beverage brand set up tables at malls, beaches, and other public locations and ran a blindfolded taste test. Shoppers were given two cups of soda, one containing Pepsi, the other Coca-Cola (Pepsi’s biggest competitor). They were then asked to taste both and report which they preferred.

People overwhelmingly preferred Pepsi, and the brand has repeated the experiment multiple times over the years to the same results.

What I like: It yields qualitative and quantitative data and can make for engaging marketing content, especially in the digital age.

What I dislike: It can be very time-consuming. And, if you’re not careful, there is a high risk for scientific error.

Best for: Product testing and competitive analysis

Pro tip:  " Don’t make critical business decisions off of just one data set," advises Pamela Bump. "Use the survey, competitive intelligence, external data, or even a focus group to give you one layer of ideas or a short-list for improvements or solutions to test. Then gather your own fresh data to test in an experiment or trial and better refine your data-backed strategy."

Secondary Research

8. public domain or third-party research.

While original data is always a plus, there are plenty of external resources you can access online and even at a library when you’re limited on time or resources.

Some reputable resources you can use include:

• Pew Research Center
• McKinley Global Institute
• Relevant Global or Government Organizations (i.e United Nations or NASA)

It’s also smart to turn to reputable organizations that are specific to your industry or field. For instance, if you’re a gardening or landscaping company, you may want to pull statistics from the Environmental Protection Agency (EPA).

If you’re a digital marketing agency, you could look to Google Research or HubSpot Research . (Hey, I know them!)

What I like: You can save time on gathering data and spend more time on analyzing. You can also rest assured the data is from a source you trust.

What I dislike: You may not find data specific to your needs.

Best for: Companies under a time or resource crunch, adding factual support to content

Pro tip: Fellow HubSpotter Iskiev suggests using third-party data to inspire your original research. “Sometimes, I use public third-party data for ideas and inspiration. Once I have written my survey and gotten all my ideas out, I read similar reports from other sources and usually end up with useful additions for my own research.”

9. Buy Research

If the data you need isn’t available publicly and you can’t do your own market research, you can also buy some. There are many reputable analytics companies that offer subscriptions to access their data. Statista is one of my favorites, but there’s also Euromonitor , Mintel , and BCC Research .

What I like: Same as public domain research

What I dislike: You may not find data specific to your needs. It also adds to your expenses.

Best for: Companies under a time or resource crunch or adding factual support to content

Which marketing research method should you use?

You’re not going to like my answer, but “it depends.” The best marketing research method for you will depend on your objective and data needs, but also your budget and timeline.

My advice? Aim for a mix of quantitative and qualitative data. If you can do your own original research, awesome. But if not, don’t beat yourself up. Lean into free or low-cost tools . You could do primary research for qualitative data, then tap public sources for quantitative data. Or perhaps the reverse is best for you.

Whatever your marketing research method mix, take the time to think it through and ensure you’re left with information that will truly help you achieve your goals.

Don't forget to share this post!

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The Ultimate Guide to Market Research: Types, Benefits, and Real-World Examples

Ryan Fratzke

Partner & Executive Strategist

Today's consumers hold a lot of power when making purchase decisions. With a quick inquiry in a search engine or search bar within a social media platform, they can access genuine reviews from their peers without relying on sales reps.

Considering this shift in consumer behavior, adjusting your marketing strategy so it caters to the modern-day buying process is essential . To achieve this, you must thoroughly understand your target audience, the market you operate in, and the factors influencing their decision-making.

This is where market research can be leveraged so you stay current with your audience and industry. 

Article Overview

In this article, we’ll walk you through everything you need to know about how to conduct market research, including:

• Why market research is essential for understanding your target audience, the market you operate in, and factors influencing decision-making
• What are the different types of market research, such as primary and secondary market research
• How to collect information about your customers and target market to determine the success of a new or existing product, improve your brand, and communicate your company's value
• Real-world examples of companies leveraging market research

What is market research?

Market research is a necessary process that involves collecting and documenting information about your target market and customers. This helps you determine the success of a new product, improve an existing one, or understand how your brand is perceived. You can then turn this research into profits by  developing marketing strategies and campaigns to effectively communicate your company's value .

While market research can provide insights into various aspects of an industry, it is not a crystal ball that can predict everything about your customers. Market researchers typically explore multiple areas of the market, which can take several weeks or even months to get a complete picture of the business landscape.

Even by researching just one of those areas, you can gain better insights into who your buyers are and what unique value proposition you can offer them that no other business currently provides.

Of course, you can simply use your industry experience and existing customer insights to make sound judgment calls. However, it's important to note that market research provides additional benefits beyond these strategies. There are two things to consider:

• Your competitors also have experienced individuals in the industry and a customer base. Your immediate resources may equal those of your competition's immediate resources. Seeking a larger sample size for answers can provide a better edge.
• Your brand's customers do not represent the entire market's attitudes, only those who are attracted to your brand.

The market research services industry is experiencing rapid growth , indicating a strong interest in market research as we enter 2024. The market is expected to grow from approximately $75 billion in 2021 to $90.79 billion in 2025, with a compound annual growth rate of 5%. 

Your competitors have highly skilled individuals within the industry, meaning your available personnel resources are likely similar to those of your competitors. So what are you going to do to get ahead?

You’re going to do thorough market research, which is why seeking answers from a larger sample size is essential. Remember that your customers represent only a portion of the market already attracted to your brand, and their attitudes may not necessarily reflect those of the entire market. You could be leaving money on the table by leaving out untapped customers .

Why do market research?

Market research helps you meet your buyers where they are. Understanding your buyer's problems, pain points, and desired outcomes is invaluable as our world becomes increasingly noisy and demanding. This knowledge will help you tailor your product or service to appeal to them naturally. 

What’s even better is when you're ready to grow your business, market research can also guide you in developing an effective market expansion strategy.

Market research provides valuable insights into factors that impact your profits and can help you to :

• Identify where your target audience and current customers are conducting their product or service research
• Determine which competitors your target audience looks to for information, options, or purchases
• Keep up with the latest trends in your industry and understand what your buyers are interested in
• Understand who makes up your market and what challenges they are facing
• Determine what influences purchases and conversions among your target audience
• Analyze consumer attitudes about a particular topic, pain, product, or brand
• Assess the demand for the business initiatives you're investing in
• Identify unaddressed or underserved customer needs that can be turned into selling opportunities
• Understand consumer attitudes about pricing for your product or service.

Market research provides valuable information from a larger sample size of your target audience, enabling you to obtain accurate consumer attitudes. By eliminating any bias or assumptions you have about your target audience, you can make better business decisions based on the bigger picture. 

As you delve deeper into your market research, you will come across two types of research: primary and secondary market research . Simply put, think of two umbrellas beneath market research - one for primary and one for secondary research. In the next section, we will discuss the difference between these two types of research. That way, if you work with a market who wants to use them, you’ll be ready with an understanding of how they can each benefit your business.

Primary vs. Secondary Research

Both primary and secondary research are conducted to collect actionable information on your product. That information can then be divided into two types: qualitative and quantitative research. Qualitative research focuses on public opinion and aims to determine how the market feels about the products currently available. On the other hand, quantitative research seeks to identify relevant trends in the data gathered from public records. 

Let's take a closer look at these two types.

Primary Research

Primary research involves gathering first-hand information about your market and its customers. It can be leveraged to segment your market and create focused buyer personas . Generally, primary market research can be categorized into exploratory and specific studies.

Exploratory Primary Research

This type of primary market research is not focused on measuring customer trends; instead, it is focused on identifying potential problems worth addressing as a team. It is usually conducted as an initial step before any specific research is done and may involve conducting open-ended interviews or surveys with a small group of people.

Specific Primary Research

After conducting exploratory research, businesses may conduct specific primary research to explore issues or opportunities they have identified as necessary. Specific research involves targeting a smaller or more precise audience segment and asking questions aimed at solving a suspected problem. Specific primary research reveals problems that are unique to your audience so you can then offer a unique (and valuable) solution.

Secondary Research

Secondary research refers to collecting and analyzing data that has already been published or made available in public records. This may include market statistics, trend reports, sales data, and industry content you already can access. Secondary research really shines when you go to your competitors . The most commonly used sources of secondary market research include:

• Public sources
• Commercial sources
• Internal sources

Public Sources

When conducting secondary market research, the first and most accessible sources of information are usually free . That’s right–these public sources are free and at your fingertips so there’s no reason for you to not be checking them out and leveraging them for your own gain.

One of the most common types of public sources is government statistics. According to Entrepreneur, two examples of public market data in the United States are the U.S. Census Bureau and the Bureau of Labor & Statistics. These sources offer helpful information about the state of various industries nationwide including:

Commercial Sources

Research agencies such as Pew, Fratzke, Gartner, or Forrester often provide market reports containing industry insights from their own in-depth studies . These reports usually come at a cost if you want to download and obtain the information, but these agencies are experts at what they do, so the research is most likely valuable.

Internal Sources

Internal sources of market data can include average revenue per sale, customer retention rates, and other data on the health of old and new accounts. They are often overlooked when it comes to conducting market research because of how specific the data is; however, these sources can be valuable as they provide information on the organization's historical data.

By analyzing this information, you can gain insights into what your customers want now . In addition to these broad categories, there are various ways to conduct market research. Let’s talk about them.  

Types of Market Research

• Interviews (in-person or remote)

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 can be conducted face-to-face or virtually, allowing for a natural conversation flow while observing the interviewee's body language. By asking questions about themselves, the interviewee can help you create buyer personas , which are made by using information about the ideal customer, such as:

• Family size 
• Challenges faced at work or in life 

And other aspects of their lifestyle. This buyer profile can shape your entire marketing strategy , from the features you add to your product to the content you publish on your website. Your target audience will feel that the marketing was made just for them and will be drawn to your product or service.

Focus groups are market research involving a few carefully selected individuals who can test your product, watch a demonstration, offer feedback, and answer specific questions. This research can inspire ideas for product differentiation or highlight the unique features of your product or brand that set it apart from others in the market.  This is a great market research option to gain specific feedback, which you can use to improve your services .

Product/Service Use Research

Product or service usage research provides valuable insights into how and why your target audience uses your product or service.  This research can help in various ways including:

•  Identifying specific features of your offering that appeal to your audience. 
• Allowing you to assess the usability of your product or service for your target audience. 

According to a report published in 2020, usability testing was rated the most effective method for discovering user insights, with a score of 8.7 out of 10. In comparison, digital analytics scored 7.7, and user surveys scored 6.4.

Observation-based research is a process that involves observing how your target audience members use your product or service. The way that you intended your product or service to be used may not be the actual way that it is used. Observation-based research helps you understand what works well in terms of customer experience (CX) and user experience (UX), what problems they face, and which aspects of your product or service can be improved to make it easier for them to use.

To better understand how your potential customers make purchasing decisions in your industry, it is essential to know who they are. This is where buyer persona research comes in handy. Buyer or marketing personas are fictional yet generalized representations of your ideal customers. They give you someone to whom you want your marketing efforts to empathize and move, even though they don’t really exist. 

Gathering survey data and additional research to correctly identify your buyer personas will help you to visualize your audience so you can streamline your communications and inform marketing strategy . Key characteristics to include in a buyer persona are:

• Job title(s)
• Family size
• Major challenges

Market segmentation research enables you to classify your target audience into various groups or segments based on specific and defining characteristics. This method allows you to understand their needs, pain points, expectations, and goals more effectively.

Pricing research can provide valuable insights about the prices of similar products or services in your market. It can help you understand what your target audience expects to pay for your offerings and what would be a reasonable price for you to set. Correct pricing is important because if you set it too high, consumers will go to your cheaper competitor; but if you set it too low, your consumers may become suspicious of your product or service and still end up with your competitor. This information allows you to develop a solid pricing strategy aligning with your business goals and objectives. 

Competitive Analysis

Competitive analyses are incredibly valuable as they provide a deep understanding of your market and industry competition. Through these analyses, you can gain insights like: 

• What works well in your industry 
• What your target audience is already interested in regarding products like yours
• Which competitors you should work to keep up with and surpass 
• How you can differentiate yourself from the competition

Understanding customer satisfaction and loyalty is crucial to encouraging repeat business and identifying what drives customers to return (such as loyalty programs, rewards, and exceptional customer service). Researching this area will help you determine the most effective methods to keep your customers coming back again and again. If you have a CRM system, consider further utilizing automated customer feedback surveys to improve your understanding of their needs and preferences.

Brand awareness research helps you understand the level of familiarity your target audience has with your brand. It provides insights into your audience members' perceptions and associations when they think about your business.This type of research reveals what they believe your brand represents. This information is valuable for developing effective marketing strategies, improving your brand's reputation, and increasing customer loyalty .

To improve your marketing campaigns, you need to research by analyzing the success of your past campaigns among your target audience and current customers. This requires experimentation and thoroughly examining the elements that resonate with your audience. By doing so, you can identify the aspects of your campaigns that matter most to your audience and use them as a guide for future campaigns. 

Now that you understand the different market research categories and types let's look at how to conduct your market research.  Using our expertise and experience, we’ve created a step-by-step guide to conducting market research.

How to Do Market Research (Detailed Roadmap)

• Define the problem or objective of the research. 
• Determine the type of data needed. 
• Identify the sources of data. 
• Collect the data. 
• Analyze the data. 
• Interpret the results. 
• Report the findings. 
• Take action based on the findings.

1. Define the problem or objective of the research

Defining the problem or objective of the research is the first step in conducting market research. This involves identifying the specific issue that the research is trying to address. It is essential to be clear and specific about the research problem or objective, as it will guide the entire research process.

2. Determine the type of data needed

After defining the research problem or objective, the next step is determining the data type needed to address the issue. This involves deciding whether to collect primary or secondary data. Primary data is collected directly from the source, while secondary data is collected from existing sources such as government reports or market research studies.

3. Identify the sources of data

Once the data type has been determined, the next step is identifying the data sources. This involves identifying potential sources of primary and secondary data that can be used to address the research problem or objective. Primary data sources can include surveys, focus groups, and interviews, while secondary data sources can include government reports, industry publications, and academic journals.

4. Collect the data

After identifying the data sources, the next step is to collect the data. This involves designing and implementing a data collection plan consistent with the research problem or objective. The data collection plan should specify the methods and procedures for collecting data, sample size, and sampling method.

5. Analyze the data

Once the data has been collected, the next step is to analyze the data. This involves organizing, summarizing, and interpreting the data to identify patterns, relationships, and trends. The research problem or objective should guide the data analysis process and be conducted using appropriate statistical methods and software.

6. Interpret the results

After analyzing the data, the next step is to interpret the results. This involves drawing conclusions from the data analysis and using the results to address the research problem or objective. It is essential to analyze the results objectively and to avoid making assumptions or drawing conclusions that are not supported by the data.

7. Report the findings

Try identifying common themes to create a story and action items.To make the process easier, use your favorite presentation software to create a report, as it will make it easy to add quotes, diagrams, or call clips.

Feel free to add your flair, but the following outline should help you craft a clear summary:

• Background: What are your goals, and why did you conduct this study?
• Participants: Who you talked to? A table works well to break groups down by persona and customer/prospect.
• Executive Summary: What were the most exciting things you learned? What do you plan to do about it?
• Key Findings: Identify the key findings using data visualizations and emphasize key points.
• Recommendations + Action Plan: Your analysis will uncover actionable insights to fuel strategies and campaigns you can run to get your brand in front of buyers earlier and more effectively. Provide your list of priorities, action items , a timeline, and its impact on your business.

8. Take action based on the findings

The final step in conducting market research is to take action based on the findings. This involves using the results to make informed decisions about the marketing strategy, product development, or other business decisions. It is important to use the findings to drive action and to monitor and evaluate the effectiveness of the action taken continuously.

How to Prepare for Market Research Projects

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

The idea is to use your persona as a reference point for understanding and reaching out to your industry's audience members. Your business might cater to more than one persona, and that's completely acceptable! However, you must be mindful of each persona while strategizing and planning your content and campaigns. 

How to Identify the Right People to Engage for Market Research

When selecting a group on which to conduct market research , it is essential to consider individuals with the same characteristics as your target audience. 

If you need to research multiple target audiences, recruit separate groups for each one. Select people who have recently interacted with you by looking through social media for post interactions or seeing if they’ve made recent purchases from you.

If you are planning to conduct an evaluation, it is recommended that you focus on people who have completed it within the last six months. However, if you have a longer sales cycle or a specific market, you can extend the period up to a year. It is crucial to ask detailed questions during the evaluation, so the participants' experience must be fresh.

Gather a mix of participants

If you want to expand your customer base, you’re going to want to get viewpoints of your product or service from every angle. Consider getting this mix by recruiting individuals who have already purchased your product, those who have bought a competitor's product, and those who haven't purchased anything. While targeting your existing customers may be the easiest option, gathering information from non-customers can help you gain a more balanced market perspective .

We recommend taking the following steps to select a mix of participants:

• Create a list of customers who made a recent purchase . This is usually the most accessible group to recruit. If you have a CRM system with list segmentation capabilities, run a report of deals that closed within the past six months and filter it for the characteristics you're looking for. Otherwise, work with your sales team to get them a list of appropriate accounts.
• Create 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 purchase. Again, you can obtain this list from your CRM or your Sales team's system to track deals.
• Use social media to call for participants. Try reaching out to people who follow you on social media but decided not to buy from you. Some may be willing to talk to you and explain why they did not purchase your product.
• Leverage your network . Spread the word that you're conducting a study to your coworkers, former colleagues, and LinkedIn connections. Even if your direct connections don't qualify, some will likely have a coworker, friend, or family member who does.
• Choose an incentive to motivate participants to spend time on your study. If you're on a tight budget , you can reward participants for free by giving them exclusive access to content. 

Related Resources:

• Digital Marketing Strategy: Keep It Simple
• 5 Marketing Predictions for the Looming Recession
• Recession Proof Marketing Strategies for Your Business
• Marketing Operations Framework - The Five Ps
• Biggest Marketing Challenges Leaders Face
• Digital Marketing Benchmarks & KPIs - How To Compare Your Performance

Preparation is key when conducting research in hopes of gaining productive and informative conversations. This involves creating a discussion guide, whether it is for a focus group, an online survey, or a phone interview. The guide should help you cover all the relevant topics and manage your time efficiently.

The discussion guide should be in an outline format, with an allocated time and open-ended questions for each section. All the questions must be open-ended, as asking closed questions may lead the interviewee to respond with a simple "yes" or "no" answer. You may need more detailed answers to make informed decisions, so be sure to ask follow-up questions as necessary.  Also leave out any leading questions as they may unintentionally influence the interviewee's response, skewing your research results.

It's essential to identify your competitors accurately and you may even have some hidden in plain sight.  There are some instances where your company's business division might compete with your main product or service, even though that company's brand might have a different focus. Take a look at Apple:  the company is known primarily for its laptops and mobile devices, but Apple Music competes with Spotify over its music streaming service.

From a content perspective, you might compete with a blog, YouTube channel, or similar publication for inbound website visitors — even though their products don't overlap with yours. An example of this is when a toothpaste company might compete with publications like Health.com or Prevention on specific blog topics related to health and hygiene, even though the magazines don't sell oral care products.

Here are a few ways to build your competitor list:

• Check your industry quadrant on G2 Crowd: This is a significant first step for secondary market research in some industries. G2 Crowd aggregates user ratings and social data to create "quadrants" that show companies as contenders, leaders, niche players, or high performers in their respective industries. G2 Crowd specializes in digital content, IT services, HR, e-commerce, and related business services.
• Download a market report: Companies like Forrester and Gartner offer free and gated market forecasts yearly on the vendors 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.
• Use social media : Social networks can be excellent 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 the businesses that include this or a similar industry term on their LinkedIn profile.

Identifying Content Competitors

Search engines can be beneficial when it comes to secondary market research . To identify the online publications competing with your business, start with the overarching industry term you identified earlier, and then come up with more specific industry terms that are related to your company . For example, if you run a catering business, you might consider yourself a "food service" company, as well as a vendor in "event catering," "cake catering," "baked goods," and so on.

Once you have this list, follow these steps:

• Google it: Running a search on Google for the industry terms that describe your company can be very beneficial. You may come across a mix of product developers, blogs, magazines, and other websites.
• Compare your search results against your buyer persona: Remember the persona you created during the primary research stage? You can use it to evaluate whether a publication you found through Google could steal website traffic from you. If the website's content aligns with what your buyer persona would want to see, it is 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.

When searching, examine the first two or three pages of results. These websites are considered reputable sources of content in your industry and should be monitored closely as you create your collection of videos, reports, web pages, and blog posts.

Market Research Examples

Mcdonald's focus on customer feedback and profiling.

McDonald's invests in developing a detailed consumer profile to attract and retain customers, including parents of young children who appreciate the family-friendly atmosphere and menus. The brand seeks feedback from customers through surveys and questionnaires in stores, social media, and its mobile app. It also monitors customer feedback on digital channels.

Nike's Extensive Research and Collaboration for Running Shoes Development

Nike invests heavily in creating running shoes that cater to the needs of its customers, which it determines through extensive market research and customer surveys. The brand goes to great lengths to understand its customers' preferences, such as the type of running surface, the distance they run, and their running style, to develop shoes that meet their specific needs.

In addition to customer surveys, Nike also collaborates with athletes to develop shoes that cater to their specific requirements. This research helps Nike improve its existing running shoe models and innovate new ones, ensuring that the brand stays ahead of the competition.

Disney employs focus groups that specifically cater to children to test out their new characters and ideas.

The Walt Disney Company invests millions of dollars in creating captivating stories tested for their effectiveness with children, the intended audience. Disney executives hold focus groups with preschoolers and kindergartners several times a year to gather their opinions and feedback on TV episodes, Disney characters, and more. 

This market research strategy is effective because children are the ultimate audience that Disney aims to please. The collected feedback helps the company improve existing content to meet the preferences of its audience and ensure continued success as a multi-billion dollar enterprise.

KFC tested its meatless product in specific markets before launching it nationwide.

In 2019, KFC began developing and testing a meatless version of its famous chicken. However, instead of immediately launching the product nationwide, they decided to test it in select stores in the Atlanta, Georgia area. 

This is an innovative and practical approach to market research, as it allows the company to determine the product's sales performance on a smaller scale before committing too many resources to it. If the meatless chicken fails to gain popularity in Georgia, KFC can make the necessary changes to the product before introducing it to the broader market.

Yamaha conducted a survey to determine whether to use knobs or sliding faders on the Montage keyboard.

Yamaha is a Japanese corporation that produces various products, from motorcycles to golf cars to musical instruments. When it began developing its new Montage keyboard, the team was unsure whether to use knobs or sliding faders on the product. 

To address this dilemma, Yamaha used Qualtrics to send a survey to their customers. Within just a few hours , they received 400 responses. By using survey feedback, Yamaha ensured that it was designing a product that would perfectly meet the preferences of its audiences.

The Body Shop used social listening to determine how to reposition brand campaigns based on customer feedback.

The Body Shop is a well-known brand that offers ethically sourced and natural products. They take pride in their core value of sustainability. The Body Shop team tracked conversations to understand the sustainability subtopics that were most important to their audiences. 

They found that their customers cared a lot about refills. Based on this information, the Body Shop team confidently relaunched their Refill Program across 400 stores globally in 2021, with plans to add another 400 in 2022. Market research confirmed that their refill concept was on the right track and also highlighted the need for increased efforts to demonstrate how much the Body Shop cares about its customers' values .

VideoTranscript

The takeaway.

Fratzke Consulting offers a comprehensive suite of market research services to help brands gain valuable insights into their target market, competitors, and industry trends. Our expert team utilizes various primary and secondary research methods to gather accurate and unbiased data, including surveys, competitive research, and industry reports. With Fratzke Consulting, you'll have the tools to succeed in today's rapidly evolving business landscape.

Interested in learning more? Book a free audit consultation today.

Ryan Fratzke is a Partner and Executive Strategist at Fratzke, specializing in transforming mid-size businesses into human-centered brands through storytelling, strategy, culture, and technology. 

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How To Do Market Research: Definition, Types, Methods

Jul 25, 2024

11 min. read

Market research isn’t just collecting data. It’s a strategic tool that allows businesses to gain a competitive advantage while making the best use of their resources. Research reveals valuable insights into your target audience about their preferences, buying habits, and emerging demands — all of which help you unlock new opportunities to grow your business.

When done correctly, market research can minimize risks and losses, spur growth, and position you as a leader in your industry. 

Let’s explore the basic building blocks of market research and how to collect and use data to move your company forward:

Table of Contents

What Is Market Research?

Why is market research important, market analysis example, 5 types of market research, what are common market research questions, what are the limitations of market research, how to do market research, improving your market research with radarly.

Market Research Definition: The process of gathering, analyzing, and interpreting information about a market or audience.

Market research studies consumer behavior to better understand how they perceive products or services. These insights help businesses identify ways to grow their current offering, create new products or services, and improve brand trust and brand recognition .

You might also hear market research referred to as market analysis or consumer research .

Traditionally, market research has taken the form of focus groups, surveys, interviews, and even competitor analysis . But with modern analytics and research tools, businesses can now capture deeper insights from a wider variety of sources, including social media, online reviews, and customer interactions. These extra layers of intel can help companies gain a more comprehensive understanding of their audience.

With consumer preferences and markets evolving at breakneck speeds, businesses need a way to stay in touch with what people need and want. That’s why the importance of market research cannot be overstated.

Market research offers a proactive way to identify these trends and make adjustments to product development, marketing strategies , and overall operations. This proactive approach can help businesses stay ahead of the curve and remain agile as markets shift.

Market research examples abound — given the number of ways companies can get inside the minds of their customers, simply skimming through your business’s social media comments can be a form of market research.

A restaurant chain might use market research methods to learn more about consumers’ evolving dining habits. These insights might be used to offer new menu items, re-examine their pricing strategies, or even open new locations in different markets, for example.

A consumer electronics company might use market research for similar purposes. For instance, market research may reveal how consumers are using their smart devices so they can develop innovative features.

Market research can be applied to a wide range of use cases, including:

• Testing new product ideas
• Improve existing products
• Entering new markets
• Right-sizing their physical footprints
• Improving brand image and awareness
• Gaining insights into competitors via competitive intelligence

Ultimately, companies can lean on market research techniques to stay ahead of trends and competitors while improving the lives of their customers.

Market research methods take different forms, and you don’t have to limit yourself to just one. Let’s review the most common market research techniques and the insights they deliver.

1. Interviews

3. Focus Groups

4. Observations

5. AI-Driven Market Research

One-on-one interviews are one of the most common market research techniques. Beyond asking direct questions, skilled interviewers can uncover deeper motivations and emotions that drive purchasing decisions. Researchers can elicit more detailed and nuanced responses they might not receive via other methods, such as self-guided surveys.

Interviews also create the opportunity to build rapport with customers and prospects. Establishing a connection with interviewees can encourage them to open up and share their candid thoughts, which can enrich your findings. Researchers also have the opportunity to ask clarifying questions and dig deeper based on individual responses.

Market research surveys provide an easy entry into the consumer psyche. They’re cost-effective to produce and allow researchers to reach lots of people in a short time. They’re also user-friendly for consumers, which allows companies to capture more responses from more people.

Big data and data analytics are making traditional surveys more valuable. Researchers can apply these tools to elicit a deeper understanding from responses and uncover hidden patterns and correlations within survey data that were previously undetectable.

The ways in which surveys are conducted are also changing. With the rise of social media and other online channels, brands and consumers alike have more ways to engage with each other, lending to a continuous approach to market research surveys.

3. Focus groups

Focus groups are “group interviews” designed to gain collective insights. This interactive setting allows participants to express their thoughts and feelings openly, giving researchers richer insights beyond yes-or-no responses.

One of the key benefits of using focus groups is the opportunity for participants to interact with one another. They spark discussions while sharing diverse viewpoints. These sessions can uncover underlying motivations and attitudes that may not be easily expressed through other research methods.

Observing your customers “in the wild” might feel informal, but it can be one of the most revealing market research techniques of all. That’s because you might not always know the right questions to ask. By simply observing, you can surface insights you might not have known to look for otherwise.

This method also delivers raw, authentic, unfiltered data. There’s no room for bias and no potential for participants to accidentally skew the data. Researchers can also pick up on non-verbal cues and gestures that other research methods may fail to capture.

5. AI-driven market research

One of the newer methods of market research is the use of AI-driven market research tools to collect and analyze insights on your behalf. AI customer intelligence tools and consumer insights software like Meltwater Radarly take an always-on approach by going wherever your audience is and continuously predicting behaviors based on current behaviors.

By leveraging advanced algorithms, machine learning, and big data analysis , AI enables companies to uncover deep-seated patterns and correlations within large datasets that would be near impossible for human researchers to identify. This not only leads to more accurate and reliable findings but also allows businesses to make informed decisions with greater confidence.

Tip: Learn how to use Meltwater as a research tool , how Meltwater uses AI , and learn more about consumer insights and about consumer insights in the fashion industry .

No matter the market research methods you use, market research’s effectiveness lies in the questions you ask. These questions should be designed to elicit honest responses that will help you reach your goals.

Examples of common market research questions include:

Demographic market research questions

• What is your age range?
• What is your occupation?
• What is your household income level?
• What is your educational background?
• What is your gender?

Product or service usage market research questions

• How long have you been using [product/service]?
• How frequently do you use [product/service]?
• What do you like most about [product/service]?
• Have you experienced any problems using [product/service]?
• How could we improve [product/service]?
• Why did you choose [product/service] over a competitor’s [product/service]?

Brand perception market research questions

• How familiar are you with our brand?
• What words do you associate with our brand?
• How do you feel about our brand?
• What makes you trust our brand?
• What sets our brand apart from competitors?
• What would make you recommend our brand to others?

Buying behavior market research questions

• What do you look for in a [product/service]?
• What features in a [product/service] are important to you?
• How much time do you need to choose a [product/service]?
• How do you discover new products like [product/service]?
• Do you prefer to purchase [product/service] online or in-store?
• How do you research [product/service] before making a purchase?
• How often do you buy [product/service]?
• How important is pricing when buying [product/service]?
• What would make you switch to another brand of [product/service]?

Customer satisfaction market research questions

• How happy have you been with [product/service]?
• What would make you more satisfied with [product/service]?
• How likely are you to continue using [product/service]?

Bonus Tip: Compiling these questions into a market research template can streamline your efforts.

Market research can offer powerful insights, but it also has some limitations. One key limitation is the potential for bias. Researchers may unconsciously skew results based on their own preconceptions or desires, which can make your findings inaccurate.

• Depending on your market research methods, your findings may be outdated by the time you sit down to analyze and act on them. Some methods struggle to account for rapidly changing consumer preferences and behaviors.
• There’s also the risk of self-reported data (common in online surveys). Consumers might not always accurately convey their true feelings or intentions. They might provide answers they think researchers are looking for or misunderstand the question altogether.
• There’s also the potential to miss emerging or untapped markets . Researchers are digging deeper into what (or who) they already know. This means you might be leaving out a key part of the story without realizing it.

Still, the benefits of market research cannot be understated, especially when you supplement traditional market research methods with modern tools and technology.

Let’s put it all together and explore how to do market research step-by-step to help you leverage all its benefits.

Step 1: Define your objectives

You’ll get more from your market research when you hone in on a specific goal : What do you want to know, and how will this knowledge help your business?

This step will also help you define your target audience. You’ll need to ask the right people the right questions to collect the information you want. Understand the characteristics of the audience and what gives them authority to answer your questions.

Step 2: Select your market research methods

Choose one or more of the market research methods (interviews, surveys, focus groups, observations, and/or AI-driven tools) to fuel your research strategy.

Certain methods might work better than others for specific goals . For example, if you want basic feedback from customers about a product, a simple survey might suffice. If you want to hone in on serious pain points to develop a new product, a focus group or interview might work best.

You can also source secondary research ( complementary research ) via secondary research companies , such as industry reports or analyses from large market research firms. These can help you gather preliminary information and inform your approach.

Step 3: Develop your research tools

Prior to working with participants, you’ll need to craft your survey or interview questions, interview guides, and other tools. These tools will help you capture the right information , weed out non-qualifying participants, and keep your information organized.

You should also have a system for recording responses to ensure data accuracy and privacy. Test your processes before speaking with participants so you can spot and fix inefficiencies or errors.

Step 4: Conduct the market research

With a system in place, you can start looking for candidates to contribute to your market research. This might include distributing surveys to current customers or recruiting participants who fit a specific profile, for example.

Set a time frame for conducting your research. You might collect responses over the course of a few days, weeks, or even months. If you’re using AI tools to gather data, choose a data range for your data to focus on the most relevant information.

Step 5: Analyze and apply your findings

Review your findings while looking for trends and patterns. AI tools can come in handy in this phase by analyzing large amounts of data on your behalf.

Compile your findings into an easy-to-read report and highlight key takeaways and next steps. Reports aren’t useful unless the reader can understand and act on them.

Tip: Learn more about trend forecasting , trend detection , and trendspotting .

Meltwater’s Radarly consumer intelligence suite helps you reap the benefits of market research on an ongoing basis. Using a combination of AI, data science, and market research expertise, Radarly scans multiple global data sources to learn what people are talking about, the actions they’re taking, and how they’re feeling about specific brands.

Our tools are created by market research experts and designed to help researchers uncover what they want to know (and what they don’t know they want to know). Get data-driven insights at scale with information that’s always relevant, always accurate, and always tailored to your organization’s needs.

Learn more when you request a demo by filling out the form below:

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Market research examines consumer behavior and trends in the economy to help a business develop and fine-tune its business idea and strategy. It helps a business understand its target market by gathering and analyzing data.

Market research is 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.

Key Takeaways

• 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.

Market Research

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 many 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

Face-to-face interviews.

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.

Focus Groups

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.

Phone Research

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.

Survey Research

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, 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.

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How To Do Market Research: Types and Templates (2024)

Want to do market research for your brand? Get the best templates and a step-by-step guide in this article.

Market research consists of systematically gathering data about people or companies—a market—and then analyzing it to better understand what that group needs. The results of market research are then used to help business owners make informed decisions about the company’s strategies, operations, and potential customer base.

Market research can help businesses run more efficiently and market more effectively. Ahead, you’ll learn how to do market research for your business, whether you’re breaking into a new market or developing a product .

What is market research?

Market research is the process of gathering data about people or companies and analyzing it to figure out what they’re looking for. Using market research, which is usually summarized in a report, you can make better decisions about your company’s strategy, operations, and potential customers. There are two main types of market research: primary and secondary.

Primary market research

Primary data is first-hand information you gather yourself, or with the help of a market research firm. You control it. Common ways to do primary market research include surveys, interviews, focus groups, and observations. 

Doing your own research has its benefits. You’ll learn exactly what customers want, because you’ve asked them directly. Information is fresh, and you can understand the nuances of your customers, like taste preferences or pricing.

Secondary market research

Secondary data is pre-existing public information, such as data shared in magazines and newspapers or government or industry reports. 

Say you’re a fashion brand expanding its product line to sustainable options, you’d use secondary research to understand market potential. You’d read market reports from Mintel or Nielsen Company to understand consumer demands for sustainable products.

Why is market research important?

Reduce risks for entering new markets.

Misjudging market demand for a new product leads to big financial losses. Market research lowers that risk by providing insights to inform your go-to-market plan, such as:

• Market size
• Income range
• Employment rate
• Market saturation

Gathering this information beforehand helps you understand opportunities and challenges for getting new customers. It also helps you understand emerging trends to stay competitive and identify new growth opportunities.

Understand the competition

A competitive analysis helps you understand the business landscape of a new market and uncovers gaps your business can fill. By analyzing your competitors’ offerings, marketing strategies, and customer feedback, you can create a plan to differentiate yourself in a crowded market. 

Make your business customer-centric

Market research reveals the needs, preferences, and behaviors of potential customers in a new market. For example, if you were expanding into South Korea, you’d want to take into account that shoppers value fast delivery times, readily available products, and the best price possible. 

Armed with this information, you’d want to create a seamless mobile shopping experience with quick load times and quick delivery to appeal to the local market. 

Types of market research

Surveys .

Surveys consist of a list of questions that can be shared with an individual by phone, in person, on a card or paper, or online using a survey software like SurveyMonkey or Qualtrics. 

Ask customers a series of questions to better understand how they feel about a product’s features, or about the experience they had. 

Focus groups

Bringing together groups of people with a common characteristic, such as age, hobby, or buying habits, to better understand their likes and dislikes is a focus group. 

Focus groups typically consist of eight to 12 people and a moderator who poses questions for the group to discuss. They are useful ways of getting feedback on a new product, new features, or new ad campaign.

Observation

When the researcher gathers information simply by watching how a subject interacts with a product, the technique is observation. This is often used in comparing preferences for several types of products.

In-depth interviews

Another market research technique is the one-on-one interview with an individual, during which probing questions are posed to better understand that person’s thoughts, opinions, challenges, and product preferences.

Secondary sources

Secondary research is often a good place to start when conducting market research to better understand industry trends and broader shifts. 

Some of the most useful sources include:

• Industry associations and trade groups
• Trade journals specific to your industry
• Government reports, such as the census or annual federal procurement results
• Industry analysts
• University faculty members 

You can also analyze competitor websites and materials to uncover what convinces potential customers to buy from them.

How to conduct market research

1. choose your focus.

Start by defining what you want to achieve from your research. You might want to:

• Understand a target audience
• Develop new product features
• Create a brand identity
• Improve customer experience

If you’re launching a new line of eco-friendly packaging, for example, your focus might be to understand customer attitudes toward sustainability. 

2. Determine your research methods 

Choose how you’ll capture the data based on your objectives and budget. Combine qualitative research (like interviews and focus groups) with quantitative data (like surveys) to understand attitudes and perceptions.

Maybe you’ll decide to conduct a focus group with environmentally conscious consumers to explore their feelings about packaging materials.

3. Collect the data

Depending on your research methods, you might need to prepare questionnaires, conduct interviews, or analyze data courses. You can conduct the process in-house or outsource it to a third party to help speed things along.

4. Analyze the data

Now it’s time to turn that raw data into insights. Identify any patterns or trends that answer your objectives. For example, you may analyze and identify the percentage of customers who prefer sustainable packaging over traditional options.

5. Report your findings

Prepare a report that includes key insights, data, and recommendations based on your findings. Go beyond stating the findings and explain what they mean for your business. What can you conclude about your market, audience, or product? 

For example, if your research finds high demand for eco-friendly packaging amongst the 25-to-34 demographic, you can conclude a targeted marketing campaign to this group could increase sales. 

Market research templates and guides

Behind every successful business is solid market research. But the hardest part is knowing where to start, and that’s where the following templates come in. These guides can help you stay on track and prepare for your market research process. 

• Shopify’s Market Research Competitor Analysis Template : Contains a free template to help you find your product market fit, so you can sell successfully right away. 
• HubSpot’s Market Research Kit : Contains an instructional guide, SWOT analysis template, focus group template, survey template, and more.
• Qualtrics XM : Qualtrics XM offers a collection of pre-made customer, product, and brand survey templates with a free account.

Online vs. offline marketing research

Online marketing research involves using digital platforms and tools to collect data from your audience. It includes surveys, polls, online focus groups, web analytics, and social media listening . 

The benefit of online research is that you can reach a wide audience quickly and at an affordable price. Because it’s done online, it’s convenient for both researchers and participants. However, online marketing research has some drawbacks, like low response rates and poor data quality. People may not give in-depth explanations or observations if they don’t sit in front of you.

In offline research, data is collected through in-person methods, such as interviews or observations. This allows researchers to examine people’s nonverbal cues and emotions in greater detail. However, offline research is expensive to conduct and analyze, and in-person methods may also limit sample size and diversity. 

How market research helps with competitive analysis

Knowing what your competitors are doing makes it easier to break into the market (or stay ahead of it). If you’re starting an ecommerce business , market research can help you:

• Identify industry trends
• Create a benchmark against competitors 
• Determine competitive pricing strategies
• Find gaps in the market

All these elements inform your competitive analysis, whether you’re developing a new product or entering a new market. In this way, you can uncover areas where competition is intense and gain leverage over your competitors.

Free competitor research template

Find a strategic angle to achieve sales success, uncover your product-market fit, and stand out from the competition with our free template.

Market research examples

Before launching a premium cocktail machine into a new category, the team at Bartesian had to identify a common problem: how hard it was to make great-tasting cocktails at home without any professional skill. 

It was a problem the founder, Ryan Close, struggled with himself, as he explains in a Shopify Masters interview . 

“I could never get [drinks] right, so I understood it was difficult to make great tasting cocktails at home if you’re not a bartender,” Ryan says. 

For his market research, Ryan carried a prototype of the machine around the country, getting in-person feedback. He’d go to trade shows and networking events to talk with people, ask about their pain points, and find out what they’d be willing to pay for his cocktail-making machine. These events helped give Ryan the market research needed to launch Bartesian. 

💡 Read more about how Ryan Close launched Bartesian

Beardbrand 

Beardbrand has become a popular men’s grooming brand since its launch in 2012. In 2023, it was estimated to have generated $25.7 million in revenue. Its founder, Eric Bandholz, took an informal approach to market research rooted in his personal experiences. 

He identified the potential for Beardbrand through several key insights:

• Observation: Noticing an increase in beards and mustaches, and a general interest in male grooming in urban areas, Eric recognized a growing trend that had yet to be fully capitalized on.
• Community engagement: By being an active member of the beard community and blogging about beard care and lifestyle, Eric immersed himself in the target market. This direct engagement provided him with firsthand insights into the needs and wants of his potential customers.
• Participation in events: Attending the 2012 West Coast Beard & Mustache Championships in Portland, Oregon, was a pivotal moment. It was here Eric realized the existence of a like-minded community that was underserved in terms of products and content tailored to their interests.
• Using social media for feedback and ideas: Eric leveraged social media platforms, especially Tumblr, to gather product ideas and gauge community interest. This approach allowed for immediate feedback and helped shape the product offering.

Before officially launching Beardbrand, Eric experimented with blogging about beard care products and engaging with the community. This phase acted as an informal market test, providing insights into the market’s receptivity to various products.

Abel Samet and Samuel Bail started Troubadour after unsuccessfully searching for a high-performing weekender bag. This personal experience highlighted a gap in the market for bags that were both aesthetically pleasing and functionally equivalent to sports gear—lightweight, waterproof, and comfortable.

They did market testing by initially offering their products to friends, family, and colleagues, which allowed them to gather valuable feedback. The brand continued to collect qualitative feedback from customers on their likes and dislikes about the bags, as well as quantitative data on sales and returns to understand needs and buying behavior. This allowed them to innovate and expand, taking calculated risks that paid off.

📚  Read: 10 Lessons Learned From Troubadour’s 10 Years in Business

Qualitative vs. quantitative market research

Qualitative and quantitative research are two fundamental approaches to doing market research. 

Qualitative research

Focuses on understanding concepts, thoughts, or experiences through subjective data. It explores the howand why of customers’ behaviors through open-ended questions and discussions. It can involve interviews, observations, and textual analysis to develop a more detailed understanding of the participant. 

Quantitative research

Rooted in quantifying a problem through numerical data, like statistics. You’ll normally use quantitative data to generalize results from a larger sample population. These include surveys, questionnaires, and experiments with fixed questions or conditions. 

Even though these two approaches are different, you can combine them to conduct a mixed methods study. This helps further validate your findings and get a better understanding of the issue at hand. 

Conduct your own market research today

Understanding industry shifts, changing consumer needs and preferences, and legislative trends, among other things, can shape where a business chooses to focus its efforts and resources. That’s the value of market research. Use the templates and market research techniques above to improve your process and grow your business. 

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What is market research? FAQ

What are the 4 types of marketing research.

• Exploratory research
• Descriptive research
• Causal research
• Predictive research

What is an example of market research?

An example of market research would be a company conducting a survey to learn more about their target audience’s preferences and buying habits. They might ask questions about age, gender, income level, and what types of products they purchase. The research would then inform the company’s business and marketing strategy. 

How often should market research be conducted?

Businesses can conduct market research on an as-needed basis. If you are launching a new product or entering a new market, you’ll do market research to support the initiative. Some businesses do market research on an annual basis to stay competitive. 

What are the 4 main purposes of market research?

• Identifying and understanding the target market: Market research helps organizations better identify and understand their target market. It can provide insights into customer demographics, preferences, needs and motivations.
• Product/service development and innovation: Market research helps organizations identify and develop new products or services that meet the needs of their target market. It also helps them understand how new products or services can be positioned in the marketplace.
• Market entry and expansion: Market research helps organizations plan and execute successful market entry and expansion. It can help them identify target markets, assess market potential and evaluate the competitive landscape.
• Brand and reputation management: Market research helps organizations maintain and improve their brand and reputation. It can provide insights into customer perception and help organizations differentiate their brand from competitors.

How much does market research cost?

How much market research costs depends on the research method used. For example, face-to-face interviews are more expensive than phone interviews. The sample size required is also a factor. The larger your sample size, the more expensive it will cost. On average, you can expect to pay between $20,000 and $60,000 for a round of market research from a marketing research firm.

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Published October 17 th 2023

10 Essential Methods for Effective Consumer and Market Research

When it comes to understanding the world around you, market research is an essential step.

We live in a world that’s overflowing with information. Sifting through all the noise to extract the most relevant insights on a certain market or audience can be tough.

That’s where market research comes in – it’s a way for brands and researchers to collect information from target markets and audiences.

Once reliant on traditional methods like focus groups or surveys, market research is now at a crossroads. Newer tools for extracting insights, like social listening tools, have joined the array of market research techniques available.

Here, we break down what market research is and the different methods you can choose from to make the most of it.

What is market research, and why is it critical for you as a marketer?

Market research involves collecting and analyzing data about a specific industry, market, or audience to inform strategic decision-making. It offers marketers valuable insights into the industry, market trends, consumer preferences, competition, and opportunities, enabling businesses to refine their strategies effectively.

By conducting market research, organizations can identify unmet needs, assess product demands, enhance value propositions, and create marketing campaigns that resonate with their target audience. 

This practice serves as a compass, guiding businesses in making data-driven decisions for successful product launches, improved customer relationships, and a stronger positioning in the business landscape. 

For marketers and insights professionals, market research is an indispensable tool. It helps them make smarter decisions and achieve growth and success in the market.

These 10 market research methods form the backbone of effective market research strategies. 

Continue reading or jump directly to each method by tapping the link below.

• Focus groups
• Consumer research with social media listening
• Experiments and field trials
• Observation
• Competitive analysis
• Public domain data
• Buy research
• Analyze sales data

Use of primary vs secondary market research

Market research can be split into two distinct sections: primary and secondary. These are the two main types of market research.

They can also be known as field and desk, respectively (although this terminology feels out of date, as plenty of primary research can be carried out from your desk).

Primary (field) research

Primary market research is research you carry out yourself. Examples of primary market research methods include running your own focus groups or conducting surveys. These are some of the key methods of consumer research. The ‘field’ part refers to going out into the field to get data.

Secondary (desk) research

Secondary market research is research carried out by other people that you want to use. Examples of secondary market research methods include studies carried out by researchers or financial data released by companies.

10 effective methods to do market research

The methods in this list cover both areas. Which ones you want to use will depend on your goals. Have a browse through and see what fits.

1. Focus groups

It’s a simple concept but one that can be hard to put into practice.

You bring together a group of individuals into a room, record their discussions, and ask them questions about various topics you are researching. For some, it’ll be new product ideas. For others, it might be views on a political candidate.

From these discussions, the organizer will try to pull out some insights or use them to judge the wider society’s view on something. The participants will generally be chosen based on certain criteria, such as demographics, interests, or occupations.

A focus group’s strength is in the natural conversation and discussion that can take place between participants (if they’re done right).

Compared to a questionnaire or survey with a rigid set of questions, a focus group can go off on tangents the organizer could not have predicted (and therefore not planned questions for). This can be good in that unexpected topics can arise; or bad if the aims of the research are to answer a very particular set of questions.

The nature of the discussion is important to recognize as a potential factor that skews the resulting data. Focus groups can encourage participants to talk about things they might not have otherwise, and others might impact the group. This can also affect unstructured one-on-one interviews.

In survey research, survey questions are given to respondents (in person, over the phone, by email, or via an online form). Questions can be close-ended or open-ended. As far as close-ended questions go, there are many different types:

• Dichotomous (two choices, such as ‘yes’ or ‘no’)
• Multiple choice
• Rating scale
• Likert scale (common version is five options between ‘strongly agree’ and ‘strongly disagree’)
• Matrix (options presented on a grid)
• Demographic (asking for information such as gender, age, or occupation)

Surveys are massively versatile because of the range of question formats. Knowing how to mix and match them to get what you need takes consideration and thought. Different questions need the right setup.

It’s also about how you ask. Good questions lead to good analysis. Writing clear, concise questions that abstain from vague expressions and don’t lead respondents down a certain path can help your results reflect the true colors of respondents.

There are a ton of different ways to conduct surveys as well, from creating your own from scratch or using tools that do lots of the heavy lifting for you.

3. Consumer research with social media listening

Social media has reached a point where it is seamlessly integrated into our lives. And because it is a digital extension of ourselves, people freely express their opinions, thoughts, and hot takes on social media.

Because people share so much content on social media and the sharing is so instant, social media is a treasure trove for market research. There is plenty of data to monitor , tap into, and dissect.

By using a social listening tool, like Consumer Research , researchers can identify topics of interest and then analyze relevant social posts. For example, they can track brand mentions and what consumers are saying about the products owned by that brand. These are real-world consumer research examples.

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Social media listening democratizes insights, and is especially useful for market research because of the vast amount of unfiltered information available. Because it’s unprompted, you can be fairly sure that what’s shared is an accurate account of what the person really cares about and thinks (as opposed to them being given a subject to dwell on in the presence of a researcher).

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4. Interviews

In interviews, the interviewer speaks directly with the respondent. This type of market research method is more personal, allowing for communication and clarification, making it good for open-ended questions. Furthermore, interviews enable the interviewer to go beyond surface-level responses and investigate deeper.

However, the drawback is that interviews can be time-intensive and costly. Those who opt for this method will need to figure out how to allocate their resources effectively. You also need to be careful with leading or poor questions that lead to useless results. Here’s a good introduction to leading questions .

5. Experiments and field trials

Field experiments are conducted in the participants’ environment. They rely on the independent variable and the dependent variable – the researcher controls the independent variable in order to test its impact on the dependent variable. The key here is to establish whether there’s causality.

For example, take Hofling’s experiment that tested obedience, conducted in a hospital setting. The point was to test if nurses followed authority figures (doctors) and if the authority figures’ rules violated standards (The dependent variable being the nurses, the independent variable being a fake doctor calling up and ordering the nurses to administer treatment.)

According to Simply Psychology , there are key strengths and limitations to this method.

The assessment reads:

• Strength: Behavior in a field experiment is more likely to reflect real life because of its natural setting, i.e., higher ecological validity than a lab experiment.
• Strength: There is less likelihood of demand characteristics affecting the results, as participants may not know they are being studied. This occurs when the study is covert.
• Limitation: There is less control over extraneous variables that might bias the results. This makes it difficult for another researcher to replicate the study in exactly the same way.

There are also massive ethical implications for these kinds of experiments and experiments in general (especially if people are unaware of their involvement). Don’t take this lightly, and be sure to read up on all the guidelines that apply to the region where you’re based.

6. Observation

Observational market research is a qualitative research method where the researcher observes their subjects in a natural or controlled environment. This method is much like being a fly on the wall, but the fly takes notes and analyzes them later. In observational market research, subjects are likely to behave naturally, which reveals their true selves. 

They are not under much pressure. However, if they’re aware of the observation, they can act differently.

This type of research applies well to retail, where the researcher can observe shoppers’ behavior by day of the week, by season, when discounts are offered, and more. However, observational research can be time-consuming, and researchers have no control over the environments they research.

7. Competitive analysis

Competitive analysis is a highly strategic and specific form of market research in which the researchers analyze their company’s competitors. It is critical to see how your brand stacks up to rivals. 

Competitive analysis starts by defining the product, service, brand, and market segment. There are different topics to compare your firm with your competitors. It could be from a marketing perspective: content produced, SEO structure, PR coverage, and social media presence and engagement. It can also be from a product perspective: types of offerings, pricing structure. SWOT analysis is key in assessing strengths, weaknesses, opportunities, and threats.

We’ve written a whole blog post on this tactic, which you can read here .

8. Public domain data

The internet is a wondrous place. Public data exists for those strapped for resources or simply seeking to support their research with more data.  With more and more data produced every year, the question about access and curation becomes increasingly prominent – that’s why researchers and librarians are keen on open data.

Plenty of different types of open data are useful for market research: government databases, polling data, “fact tanks” like Pew Research Center, and more. 

Furthermore, APIs grant developers programmatic access to applications. A lot of this data is free, which is a real bonus.

9. Buy research

Money can’t buy everything, but it can buy research. Subscriptions exist for those who want to buy relevant industry and research reports. Sites like Euromonitor, Statista, Mintel, and BCC Research host a litany of reports for purchase, oftentimes with the option of a single-user license or a subscription.

This can be a massive time saver, and you’ll have a better idea of what you’re getting from the very beginning. You’ll also get all your data in a format that makes sense, saving you effort in cleaning and organizing.

10. Analyze sales data

Sales data is like a puzzle piece that can help reveal the full picture of market research insights. Essentially, it indicates the results. Paired with other market research data, sales data helps researchers better understand actions and consequences. Understanding your customers, their buying habits, and how they change over time is important.

This research will be limited to customers, and it’s important to keep that in mind. Nevertheless, the value of this data should not be underestimated. If you’re not already tracking customer data, there’s no time like the present.

Choosing the right market research method for your strategy

Not all methods will be right for your situation or your business. Once you’ve looked through the list and seen some that take your fancy, spend more time researching each option.You’ll want to consider what you want to achieve, what data you’ll need, the pros and cons of each method, the costs of conducting the research, and the cost of analyzing the results.

Get it right, and it’ll be worth all the effort.

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The Types of Market Research [+10 Market Research Methods]

• Market research

Jaclyn Robinson, Senior Manager of Content Marketing at Crunchbase

Market research can help startups understand where they should be placing their resources and time. It can tell you everything from how people are perceiving your company, as well as which features to drop or continue developing. And while there are plenty of ways to conduct market research, not every market research method is right for every situation.

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Market research can help play a major role in developing your product, marketing, and overall business strategy. Understanding the different market research methods can be the difference between wasting months of engineering time or exceeding your ambitious revenue targets.

We review the types of market research as well as the market research methods you can pursue based on your primary objectives and business goals.

The 2 types of market research

All market research falls under two distinct categories: primary research and secondary research.

Primary research looks at any data you collect yourself (or someone you pay). It encompasses analyzing current sales, metrics, and customers. It also takes into account the effectiveness of current practices, while taking competitors into account.

Secondary research looks at data that has already been published by others. It includes reports and studies from other companies, government organizations, and others in your industry.

10 market research methods

The type of data you need will decide which market research technique to use. Here are the most commonly used market research methods:

Primary research methods

These primary research methods will help you identify both qualitative and quantitative data. Qualitative data is information that cannot be measured while qualitative data is taken from a large sample size and is a statistically significant mathematical analysis.

1. Interviews

Great for: expert advice

Consisting of one-on-one discussions, interviews are a great source of qualitative data. You can either perform interviews by telephone, video conference, or face-to-face. Interviews are great for an in-depth look for target audience insights.

In-depth interviews are great when expert advice is needed or when discussing highly complex or sensitive topics. Interviews are usually 10 to 30 minutes long with 25 to 75 respondents.

Great for: understanding brand awareness, satisfaction and loyalty analysis, pricing research, and market segmentation .

One of the most commonly used market research methods, Surveys are an easy way to understand your target audience and allow you to test a large sample size to determine if findings are true across a larger segment of your customers.

3. Questionnaires

Great for: Customer feedback and satisfaction surveys (NPS surveys), and when you want more detail on your target audience and customer base.

Do not confuse questionnaires for surveys !  While surveys are aggregated for statistical analysis, questionnaires are a set of written questions used for collecting information.

Questionnaires are used to collect information rather than draw a conclusion.  Surveys can include a questionnaire, but a survey must aggregate and analyze the responses to the questions.

When writing questionnaires for market research, keep the number of questions in mind.

In one study, SurveyMonkey found that questionnaires with 40 questions have about a 10% lower response rate than questionnaires with 10 questions . The more questions, the less likely people will finish your questionnaire.

4. Focus groups

Great for: Price testing, advertising concepts, product/messaging testing

Even with the rise of big data, focus groups have remained an integral part of how companies build their products, strategy, and messaging. Focus groups are intentionally compromised by a group of purposefully selected individuals. Above all, the collaborative setting ensures that members of the group are able to interact and influence each other.

Typically these open and interactive groups are composed of around five to 12 screened individuals . Make sure that your participants are diverse so you can get a range of opinions and you have enough representation from several segments of your market.

Many smaller startups will conduct DIY focus groups and will use video conferencing technology, which is one of the most cost-effective and time-efficient market research methods.

This is a great resource to see some good questions to ask your focus groups as well as what topics focus groups should touch on.

5. User groups

Great for: Feature testing, UX and web design feedback

User groups are used to gather UX data and provide insight for website design. User groups usually meet regularly to discuss their experience with a product, while researchers capture their comments.

Here’s a great guide on how to format questions for user groups .

6. Test markets

Great for: Testing new marketing campaigns

Test markets represent a larger market. Using a test group as well as a control group can show you the success of a new landing page, messaging copy, or CTA button. We particularly like the free version of Google Optimize to get quantitative data on how your experiment is performing based on a specific goal.

Secondary research methods

Secondary research can help establish a starting point prior to diving into more expensive primary research techniques. While there is a lot of data on the web regarding basic statistics, you may have to purchase a distinct data provider for a more in-depth look at your market.

Crunchbase Pro and Marketplace partners are a great and inexpensive way to start your secondary research directly on Crunchbase.com.

7. Competitor benchmarks

Great for: Understanding your revenue, churn, operating costs, sales, profit margin, and burn rate.

Competitor benchmarks are the most valuable and widely used of the secondary research methods. Moreover, competitor benchmarks measure specific growth metrics or key performance indicators in comparison to business within the same industry and of a similar size.

You can use Crunchbase Pro to find how much companies in a certain industry are raising and who are the leading players with our global coverage on companies ranging from pre-seed to late-stage. So, as one of the most informative of the market research methods, competitive benchmarks are a great way to inform your business strategy. 

Free Crunchbase registered users have access to revenue estimates as well as web traffic data.

8. Sales data

Great for: Understanding your audience and where to place marketing efforts.

Taking a look at internal sales data not only reveals profitability but also helps market researchers segment customer trends.

However, taking a look at competitive sales data is a great way to make sure that you’re meeting the numbers you should be targeting as well as capturing the full potential of the market

9. Government publications and statistics

Great for: General demographic information and larger trends

The U.S. Census Bureau is a great resource of national demographic data. You can also review patents as a preview of industry trends and future innovation.

Also, you can find additional data and research from Data.gov , The World Bank , as well as the Pew Research Center to help inform your market research decisions.

10. Commercial data

Great for: Greater insight into industry trends and reports

If you’re interested in purchasing secondary market research, commercial data is available. For comprehensive reports, Mintel and IBISWorld are both traditional market research companies that provide commercial data.

Additionally, to choose which type of market research method is best for your goal, follow this graph from Relevant Insights. Begin with the metric you’re trying to move and then backtrack into a targeted market research method.

How can Crunchbase help with my market research?

Crunchbase gives market researchers flexible access to Crunchbase’s complete company data. Innovative teams and leaders in market research rely on Crunchbase’s live company data to build powerful internal databases and research insights in respective industries. Learn more about how Crunchbase can help you with your market research .

• Originally published March 14, 2019, updated April 26, 2023

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How to Conduct Market Research: A Step-By-Step Guide

Figuring out how to do market research for the first time can be intimidating and confusing. There are so many categories and different methods to choose from. It often seems like an endless list of organizational tasks and preparations.

However cumbersome as it might seem, research has an irreplaceable value for every company, be it a startup or a big corporation. It’s an instrument that leaders must use to keep themselves informed and up-to-date with market changes and make smart choices.

By observing your customers, you gain valuable insights into their personalities, motivations, challenges, and consumer behavior.

Furthermore, the data you gather gives you a glimpse of the processes that control the marketplace. You can gain a strategic edge over seemingly random or meaningless situations by learning more about them.

To sum up, doing your research helps you make better data-based business choices. This leads to better products, satisfied customers, and crushed competition. Sounds good, right?

If you follow through with your research with precision and discipline, you will soon be able to scale your company’s success rate significantly.

Before you read this guide and start your efforts, we advise you to brush up on the basics first and go through our other articles on market research:

• Market Research 101: From Beginner to Advanced
• Conducting Market Research: 6 Methods to Explore
• 15 Essential Market Research Tips for Businesses

Digging deeper into the process will give you the necessary background and confidence to go forth without any concerns.

So, without further ado, let’s roll our sleeves and get started on how to conduct market research. Read on and take notes!

1. Define the Research Goal

The first step of the process is defining your goal. It is important to start with a clear idea of why you are doing the research and what you want to accomplish. If your motivation is vague, you risk straying from your objectives and becoming distracted by irrelevant information.

During your study, you may find other important topics that are not closely related to the problem you are addressing. You should record them and save them for later research in different projects.

Mixing questions regarding too many problems in one survey can confuse the respondents and affect the accuracy of their answers. It can also make the research results too inconsistent. And it’s hard to conclude a bunch of random facts.

By stating the purpose and the problems of your research, you can establish a clear goal guiding everyone throughout the process.

This way, you’ll concentrate your efforts, and, in the end, you’ll be able to make informed decisions based on data.

For example, if you are choosing the pricing model for a new SaaS product, you should perform market research to make sure you’ll pick out the best one for your business. In this case, it should be something like “ Find out the best pricing strategy for the product ”. Some of the objectives can be:

• Identify the target audience.
• Find out what products they are currently using.
• Learn how much they are paying for them.
• Understand how much they are willing to pay.
• Research how they are using similar products.
• Discover what features they’d pay more for.
• Compare your product to the competition, etc.

Ultimately, your goal should be what you want to see accomplished in the future. That’s why it’s best to focus on your plans and targets, rather than on your current problems. Otherwise, you risk being stuck with unsolvable issues rather than with creative solutions.

2. Create Client Personas

When doing market research, you need a group of people who’ll answer your questions and whose opinions are important to your business. To identify these people, you should first create profiles that fit your target audience.

Client personas, or buyer personas , are collective profiles representing your ideal customers’ common qualities. They can be based on your top buyers in an attempt to attract more people like them to your business, or if you are just starting, they can be the product of separate market research.

Every business should have market personas. If you have already created yours – way to go, you are one step ahead! If you have not yet done it, now is a good time.

When building the buyer persona’s profile, you should include the following basic information, and add other specific factors, if there are any:

• Demographic – Age, gender, location, etc.
• Personal Information – Family status, income, interests, etc.
• Work-related details – Company, position, decision-making level, etc.
• Pain Points – Work and personal life struggles, barriers to achieving goals, etc.

For further reference on how to build buyer persona profiles, you can read DevriX’s article:

An Advanced Guide to Creating and Using Buyer Personas to Convert Leads

3. Identify the Sample

A market research sample is a representative group of people who match your client persona profiles. Depending on the scope of the study, you might include in it people who fit one or multiple personas.

Ideally, if you want the results to be representative, you should focus on a single profile. However, if you feel that you will get more information from different types of customers, you can define separate samples for every participating persona and compare the results at the end.

Defining and identifying a representative sample is the foundation of accumulating accurate results. If your participants don’t match the profile you need, their answers will not be relevant to your goals.

Participants for samples can be identified in:

• Your customer database . Clients should be divided into groups matching your buyer persona profiles. If you haven’t already implemented the segmentation , doing it will help you sift through who to invite to participate in the research.
• Competitors’ clients. People who use products similar to yours and fit the profile, but are not currently your customers, are a great addition to your research. By learning about their opinions and preferences, you can attract them as clients in the future.
• Your lead database . Every lead you have in your email list or CRM tool can be a potential candidate for the survey sample. As with existing customers, leads should be segmented not only for research but also for better marketing.
• Social media profiles . Your network of followers on different social media platforms can be a valuable resource in every survey. By announcing the desired profiles participants should fit and encouraging people to share with acquaintances, you can reach many more potential participants.

Your sample must be large enough and also representative of the population you are targeting. Choosing an audience too small or an ill-targeted group of people can make the results of the research biased.

Although there is not a universal minimal number of people to include in your study, it is generally accepted amongst scientists that less than 100 people is insufficient to make up a statistically relevant conclusion. Therefore, to ensure you’ll reach this number, you’ll have to distribute your questions to at least 150 people.

However, if you want to research only your existing customers and they are less than 100 in total, you can still carry out your study but you’ll have to accept a larger error margin .

4. Perform Your Chosen Research Methods

Once your sample is clear, you can move forward to conducting market research. Depending on your goals, you can explore different methods, but we will be using a strategy combining a few of them for this article. This is usually the safest way to guarantee that your results will be comprehensible and on point.

Prep Your Questions

The goals and objectives you set in the initial stages of your research should be organized and formulated into questions you can ask your participants.

Although the phrasing and scope of these will probably change and be refined throughout the different stages of the research, you should consider testing them at the beginning on a small sample. This will allow you to eliminate rookie mistakes and save you some trouble further on in the research.

Do Secondary Research

Before you start studying your audience, you should consider doing secondary research to build a general idea of the market.

You can find paid and free data available in government databases, private research companies, educational institutions, and public libraries.

There is a chance that the information you go through has nothing to do with the goals of your particular research. But it can still help you identify market patterns at scale and configure your following moves.

Try Various Exploratory Methods

The next step is to dive into your specific target audience and see how things are. This can be done via different exploratory research methods.

1. Observation. At this stage, consider starting with observation. This will give you an idea of how your customers act in real-life situations in their natural environment.

2. Focus Group Meetings. You can continue by consolidating your initial impressions in focus group meetings. The moderator can ask the participants about the subjects that got their attention and the discussion that follows can give you additional insights.

3. Personal Interviews. Interviewing individual representatives of your sample will allow you to ask even more follow-up questions and have a chance to learn about your customers’ preferences, goals, and pain points.

Distribute Customer Surveys

You can leverage all the information you’ve gathered in the previous steps to design customer surveys . They will help you acquire the answers to your questions at scale and prove or disprove the hypothesis built in the exploratory stage.

The questions in the surveys should be as simple and easy to understand as possible. Avoid answers that lead the customer in the direction you’d like. This might influence their responses and compromise the results.

5. Analyze the Data and Organize It Into a Report

The data you obtain should be analyzed and organized at the end of every stage of your market research. These preliminary reports will serve you in the process of the study and will make building the final report easier.

Results from the research will be both qualitative and quantitative and should be properly visualized to make sense to everyone to whom they would be presented.

Cold statistics can be overwhelming, but presenting the data in an engaging format can make it more appealing and clear.

Some forms of reporting are customer journey maps and affinity diagrams . Even users who are not technically advanced can take advantage of modern data visualization tools and make research data interesting to the audience of their presentation.

Step-by-Step Market Research

Conducting market research is complicated. It takes a lot of preparation and can seem intimidating at first. But once you become familiar with the basics, you will be able to do it yourself and reap its success.

By using this guide, you can study different aspects of your target market, and get to know your audience on a different level. Leveraging the data and insights you gather will give you a strategic advantage and empower you to make more informed data-based decisions for your business.

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Team DevriX

This article is crafted by DevriX's seasoned marketing team, boasting over four decades of collective expertise in crafting sophisticated marketing funnels, devising comprehensive content frameworks and pillars, implementing engaging email campaigns, and creating impactful social media content designed for scalability.

Our marketing experts specialize in the complete spectrum of inbound marketing strategies. As an accredited HubSpot Agency Partner and a Semrush Partner, we engage in meticulous research, blending our extensive experience with the unique insights of our highly skilled team.

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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

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

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?”

Survey Tools

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.

Competitive Analysis

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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• → The 8 types of market research and ho...

The 8 types of market research and how to use them

There are eight types of marketing research you can try to stay ahead of the competition. Learn more about marketing research methods and how to use them.

Latest posts on Tips

Typeform    |    08.2024

Typeform    |    07.2024

“If you keep doing what you’ve always done, you’ll keep getting what you’ve always got.”

Doesn’t sound too threatening if you’ve always been successful, right?

Continuing to do what you’ve always done means you’ll fall behind—and probably fade to darkness—to where all the forgotten brands go.

Take Kodak. They were a major player in photography for decades—remember? When digital photography boomed, Kodak kept doing what they always did. Their business floundered and people forgot about them. Well, everyone apart from Pitbull.

Now, look at Fujifilm, one of Kodak’s biggest competitors. They did the opposite and looked for ways to apply their expertise in film to the technology of the new millennium instead. Their company is still going strong.

The same goes for research. If you’re doing the same old types of market research, speaking to the same old people, and doing the same old tired surveys—you’re already behind.

How do you decide what kind of market research you need to do? It all comes down to what you need to know and what your business goals are.

In this article, we’ll explain the various types of market research you can use to solve issues and challenges in your business. We’ll throw you a freebie, too, and provide some market research tips about when to use each strategy.

Let’s get you ahead of the curve.

1. Brand research

Brand research helps with creating and managing a company’s brand, or identity. A company’s brand is the images, narratives, and characteristics people associate with it.

When to use it

Brand research can be used at every stage in a business’s lifecycle, from creation to new product launches and re-branding. There are at least seven types of brand research:

Brand advocacy: How many of your customers are willing to recommend your brand?

Brand awareness : Does your target market know who you are and consider you a serious option?

Brand loyalty: Are you retaining customers?

Brand penetration: What is the proportion of your target market using your brand?

Brand perception : What do people think of as your company’s identity or differentiating qualities?

Brand positioning: What is the best way to differentiate your brand from others in the consumer’s mind and articulate it in a way that resonates?

Brand value: How much are people willing to pay for an experience with your brand over another?

How to do it

A researcher will use several types of market research methods to assess your and your competitors’ strengths and weaknesses. Generally, they will conduct competitor research, both qualitative and quantitative, to get a picture of the overall marketplace. Focus groups and interviews can be used to learn about their emotions and associations with certain brands.

Market research surveys are useful to determine features and benefits that differentiate you from competitors . These are then translated into emotionally compelling consumer language.

2. Campaign effectiveness

This type of market research is designed to evaluate whether your advertising messages are reaching the right people and delivering the desired results. Successful campaign effectiveness research can help you sell more and reduce customer acquisition costs.

It’s estimated people see up to 5,000 advertising messages each day. That means attention is a scarce resource, so campaign effectiveness research should be used when you need to spend your advertising dollars effectively.

Campaign effectiveness research depends on which stage of the campaign you use it in (ideally, it’s all of them!). Quantitative research can be conducted to provide a picture of how your target market views advertising and address weaknesses in the advertising campaign.

3. Competitive analysis

Competitive analysis allows you to assess your competitors’ strengths and weaknesses in the marketplace, providing you with fuel to drive a competitive advantage.

No business exists in a vacuum—competitive analysis is an integral part of any business and market plan. Whether you’re just getting started, moving into a new market, or doing a health check of your business, a competitive analysis will be invaluable.

A researcher will typically choose a few of your main competitors and analyze things like their marketing strategy, customer perceptions, revenue or sales volume, and so on.

Secondary sources such as articles, references, and advertising are excellent sources of competitive information; however, primary research, such as mystery shopping and focus groups, can offer valuable information on customer service and current consumer opinions.

4. Consumer insights

Consumer insights research does more than tell you about who your customers are and what they do. It reveals why customers behave in certain ways and helps you leverage that to meet your business goals.

Knowing your customers deeply is integral to creating a strategic marketing plan. This type of market research can help you anticipate consumer needs, spark innovation, personalize your marketing, solve business challenges, and more.

Consumer insights research should be specific to your business—it’s about getting to know your target audience and customers. Various market research methods can be used, such as interviews, ethnography, survey research, social monitoring, and customer journey research.

Here are some of the characteristics you should understand through consumer insights research:

Purchase habits

Interests, hobbies, passions

Personal and professional information

How they consume media and advertising

5. Customer satisfaction research

Customer satisfaction research is a type of market research that measures customers’ experiences with products or services, specifically looking at how those meet, exceed, or fail to live up to their expectations.

Customer satisfaction is a strong indicator of customer retention and overall business performance. Successful customer satisfaction research should help you understand what your customers like, dislike, and feel needs improvement. You can use this type of market research to look at the quality and design of products, speed and timeliness of delivery, staff and service reliability, knowledge, and friendliness, market price, and value for money.

There are several ways to measure customer satisfaction, most commonly using surveys. An NPS or Voice of the Customer Survey can help you measure customer loyalty. Customer Effort Scoring measures how satisfied people are with customer service or problem resolution. CSAT is any survey that measures customer satisfaction , typically measured using Likert scale surveys . They can be conducted at different points in the customer experience, allowing deeper insight into that moment.

6. Customer segmentation research

Customer segmentation studies aim to divide markets or customers into smaller groups or personas with similar characteristics to enable targeted marketing. By understanding how people in each category behave, you can understand how each influences revenue.

Customer segmentation research is best used if you’re ready to give customers individualized experiences. Not every customer in your target market is the same. The more you understand each specific persona, the easier it is to focus on delivering personalized marketing, build loyal relations, price products effectively, and forecast how new products and services will perform in each segment.

Market researchers use four characteristics to segment customers.

Demographics: demographic information such as age, gender, family status, education, household income, occupation and so on

Geography: where people live, from cities and countries to whether they are city dwellers or suburbanites

Psychographics: socioeconomic status, class, lifestyle, personality traits, generation, interests, hobbies, etc.

Behavior: brand affinity, consumption and shopping habits, spending, etc.

A researcher will identify your current customers and collect data about them through various market research methods, such as surveys, database research, website analytics, interviews, and focus groups. The aim is to gather as much information as possible.

7. Product development

Market research for product development involves using customer knowledge to inform the entire process of creating or improving a product, service, or app and bringing it to market.

Innovation is hard work. A quick Google will tell you that 80–95% of new products fail every year. Conducting market research for product and app development helps minimize the risk of a new product or change going bust as it enters the market. There are three stages where you can use market research:

Conception: The moment you’re thinking about adding something new, market research can find market opportunities and provide insights into customer challenges or their jobs-to-be-done, so you can find a way to fill the gap.

Formation: Once you have an idea, market researchers can help you turn it into a concept that can be tested. You can learn more about strategizing pricing, testing advertising and packaging, value proposition, and so on.

Introduction: Market research can help you gauge attitudes toward the product once it’s in the market and adapt your messaging as it rolls out.

Keep making the product better or find opportunities to introduce it to new markets.

Product development research will utilize different market research methods, depending on the goal of the research. A researcher could present focus groups with product concepts and listen to their opinions, conduct interviews to learn more about their pain points, or perform user testing to see how they interact with an app or website.

8. Usability testing

Usability testing is concerned with understanding how customers use your products in real time. It can involve physical products, like a new blender, or digital products like a website or app.

Usability testing is helpful when you need to detect problems or bugs in early prototypes or beta versions before launching them. It typically costs far less to test a product or service beforehand than to pull a flawed product off the shelves or lose sales because of poor functionality.

There are several types of usability tests, which vary based on whether you’re testing a physical or digital product.

Journey testing involves observing the customer experience on an app or website and monitoring how they perform. This type of study can be done online

Eye tracking studies monitor where people’s eyes are drawn. Generally, they are conducted on websites and apps, but can also be done in stores to analyze where people look while shopping

Learn ability studies quantify the learning curve over time to see which problems people encounter after repeating the same task

Click tracking follows users’ activity on websites to evaluate the linking structure of a website

Checklist testing involves giving users tasks to perform and recording or asking them to review their experience

Combining types of market research with Typeform

When it comes to market research, you need to ask yourself what business challenge or question you’re trying to address. Then, select the appropriate methods and tools, such as market research automation , to simplify your process.From there, the world of useful data and actionable insights will open to you.

About the author

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How to do Market Research in 7 Steps

Home » Blog » How to do Market Research in 7 Steps

Do you know about the world-changing Amazon market research strategy of 2012?

Few do, yet it influences millions of people’s daily purchasing decisions.

Many of those who were part of it got very rich. And most had zero business or sales experience!

Its simplicity was brilliant.

I’ll tell you about it and give you 7 actionable steps on how to do market research that works for every business, regardless of size. 

And explain why your market research could be the secret to your success. 

How market research changed how we shop

Two guys, Jason Katzenback and Matt Clark created an Amazon-based marketing and sales strategy called the Amazing Selling Machine that forever changed how we make our shopping decisions, a nd it ran on market research. Here’s how it worked: 

You chose a category, found a popular and profitable product, researched the major competitor’s negative reviews, and then used them to create a better alternative.

Most, if not all, of the page-one products you see on Amazon today are there because of this strategy!

The key was the better your market research, the more profit you made. And the same is true for businesses in most markets, off and online. 

Now, let’s dive in and discover how market research works for you: 

What is market research?

Market research illuminates what we don’t know, removing the uncertainty of the unknown by blending economic trends and consumer behavior to validate your business idea. 

And it does it by asking questions like: 

• Is there a need for your product/service?
• What's your market size?
• Who's your target audience?
• And how much will they pay for your products or service?

Most people buy stuff or services to solve their problems and improve their lives. Market research identifies who those people are and their concerns by analyzing data that define their needs and demographics. Providing accurate, reliable, up-to-date information you can use to design the perfect sales and marketing strategy for your business. 

In short, market research removes the uncertainty of the unknown, helping you create a product/service that a specific group of people needs, which in turn reduces the risk when starting a business . 

Why is market research essential when planning a new business?

People made tens of millions of dollars on Amazon because they knew their customers’ needs, what to sell, and how to advertise it. 

The market research was so powerful it was like shooting fish in a barrel. 

Author and marketer, Mike Gospe’s quote, also explains why market research is essential-

“Whoever understands the customer best wins.” 

And while the 2012 opportunity on Amazon was unique to that platform, market research applies to every business setting. 

It helps you: 

• Confirm the demand for your product or service.
• Establish your market size and the number of people interested in your small business ideas .
• Identify your ideal client's demographics, like age, gender, and buying habits.
• Find their location, so you know where to reach them.
• And the price your potential customers already pay for alternatives.

Market research empowers you to identify opportunities, avoid pitfalls, understand your competitor’s strengths and weaknesses, and make informed decisions on product development. Saving you from investing in a business idea that might not work because of a lack of demand for what you offer or where you’re offering it.  This is essential e specially now, and for anyone considering the best business to start in a recession.

How to find your competitors

Your direct competitors provide a similar service to your target audience and engage them using identical marketing strategies, like a website, social media, and local business listings. 

Here’s how you find them: 

• Use keywords (search terms) relative to your niche and look for your competitors online.
• Follow their social media links, and note which platforms they use.
• Look at Google My Business and local business directories to find photographers in your area.

When you find your competitors, study their websites and social media platforms to see which services they offer, their marketing strategies, pricing, how they engage their audience, and why they’re successful. 

Reading their recent reviews, you can see what’s unique about their work. Then use this information to design your service. 

Types of market research

Before diving into the different market research types, you need to know that they fall into 2 categories, primary and secondary. 

Primary research involves collecting original data through surveys, focus groups, and interviews. This type of research is often time-consuming and costly, but it can provide more in-depth and accurate results.

Secondary research involves gathering data that others have already collected and published, such as industry reports, government statistics, and online databases. 

While secondary research may be less specific and current than primary research, it’s often more cost-effective and efficient, making it a viable choice for small to medium businesses on a budget. 

Okay, here are the most common market research methods:

Surveys are a fast way to gather large amounts of data and work by asking respondents a short series of open or closed questions. You can do them online, by phone, or in person.

They’re easy and inexpensive to run, and the results are straightforward to analyze.

Focus groups

Involve a small group of carefully selected people to test your product or service, which answer specific questions or provide open feedback.

Focus groups are great for gathering in-depth insights and exploring different perspectives about your product or service.

Allow you to ask detailed questions, observe body language, and follow up on responses to discover what your intended market wants and thinks. And you can hold them one-on-one or in a group setting. 

Interviews are perfect for creating a buyer’s persona around your target audience’s gender, age, location, family size, job title, budget, likes/dislikes, and buying habits. 

Product/service use research

Product or service research is discovering what people think about your product or service and their features.

Usability testing research tells you why and how your target audience uses your product/service and which features are most helpful. Giving you insights into what your ideal clients like most about them or, sometimes, dislike. 

Observation-based research

With this market research approach, you observe how your target audience uses your product or service. Noting their user experience (UX) to determine which parts work and where the user has problems. Helping you to improve your product ’ s/service’s functionality.

Buyer persona research

Your buyer persona research is about identifying the people that make up your target audience to discover their challenges, why they need your product or service, and what they want from your brand.

Market segmentation research

You categorize your target audience into different groups based on defining characters to understand their pain points better and determine how to meet their needs effectively.

Pricing research

This helps you know your competitors’ price points for products or services like yours. It enables you to charge what your target audience expects and is willing to pay ensuring they see your brand as an attractive option.

Competitive analysis

You need this market research to know who you’re competing with and the level of competition within your market. The results can give insights into what products or services are hot and which competitors you can beat or avoid.  

A competitive analysis is also how you identify your competitor’s weaknesses and improve your USP (unique sales proposition) to separate yourself from the crowd.

Customer satisfaction and loyalty research

It’s about researching your current customers to find out what they love about your business, what satisfies them most, and which strategies best encourage them to become repeat ones. 

Some customer satisfaction guarantors include rewards, loyalty programs, great products, or exemplary customer service.

Brand awareness research

Here’s where you discover what people know, recognize, or think about your brand.

Brand awareness research is crucial as it highlights the consumer’s perception of your brand, like what you believe in and stand for and what associations they make when they think of you. 

Now let’s look at how you put those marketing strategies into action: 

Steps for conducting market research

The following steps of your market research will help you get to know your target audience and what they want from a business like yours. And uncover crucial information about your ideal clients, such as their age, wealth, family situation, interests, needs, and buying habits. 

And when you bring those together, you’ll have invaluable insights that can help create a thriving business. 

1. Define your research objectives 

There are many reasons to conduct market research, such as to create new opportunities, assess business threats, and look at past problems to avoid repeating them.  

But the first question you must answer is whether your market research is for internal or external use.

Internal use is for you and your business, while external is for others outside your business. The purpose of internal use could be to streamline your business operations and improve cash flow. In contrast, external use could convince lenders to provide a business loan. 

Research for external use is often extensive and time-consuming. Internal requires less data, and you can do it with less experience. 

With that question answered next, define which elements of your business you’re researching and why. 

Research areas could be:

• Product features during the development process.
• Preparing for your product launch.
• To better understand your target audience.
• To ensure your brand identity is on target.
• Establish different marketing campaign ideas.
• Evaluate customer experience.

Once you have the why your next step is to define who.

2. Determine your target audience 

Here’s where you identify your target market to ensure your business idea meets their needs. 

There are many external ways to research your target audience, and we’ll look at some later. But there’s a way you can do it right now; try this strategy out:

Imagine you’ve started your business and are yet to make a sale. Then your shop door opens, or someone lands on your sales platform. They need what you sell; your business idea solves their problem, and they buy your solution. 

Do you see them?

What do they look like? Can you describe them‌?

That person is your target audience.

Now, your business might have several target audiences; each could have different reasons to use your products or services. But they’ll have common traits such as demographics like age, income level, location, or gender. Or it could be psychographic traits, such as similar interests or likes and dislikes.

Your goal is to identify each group, known as market segmentation, to create marketing campaigns for each. 

And for your market research purposes, choose your research methods and arrange your questions to suit. 

I’ll explain why next:

3. Choose your market research methods 

You can use many methods to conduct market research, including surveys, interviews, focus groups, online questionnaire research, and observation. 

Which you choose depends on 3 factors:

• The type of information you want to collect
• Your research goals
• Your budget

For new business owners, a broad approach is often best. Using strategies like surveys or focus groups to balance quality and quantity at an affordable cost. 

4. Prepare your research questions 

To get the best from market research conversations, you must prepare by creating a discussion guide that’ll help you control the session and maximize the results. 

A discussion guide contains the topics and questions you want to discuss with participants throughout the interview.

The outline can include an introduction, some easy warm-up questions, product- or service-specific exploratory questions, and a debrief. Each section should be natural and conversational, with open-ended questions and time allotments. 

How to design your discussion guide:

Define your goals, research questions, and hypotheses 

Think about what you want to learn. What you’ll do with the feedback you get? What problem you’ll solve for your customers? 

Also, have a testable hypothesis to use in your research. It helps create your discussion guide with structure, use test scenarios, and get feedback on your product/service designs and functionality. 

Put your guide into critical sections, each with a unique purpose

Each unique area (intro, warm-up, specific, and debrief) ensures you answer all the essential questions you formed when defining your goals. 

Ask for feedback

Your research is all about feedback, including your research sessions!

Ask interviewees about their experiences and other thoughts to help improve your future research sessions. This feedback could also illuminate areas you hadn’t considered, leading to further discussions and enlightenment. 

The open-ended question rule!

The golden rule in marketing research is to ask open-ended questions to avoid “leading your interviewees” or getting the dreaded one-word answers. 

Also, when you ask yes or no questions, you might sway their opinion with your conclusion.

5. List your primary competitors

To analyze your market thoroughly, you must research the other businesses in your field to see what they’re offering, who they’re targeting with their marketing efforts, their location, and their advantages/disadvantages in the marketplace. 

To identify your competitors, choose a handful of industry search terms relevant to your business idea, then use them online to build a list of your competitors. 

For example: A landscaping business could use search terms like “landscape service” but also other search terms like “garden service” or “garden maintenance,” etc.

List in hand, now Google them

Record any websites using your industry terms, then compare them against your target audience’s needs and demographics. 

The aim is to see which competitors are the most likely to attract and convert your ideal clients via Google before you do. Because if Google’s promoting its website for your industry-relevant search terms, they’re your direct competitors.  

Once you have your list next, determine each competitor’s strengths and weaknesses using a (SWOT analysis) to answer questions like:

• What do they have that you don’t?
• Why would your ideal clients choose their business over yours?
• Do they pose a direct threat to your business?

SWOT analysis complete, rank them from most to least threatening, and determine your start-up’s marketing position and advantages in comparison.

6. Document your findings

Your 2nd last step is to document your market research findings. How you’ll report them depends on why you need them. 

For instance, market research for internal use and only seen by you or your business partners can be informal.

However, if you need investors, you should write it as a formal market analysis and include a business plan .

But before doing either, you must organize your findings into different sections, so it’s easier to document. Areas could consist of your competitors, target audience, product/service development, and purpose. 

Some things to consider in your findings, especially if using them to gain funding:

• An overview of your market size and growth rate
• A projection of your market percentage share
• Your business’s growth forecast, including cash flow projections
• Your industry outlook, is it declining, stagnant, or rising?
• Any noticeable consumer buying trends
• Your current prices
• What your competitors charge
• Any customer segment groups you established
• Results of any other analyses

7. Put your analysis into action

Once you’ve analyzed your data, it’s time to put it to use. Use your findings to inform business decisions, such as product development, marketing strategies, and customer service improvements.

If it’s internal, consider how you can implement your findings to improve your business, such as making your sales process more efficient or customer care more attentive.

For external, now prepare yourself to talk with those lenders about your research results and conclusions.

Finally, revisit and update your market research analysis to see where you can tweak and improve your business as it grows. 

The main takeaway is the more time and effort you put into market research now, the better you`ll benefit from it in the future.

And remember, every successful business began not knowing exactly where it was going. And got to where it is today because of yesterday`s market research. 

Albert Einstein said this:

“If we knew what we’re doing, it wouldn’t be called research.” 

My advice is not to let the thoughts of market research overwhelm you. Choose a strategy that suits your business, style, and resources, then take it from there.

Happy researching; the results might surprise you!

This portion of our website is for informational purposes only. The content is not legal advice. All statements, opinions, recommendations, and conclusions are solely the expression of the author and provided on an as-is basis. Accordingly, Tailor Brands is not responsible for the information as well as has not been evaluated the accuracy and/or completeness of the information.

Terry OToole

Terry is a serial entrepreneur with over 25 years of experience building businesses across multiple industries – construction, real estate, e-commerce, hotelier, and now digital media. When not working, Terry likes to kick back and relax with family, explore Taoism’s mysteries, or savor the taste of fine Italian red wine.

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Home Market Research

Market Research: What it Is, Methods, Types & Examples

Would you like to know why, how, and when to apply market research? Do you want to discover why your consumers are not buying your products? Are you interested in launching a new product, service, or even a new marketing campaign, but you’re not sure what your consumers want?

LEARN ABOUT: Market research vs marketing research

To answer the questions above, you’ll need help from your consumers. But how will you collect that data? In this case and in many other situations in your business, market research is the way to get all the answers you need.

In this ultimate guide about market research, you’ll find the definition, advantages, types of market research, and some examples that will help you understand this type of research. Don’t forget to download the free ebook available at the end of this guide!

LEARN ABOUT: Perceived Value

Content Index

Three key objectives of market research

Why is market research important.

• Types of Market Research: Methods and Examples

Steps for conducting Market Research

Benefits of an efficient market research, 5 market research tips for businesses, why does every business need market research, free market research ebook, what is market research.

Market research is a technique that is used to collect data on any aspect that you want to know to be later able to interpret it and, in the end, make use of it for correct decision-making.

Another more specific definition could be the following:

Market research is the process by which companies seek to collect data systematically to make better decisions. Still, its true value lies in the way in which all the data obtained is used to achieve a better knowledge of the market consumer.

The process of market research can be done through deploying surveys , interacting with a group of people, also known as a sample , conducting interviews, and other similar processes.  

The primary purpose of conducting market research is to understand or examine the market associated with a particular product or service to decide how the audience will react to a product or service. The information obtained from conducting market research can be used to tailor marketing/ advertising activities or determine consumers’ feature priorities/service requirement (if any).

LEARN ABOUT: Consumer Surveys

Conducting research is one of the best ways of achieving customer satisfaction , reducing customer churn and elevating business. Here are the reasons why market research is important and should be considered in any business:

• Valuable information: It provides information and opportunities about the value of existing and new products, thus, helping businesses plan and strategize accordingly.
• Customer-centric: It helps to determine what the customers need and want. Marketing is customer-centric and understanding the customers and their needs will help businesses design products or services that best suit them. Remember that tracing your customer journey is a great way to gain valuable insights into your customers’ sentiments toward your brand.
• Forecasts: By understanding the needs of customers, businesses can also forecast their production and sales. Market research also helps in determining optimum inventory stock.
• Competitive advantage: To stay ahead of competitors market research is a vital tool to carry out comparative studies. Businesses can devise business strategies that can help them stay ahead of their competitors.

LEARN ABOUT: Data Analytics Projects

Types of Market Research: Market Research Methods and Examples

Whether an organization or business wishes to know the purchase behavior of consumers or the likelihood of consumers paying a certain cost for a product segmentation , market research helps in drawing meaningful conclusions.

LEARN ABOUT: Behavioral Targeting

Depending on the methods and tools required, the following are the types:

1. Primary Market Research (A combination of both Qualitative and Quantitative Research):

Primary market research is a process where organizations or businesses get in touch with the end consumers or employ a third party to carry out relevant studies to collect data. The data collected can be qualitative data (non-numerical data) or quantitative data (numerical or statistical data).

While conducting primary market research, one can gather two types of information: Exploratory and Specific. Exploratory research is open-ended, where a problem is explored by asking open ended questions in a detailed interview format usually with a small group of people, also known as a sample. Here the sample size is restricted to 6-10 members. Specific research, on the other hand, is more pinpointed and is used to solve the problems that are identified by exploratory research.

LEARN ABOUT: Marketing Insight

As mentioned earlier, primary market research is a combination of qualitative market research and quantitative market research. Qualitative market research study involves semi-structured or unstructured data collected through some of the commonly used qualitative research methods like:

Focus groups :

Focus group is one of the commonly used qualitative research methods. Focus group is a small group of people (6-10) who typically respond to online surveys sent to them. The best part about a focus group is the information can be collected remotely, can be done without personally interacting with the group members. However, this is a more expensive method as it is used to collect complex information.

One-to-one interview:

As the name suggests, this method involves personal interaction in the form of an interview, where the researcher asks a series of questions to collect information or data from the respondents. The questions are mostly open-ended questions and are asked to facilitate responses. This method heavily depends on the interviewer’s ability and experience to ask questions that evoke responses.

Ethnographic research :

This type of in-depth research is conducted in the natural settings of the respondents. This method requires the interviewer to adapt himself/herself to the natural environment of the respondents which could be a city or a remote village. Geographical constraints can be a hindering market research factor in conducting this kind of research. Ethnographic research can last from a few days to a few years.

Organizations use qualitative research methods to conduct structured market research by using online surveys , questionnaires , and polls to gain statistical insights to make informed decisions.

LEARN ABOUT: Qualitative Interview

This method was once conducted using pen and paper. This has now evolved to sending structured online surveys to the respondents to gain actionable insights. Researchers use modern and technology-oriented survey platforms to structure and design their survey to evoke maximum responses from respondents.

Through a well-structured mechanism, data is easily collected and reported, and necessary action can be taken with all the information made available firsthand.

Learn more: How to conduct quantitative research

2. Secondary Market Research:

Secondary research uses information that is organized by outside sources like government agencies, media, chambers of commerce etc. This information is published in newspapers, magazines, books, company websites, free government and nongovernment agencies and so on. The secondary source makes use of the following:

• Public sources: Public sources like library are an awesome way of gathering free information. Government libraries usually offer services free of cost and a researcher can document available information.
• Commercial sources: Commercial source although reliable are expensive. Local newspapers, magazines, journal, television media are great commercial sources to collect information.
• Educational Institutions: Although not a very popular source of collecting information, most universities and educational institutions are a rich source of information as many research projects are carried out there than any business sector.

Learn more: Market Research Example with Types and Methods

A market research project may usually have 3 different types of objectives.

• Administrative : Help a company or business development, through proper planning, organization, and both human and material resources control, and thus satisfy all specific needs within the market, at the right time.
• Social : Satisfy customers’ specific needs through a required product or service. The product or service should comply with a customer’s requirements and preferences when consumed.
• Economical : Determine the economical degree of success or failure a company can have while being new to the market, or otherwise introducing new products or services, thus providing certainty to all actions to be implemented.

LEARN ABOUT:  Test Market Demand

Knowing what to do in various situations that arise during the investigation will save the researcher time and reduce research problems . Today’s successful enterprises use powerful market research survey software that helps them conduct comprehensive research under a unified platform, providing actionable insights much faster with fewer problems.

LEARN ABOUT:  Market research industry

Following are the steps to conduct effective market research.

Step #1: Define the Problem

Having a well-defined subject of research will help researchers when they ask questions. These questions should be directed to solve problems and must be adapted to the project. Make sure the questions are written clearly and that the respondents understand them. Researchers can conduct a marketing test with a small group to know if the questions are going to know whether the asked questions are understandable and if they will be enough to gain insightful results.

Research objectives should be written in a precise way and should include a brief description of the information that is needed and the way in which it will obtain it. They should have an answer to this question “why are we doing the research?”

Learn more: Interview Questions

Step #2: Define the Sample

To carry out market research, researchers need a representative sample that can be collected using one of the many sampling techniques . A representative sample is a small number of people that reflect, as accurately as possible, a larger group.

• An organization cannot waste their resources in collecting information from the wrong population. It is important that the population represents characteristics that matter to the researchers and that they need to investigate, are in the chosen sample.
• Take into account that marketers will always be prone to fall into a bias in the sample because there will always be people who do not answer the survey because they are busy, or answer it incompletely, so researchers may not obtain the required data.
• Regarding the size of the sample, the larger it is, the more likely it is to be representative of the population. A larger representative sample gives the researcher greater certainty that the people included are the ones they need, and they can possibly reduce bias. Therefore, if they want to avoid inaccuracy in our surveys, they should have representative and balanced samples.
• Practically all the surveys that are considered in a serious way, are based on a scientific sampling, based on statistical and probability theories.

There are two ways to obtain a representative sample:

• Probability sampling : In probability sampling , the choice of the sample will be made at random, which guarantees that each member of the population will have the same probability of selection bias and inclusion in the sample group. Researchers should ensure that they have updated information on the population from which they will draw the sample and survey the majority to establish representativeness.
• Non-probability sampling : In a non-probability sampling , different types of people are seeking to obtain a more balanced representative sample. Knowing the demographic characteristics of our group will undoubtedly help to limit the profile of the desired sample and define the variables that interest the researchers, such as gender, age, place of residence, etc. By knowing these criteria, before obtaining the information, researchers can have the control to create a representative sample that is efficient for us.

When a sample is not representative, there can be a margin of error . If researchers want to have a representative sample of 100 employees, they should choose a similar number of men and women.

The sample size is very important, but it does not guarantee accuracy. More than size, representativeness is related to the sampling frame , that is, to the list from which people are selected, for example, part of a survey.

LEARN ABOUT: Behavioral Research If researchers want to continue expanding their knowledge on how to determine the size of the sample consult our guide on sampling here.

Step #3: Carry out data collection

First, a data collection instrument should be developed. The fact that they do not answer a survey, or answer it incompletely will cause errors in research. The correct collection of data will prevent this.

Step #4: Analyze the results

Each of the points of the market research process is linked to one another. If all the above is executed well, but there is no accurate analysis of the results, then the decisions made consequently will not be appropriate. In-depth analysis conducted without leaving loose ends will be effective in gaining solutions. Data analysis will be captured in a report, which should also be written clearly so that effective decisions can be made on that basis.

Analyzing and interpreting the results is to look for a wider meaning to the obtained data. All the previous phases have been developed to arrive at this moment. How can researchers measure the obtained results? The only quantitative data that will be obtained is age, sex, profession, and number of interviewees because the rest are emotions and experiences that have been transmitted to us by the interlocutors. For this, there is a tool called empathy map that forces us to put ourselves in the place of our clientele with the aim of being able to identify, really, the characteristics that will allow us to make a better adjustment between our products or services and their needs or interests. When the research has been carefully planned, the hypotheses have been adequately defined and the indicated collection method has been used, the interpretation is usually carried out easily and successfully. What follows after conducting market research?

Learn more: Types of Interviews

Step #5: Make the Research Report

When presenting the results, researchers should focus on: what do they want to achieve using this research report and while answering this question they should not assume that the structure of the survey is the best way to do the analysis. One of the big mistakes that many researchers make is that they present the reports in the same order of their questions and do not see the potential of storytelling.

To make good reports, the best analysts give the following advice: follow the inverted pyramid style to present the results, answering at the beginning the essential questions of the business that caused the investigation. Start with the conclusions and give them fundamentals, instead of accumulating evidence. After this researchers can provide details to the readers who have the time and interest.

Step #6: Make Decisions

An organization or a researcher should never ask “why do market research”, they should just do it! Market research helps researchers to know a wide range of information, for example,  consumer purchase intentions, or gives feedback about the growth of the target market. They can also discover valuable information that will help in estimating the prices of their product or service and find a point of balance that will benefit them and the consumers.

Take decisions! Act and implement.

Learn more: Quantitative Research

• Make well-informed decisions: The growth of an organization is dependent on the way decisions are made by the management. Using market research techniques, the management can make business decisions based on obtained results that back their knowledge and experience. Market research helps to know market trends, hence to carry it out frequently to get to know the customers thoroughly.

LEARN ABOUT: Research Process Steps

• Gain accurate information: Market research provides real and accurate information that will prepare the organization for any mishaps that may happen in the future. By properly investigating the market, a business will undoubtedly be taking a step forward, and therefore it will be taking advantage of its existing competitors.
• Determine the market size: A researcher can evaluate the size of the market that must be covered in case of selling a product or service in order to make profits.
• Choose an appropriate sales system: Select a precise sales system according to what the market is asking for, and according to this, the product/service can be positioned in the market.
• Learn about customer preferences: It helps to know how the preferences (and tastes) of the clients change so that the company can satisfy preferences, purchasing habits, and income levels. Researchers can determine the type of product that must be manufactured or sold based on the specific needs of consumers.
• Gather details about customer perception of the brand: In addition to generating information, market research helps a researcher in understanding how the customers perceive the organization or brand.
• Analyze customer communication methods: Market research serves as a guide for communication with current and potential clients.
• Productive business investment: It is a great investment for any business because thanks to it they get invaluable information, it shows researchers the way to follow to take the right path and achieve the sales that are required.

LEARN ABOUT: Total Quality Management

The following tips will help businesses with creating a better market research strategy.

Tip #1: Define the objective of your research.

Before starting your research quest, think about what you’re trying to achieve next with your business. Are you looking to increase traffic to your location? Or increase sales? Or convert customers from one-time purchasers to regulars? Figuring out your objective will help you tailor the rest of your research and your future marketing materials. Having an objective for your research will flesh out what kind of data you need to collect.

Tip #2: Learn About Your Target Customers.

The most important thing to remember is that your business serves a specific kind of customer. Defining your specific customer has many advantages like allowing you to understand what kind of language to use when crafting your marketing materials, and how to approach building relationships with your customer. When you take time to define your target customer you can also find the best products and services to sell to them.

You want to know as much as you can about your target customer. You can gather this information through observation and by researching the kind of customers who frequent your type of business. For starters, helpful things to know are their age and income. What do they do for a living? What’s their marital status and education level?

Learn more: Customer Satisfaction

Tip #3: Recognize that knowing who you serve helps you define who you do not.

Let’s take a classic example from copywriting genius Dan Kennedy. He says that if you’re opening up a fine dining steakhouse focused on decadent food, you know right off the bat that you’re not looking to attract vegetarians or dieters. Armed with this information, you can create better marketing messages that speak to your target customers.

It’s okay to decide who is not a part of your target customer base. In fact, for small businesses knowing who you don’t cater to can be essential in helping you grow. Why? Simple, if you’re small your advantage is that you can connect deeply with a specific segment of the market. You want to focus your efforts on the right customer who already is compelled to spend money on your offer.

If you’re spreading yourself thin by trying to be all things to everyone, you will only dilute your core message. Instead, keep your focus on your target customer. Define them, go deep, and you’ll be able to figure out how you can best serve them with your products and services.

Tip #4: Learn from your competition.

This works for brick-and-mortar businesses as well as internet businesses because it allows you to step into the shoes of your customer and open up to a new perspective of your business. Take a look around the internet and around your town. If you can, visit your competitor’s shops. For example, if you own a restaurant specializing in Italian cuisine, dine at the other Italian place in your neighborhood or in the next township.

As you experience the business from the customer’s perspective, look for what’s being done right and wrong.

Can you see areas that need attention or improvement? How are you running things in comparison? What’s the quality of their product and customer service ? Are the customers here pleased? Also, take a close look at their market segment. Who else is patronizing their business? Are they the same kinds of people who spend money with you? By asking these questions and doing in-person research, you can dig up a lot of information to help you define your unique selling position and create even better offers for your customers.

Tip #5: Get your target customers to open up and tell you everything.

A good customer survey is one of the most valuable market research tools because it gives you the opportunity to get inside your customer’s head. However, remember that some feedback may be harsh, so take criticism as a learning tool to point you in the right direction.

Creating a survey is simple. Ask questions about what your customer thinks you’re doing right and what can be improved. You can also prompt them to tell you what kinds of products and services they’d like to see you add, giving you fantastic insight into how to monetize your business more. Many customers will be delighted to offer feedback. You can even give customers who fill out surveys a gift like a special coupon for their next purchase.

Bonus Tip: Use an insight & research repository

An insight & research repository is a consolidated research management platform to derive insights about past and ongoing market research. With the use of such a tool, you can leverage past research to get to insights faster, build on previously done market research and draw trendlines, utilize research techniques that have worked in the past, and more.

Market research is one of the most effective ways to gain insight into your customer base , competitors , and the overall market. The goal of conducting market research is to equip your company with the information you need to make informed decisions.

It is especially important when small businesses are trying to determine whether a new business idea is viable, looking to move into a new market, or are launching a new product or service.  Read below for a more in-depth look at how market research can help small businesses.

• COMPETITION According to a study conducted by Business Insider, 72% of small businesses focus on increasing revenue. Conducting research helps businesses gain insight into competitor behavior. By learning about your competitor’s strengths and weaknesses, you can learn how to position your product or offering. In order to be successful, small businesses need to have an understanding of what products and services competitors are offering, and their price point.

Learn more: Trend Analysis

• CUSTOMERS Many small businesses feel they need to understand their customers, only to conduct market research and learn they had the wrong assumptions. By researching, you can create a profile of your average customer and gain insight into their buying habits, how much they’re willing to spend, and which features resonate with them. Additionally, and perhaps more importantly, you can learn what will make someone use your product or service over a competitor.

Learn more: Customer Satisfaction Survey

• OPPORTUNITIES Potential opportunities, whether they are products or services, can be identified by conducting market research. By learning more about your customers, you can gather insights into complementary products and services. Consumer needs change over time, influenced by new technology and different conditions, and you may find new needs that are not being met, which can create new opportunities for your business.

Learn more: SWOT Analysis 

• FORECAST A small business is affected by the performance of the local and national economy, as are its’ customers. If consumers are worried, then they will be more restrained when spending money, which affects the business. By conducting research with consumers, businesses can get an idea of whether they are optimistic or apprehensive about the direction of the economy, and make adjustments as necessary. For example, a small business owner may decide to postpone a new product launch if it appears the economic environment is turning negative.

Learn more: 300+ Market Research Survey Questionnaires

Market research and market intelligence may be as complex as the needs that each business or project has. The steps are usually the same. We hope this ultimate guide helps you have a better understanding of how to make your own market research project to gather insightful data and make better decisions.

LEARN ABOUT: Projective Techniques

We appreciate you taking the time to read this ultimate guide. We hope it was helpful! 

You can now download our free ebook that will guide you through a market research project, from the planning stage to the presentation of the outcomes and their analysis.

Sign up now, and download our free ebook: The Hacker’s Guide to Advanced Research Methodologies 

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9 Highly Successful Market Research Examples

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In the battle of instinct vs insight, there’s  clear evidence that data-driven decision-making pays off. 

A  McKinsey study into the impact of market research found that organizations using data to make decisions are more likely to be profitable, and can more effectively retain and acquire customers vs those who fail to use this approach.

I’ve curated nine of the best market research examples to help you find innovative ways to fuel growth , adapt, and impact change when and where it’s most needed. This post guides you through the problems faced along with the processes and tools used so you can replicate actions and outcomes in your business.

Market Research Example #1 – Understand the competitive landscape

In any business of any size, having in-depth insights into competitors’ audiences, campaigns, keywords, ( and more ) allows you to shape or refine your own plans for success. You can cut through the noise, see what’s working, and uncover opportunities for growth.

Since 2013, Wonderbly’s business has grown exponentially and now sells personalized books to over six million customers worldwide. In order to validate its go-to-market strategy, it needed granular insights into competitors and market trends.

Here’s how it played out.

1. Competitive insights

Challenge: Low visibility into a key competitor’s activity

Action: By analyzing competitor audience demographics that showed both gender and age distribution of its rival’s audience, Wonderbly saw its competition was better at attracting a younger audience.

Impact: Through the development of a new audience profile and key changes to future campaign strategies, it was able to grow the business and attract new customers.

This snapshot shows competitors’ website demographics side-by-side. While it was attracting a larger female audience of 62% vs. 56%, they saw their rivals were better at appealing to a male audience, with a respective split of 43% vs. 37%. In age distribution, its share in the 18-24 bracket was just 12% vs. 19%. Showing a clear opportunity to do more to reach that younger audience.

2. Keyword seasonality

Challenge: Lack of data to enter new markets

Action: Using seasonal trends keywords that showed where competitors were winning traffic from paid ad channels, Wonderbly discovered an emerging category (weddings and anniversaries) that was not addressed with its own offering.

Impact: By demonstrating competitors’ success and subsequent consumer interest, a new product line was developed. It went on to achieve a 69% revenue increase in books purchased by a more mature audience.

Keyword seasonality screenshot shows traffic leaders for specific keyword sets, their seasonality, traffic share , volume, and CPC data. This shows where competitors are using paid ads to win traffic share.

3. Audience data

Challenge: Limited view of audience browsing behavior

Action: By looking into audience data that showed which sites its visitors were cross-browsing, Wonderbly was able to determine audience loyalty vs. that of its rivals.

Impact: The information was used to forge new content-focused partnerships in the UK, US, and Canada with several organizations and drove more traffic to its own site as a result.

Audience overlap screenshot shows which sites its customers are browsing, how loyal they are, and presented new information about a referral partnership.

See the full story behind Wonderly’s success here.

Market Research Example #2 – Market Intelligence

Most business leaders and marketers have a solid understanding of their market. But if you want to stay ahead of the game, you need to reach deep inside a market, and often. Dynamic market intel enables you to do this and achieve sustainable growth by spotting emerging opportunities as they happen.

Red Arbor is the third-largest job board website in the world. Market Intelligence is an integral part of its business; with granular data across multiple markets, it knows the how and why behind individual brands’ performance.

Challenge: Difficult to see what’s happening across websites, apps, and digital entities in relevant markets.

Action: By using competitive and market intelligence tools, Red Arbor could see market movements and shifts in rival traffic share in all relevant markets as they occurred.

Impact: Key data can be constantly monitored to provide intel around emerging competitors and enables Red Arbor brands to quickly close the gap on respective market leaders. Based on these insights, it helps brands become the ultimate competitor and retain their positions as market leaders.

Read the full article about Red Arbur’s successful market research example here.

Market Research Example #3 – Entering new markets

Diversification is key to survival. For both product and service-based businesses, entering a new market can, without question, yield huge rewards. But before investing time and effort, the crucial work of fleshing out the opportunity in its entirety is key.

Airbnb is a household name, and a huge part of its success has been breaking into new markets. Each market has unique factors, risks, and opportunities. When this global powerhouse wanted to enter the Israeli market, it needed to get a clear handle on both local and international leaders, along with emerging players; all of whom had deployed aggressive marketing efforts.

Let’s look at how it went on to achieve success in a bustling new market.

Challenge: Analyze a new, highly competitive market and get clear insights into its rivals’ traffic sources to enable them to build an effective marketing strategy.

Action: Airbnb already knew who the leaders and most active local competitors were, but to enter with confidence, it wanted to see its respective rivals’ growth strategies. Using detailed website analytics , it was able to see its top competitors were all focussed on four core marketing activities.

• Building partnerships with niche sites
• AdWords, display, and search campaigns
• Local social network ads via organic and paid campaigns
• Running local digital news publisher’s ads

The snapshot shows at a glance who the top industry players are, with booking.com attracting 1.4 million unique visitors in the period with a yearly change of 57% vs. Airbnb’s unique visitors of 249k and a traffic increase of 42%. Two key players are losing traffic, with a 42%+ reduction in traffic share. It also identifies five emerging players in the market with significant growth of over 3000%.

Airbnb chose to focus its resources on social marketing, display and search ads, and partnerships. Its findings revealed specific keywords, social sites, and referrals that enabled it to enter a new market in a position of strength.

Impact: It entered a new market with a 360-degree view of what marketing channels and tactics to use.

Stop Guessing, Start Analyzing

Get actionable insights for market research here

Market Research Example #4 – Business benchmarking & competitive landscaping

Benchmarking in business is a great way to see how well you’re doing. But it’s so much more than just this – it lets you discover, understand, improve, grow, and set goals. If there’s one crucial thing I want you to know about successful market research examples, it’s the importance of doing benchmarking­ – often and well.

Croud is a global digital marketing partner to some of the world’s greatest brands. It develops and iterates marketing strategies on a daily basis..

Want to find out how it consistently shapes successful growth strategies? Read on.

Challenge: Brand and category-level traffic analysis across different markets are limited.

Action: Using detailed site-level traffic data and competitor app engagement metrics , Cloud could quickly understand what sites people visit, traffic share, growth of a sector over time, and how a client’s own growth compares with its rivals.

Impact: The impact of market research intelligence on Croud’s business is multifaceted. It can serve clients’ fresh data insights that shape marketing channels and revenue opportunities. This, in turn, builds trust, loyalty, and revenue:

• A global lingerie client was able to fine-tune localized marketing strategies and adjust media mixes to reflect category benchmarks. Ad copy was ‘tweaked,’ and new audiences were uncovered.
• A video-on-demand client was alerted to emerging players entering the market, as well as what tactics were being used to obtain traffic.
• A homecare retail client has been able to see the successful ad channels of its clients and adjust the marketing mix accordingly.

Read the full market research success story from Croud here.

Market Research Example #5 – New product development

When organizations develop plans for a new product or service, it requires insight, investment, and often a little intuition. Dynamic market intel can help you reveal shifts in consumer trends or behaviors before your rivals.

As a business in the travel sector, the pandemic hit Staysure harder than most – in fact the travel sector experienced losses of around 70% year on year. Market demands became an anomaly, and many rivals were forced to close their doors. To survive one of the toughest periods a business could ever face, Staysure needed to pivot, adapt, and go in a new direction.

Here’s how it turned things around.

Challenge: Survive the global pandemic and pivot its digital marketing strategy to meet the demand for new products in a shifting industry.

Action: Using Similarweb Digital Research Intelligence, Staysure analyzed competitors’ marketing tactics in real-time. This continuous monitoring enabled it to know when post-lockdown recoveries were occurring in real-time and allowed it to spot emerging trends , one of which was identified as an opportunity to bring a new product to market to address a shift in consumer demand.

Impact: Armed with this intel, it was able to develop a new insurance product that protected consumers against cancellations, medical expenses, and repatriation.

See more about how Staysure identified a new product opportunity for its business during one of the most challenging of times.

Market Research Example #6 – Shape stronger strategies

Making key business decisions about the future is tough at the best of times. Add in a global pandemic, the possible end of globalization as we know it, and who knows what other variables – business leaders have never (likely) known a time like it. Creating future-proof strategies is a must for any organization, and with the current climate, it’s harder than ever. A data-informed approach is the only logical route to take at any time, but none more so than now.

eToro is a market-leading social investing platform with a presence in over 100 countries and more than 27 million registered users. Each region operates within a different set of regulations and caters to unique market demands. To support eToro’s international expansion, the most up-to-date and accurate intel is needed to spearhead successful customer acquisition efforts across the globe.

Challenge: Finding reliable, competitive intelligence across international markets in a timely fashion

Action: The dedicated media buying at eToro used Similarweb Digital Research Intelligence to monitor competitor campaigns and evaluate potential media outlets, partnerships, and ad networks. Using deeper insights into website traffic, trends, and competitors’ campaigns, it could evaluate trends periodically, at both a regional and national level, to discover new traffic sources, evaluate and optimize existing media partnerships, and conduct keyword research each month.

Impact: The improved access to granular data insights has helped eToro negotiate with its publishers. As a result of being able to clearly see ad placement and creative campaign performance, it has improved ROI and increased its ability to out-trade rivals and gain market share .

Read more about how the team at eToro used digital insights to save time and make smarter decisions.

Market Research Example #7 – Identify the target audience

Every successful market research example I’ve ever seen starts and ends with the customer. Buyer personas shape product, price, and placement – and the development of these personas are relevant to all organizations. Being able to clearly identify a target audience in any market is crucial. Market dynamics mean a target audience is susceptible to change, so even established businesses need to keep watch.

Simplr is a customer support solution for growing brands, delivering staffing solutions via remote specialists and AI. As with any service-based business, being able to find and attract the right audience is crucial for growth and sustainability. It used market research to find and qualify high-caliber prospects and secure a more effective sales process.

Challenge: Targeting the right customers at the right time

Action: Simplr was able to get a detailed view of which new brands were growing the fastest by using digital performance data. This gave its sales team the ability to identify, qualify and prioritize potential companies based on solution fit and increasing need. Using a range of reports that show monthly traffic changes and traffic spikes in a custom sector, it saw high-growth sites with an expanding customer base and with this, an increased need for support services like Simplr.

Impact: Market sizing is now more dynamic and well-informed than ever before. Sales efficiency has increased, lead quality has improved, and sales performance is more effective as outreach is done in a more timely manner. Now, Simplr can identify and reach out to prospects during peak growth periods, and it’s seeing better conversions as a result.

Read more about how Simplr used successful market research to close more deals and improve pipeline efficiency here.

Market Research Example #8 – Find out what marketing channels deliver ROI

In good times and bad, it’s important to optmize marketing spend to ensure you invest time, efforts, and money in channels that deliver. A great example of market research in action is to apply research efforts and take the time to know which channels work, and where rival’s are winning and losing in your space.

Anything is Possible (AIP)  is a data-driven, communications strategy, media planning & buying company that covers all digital and offline media. Needless to say, it’s a business that depends on reliable, insightful, timely data to impact its clients and their goals.

Challenge: During COVID, a key client (the Institute of Cancer Research) faced declining donations. To survive, it needed to find new ways to find and convert audiences to donate.

Action: AIP utilized Similarweb’s Digital Research Intelligence to do a basic competitive analysis on key rivals of its client. This identified which channels were optimal, and where the most referrals on rival sites were originating from. It shows that premium publisher sites, such as The Guardian were sending significant traffic to competitor sites. With this information, it was able to develop a paid-ads campaign that displayed advertising on targetted guardian.com pages.

Impact: The campaign was a huge success, exceeding previous campaign conversion rates by 817%. Read more about how AIP used Similarweb to understand the right marketing channels to use.

Market Research Example #9 – Trendspotting to find growth opportunities

During the pandemic, many companies in the hospitality sector were forced to close their doors. It was a case of fight or flight, and there were clear winners and losers. Having the ability to spot industry trends and adapt fast was key to the survival of many firms. In this market research example, we explore how one consulting firm was able to help its customers pivot and thrive during turbulent times.

Wiideman Consulting Group provides multi-location brands with SEO research, audits, and strategy services.

Challenge: During the pandemic, food chains had to pivot from offering dining-in services to takeout and delivery services. With IHOP and Applebee’s as key clients of its firm, it needed to develop robust strategies quickly to help its clients survive. With consumers performing non-banded searches to find food delivery and take-out services, these traditional dine-in venues have no visibility online and were at risk of not being found by people looking to order alternative dining solutions while dine-in restaurants were closed.

  Action: Using Similarweb, it identified the right keyword opportunities, industry trends, and delivery service provider insights. This enabled it to develop a strategy that focused on increasing visibility in the locations where the business could provide takeaway and delivery services. With this data, it was able to help reposition brands within the search engine results pages and optimize content to generate leads and sales.

Doing this market research enabled it to make three key changes.

• Optimize the Google My Business profile to emphasize new service options for lunch, evening, and family meals.
• Design and deploy optimized content with new delivery and takeout subpages for each location.
• Addition of the ‘start order’ button as a floating call-to-action across all localized pages.

Impact: Driven by Similarweb insights, these tactics delivered favorable results for both of its clients in the hospitality sector.

• Organic traffic for both brands improved by 63% & 37%
• Revenues increased by 167% & 70% yoy

Ultimately, this market research enabled its clients to adapt to a changing market, and thrive when many others were forced to cease trading.

You can view the full write-up here to hear more about this success story.

Market research isn’t a one-and-done activity – rather, it’s a highly-habitual process and a powerful tool in your marketing arsenal. Due to fast-changing market dynamics, business leaders and strategists need market insights on the fly to respond and react to shifts in consumer behavior while staying focused on growth.

I’ve shared with you nine market research examples demonstrating how companies around the globe have successfully used market analysis to strategize, adapt, and grow. Similarweb Digital Research Intelligence impacted each of these examples, helping take the guesswork out of market research; so you can confidently make informed strategic decisions to grow your business.

by Liz March

Digital Research Specialist

Liz March has 15 years of experience in content creation. She enjoys the outdoors, F1, and reading, and is pursuing a BSc in Environmental Science.

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8 Key Steps of Marketing Research Process: Ultimate Guide

Marketing research is the backbone of successful business strategies, especially in the ever-evolving world of events. This guide dives into the 8 key steps of the marketing research process, giving you a roadmap to make smarter, data-driven decisions. Whether you're new to event planning or a seasoned pro, understanding these steps can help you boost attendance, improve engagement, and maximize your ROI.

We'll break down each step, from defining your problem to evaluating your results, in easy-to-understand terms. You'll learn how to collect meaningful data, analyze it effectively, and turn those insights into action. Plus, we'll show you how to avoid common pitfalls and apply best practices that can save you time and money.

By the end of this guide, you'll have a solid grasp on how to conduct marketing research that can transform your event planning strategy. Ready to level up your event game? Let's dive in!

What is Marketing Research?

Marketing research is the systematic process of gathering, analyzing, and interpreting information about a market, product, or service. It's a crucial tool for businesses to make informed decisions, understand their customers better, and stay competitive in the market.

The main purpose of marketing research is to reduce uncertainty in decision-making. It helps companies:

• Identify market opportunities
• Understand customer needs and preferences
• Evaluate the effectiveness of marketing strategies
• Track competitors' activities

By conducting thorough marketing research, businesses can minimize risks and maximize their chances of success. It's particularly valuable for event organizers who need to understand their target audience and create compelling experiences.

For example, an event planner might use marketing research to determine the best date, venue, and content for an upcoming conference. This data-driven approach can significantly boost attendance and participant satisfaction.

To streamline the event planning process, tools like EventX's event registration system can be invaluable. They not only help manage registrations but also provide valuable data for ongoing marketing research.

Learn more about EventX's event registration system

The 8 Key Steps of the Marketing Research Process

Marketing research isn't just about collecting data. It's a structured process that helps businesses make informed decisions. Let's break down the 8 key steps that make up this crucial process.

• Define the Problem or Opportunity: This is where it all starts. You need to clearly identify what you're trying to solve or achieve. For example, you might want to understand why your event attendance is dropping.
• Develop the Research Plan: Here, you decide how you'll gather information. Will you use surveys, interviews, or both? How many people will you include in your study?
• Collect Data: This step involves gathering the information you need. You might use tools like EventX's lead finder to help with this.
• Analyze the Data: Once you have your data, it's time to make sense of it. Look for patterns and insights that answer your initial question.
• Present the Findings: Share what you've learned in a clear, easy-to-understand way. Visual aids can be really helpful here.
• Make Decisions: Use your findings to decide what actions to take. Maybe you need to change your event marketing strategy?
• Implement the Decision: Put your plan into action. This might involve using tools like EventX's event ticketing platform.
• Evaluate the Results: Finally, check if your actions made a difference. Did event attendance improve? If not, you might need to start the process again.

Remember, marketing research is an ongoing process. It helps you stay in tune with your audience and make better business decisions.

1. Define the Problem or Opportunity

Let's kick things off with the first crucial step in marketing research: nailing down the problem or opportunity. It's like setting your GPS before a road trip - you need to know where you're going before you start driving.

Why is this step so important? Simple. If you don't know what you're looking for, you'll waste time and resources chasing the wrong leads. It's like trying to fix a leaky faucet when your real problem is a broken water heater.

So, how do you define your research objectives? Start by asking questions. What's bugging you about your current situation? What do you want to achieve? Be specific. Instead of saying "We want more customers," try "We want to increase event attendance by 25% in the next six months."

Here's a real-world example: imagine you're running a series of tech conferences, but attendance has been dropping. Your research objective might be: "To understand why attendance at our tech conferences has declined by 30% over the past year."

Remember, a well-defined problem is half solved. So take your time with this step - it'll make the rest of your research journey much smoother.

2. Develop the Research Plan

Once you've nailed down your research objectives, it's time to craft your game plan. This step is all about choosing the right research methods and figuring out who you're going to study.

First up, decide whether you're going qualitative or quantitative - or maybe a mix of both. Qualitative research, like focus groups or interviews, gives you deep insights into people's thoughts and feelings. Quantitative research, such as surveys, gives you hard numbers to crunch.

Next, think about your sample size and who you're going to include. You want a group that represents your target audience well. Remember, bigger isn't always better - a well-chosen smaller sample can sometimes give you more accurate results than a larger, poorly selected one.

Don't forget to consider your budget and timeline when planning. These factors can influence your choice of methods and sample size.

To make your research more efficient, consider using tech tools. For example, EventX's lead finder feature can help you identify potential participants for your research, saving you time and effort in the recruitment process.

By the end of this step, you should have a clear plan outlining your research methods, sample, timeline, and budget. This roadmap will guide you through the rest of the process, keeping you focused and on track.

EventX's lead finder feature

3. Collect Relevant Data and Information

Gathering the right data is crucial for your marketing research. You've got two main ways to go about this: primary and secondary data collection.

Primary data is info you collect firsthand. Think surveys, interviews, or focus groups. It's tailored to your specific needs but can be time-consuming and pricey.

Secondary data, on the other hand, is existing info from sources like industry reports or government databases. It's usually cheaper and faster to get, but might not be as specific to your needs.

Remember, the key is to choose methods that align with your research objectives. If you're trying to understand why event attendance is dropping, a mix of surveys and interviews might be your best bet.

Whatever method you choose, make sure your data collection is consistent and unbiased. This will help ensure your results are reliable and actionable.

4. Analyze the Data

Once you've collected your data, it's time to roll up your sleeves and make sense of it all. Data analysis is where the rubber meets the road in marketing research. It's about turning raw numbers and feedback into actionable insights.

Start by organizing your data. Use spreadsheets or specialized software to sort and categorize information. Look for patterns and trends. Are certain responses more common than others? Do you see any surprising correlations?

For quantitative data, basic statistical analysis can be your best friend. Calculate averages, percentages, and standard deviations. These can give you a quick snapshot of your data's story. For qualitative data, content analysis techniques can help you identify themes and sentiments.

Don't shy away from data visualization. Graphs and charts can make complex data easier to understand and present. Tools like Tableau or even Excel can help create compelling visuals.

Remember, the goal isn't just to crunch numbers. It's to answer your research questions and provide insights that can drive decision-making. Always tie your analysis back to your original objectives.

5. Present the Findings

Once you've crunched the numbers, it's time to share your insights. Presenting your findings clearly is crucial for driving action. Start by crafting a concise executive summary that highlights key takeaways. Use visuals like charts and graphs to make complex data easy to understand at a glance.

When creating your presentation, remember your audience. Tailor your language and level of detail to their needs and expertise. For example, C-suite executives might want high-level insights, while marketing teams may need more granular data.

Don't just dump data on your audience. Tell a story with your findings. What trends did you uncover? What do they mean for the business? Use real-world examples to bring your insights to life.

Finally, make your presentation interactive. Encourage questions and discussion. This helps ensure everyone understands the implications of your research.

For event organizers, presenting findings on attendee behavior can be particularly powerful. Understanding what drives attendance can help you optimize future events. Check out EventX's blog on best event registration platforms for ideas on how to gather and present this kind of data effectively.

EventX's blog on best event registration platforms

6. Make Data-Driven Decisions

Once you've got your research findings, it's time to put them to work. Making data-driven decisions means using the insights you've gathered to shape your strategy. But it's not just about blindly following numbers - you need to balance data with your experience and gut feeling.

For example, let's say your research shows that people are skipping your events because they're too long. You might decide to shorten your events or break them into smaller sessions. But you'd also want to consider other factors, like the content quality and networking opportunities, before making drastic changes.

Remember, data should guide your decisions, not dictate them. It's about finding that sweet spot between what the numbers tell you and what you know about your audience and industry.

When making decisions:

• Review your research objectives
• Identify key findings that address these objectives
• Brainstorm potential actions based on these findings
• Evaluate each option considering both data and practical factors
• Choose the most promising strategy to implement

By following this approach, you're more likely to make choices that truly improve your events and boost attendance.

7. Implement the Decision

Once you've made data-driven decisions based on your marketing research, it's time to put them into action. This step is crucial for turning insights into tangible results. Start by creating a detailed action plan that outlines specific steps, responsibilities, and timelines.

For example, if your research shows that potential attendees prefer virtual events, you might decide to shift your focus to online platforms. Your action plan could include:

• Selecting a virtual event platform
• Training your team on new technologies
• Adjusting your marketing strategy to promote virtual events

Assign clear responsibilities to team members and set realistic deadlines for each task. This ensures accountability and keeps the implementation process on track.

Remember, implementation isn't a one-time event. It's an ongoing process that requires monitoring and adjustment. Be prepared to make changes as you go, based on real-world feedback and results.

To streamline your event management process during implementation, consider using an Event ticketing platform like EventX. It can help you manage registrations, ticket sales, and attendee data efficiently, making it easier to implement your research-based decisions.

8. Evaluate the Results

After implementing decisions based on your marketing research, it's crucial to evaluate the results. This step helps you understand the impact of your actions and guides future strategies.

Start by comparing your current metrics to your baseline data. For events, this might include attendance rates, engagement levels, or revenue generated. Use tools like Google Analytics or your event management platform to track these metrics easily.

Don't just look at numbers – gather qualitative feedback too. Send out post-event surveys or conduct focus groups to get deeper insights. This human element can reveal unexpected outcomes or areas for improvement.

Remember, evaluation is an ongoing process. Set up regular check-ins to monitor progress over time. This allows you to make quick adjustments if needed and keeps your strategy agile.

If results don't meet expectations, don't panic. Use this as a learning opportunity. Analyze what went wrong and brainstorm ways to improve for next time.

Lastly, share your findings with your team. Celebrate successes and discuss challenges openly. This fosters a culture of continuous improvement and data-driven decision making.

Common Challenges in the Marketing Research Process

Let's face it: marketing research isn't always smooth sailing. Here are some common hurdles you might encounter:

Budget constraints can be a real pain. Quality research often comes with a hefty price tag, and many businesses struggle to allocate sufficient funds. This can lead to cutting corners or settling for less reliable data.

Time limitations are another biggie. In today's fast-paced market, there's often pressure to get results quickly. But rushing the process can compromise the quality of your findings.

Data quality issues can throw a wrench in the works too. It's not just about quantity – the information you gather needs to be accurate and relevant. Unreliable data can lead to misguided decisions.

How can you tackle these challenges? Consider using cost-effective online survey tools or leveraging existing customer data. Prioritize your research objectives to make the most of limited time. And always double-check your data sources for reliability.

Remember, even with these hurdles, good marketing research is worth the effort. It provides invaluable insights that can give your business a competitive edge.

Best Practices for Effective Marketing Research

To get the most out of your marketing research, it's crucial to follow some best practices. First, stay objective throughout the process. Your personal biases can skew results, so approach each step with an open mind.

Ethical research practices are non-negotiable. Always get consent from participants and protect their privacy. Be transparent about your research goals and how you'll use the data.

Leverage technology to boost efficiency. Use online survey tools, data analysis software, and project management platforms to streamline your work. For example, EventX's event registration system can help collect valuable attendee data efficiently.

Keep your research focused on your objectives. It's easy to get sidetracked by interesting but irrelevant data. Stick to information that directly addresses your research questions.

Lastly, don't forget to validate your findings. Cross-check data from multiple sources and consider getting peer reviews. This helps ensure your conclusions are solid and actionable.

By following these practices, you'll conduct more effective research that leads to better business decisions. Remember, good research is an investment in your company's future success.

Let's wrap this up. We've walked through the 8 key steps of the marketing research process, from defining the problem to evaluating results. These steps aren't just theory – they're practical tools you can use right now to boost your marketing game.

Remember, good marketing research isn't about guesswork. It's about being systematic, thorough, and objective. By following these steps, you're setting yourself up for success, whether you're planning an event or launching a new product.

Don't be intimidated by the process. Start small if you need to, but start somewhere. Maybe begin with a simple survey at your next event. Use the data to make one improvement, then build from there.

The more you practice these steps, the more natural they'll become. And the payoff? Better decisions, more effective marketing, and ultimately, better results for your business or events.

So, what are you waiting for? Take what you've learned here and put it into action. Your next marketing win could be just a research project away.

Additional Resources

Ready to dive deeper into marketing research? Here are some valuable resources to expand your knowledge and skills:

• Books: Check out "Marketing Research" by Naresh K. Malhotra for a comprehensive guide on research methods.
• Online Courses: Platforms like Coursera and edX offer marketing research courses from top universities.
• Industry Reports: Access free reports from sites like Statista or eMarketer for current market trends.
• Webinars: Join live or on-demand webinars from the American Marketing Association for expert insights.
• Tools: Try Google Analytics for web data or SurveyMonkey for easy survey creation.
• Podcasts: Listen to "Marketing Research Radio" for the latest industry discussions.
• Blogs: Follow the Greenbook Blog for cutting-edge research techniques and case studies.

Remember, the key to successful marketing research is staying updated and applying what you learn. 

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US Sales of Herbal Supplements Increased by 4.4% in 2023

Austin, Texas, Sept. 12, 2024 (GLOBE NEWSWIRE) -- AUSTIN, Texas (September 12, 2024) — Annual retail sales of herbal dietary supplements in the United States totaled an estimated $15.551 billion in 2023, according to the nonprofit American Botanical Council’s (ABC’s) 2023 Herb Market Report.¹ US consumers spent an additional $533 million on these products in 2023 compared to 2022 — a 4.4% increase in annual sales.

ABC’s 2023 market report was published in the fall issue (#141) of HerbalGram , ABC’s quarterly, peer-reviewed journal and one of the benefits of ABC membership. The issue will be mailed to subscribers later this month.

The 2023 Herb Market Report is based on US retail sales data provided by SPINS, a wellness-focused data technology company based in Chicago, Illinois, and Nutrition Business Journal (NBJ), a publication of Informa/New Hope Natural Media based in Boulder, Colorado. It was written by Tyler Smith, managing editor of  HerbalGram ; Carly Lang, media relations manager at SPINS; and Erika Craft, market research analyst at NBJ.

The sales figures for individual herbs and fungi discussed in the Herb Market Report reflect sales of herbal dietary supplements in which the particular herbal or fungal substance (or derivative thereof) is the primary ingredient. The report does not include sales of most herbal teas, cosmetic products containing botanical ingredients, or government-approved botanical drug ingredients in over-the-counter medicines (e.g., senna as a stimulant laxative or slippery elm as a demulcent for sore throats).

NBJ based its total herbal supplement sales figures for 2023 on data from market research firms, company surveys, interviews with major retailers and industry experts, and other secondary materials. SPINS determined sales of herbal supplements in two retail channels: the mainstream channel (i.e., the multi-outlet channel powered by Circana [previously IRI]) and the natural channel (now called the “natural expanded” channel). SPINS’ mainstream channel includes select grocery stores, drug stores, and mass merchandisers such as club, dollar, and military stores. The natural channel includes co-ops, associations, independent retailers, and large regional chains (excluding Whole Foods Market and Trader Joe’s).

The 2023 Herb Market Report explores the ingredients with the top sales and strongest sales growth in both retail channels. In the mainstream channel, for the second consecutive year, the top-selling ingredient was psyllium, the seed and seek husk of which are commonly used in products marketed for cardiovascular and digestive health support. (Separately, psyllium is also sold as an FDA-approved bulk laxative, but those sales are not included in this report.) Among the 40 top-selling ingredients in the 2023 mainstream channel, beet root had the strongest sales growth of 108% from 2022. Six other ingredients on the top 40 list in this channel had sales increases greater than 20%, including several ingredients commonly used for cognitive health (e.g., ginkgo, bacopa, and oat). Only three ingredients had significant mainstream sales decreases in 2023: ivy leaf, elder berry, and cannabidiol (CBD, derived from hemp).

Turmeric ranked first in sales in the 2023 natural channel for the third year in a row. According to SPINS, pain/inflammation and joint health were the top-selling health focuses of turmeric products sold in this channel. Barberry had the top sales growth in the natural channel, with sales nearly doubling from the previous year. Sales of this herb likely benefited from the increased awareness and popularity of berberine, a naturally occurring alkaloid found in barberry and other plant species, which trended on some social media platforms in 2023 for its association with potential weight-loss benefits. Six other ingredients in the natural channel experienced notable sales increases in 2023, including certain fungi and algae supplements, and two ingredients had sales declines greater than 20%: quercetin and elder berry.

“After record-breaking sales of herbal supplements during the first two years of the COVID-19 pandemic and the first drop in sales in nearly a decade in 2022, the return to annual sales growth in 2023 is remarkable,” said Smith, who has been the lead author of ABC’s annual Herb Market Reports since 2014. “After years of pandemic-related fluctuations, several signs point to a market that is continuing to normalize, including increased consumer spending on products marketed for healthy aging and the ongoing sales decline for some ingredients commonly used for immune health. For a market segment that has seen annual sales growth for most years since at least 2000, a return to ‘normal’ is clearly a welcome development.”

“The growth of herbal dietary supplement sales in 2023 indicates US consumers’ continued interest in building and maintaining optimal health using plant- and fungi-based dietary supplements,” said Mark Blumenthal, founder and executive director of ABC. “With few exceptions, sales of herbal dietary supplements have been on a steady increase for the past 20 years, a trend that reflects a significant demographic movement, i.e., the growing commitment to natural health by millions of Americans.”

The 2023 Herb Market Report spans 15 pages in  HerbalGram  and features six main tables and one chart, including tables of total annual sales of herbal supplements in the United States from 2015 to 2021 and the 40 top-selling herbs in the US mainstream and natural retail channels. It also includes detailed descriptions of SPINS and NBJ market channels and tables of sales broken down by product type (single-herb supplements vs. combination formulas) and retail channel (mass market; natural, health food, and specialty; and direct sales).

HerbalGram ’s 2023 Herb Market Report is available for free on ABC’s website.

• Smith T, Lang C, Craft E. US sales of herbal supplements increase 4.4% in 2023.  HerbalGram . 2024;141:54–69. Available at: www.herbalgram.org/resources/herbalgram/issues/141/table-of-contents/hg141-hmr/. Accessed September 11, 2024.

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Meta Share in Global VR Headset Market Zooms to 80% in Q2 2024

• / Sep 13, 2024
• / Team Counterpoint
• Global VR headset shipments declined 4% YoY in Q2 2024 primarily due to a sharp drop in Sony’s PlayStation VR2 (PSVR2) shipments.
• Apple’s Vision Pro shipments saw a significant sequential decline in Q2 2024, following the initial market hype.
• Meta was the brightest spot in Q2 2024 with 37% YoY shipment growth driven by the strong sales momentum of the Meta Quest 3.
• Market consolidation is evident as the VR frenzy cools down, with the top three players now accounting for over 90% of the market.

Seoul, Beijing, Boston, Buenos Aires, Fort Collins, Hong Kong, London, New Delhi, Taipei, Tokyo – September 13, 2024

Global virtual reality (VR) headset shipments fell 4% YoY in Q2 2024, according to Counterpoint’s Global XR(AR/VR) Headset Model Tracker . The decline was primarily driven by a sharp drop in Sony’s PlayStation VR2 (PSVR2) shipments, coupled with overall weakness in the consumer VR segment due to a lack of application innovations and a sluggish economy. In contrast, demand from the enterprise VR segment remained relatively stable in Q2.

In terms of brands, Meta was the undisputed market leader in Q2 2024 with a 37% YoY growth capturing 80% share. Meta’s Quest 3 alone accounted for over 70% of the market.

Pico , backed by Chinese internet giant ByteDance , experienced an 18% YoY growth to take the second spot in the market. This growth was supported by the company’s efforts to expand into the enterprise segment and its sales promotions during China’s 618 e-commerce festival.

DPVR , which focuses on the enterprise VR segment, saw a remarkable 67% YoY growth in Q2 2024 to become the third leading player in the global VR market. This performance was driven by stronger demand for its products and solutions from the entertainment, education and healthcare sectors.

Among the top five market players, Sony and Apple faced challenges in Q2, both experiencing negative growth. Sony saw a decline of over 90% in Q2 2024 compared to the same period last year, when the PSVR 2 model had just entered its second quarter after launch. Demand for the PSVR 2 had been sluggish since early 2024 with consumers, especially gaming enthusiasts, awaiting the release of Sony’s PC adapter and new incentive policies. Besides, the Sony PSVR 2 has potential market limitations.

Apple’s Vision Pro shipments saw a significant sequential decline in Q2, particularly after accounting for returned units from the US market. Following the initial market hype, consumers appear to be waiting for more content and application options to justify the high price of Apple’s MR headset.

Market contribution from smaller companies shrank in Q2 2024. Companies like Play for Dream Technology (YVRDream) and NOLO showcased their new VR headsets in the first half of 2024, but none of these have been commercialized yet.

Commenting on the global VR market development trends , Senior Analyst Flora Tang said, “Despite technological advancements in newly launched products from major players, the global VR headset market remains sluggish compared to its peak in 2021 and 2022, when Meta’s Quest 2 series successfully attracted users with innovative gaming, entertainment and Metaverse experiences during the pandemic.”

“Recent products, while offering upgrades in computing power, display and optical performance, and overall specifications, have resulted in higher prices without delivering compelling new applications for everyday use. As a result, consumer enthusiasm has waned. Many consumers are holding off on purchases, waiting for new content and applications that can justify the cost. Consequently, companies like Meta and Apple are now prioritizing the development of more affordable and lightweight products for future releases, rather than focusing on powerful but ultra-premium headsets.”

A key growth area in the global VR headset market is mixed reality (MR) devices with color video see-through (VST) functionality. These devices have seen significant growth and now comprise nearly 80% of the global VR market, compared to just 5% in Q2 2023. We expect the global VR headset market to experience sequential growth in H2 2024, driven by anticipated product launches from Pico and Meta. The international expansion of Apple’s Vision Pro is also worth monitoring closely.

Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.    

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Five fundamental truths: How B2B winners keep growing

Amid today’s economic uncertainty, the B2B landscape is undergoing significant transformation. Fueled by rapid integration of digital technologies, sellers continue to invest, innovate, and experiment with how they present their offerings. Their B2B customers are shifting toward consumer-like purchasing behavior. They’re also demanding a much more sophisticated buying experience and are willing to walk away if they don’t get it.

In this ever-evolving environment, B2B decision makers are asking how they should continue to balance self-service (where they can manage buying on their own through a digital interface) and human interactions in their approach to sales. To find answers, we recently conducted our 2024 B2B Pulse Survey to better understand their priorities, expectations, and behaviors. We gathered responses from nearly 4,000 B2B decision makers across 34 sectors in eight major industries from 13 different countries. This year marks the ninth time that we have fielded this survey; since 2016, we have gathered insights from approximately 30,000 respondents globally.

This year’s research shows that trends we’ve been tracking over the past several years have now crystallized into five fundamental truths about success in B2B sales and how these truths are experienced across three different archetypes of decision makers: adapters, innovators, and seekers.

• The “rule of thirds” rules all. At any given stage of the buying journey, one-third of customers hope for in-person interactions, one-third want remote communications, and one-third prefer digital self-serve options. The rule of thirds holds true across all geographies, industries, and company sizes, all types of buying occasions from new to repeat purchases, and across high- and low-value purchases.
• Seamless omnichannel is gold. B2B customers use an average of ten interaction channels in their buying journey (up from five in 2016). But sellers offering multiple channels isn’t enough. More than half of our respondents want a true omnichannel experience, one in which they can interact and buy while switching seamlessly across multiple channels. They are likely to switch suppliers if they don’t have a smooth experience across these many touchpoints.
• E-commerce is indispensable. In-person sales is no longer the top revenue-generating channel among organizations that offer e-commerce as an option. E-commerce is now on top, with more than one-third of revenue coming from this channel for those that offer it. Meanwhile, in-person revenue has dropped five percentage points year over year. Customers’ comfort with remote and self-serve spending has jumped, notably for orders of more than $500,000.
• Hybrid work works. Companies where employees work in multiple locations (at home, in the office, or at client sites) are more likely to experience 10 percent–plus revenue growth than companies where employees work from a single location.
• Gen AI’s got game. Nineteen percent of B2B sales forces are already implementing gen AI use cases and finding success, and an additional 23 percent are in the process of experimenting with it. Data-driven commercial teams that blend personalized customer experiences with gen AI are 1.7 times more likely to increase market share than those that do not.

In this article, we’ll explain the imperatives to develop effective go-to-market strategies that arise from these five truths. First, we’ll describe three distinct archetypes of B2B decision makers and how these truths apply to them. Then we’ll explore how leaders can act in response to each of the five truths. Although there is some variation in how different archetypes operate in an omnichannel ecosystem, all decision makers want the ability to interact in many ways, everywhere, at any time.

The three archetypes of B2B decision makers

About quantumblack, ai by mckinsey.

QuantumBlack, McKinsey’s AI arm, helps companies transform using the power of technology, technical expertise, and industry experts. With thousands of practitioners at QuantumBlack (data engineers, data scientists, product managers, designers, and software engineers) and McKinsey (industry and domain experts), we are working to solve the world’s most important AI challenges. QuantumBlack Labs is our center of technology development and client innovation, which has been driving cutting-edge advancements and developments in AI through locations across the globe.

Over the years, we’ve asked respondents to our B2B Pulse Survey to tell us about their behaviors and attitudes toward buying via omnichannel interactions, including their experiences with what delights them, what frustrates them, and what their levels of comfort are with remote sales, e-commerce, and gen AI. This year, we have identified three distinct decision-maker archetypes according to their varying preferences and needs. Interestingly, all three are consistently present across all countries and sectors, meaning companies must account for the presence of each as they design, execute, and continuously fine-tune their go-to-market approaches (Exhibit 1):

• Adapters. Forty-four percent of this year’s B2B Pulse Survey respondents are highly relationship oriented. While willing to try new channels, they tend to stick with patterns that they are familiar with and are slow to try new experiences, channels, and suppliers, even when the status quo is less than satisfactory.
• Innovators. Twenty percent of respondents are on the cutting edge when it comes to newer technologies, including using gen AI to research suppliers. They are highly likely to be on any and all digital channels.
• Seekers. Thirty-six percent of respondents demand a seamless omnichannel experience. If they don’t get it, they are quick to seek out a new supplier. They are also prepared to spend big online.

Even among the diverse preferences and levels of comfort across the three archetypes, all B2B decision makers show a willingness to adopt higher-quality interactions and more advanced digital solutions. They all uniformly adhere to the rule of thirds, they use an average of ten sales channels, and they consistently desire omnichannel interaction. Companies should look at the five fundamental truths as a checklist to ensure they are fully addressing the preferences and needs present across the three archetypes.

Truth 1: The rule of thirds rules all

The rule-of-thirds trend that has emerged over the years has become firmly entrenched (Exhibit 2). Before 2020, about half of our B2B Pulse Survey respondents preferred in-person and other traditional forms of communication when researching and evaluating suppliers. When the COVID-19 pandemic curbed face-to-face interactions, remote and self-serve digital interactions spiked. The split became even, and it has stayed that way ever since.

The rule of thirds is also remarkably consistent regardless of country, industry, company size, or type of purchase (Exhibit 3).

While individual companies may have differing preferences, the rule of thirds is notably consistent across all archetypes, with customers evenly splitting their time between in-person, remote, and digital self-service interactions (Exhibit 4). Unsurprisingly, adapters have a marginally greater preference for in-person interactions. But roughly one-third of innovators and seekers spend their time this way too. Among all archetypes, companies tend to prefer in-person interactions over digital when a purchase is high effort. Forty-one percent of our respondents prefer in-person channels when interacting with new suppliers, and 40 percent prefer such channels when purchasing something for the first time. That means B2B vendors should not neglect in-person forms of engagement while they simultaneously pursue excellence remotely or digitally.

The takeaway: there is no single-channel customer. For sellers, the average go-to-market model should offer all customers the same multiple paths to interact, reaching them where they want, when they want. Sellers should ensure that they offer robust options for in-person, remote, and digital interactions, regardless of what country or industry they’re in, or what archetype they may be serving.

However, operationalizing the rule of thirds does not necessarily mean providing all three avenues to all customers with equal intensity and ease of access. Large, important accounts might benefit from a dedicated sales representative, as well as special access to a fit-for-purpose self-service portal. A general self-service portal might be sufficient for most longer-tail customers, and it may be enough to allow them to request a virtual or in-person visit as needed without providing a dedicated sales rep. Applying the rule of thirds means balancing preferences across all customer types with real cost-to-serve constraints.

Truth 2: Seamless omnichannel is gold

A typical buying journey includes identifying and researching suppliers, considering and evaluating products, ordering, and reordering. These days, buyers across all geographies and sectors expect a full omnichannel experience, with respondents to our B2B Pulse Survey using an average of ten ways to interact across all steps of their journey (Exhibit 5). The top three most frequently used touchpoints are a company’s website, in-person sales, and interactions via video conference. Other interactions include email, mobile apps, e-procurement portals, and online chat. Forty-two of respondents this year say that they used more than 11 different touchpoints.

Because buyers are present on so many interaction channels, the quality and seamlessness of the experience matters more than ever. Just as consumers have become more willing to switch brands , B2B customers are more willing to switch suppliers. More than half of our survey respondents say they are likely to turn elsewhere if they don’t have a smooth experience across channels. That figure is even higher when you look at those who fit the seekers archetype. Sixty-five percent of them say they are likely to switch suppliers if they run into hiccups.

The reasons for churn are applicable across both traditional and digital ways of communicating. Fifty-four percent of those likely to switch suppliers cite poor-quality digital customer experiences as a reason to go elsewhere; 51 percent say a lack of customer tracking across channels would be an impediment to doing business; and 51 percent would find an alternative if they were not connected to the right person for help.

The takeaway: invest and reinvest in a cohesive, integrated, omnichannel experience. Customers don’t want a mere variety of multiple channels; they want a true omnichannel sales experience that feels smooth, curated, and orchestrated to meet their specific needs. And they’ve made it clear that they’ll bail if they don’t get what they want. Sales leaders need to become “journey orchestrators,” learning about their buyers’ purchasing preferences and channel habits, discerning their archetype, and anticipating their omnichannel behaviors. Leaders can then seamlessly guide their customers to the right touchpoints at any given time during their buying journey.

Truth 3: E-commerce is indispensable

Those in B2B sales who think it’s optional to invest more in e-commerce are mistaken. It’s become the leading sales channel in revenue generation, usage, effectiveness, and investment. Since last year, e-commerce has dethroned in-person sales as the top revenue-generating channel among organizations that offer e-commerce as a purchasing channel.

Seventy-one percent of B2B respondents offer some form of e-commerce, and online sales now account for 34 percent of revenue (Exhibit 6). And for the fourth year in a row, those who sell online rank e-commerce as their most effective channel. Thirty percent of adapters, 38 percent of innovators, and 35 percent of seekers get the bulk of their revenue out of e-commerce. In comparison, 20 percent of adapters, 19 percent of innovators, and 13 percent of seekers generate the most revenues from in-person sales, the lowest percentages we’ve seen in the postpandemic world.

Across all archetypes, revenue generated by in-person sales has dropped by five percentage points to 17 percent, with the bulk of it going to e-commerce. Videoconferencing has also seen a modest uptick in revenue generation (12 percent of revenues come from this channel now, compared with 11 percent in 2022). We see companies primarily using online chat in the sales journey to engage customers, generate interest and awareness, and answer questions. They are less likely to use it for actual purchases.

Accordingly, companies are putting more money into e-commerce. One-third of all our respondents have increased investment by 11 percent or more. All three archetypes are accelerating these investments, led most dramatically by seekers. Forty-five percent of them have increased allocated e-commerce budget by 11 percent or more. In comparison, 37 percent of innovators and only 24 percent of adapters have done the same.

The investment in e-commerce is paying off. Our B2B Pulse Survey results show that buyers’ comfort with remote and self-service spending has leaped in 2024 (Exhibit 7), especially for orders worth $500,000 or more. Even buyers in sectors such as medical technology, where e-commerce has historically been slower to take off, are more comfortable than in the past.

There are some differences in comfort level among the three archetypes of B2B decision makers when it comes to spending big online. Sixty-nine percent of seekers would be willing to conduct transactions of $500,000 or more remotely, compared with 37 percent of innovators and 19 percent of adapters. Nonetheless, all of them say they are willing to do so, making further development of e-commerce an easy call for companies.

The takeaway: e-commerce is the backbone of the omnichannel strategy. With customer preferences shifting year over year, it’s now undeniable that e-commerce is a magnet channel in B2B sales. E-commerce has moved from being a minor investment in a company’s go-to-marketing plan to being the cornerstone of a successful omnichannel strategy and a driver of revenue growth. Additionally, if correctly used and supported by continuous investment, decision makers can leverage its full potential to serve as a hub for customer data, which can help to ensure a seamless customer journey.

Truth 4: Hybrid work works

The concept of omnichannel flexibility and agility should extend to the location of work as well, especially for frontline workers such as salespeople. Our survey shows that companies with hybrid work environments (where employees mix up their work locations during the week) are more successful than those whose employees spend four or five days per week in a single location. Thirty-five percent of respondents from hybrid companies say their company achieved greater than 10 percent revenue growth over the previous year, compared with 28 percent of nonhybrid companies. (Exhibit 8).

Hybrid work isn’t just about geographical location; it’s also about enabling the flexibility that’s necessary in a rule-of-thirds world, where a company’s sales force should be focused on providing a seamless, flexible omnichannel experience. Rather than forcing roles to pair strictly with specific sales channels, hybrid work can enable sellers to work across channels and give customers the right blend of interactions, putting the focus on their ability to cater to customers’ needs rather than on their working location. Digital channels can handle straightforward customer interactions (such as taking orders, sharing product specifications, or relaying order progress updates), while humans who have developed relationship-building skills can handle the more complex interactions of customer support, meeting customers where they want, whether that’s in person or online.

The takeaway: get moving, get flexible, and commit to a brave new hybrid world. Since the COVID-19 pandemic has abated, many companies have been crafting blanket policies that require all employees to return to the office or that specify the exact number of days they may work from home. However, hybrid work can positively affect employee retention and engagement—and lead to a higher effectiveness for sales teams generally—by empowering workers and giving them the flexibility to make choices about where to work. That doesn’t mean work location should be a free-for-all. B2B leaders should help employees to understand working norms and why they are sometimes asked to be on-site, which can encourage their teams to make informed, intentional choices to work together in person for the moments that matter. They should similarly be strategic and purposeful in remote working decisions as well.

Truth 5: Gen AI’s got game

Over the past couple of years, the euphoric buzz about gen AI has been replaced by questions about business adoption and value generation . In this latest B2B Pulse Survey, we asked decision makers what they think and plan to do about gen AI. A notable 19 percent of respondents are already implementing gen AI use cases for B2B buying and selling, with another 23 percent currently in the process of implementing it through ongoing development or experimentation. That percentage is even higher for those who have had success in B2B sales (those that reported market share growth of 10 percent or more), with 57 percent of them deploying gen AI. We also see a correlation between attitudes toward gen AI and revenue growth. Whether decision makers are excited or concerned, those with the strongest feelings about gen AI have seen the most revenue growth in the past year.

Across the board, commercial leaders (defined as the B2B Pulse Survey respondents whose roles are in top management, sales, or marketing) are excited about the seven use cases in which we have observed material traction with gen AI in sales within the past couple years. Some companies focus on a single use case, such as meeting support or research assistance. Others are adopting gen AI in support of complex tasks, such as enabling next-best action or smart coaching in combination with other use cases.

Roughly two out of three commercial leaders consider each use case “very beneficial” or “extremely beneficial.” Companies with larger deals and longer sales cycles are more excited about meeting support and smart research assistants to minimize administrative tasks, help with meeting preparation, and reduce effort in answering customer questions. Those with many potential customers and a high volume of transactions are more interested in next-best opportunity and next-best action to help them prioritize and better nurture leads.

As we dive into the mindsets of early adopters in a B2B business setting, we see that excitement toward gen AI becomes higher as companies move further along the adoption curve. For example, 45 percent of those using a smart research assistant at scale believe this use case is “extremely beneficial,” compared with 30 percent of those who are experimenting with it, and 25 percent of those who have yet to explore this specific use case. This trend toward increasing bullishness signals a positive impact and experience among those who are embracing gen AI (Exhibit 9).

Gen AI can give an even more powerful boost to companies that are already generating growth through highly personalized marketing . Since advanced tools need robust customer data to connect the dots and be effective, those that are engaging in one-to-one personalization may have a head start when experimenting with gen AI. Our research bears this out, with 54 percent of companies engaging in one-to-one personalization already in the process of implementing gen AI. The dual deployment of gen AI and personalization can pay off: data-driven commercial teams that blend both approaches are 1.7 times more likely to increase market share than those that are not fully committed to either.

The takeaway: responsibly accelerate adoption of commercial gen AI use cases. With the promise of gen AI beginning to deliver and create real value, companies should develop a road map for how to leverage potential synergies. We suggest finding opportunities for omnichannel transformations that directly face customers, support sellers as they work with buyers, or make employees more effective. Robust customer data management can also help companies break down silos and unify technology stacks, enabling them to more quickly innovate through the marriage of gen AI and personalization.

The five fundamental truths revealed in our global B2B Pulse Survey provide a clear, actionable, and strategic framework for companies to aim for sustained growth and success in an increasingly competitive landscape. From embracing the rule of thirds and developing seamless omnichannel journeys to investing in e-commerce, encouraging hybrid work, and implementing gen AI, decision makers are looking ahead and taking bold actions. As buyers become more demanding and technological advancement becomes increasingly critical, following the imperatives that arise from these truths will be the key to unlocking growth.

Candace Lun Plotkin is a partner in McKinsey’s Boston office, Jennifer Stanley is a partner in the London office, Liz Harrison is a partner in the Charlotte office, and Víctor García de la Torre is an associate partner in the Madrid office.

The authors wish to thank Akshay Ramen, Alicia Kacharia, Blanca Hernández-Vallejo, David Greenawalt, Duke Alf, Jane Fisher, Kate Piwonski, Kateryna Kharenko, Lucía Muguiro, and Nishok P B for their contributions to this article.

This article was edited by Christine Y. Chen, a senior editor in the Denver office.

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Volume of new F+S class cars in Russia 2021, by manufacturer

Number of new luxury and sports (F+S) cars registered in Russia from January to November 2021, by manufacturer

Number of new SUV registrations in Russia 2021, by brand

Number of new SUV segment cars registered in Russia from January to November 2021, by manufacturer

Market share of Renault Group 2023, by country

Market share of Renault Group in 2023, by country

Commercial vehicle manufacturers

• Basic Statistic New LCV car registrations in Russia 2023, by manufacturer
• Basic Statistic Number of pickups with mileage in Russia 2023, by brand
• Basic Statistic Number of HCV cars with mileage in Russia in 2022, by brand
• Basic Statistic Leading truck car brands in Russia H1 2023-H1 2024, by sales volume

New LCV car registrations in Russia 2023, by manufacturer

Number of new light commercial vehicles (LCVs) registered in Russia in August 2023, by manufacturer

Number of pickups with mileage in Russia 2023, by brand

Number of re-registered pickup cars with mileage in Russia in January 2023, by manufacturer*

Number of HCV cars with mileage in Russia in 2022, by brand

Number of heavy commercial vehicles (HCV) with mileage registered in Russia in December 2022, by manufacturer

Leading truck car brands in Russia H1 2023-H1 2024, by sales volume

Number of new trucks sold in Russia from 1st half 2023 to 1st half 2024, by manufacturer

Electric cars

• Premium Statistic Number of new electric cars sold in Russia 2015-2023
• Premium Statistic Number of new and used EVs in Russia 2013-2023
• Premium Statistic Number of EVs in the Russian car market 2022, by model

Number of new electric cars sold in Russia 2015-2023

Annual sales volume of new electric vehicles (EV) in Russia from 2015 to 2023 (in units)

Number of new and used EVs in Russia 2013-2023

Electric vehicles (EV) car parc in Russia from 2013 to January 2023, by mileage (in units)

Number of EVs in the Russian car market 2022, by model

Electric car fleet in Russia in 2022, by car model (in units)

• Premium Statistic Cars export value in the CEE region 2022
• Premium Statistic Trucks export value in the CEE region 2022
• Premium Statistic Cars import value in the CEE region 2022
• Premium Statistic Electric cars import value in the CEE region 2022
• Premium Statistic Export value of cars from Russia 2018-2021, by vehicle type
• Basic Statistic Car import value in Russia 2020-2021, by vehicle type
• Premium Statistic New car import share in Russia 2023, by country
• Premium Statistic Import share of cars with mileage in Russia 2023, by country

Cars export value in the CEE region 2022

Export value of cars in Central and Eastern European countries in 2022 (in million U.S. dollars)

Trucks export value in the CEE region 2022

Export value of trucks in Central and Eastern European countries in 2022 (in million U.S. dollars)

Cars import value in the CEE region 2022

Import value of cars in Central and Eastern European countries in 2022 (in million U.S. dollars)

Electric cars import value in the CEE region 2022

Import value of electric cars in Central and Eastern European countries in 2022 (in million U.S. dollars)

Value of car exports from Russia from 2018 to 2021, by vehicle type (in million U.S. dollars)

Car import value in Russia 2020-2021, by vehicle type

Import value of cars in Russia from 2020 to 2021, by vehicle type (in million U.S. dollars)

New car import share in Russia 2023, by country

Share of new car imports in Russia in June 2023, by country

Import share of cars with mileage in Russia 2023, by country

Share of imports of cars with mileage in Russia in June 2023, by country

Consumer behavior

• Premium Statistic Car ownership in Russia 2023
• Premium Statistic Satisfaction with car make in Russia 2022
• Basic Statistic Public survey on willingness to buy an electric car in Russia in 2022
• Basic Statistic Public survey on disadvantages of electric cars in Russia in 2022

Car ownership in Russia 2023

Car ownership in Russia as of March 2023

Satisfaction with car make in Russia 2022

Satisfaction with car make in Russia in 2022

Public survey on willingness to buy an electric car in Russia in 2022

Would you like to purchase an electric car?

Public survey on disadvantages of electric cars in Russia in 2022

What are the main disadvantages of electric vehicles over conventional cars with a fuel engine?

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2024 State of the Industry Report Underscores Opportunities and Challenges for U.S. Chip Industry

by Greg LaRocca , Director of Market Research and Economic Policy

The Semiconductor Industry Association (SIA) released its annual State of the Industry Report today. The report highlights opportunities for continued growth and innovation across the semiconductor industry and notes current and upcoming challenges to the industry’s sustained success.

Last year, industry global sales reached $527 billion and nearly 1 trillion semiconductors were sold globally, more than 100 chips for every person on earth. With a cyclical market downturn now over and demand for semiconductors high, estimates from World Semiconductor Trade Statistics project sales to increase to over $600 billion in 2024.

Reinforcing and expanding chip supply chains on U.S. shores offers tremendous opportunities, but it also presents significant challenges. For example, as U.S. chip operations expand in the years ahead, so will the demand for skilled talent. Other policy challenges also remain, including continued implementation of the CHIPS and Science Act, reinforcing U.S. leadership in semiconductor research, design, and manufacturing, and maintaining open access to overseas markets where companies can sell the chips manufactured here at home.

Other governments have also taken a particular interest in advancing supply chain resilience when it comes to the production of chips and upstream materials capacity, with a goal to reduce strategic dependencies. The industry is committed to ensuring global semiconductor supply chains are resilient, further promoting access to global markets, and facilitating increased global trade through deeper international collaboration.

Overall, the semiconductor industry is well-positioned for long-term growth. As innovation continues to increase globally, so will the need for semiconductors to serve as the foundation of that progress.

Semiconductors have never played a more important role in society than they do today, and the future of our industry has never been brighter.

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Vietnam's Typhoon Yagi death toll passes 250, scores still missing

The death toll in Vietnam from typhoon Yagi and the landslides and flash floods it triggered rose to 254 on Friday, authorities said, as flood waters receded and search efforts pressed on.

More sustainable food sold in 2023, despite higher prices

In 2023 consumers spent 14% more money on food with a sustainability label than the year before. Total consumer spending on sustainable food in the three sales channels surveyed, namely supermarkets, foodservice and specialty stores for sustainable food, amounted to over €12.6 billion.

As such, spending on sustainable food rose faster than total spending on food (+11%). Despite 11% inflation, the sustainable food market has still grown. The volume of sustainable food sold also increased by 3%, which is more than the increase in volume of all food sold (+1%). These facts are presented in the Sustainable Food Monitor, an annual survey by Wageningen Economic Research on behalf of the Ministry of Agriculture, Fisheries, Food Security and Nature (LVVN). "Despite sharp price increases, sales of sustainability-labelled products continue to increase," says research associate Katja Logatcheva.

More sustainable chicken sold

The percentage of sustainable food with a quality label sold remains almost the same, with over 19% of the total. For individual product groups, the trend is mixed: sales of poultry with a Better Life 1* quality label have grown strongly, for example. However, there are fewer free-range eggs on the shelves, because of the housing requirements imposed due to avian influenza. Consumers spend relatively the most on sustainable meat and meat products, long-life products & compound meals, and on sustainable dairy products.

In supermarkets, sales of sustainable products increased the most between 2022 and 2023. The Monitor reports 15% more sustainable spending, while total food spending increased slightly less at 11%. The volume of sustainable food was up 4%, while overall volume fell 1%.

Sales of sustainable products and meals are also on the rise in the food service industry, such as catering. Here, spending on sustainable food rose by 13% and the volume by around 4%. By comparison, total food spending in food service increased by 12% and the volume by 1%.

Only speciality stores for sustainable food have seen a fall in the volume of sustainable products sold. Although there has been a 7% increase in spending on sustainable products, this turnover growth is offset by high inflation. The decline in volume sold is estimated at around 4%.

Quality labels

The data in the Sustainable Food Monitor is based on the turnover of products that have a sustainability label that is monitored by an independent body. The calculations show that Better Life (about €4.3bn), Rainforest Alliance (€3.1bn) and Organic (€2.0bn) were the quality labels with the largest consumer spending in 2023.

Some of the quality labels measured have been rated as 'top labels' by Milieu Centraal because they are frontrunners in their field. Top labels had a 13% share in total spending on food in 2023.

About the Sustainable Food Monitor

The Ministry of LVVN wants insight into the sustainability of food chains in the Netherlands. An annual Monitor with integrated information was therefore established. The data used for this study came from the Central Bureau of Statistics (CBS) and Wageningen Economic Research (supermarkets), Foodstep (foodservice), and Bionext (sustainable food specialty stores).This database links transaction data with information on sustainability labels and logos.

In the Sustainable Food Monitor 2023, sustainable food is defined as ‘food for which environmental, animal welfare and/or social aspects have been taken into account during its production and processing to a greater extent than required by law’. Only food with a quality label with independent verification is included in the Monitor.