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How to Do Market Research: The Complete Guide

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

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

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

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

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

What is market research?

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

Why is market research important? 

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

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

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

Types of market research 

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

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

1. Qualitative research

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

2. Quantitative research

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

3. Exploratory research

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

4. Descriptive research

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

5. Causal research

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

6. Cross-sectional research

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

7. Longitudinal research

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

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

Primary vs. secondary market research

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

Primary market research 

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

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

Secondary market research 

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

Here are the main characteristics of secondary market research:

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

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

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

Market research methods

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

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

1. Surveys and questionnaires

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

2. Interviews

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

3. Focus groups

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

4. Observational research

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

5. Online research tools

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

6. Experiments

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

7. Content analysis

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

8. Ethnographic research

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

How to do market research

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

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

1. Set clear objectives

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

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

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

2. Identify your target audience

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

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

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

3. Choose your research methods

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

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

4. Use the right market research tools

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

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

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

5. Collect data

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

6. Analyze data

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

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

7. Interpret your findings

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

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

8. Identify opportunities and challenges

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

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

9. Make informed business decisions

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

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

10. Monitor and adapt

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

Online market research sources

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

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

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

Market research examples

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

Example 1: Apple’s iPhone launch

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

Example 2: McDonald’s global expansion

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

Example 3: Organic and sustainable farming

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

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

Market research templates

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

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

Strengthen your business with market research

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

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

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

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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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What Is Market Research?

• How It Works
• Primary vs. Secondary
• How to Conduct Research

The Bottom Line

• Marketing Essentials

How to Do Market Research, Types, and Example

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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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Market Research: A How-To Guide and Template

Discover the different types of market research, how to conduct your own market research, and use a free template to help you along the way.

MARKET RESEARCH KIT

5 Research and Planning Templates + a Free Guide on How to Use Them in Your Market Research

Published: 02/21/24

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

Enter: Market Research.

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

Table of Contents

What is market research?

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

Market research is the process of gathering information about your target market and customers to verify the success of a new product, help your team iterate on an existing product, or understand brand perception to ensure your team is effectively communicating your company's value effectively.

Market research can answer various questions about the state of an industry. But if you ask me, it's hardly a crystal ball that marketers can rely on for insights on their customers.

Market researchers investigate several areas of the market, and it can take weeks or even months to paint an accurate picture of the business landscape.

However, researching just one of those areas can make you more intuitive to who your buyers are and how to deliver value that no other business is offering them right now.

How? Consider these two things:

• Your competitors also have experienced individuals in the industry and a customer base. It‘s very possible that your immediate resources are, in many ways, equal to those of your competition’s immediate resources. Seeking a larger sample size for answers can provide a better edge.
• Your customers don't represent the attitudes of an entire market. They represent the attitudes of the part of the market that is already drawn to your brand.

The market research services market is growing rapidly, which signifies a strong interest in market research as we enter 2024. The market is expected to grow from roughly $75 billion in 2021 to $90.79 billion in 2025 .

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Why do market research?

Market research allows you to meet your buyer where they are.

As our world becomes louder and demands more of our attention, this proves invaluable.

By understanding your buyer's problems, pain points, and desired solutions, you can aptly craft your product or service to naturally appeal to them.

Market research also provides insight into the following:

• Where your target audience and current customers conduct their product or service research
• Which of your competitors your target audience looks to for information, options, or purchases
• What's trending in your industry and in the eyes of your buyer
• Who makes up your market and what their challenges are
• What influences purchases and conversions among your target audience
• Consumer attitudes about a particular topic, pain, product, or brand
• Whether there‘s demand for the business initiatives you’re investing in
• Unaddressed or underserved customer needs that can be flipped into selling opportunity
• Attitudes about pricing for a particular product or service

Ultimately, market research allows you to get information from a larger sample size of your target audience, eliminating bias and assumptions so that you can get to the heart of consumer attitudes.

As a result, you can make better business decisions.

To give you an idea of how extensive market research can get , consider that it can either be qualitative or quantitative in nature — depending on the studies you conduct and what you're trying to learn about your industry.

Qualitative research is concerned with public opinion, and explores how the market feels about the products currently available in that market.

Quantitative research is concerned with data, and looks for relevant trends in the information that's gathered from public records.

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

Primary Research

Primary research is the pursuit of first-hand information about your market and the customers within your market.

It's useful when segmenting your market and establishing your buyer personas.

Primary market research tends to fall into one of two buckets:

• Exploratory Primary Research: This kind of primary market research normally takes place as a first step — before any specific research has been performed — and may involve open-ended interviews or surveys with small numbers of people.
• Specific Primary Research: This type of research often follows exploratory research. In specific research, you take a smaller or more precise segment of your audience and ask questions aimed at solving a suspected problem.

Secondary Research

Secondary research is all the data and public records you have at your disposal to draw conclusions from (e.g. trend reports, market statistics, industry content, and sales data you already have on your business).

Secondary research is particularly useful for analyzing your competitors . The main buckets your secondary market research will fall into include:

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

1. Interviews

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

2. Focus Groups

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

3. Product/Service Use Research

Product or service use research offers insight into how and why your audience uses your product or service. This type of market research also gives you an idea of the product or service's usability for your target audience.

4. Observation-Based Research

Observation-based research allows you to sit back and watch the ways in which your target audience members go about using your product or service, what works well in terms of UX , and which aspects of it could be improved.

5. Buyer Persona Research

Buyer persona research gives you a realistic look at who makes up your target audience, what their challenges are, why they want your product or service, and what they need from your business or brand.

6. Market Segmentation Research

Market segmentation research allows you to categorize your target audience into different groups (or segments) based on specific and defining characteristics. This way, you can determine effective ways to meet their needs.

7. Pricing Research

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

8. Competitive Analysis

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

9. Customer Satisfaction and Loyalty Research

Customer satisfaction and loyalty research gives you a look into how you can get current customers to return for more business and what will motivate them to do so (e.g., loyalty programs , rewards, remarkable customer service).

10. Brand Awareness Research

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

11. Campaign Research

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

• Define your buyer persona.
• Identify a persona group to engage.
• Prepare research questions for your market research participants.
• List your primary competitors.
• Summarize your findings.

1. Define your buyer persona.

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

This is where your buyer personas come in handy. Buyer personas — sometimes referred to as marketing personas — are fictional, generalized representations of your ideal customers.

Use a free tool to create a buyer persona that your entire company can use to market, sell, and serve better.

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

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

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

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

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Free Guide & Templates to Help Your Market Research

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

From Idea to Insight: A 7-Step Market Research Guide

• by Alice Ananian
• September 4, 2024

In today’s fast-paced business world, guesswork is a luxury no one can afford. Enter market research: your secret weapon for making bold, informed decisions that propel your business forward. Whether you’re an ambitious entrepreneur, a savvy small business owner, or a cutting-edge marketing professional, mastering the market research process is the key to unlocking unprecedented growth and staying ahead of the competition.

Ready to transform raw data into golden opportunities? This guide will walk you through seven essential steps that turn the complex art of market research into a streamlined, powerful tool for success. From defining laser-focused objectives to leveraging cutting-edge AI analysis, you’re about to embark on a journey that will reshape how you understand your market, your customers, and your business potential.

The 7-Step Market Research Process: An Overview

Before diving into the details, let’s take a quick look at the seven steps that comprise an effective market research process:

• Define Your Research Objectives
• Develop Your Research Plan
• Collect Relevant Data
• Analyze and Interpret the Data
• Present Your Findings
• Make Informed Decisions
• Monitor and Iterate

Following this structured approach ensures that your market research is comprehensive, focused, and yields valuable insights. It’s worth noting that modern tools, such as AI-powered market research platforms like Prelaunch.com’s AI Market Research feature , can significantly streamline this process, making it more efficient and accessible for businesses of all sizes.

Now, let’s explore each step in detail.

Step 1: Define Your Research Objectives

The first and perhaps most crucial step in the market research process is defining your research objectives. This step sets the foundation for your entire research effort and ensures that you’re asking the right questions to get the information you need.

Identifying the problem or opportunity

Start by clearly articulating the business problem you’re trying to solve or the opportunity you’re looking to explore. Are you considering launching a new product? Trying to understand why sales are declining? Or perhaps you’re looking to enter a new market? Clearly defining the issue at hand will help focus your research efforts.

Setting clear, measurable goals

Once you’ve identified the problem or opportunity, set specific, measurable, achievable, relevant, and time-bound (SMART) goals for your research. For example, instead of a vague goal like “understand customer preferences,” you might set a goal to “identify the top three features that 70% of our target market considers essential in a new product within the next two months.”

Formulating research questions

Based on your goals, develop a set of research questions that will guide your data collection efforts. These questions should be specific and directly related to your objectives. For instance, if your goal is to understand customer preferences, you might ask questions like:

• What features do customers value most in similar products?
• How much are customers willing to pay for these features?
• What unmet needs exist in the current market?

By clearly defining your research objectives, you’ll ensure that your market research efforts are focused and yield the insights you need to make informed business decisions.

Step 2: Develop Your Research Plan

With your objectives clearly defined, the next step is to develop a comprehensive research plan. This plan will serve as your roadmap, outlining how you’ll gather the information needed to answer your research questions.

Choosing research methodologies

Decide whether qualitative research, quantitative research, or a combination of both will best serve your objectives:

• Qualitative research : This method explores the “why” and “how” of consumer behavior through in-depth interviews, focus groups, or observational studies. It’s excellent for gaining deep insights into customer motivations and perceptions.
• Quantitative research : This approach focuses on numerical data and statistical analysis. Surveys and polls are common quantitative methods that can provide measurable data on consumer preferences and behaviors.

Often, a mixed-method approach combining both qualitative and quantitative research can provide the most comprehensive insights.

Determining your target audience

Identify the specific group of people from whom you need to gather information. This could be based on demographics, psychographics, or behavioral characteristics. The more precisely you define your target audience, the more relevant and valuable your research findings will be.

Selecting appropriate data collection methods

Choose the most suitable methods for collecting data from your target audience. Some options include:

• Surveys (online, phone, or in-person)
• Interviews (structured or unstructured)
• Focus groups
• Observational studies
• Secondary data analysis

Consider factors such as cost, time constraints, and the type of information you need when selecting your methods. AI-powered tools like Prelaunch.com’s AI Market Research feature can be particularly helpful in this stage, offering efficient ways to gather and analyze data from various sources.

By developing a thorough research plan, you’ll ensure that your data collection efforts are efficient, targeted, and aligned with your research objectives.

Step 3: Collect Relevant Data

With your research plan in place, it’s time to gather the data that will form the basis of your insights. This step involves implementing the data collection methods you’ve chosen and ensuring that you’re gathering high-quality, relevant information.

Primary research methods

Primary research involves collecting original data directly from your target audience. This can include:

• Conducting surveys: Use online platforms, email, or in-person methods to gather quantitative data from a large sample of your target audience.
• Performing interviews: Engage in one-on-one conversations with key individuals to gain in-depth qualitative insights.
• Organizing focus groups : Bring together small groups of people to discuss your research topics in a moderated setting.
• Observational studies: Watch and record how people interact with products or services in real-world settings.

Secondary research sources

Secondary research involves analyzing existing data from various sources. This can be a cost-effective way to gather background information and supplement your primary research. Sources may include:

• Industry reports and market studies
• Government databases and publications
• Academic research papers
• Competitor websites and annual reports
• Trade association publications

Leveraging AI for efficient data collection

Modern AI-powered tools can significantly enhance your data collection efforts. These tools can:

• Automate the process of gathering and organizing secondary research data
• Analyze large datasets quickly to identify trends and patterns
• Generate survey questions based on your research objectives
• Provide real-time insights as data is collected

By leveraging both traditional methods and advanced AI tools, you can ensure that you’re collecting a comprehensive and diverse set of data to inform your market research.

Step 4: Analyze and Interpret the Data

Once you’ve collected your data, the next crucial step is to analyze and interpret it. This process involves transforming raw data into actionable insights that can guide your business decisions.

Data cleaning and preparation

Before analysis can begin, it’s essential to clean and prepare your data:

• Remove any duplicate or irrelevant entries
• Check for and correct any errors or inconsistencies
• Standardize data formats for easier analysis
• Organize data into a structure that facilitates analysis

Statistical analysis techniques

Depending on the type of data you’ve collected and your research objectives, you may employ various statistical analysis techniques :

• Descriptive statistics: Calculate means, medians, modes, and standard deviations to summarize your data.
• Inferential statistics: Use techniques like hypothesis testing and regression analysis to draw conclusions about larger populations based on your sample data.
• Correlation analysis: Identify relationships between different variables in your dataset.
• Segmentation analysis: Group your data into meaningful segments based on shared characteristics.

Identifying patterns and trends

As you analyze your data, look for patterns, trends, and insights that address your research objectives:

• Compare results across different demographic groups or market segments
• Identify common themes in qualitative data
• Look for unexpected or surprising findings that challenge your assumptions
• Consider how different data points relate to each other and what story they tell together

Remember that the goal of this step is not just to summarize data, but to derive meaningful insights that can inform your business strategy. Be open to unexpected findings and be prepared to dig deeper into areas that seem particularly relevant or intriguing.

Step 5: Present Your Findings

After analyzing your data, it’s time to communicate your findings effectively to stakeholders. The way you present your research can significantly impact how it’s received and acted upon.

Creating clear and visually appealing reports

• Organize your findings logically, starting with an executive summary of key insights
• Use charts, graphs, and infographics to visualize data and make it easier to understand
• Include relevant quotes or case studies from qualitative research to bring your data to life
• Ensure your report is well-structured with clear headings and subheadings

Tailoring presentations to different stakeholders

• Consider the specific interests and needs of your audience (e.g., executives, marketing team, product developers)
• Adjust the level of detail and technical language based on your audience’s expertise
• Focus on the findings most relevant to each stakeholder group

Highlighting key insights and actionable recommendations

• Clearly state the main takeaways from your research
• Connect your findings directly to your initial research objectives
• Provide specific, actionable recommendations based on your insights
• Include potential implications of your findings for different areas of the business

Remember, the goal is not just to share information, but to tell a compelling story with your data that motivates action and informs strategy.

Step 6: Make Informed Decisions

The true value of market research lies in its ability to inform better business decisions. This step is where you translate your research findings into strategic action.

Connecting research findings to business objectives

• Revisit your initial research objectives and evaluate how your findings address them
• Identify which insights are most critical for achieving your business goals
• Consider both the opportunities and potential risks highlighted by your research

Assessing risks and opportunities

• Use your research to evaluate the potential success of new products, services, or marketing strategies
• Identify potential obstacles or challenges that your research has uncovered
• Consider how your findings might impact different scenarios or future market conditions

Developing data-driven strategies

• Create action plans based on your research insights
• Set specific, measurable goals for implementing changes or new initiatives
• Assign responsibilities and timelines for acting on your research findings
• Ensure that all strategic decisions are directly supported by your research data

Remember that while your research should guide your decisions, it’s also important to balance data with experience, intuition, and other business considerations.

Step 7: Monitor and Iterate

The market research process doesn’t end with implementation. Continuous monitoring and iteration are crucial for long-term success.

Implementing decisions based on research

• Put your data-driven strategies into action
• Ensure that all team members understand the research findings and their role in implementing changes

Tracking results and KPIs

• Set up systems to monitor the impact of your decisions
• Track relevant key performance indicators (KPIs) that align with your research objectives
• Regularly review performance against your goals and expectations

Conducting follow-up research for continuous improvement

• Plan for periodic follow-up research to assess the effectiveness of your strategies
• Be prepared to adjust your approach based on new data and changing market conditions
• Consider implementing ongoing research methods, such as customer feedback loops or regular market surveys

By viewing market research as an ongoing process rather than a one-time event, you can ensure that your business remains agile and responsive to market changes.

Mastering the market research process is essential for making informed business decisions in today’s competitive landscape. By following these 7 steps – defining objectives, developing a plan, collecting data, analyzing results, presenting findings, making decisions, and monitoring outcomes – you can gain valuable insights that drive business growth and innovation.

As markets evolve and consumer preferences change, ongoing market research will be key to staying ahead. Embrace this process as a fundamental part of your business strategy, and you’ll be well-equipped to make decisions that resonate with your target audience and drive your business forward.

Alice Ananian

Alice has over 8 years experience as a strong communicator and creative thinker. She enjoys helping companies refine their branding, deepen their values, and reach their intended audiences through language.

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

Written by by Jacqueline Zote

Published on  April 13, 2023

Reading time  10 minutes

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

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

Table of contents:

What is market research?

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

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

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

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

Understand your customers’ motivations and pain points

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

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

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

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

Figure out how to position your brand

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

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

Maintain a strong pulse on your industry at large

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

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

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

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

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

Buyer persona research

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

Pricing research

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

Competitive analysis research

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

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

Brand awareness research

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

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

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

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

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

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

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

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

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

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

Industry journals, reports and blogs

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

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

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

Social media

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

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

The 5 steps for how to do market research

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

Step 1: Identify your research topic

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

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

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

Step 2: Choose a buyer persona to engage

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

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

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

Step 3: Start collecting data

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

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

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

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

Step 4: Analyze results

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

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

Step 5: Make decisions for your business

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

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

The market research tools you should be using

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

Social listening and analytics

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

Email marketing research tools

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

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

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

Content marketing research

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

SEO and keyword tracking

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

Competitor comparison template

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

Customer persona creator

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

Build a solid market research strategy

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

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

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Trending statistics

Get facts and insights on topics that matter, sep 1, 2024 | social media & user-generated content, selected platforms time taken to reach 100 million followers 2024.

As of August 2024, Meta's Threads held the record among selected online platforms and services for reaching a total of 100 million users. The social media platform achieved the milestone in just two days. ChatGPT surpassed the 100 million user threshold in just two months, and video app TikTok surpassed the 100 million followers mark in nine months.

Sep 3, 2024 | Other

Countries with the lowest fertility rates 2024.

The statistic shows the 20 countries with the lowest fertility rates in 2024. All figures are estimates. In 2024, the fertility rate in Taiwan was estimated to be at 1.11 children per woman, making it the lowest fertility rate worldwide.  Fertility rate The fertility rate is the average number of children born per woman of child-bearing age in a country. Usually, a woman aged between 15 and 45 is considered to be in her child-bearing years. The fertility rate of a country provides an insight into its economic state, as well as the level of health and education of its population. Developing countries usually have a higher fertility rate due to lack of access to birth control and contraception, and to women usually foregoing a higher education, or even any education at all, in favor of taking care of housework. Many families in poorer countries also need their children to help provide for the family by starting to work early and/or as caretakers for their parents in old age. In developed countries, fertility rates and birth rates are usually much lower, as birth control is easier to obtain and women often choose a career before becoming a mother. Additionally, if the number of women of child-bearing age declines, so does the fertility rate of a country. As can be seen above, countries like Hong Kong are a good example for women leaving the patriarchal structures and focusing on their own career instead of becoming a mother at a young age, causing a decline of the country’s fertility rate. A look at the fertility rate per woman worldwide by income group also shows that women with a low income tend to have more children than those with a high income. The United States are neither among the countries with the lowest, nor among those with the highest fertility rate, by the way. At 2.08 children per woman, the fertility rate in the US has been continuously slightly below the global average of about 2.4 children per woman over the last decade.

Sep 4, 2024 | Spirits

Leading spirits brands worldwide 2024, based on brand value.

Moutai was the leading spirits brand worldwide with a total brand value amounting to about 50 billion U.S. dollars in 2024. Wuliangye, another Chinese brand, was the second most valuable at 25.9 billion dollars in the same year.  Diageo Diageo is operating in the global alcoholic beverage segment and makes well-known brands such as Smirnoff vodka, Johnnie Walker Scotch whisky, Baileys liqueur and Guinness stout . The product portfolio is derived of beer, wine and spirits and the alcoholic beverages are sold in more than 180 countries. The British company is headquartered in London, UK and was founded through the merger of Guinness and Grand Metropolitan in 1997. The firm’s name was created by a branding consultancy and consists of a combination of the Latin term ‘dies’, which means day, and the Greek word ‘geo’, meaning world. The chosen name is meant to reflect that the company’s products bring pleasure everyday and everywhere. Scotch accounted for the largest net sales share of Diageo worldwide in 2014. Within the category, Johnnie Walker was the best-selling Scotch whisky in the world. The brand’s key markets include the United States, Global Travel Asia & Middle East, Brazil, Mexico, China, Thailand, South Africa and Taiwan. According to the 2014 Impact Databank ranking of the top 100 spirits brands, Diageo claimed the first two spots. Johnnie Walker continued to be the world’s number one spirit based on value and became the number two based on volume sales. Smirnoff remained the global leading spirit brand based on volume and the number two based on generated value.

Sep 4, 2024 | Loans & Leasing

Monthly car loan rates in the u.s. 2014-2024.

Car loan interest rates in the United States decreased in July and August 2024. Thus, the period of rapidly rising interest rates, when they increased from less than four percent in February 2022 to 7.9 percent two years later, has come to an end. The  Federal Reserve interest rate is one of the main causes of the interest rates of loans rising or falling. If inflation stays under control, the Federal Reserve will start cutting the interest rates, which would have the effect of the cost of car loans falling too.

Car financing exists because not everyone who wants or needs a car can purchase it outright. A financial institution will then lend the money to the customer for purchasing the car, which must then be repaid with interest.  Most new vehicles in the United States in 2023 were purchased using car loans. It is not as common to use car loans for purchasing used vehicles as for new ones, although over a third of used vehicles were purchased using loans.

The car financing business is huge in the United States, due to the high sales of both new and used vehicles in the country. A lot of the United States is very car-centric, which means that, outside large cities, it can often be difficult to do their daily commutes through other transportation methods. In fact, only a small percentage of U.S. workers used public transport to go to work . That is one of the factors that has helped establish the importance of the automotive sector in North America. Nevertheless, there are still countries in Asia-Pacific, Africa, the Middle East, and Europe with higher car-ownership rates than the United States.

Sep 3, 2024 | Consumer Electronics

Retail prices of dji drones in the united states 2024, by model.

The most popular quadcopters or drones in the world are produced by Da-Jiang Innovations, popularly known by the trade name DJI. The company offers camera models for hobbyists and professionals alike, with their most basic model, DJI Mini 4 Pro retailing at 759 U.S. dollars to their high-end model, DJI Inspire 3 at 16,499 U.S. dollars in the United States.

Sep 2, 2024 | Metals

Crude steel production by month in china 2022-2024.

In July 2024, China's crude steel production amounted to around 83 million metric tons, which remained steady compared to the same time in the previous year. The production volume in December 2023 hit the lowest point since 2017.

Over the past two decades, the Chinese steel industry has increased its output significantly and has grown into the world’s largest crude steel-producing country , accounting for over half of the global production in 2022. Among the leading ten global steelmakers in 2022, six companies were from China. These large state-owned enterprises have dominated the Chinese steel industry. Baowu Group alone produced about 132 million metric tons of raw steel in 2022.

With a total land area of 9.6 million square kilometers, China is one of the largest countries worldwide and in possession of large mineral deposits. China was by far the leading hard coal-producing country worldwide , with a hard coal production volume of almost 3.8 billion metric tons in 2021. China has been the world’s largest aluminum producer with a total smelter production of over 40 million metric tons of aluminum in 2023. Also, China has the world’s largest reserves of zinc , antimony and many other nonferrous metals . Its annual rare earth production far exceeded the total for the rest of the world since the beginning of the decade.

Sep 2, 2024 | E-Commerce

Most visited e-commerce retail sites in singapore 2024.

As of July 2024, shopee.sg was the most visited e-commerce retail website in Singapore, with around 13.2 million monthly web visits. Shopee is followed by the Singapore based e-commerce provider Lazada and Amazon with about six million and five million visits, respectively.  

Shopee was founded by Sea limited in 2015 and is popular for being the first mobile centric online marketplace in Southeast Asia. The company started out as a marketplace for other retailers to sell their goods over the unified platform with almost no fees for the merchants. Through their risky but successful business strategy , Shopee is now available in almost all Southeast Asian countries and one of the main competitors of Lazada.

Lazada was founded by Rocket Internet in 2012 and has set itself the goal of becoming “Southeast Asia’s next Amazon”. After four successful years, the company was sold to Alibaba  with a market value of approximately two billion U.S. dollars. Since then, Alibaba has tried to steadily expand its market share. Lazada is now operating in six countries: Indonesia, Malaysia, Singapore, Thailand, Vietnam, and the Philippines.

Sep 5, 2024 | Residential Real Estate

Homeownership rate in europe 2023, by country.

In the presented European countries, the homeownership rate extended from 42 percent in Switzerland to as much as 96 percent in Albania. Countries with more mature rental markets, such as France, Germany, the UK and Switzerland, tended to have a lower homeownership rate compared to the frontier countries, such as Lithuania or Slovakia. The share of house owners among the population of all 27 European countries  has remained relatively stable over the past few years.

Countries with lower homeownership rates tend to have higher house prices. In 2023, the average transaction price for a house was notably higher in Western and Northern Europe than in Eastern and Southern Europe. In Austria - one of the most expensive European countries to buy a new dwelling in - the average price was three times higher than in Greece. Looking at house price growth, however, the most expensive markets recorded slower house price growth compared to the mid-priced markets.

With population numbers rising across Europe, the need for affordable housing continues. In 2023, European countries completed between one and six housing units per 1,000 citizens, with Ireland, Poland, and Denmark responsible heading the ranking. One of the major challenges for supplying the market with more affordable homes is the rising construction costs. In 2021 and 2022, housing construction costs escalated dramatically due to soaring inflation, which has had a significant effect on new supply.

Sep 5, 2024 | Soccer

Market value of german bundesliga clubs 2024-2025.

Bayern Munich was the German Bundesliga club with the highest market value in the 2024/25 season. The record German champions boasted a squad valued at over 943 million euros.

Sep 2, 2024 | Supermarkets

Number of locations of popular supermarkets and convenience stores australia 2024.

Supermarket giant the Woolworths Group had the highest presence across Australia’s leading supermarket and convenience store chains as of June 2024, with around 2,245 locations across its network, including Woolworths Supermarkets, Ampol Woolworths, and EG Ampol locations. Its grocery retail rival, the Coles Group, came in second, with over 1,535 locations nationwide, encompassing Coles Supermarkets and Coles Express. American convenience store chain 7-Eleven also makes its mark, with an extensive number of stores in Australia. European supermarkets, Aldi and Spar, have also expanded their networks over the past two decades, slowly eating away at Woolworths, Coles, and Metcash’s grocery retail market share. 

Australia’s supermarket scene is oligopolistic; the top four companies, Woolworths, Coles, Metcash (IGA), and Aldi control over 80 percent of the country’s grocery retail market share , with around 65 percent held by Woolworths and Coles alone. In 2024, the Australian Competition and Consumer Commission (ACCC) began its inquiry into the country’s supermarket sector to review pricing and competitive practices following price gouging allegations against Australia’s leading grocery retailers. Alongside the ACCC investigation, consumer advocacy group CHOICE started to create government-funded price transparency and comparison reports, such as average grocery basket price evaluations , to deliver in-depth insights to customers to help them save money amid excessive price increases.

According to a 2024 survey, around 58 percent of Australian consumers perceive the pricing of groceries and related products as unfair, with almost seven in 10 expressing that they felt these products had continued to become costlier since 2023. Convenience, familiarity with a particular store’s layout, and collecting reward points were the key reasons to shop exclusively at a supermarket chain among Australian consumers in a 2023 survey. Nonetheless, as grocery costs across the country climb, several consumers' grocery retailer loyalties are being tested. Consumers increasingly shop across various stores or switch to a different supermarket chain to save money and take advantage of price promotions.

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Buy the September dip in stocks as the market heads into the best 3-month stretch of the year, strategist says

• Nasdaq 100 and S&P 500 declines in September present a buying opportunity, says Ned Davis Research.
• Weak seasonality data and excessive pessimism readings suggest a strong 4th quarter rally is ahead, NDR said.
• NDR sees no signs of a sharp bear market, with positive earnings revisions and economic indicators.

A 6% decline in the Nasdaq 100 and 4% decline in the S&P 500 since the start of September represents an attractive buying opportunity for investors, according to Ned Davis Research.

The research firm said in a note on Friday that the weakness in stocks so far this month is more than typical, given weak seasonality data — but it's also a big opportunity given the market is heading for its best three-month stretch of the year.

"With the September weakness relieving the optimism and sending sentiment indicators to excessive pessimism readings, equities would be likely to launch a persistent ascent similar to the first quarter advance, supported by fourth quarter seasonal tendencies," NDR strategist Tim Hayes said.

He added: "Whereas a comparison of three-month declines shows that August - October has been the weakest, October - December has been the strongest."

Hayes finds it encouraging that, based on internal NDR readings, the stock market, economy, and corporate earnings are showing no signs of being vulnerable to a sharp bear market decline akin to what happened in 2022.

Analyst earnings revisions continue to trend higher, historically a leading indicator for corporate earnings.

"As with revisions, economic performance is a leading indicator of earnings growth, currently supporting the earnings outlook. While the recession probability has risen from its lows of May and June, it hasn't risen out of its bullish mode for equities," Hayes explained.

Altogether, that means the current stock market decline is more likely to be a garden variety correction that ultimately proves to be healthy for the sustainability of the ongoing bull rally that began in October 2022.

"The current choppiness will prove to be just that, not the sign of a new bear market. It should lead to a buying opportunity within the continuing bull market, ahead of renewed rallying in the fourth quarter," Hayes said.

• Main content

Takeaways from the ACT Research Market Vitals Seminar: Truckload Market Overview 

The ACT Research Market Vitals Seminar, held in Columbus, IN, at the end of August, provided a comprehensive overview of the current state of the truckload market, including challenges and opportunities, with valuable insights for industry stakeholders. One of the central topics addressed during the seminar was why the truckload market has experienced such a prolonged downturn, with the market during and post-Covid unprecedented both on the way up and down. According to the experts at ACT Research, several factors have contributed to this extended downturn.

One of the central topics addressed during the seminar was why the truckload market has experienced such a prolonged downturn, with the market during and post-Covid unprecedented both on the way up and down. According to the experts at ACT Research, several factors have contributed to this extended downturn: 

Low Operating Costs: Many operators, particularly owner-operators, are running trucks and equipment that are fully paid off, reducing their operating costs and allowing them to stay in business despite low rates. By eliminating the financing expenses, these owner operators and small fleet owners have reduced their operating expenses from $1.80/mi to $1.50/mi on average. This has prolonged the downturn, as fewer operators are forced to exit the market due to financial pressures. The analogy used during the seminar likened this to lengthening the runway for carriers, allowing them to stay afloat longer during tough market conditions.

Record Investments in Private Fleets: There has been a significant influx of investment into private fleets, further depressing demand in the spot market by pivoting volume from for-hire carriers to internal fleets. Similarly, these private fleets also participate in the spot market with highly competitive rates that are significantly below their operating expenses, allowing these private fleets to absorb more of freight volume from other shipper networks that would otherwise have hit the for-hire spot market. This private fleet utilization comes at a price however, as the operating expenses for a private fleet average around $4/mi (roughly 122% higher than for-hire fleet operating costs).

Port activity is returning to pre-pandemic levels in Southern California, particularly at the Long Beach and Los Angeles ports, which had seen a decline as traffic moved to East Coast and Southeast ports during the pandemic. Factors such as droughts affecting the Panama Canal and disruptions in the Red Sea have influenced this shift. As more goods begin shipping through West Coast ports, there will be a renewed demand for trucks to move these goods across the country, especially to the eastern half of the U.S. This return of port traffic to the West Coast could reduce capacity in the for-hire market as trucks that typically serve the Eastern markets may now be required to handle the increased demand on the West Coast.  

ACT Research has grown into a leading authority in the field, offering market intelligence that helps guide decision-making for a wide range of stakeholders across the transportation industry. Fetch Freight works with partners like ACT Research to help our customers make informed decisions in a rapidly changing market, looking at the comprehensive view of current market conditions, challenges and opportunities, and navigating the complexities of the freight market as we move towards 2025. 

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14 Market Research Newsletters to Read in 2024

Dozie Anyaegbunam is the Senior Editor of The CMO Club, a digital media publication that helps SaaS marketing leaders win at work. He has several years of core brand marketing experience across various verticals, from edu-tech, to food and beverages, to SaaS. He's also led marketing teams at B2B SaaS startups, global multinationals, and the public sector. Dozie is the Founder & Host of The Newcomers, a media publication that explores what it means to be an immigrant.

Market research can be a catalyst if you have the right data sources and analysis. These 14 market research newsletters are the best at sourcing and breaking down all the macro and micro trends that concern us marketers.

If you don't have the budget to hire a trend-spotting and analysis agency when building your marketing plan, you must sign up for a market research newsletter. It's the most affordable way to separate signal from noise.

The sheer amount of data available today means you risk getting bogged down by irrelevant insights if you surf the Internet for trends or market insights that will inform your latest marketing approach.

Here's a list of market research newsletters I keep bookmarked on my Chrome browser.

Best Market Research Newsletters Shortlist

Here's a shortlist of the best market research newsletters I think are worth signing up for in 2024:

• Trends by HubSpot - For digital marketing trends
• Market Research Update by Ray Morgan - For Australian market insights
• The Insights Newsletter - For data-driven decision making
• Research Live - For global market research news
• Intervista Newsletter - For Swiss market research updates
• Statista Newsletter - For statistical data and reports
• eMarketer - For digital marketing statistics
• Media Pulse by Nielsen - For consumer behavior analysis
• Gartner Newsletter for Marketing Leaders - For strategic marketing insights
• Euromonitor International - For global market analysis
• Mintel Spotlight - For consumer and market analysis
• Research and Markets - For industry-specific research reports
• GreenBook Newsletter - For market research industry trends
• The Story Newsletter by Harris Poll  - For public opinion and polling data

Find more details about each newsletter below.

1. Trends by HubSpot - For digital marketing trends

The Trends by HubSpot newsletter is my trusted source for data-backed insights, industry commentary, and in-depth analysis of innovative business ideas and strategic opportunities across various industries.

• Audience: Business builders, owners, and entrepreneurs
• Size: 350,000+ subscribers
• Newsletter Frequency: Weekly
• Subscribe here

Why Subscribe:  

The weekly newsletter discusses emerging trends in content creation and social media optimization and the shift of content towards more authentic and value-driven narratives. They also explore important industry news, changes in search engine algorithms, keyword strategies, techniques to improve organic search rankings, and more.

2. Market Research Update by Ray Morgan - For Australian market insights

The Market Research Update newsletter by Roy Morgan provides unbiased, up-to-date information on Australia and New Zealand’s latest market research news, consumer insights, and opinion poll results. 

• Audience: Market researchers, business professionals, and policymakers in Australia and New Zealand

The newsletter updates subscribers on consumer sentiment and spending behaviors across different sectors. It analyzes consumer spending patterns, preferences, and trends in retail and explores societal changes, lifestyle shifts, consumer preferences, and market forecasts on domestic and international travel. 

The Market Research Update newsletter also covers insights into Australia’s financial services, public health trends, and new technologies that impact consumers and businesses.

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3. The Insights Newsletter - For data-driven decision making

The Insights newsletter by Standard Insights offers survey results and expert analysis on the latest trends in consumer behavior across Asia. It provides data-driven insights and its application in business decision-making to enhance customer experience and drive growth. 

• Audience: Business professionals and decision-makers in Asia

The newsletter discusses using AI and machine learning for predictive analytics and improved decision-making. It features strategies for using data to personalize customer interactions, marketing campaigns, and customer journeys and techniques for quantifying the ROI from AI and data analytics initiatives. Additionally, it offers insights into emerging market trends and how data can guide business strategies, streamline operations, and increase efficiency.

4. Research Live - For global market research news

The Research Live Newsletter covers data analytics, consumer behavior, the impact of emerging technologies on research methodologies, and a comprehensive coverage of global market research news. 

• Audience: Market researchers and industry professionals
• Newsletter Frequency: Daily and weekly options 

The newsletter highlights the latest trends and developments in the market research industry worldwide. It covers new methodologies and technologies, and analyses of shifting consumer behaviors, market dynamics, and consumer trends across different regions. Additionally, it updates readers on key players, mergers and acquisitions, and new regulations affecting market research globally. 

5. Intervista Newsletter - For Swiss market research updates

The Intervista newsletter provides insights into the latest developments in digital transformation, customer experience, data-driven strategies, and qualitative market research on the Swiss market. 

• Audience: Market researchers and industry professionals in Switzerland
• Newsletter Frequency: Quarterly

The newsletter offers insights into the preferences, trends, and shifts in consumer behavior within Switzerland. You'll get analysis of industry-specific trends and developments unique to the Swiss market. It also discusses sustainability trends and their influence on consumer choices, new regulations and technologies, and their impact on market research.

6. Statista Newsletter - For statistical data and reports

The Statista Newsletter delivers the latest statistics, reports, infographics, and expert analyses on consumer behavior, digital markets, economic trends, and industry forecasts on over 1,000 markets. 

• Audience: Business professionals, researchers, and academics
• Newsletter Frequency: Daily and weekly options

The newsletter highlights data on purchasing habits, preferences, and shifts in consumer behavior, and updates on economic data, including GDP, inflation rates, and employment statistics. It covers insights into digitalization trends, predictions and projections for various industries and markets, and statistical reports on corporate performance and investments.

7. eMarketer - For digital marketing statistics

The eMarketer newsletter, a leading marketing newsletter, focuses on digital marketing, media, and commerce trends. It provides actionable analysis and reports on online advertising, social media , e-commerce, and consumer behavior, making it an essential source for staying updated with the latest marketing news.

• Audience: Marketing professionals and business leaders
• Size: 500,000+ subscribers
• Newsletter Frequency: Daily

Why Subscribe:

This market research newsletter covers various advertising trends, including data on digital ad spending, effectiveness, consumer interaction with digital content, and online shopping habits. It provides analyses on user and app engagement, mobile device usage, online sales trends, and digital retail strategies.

It gives insights into how businesses adapt to digital technologies and updates on global data protection laws and their impacts on digital marketing practices.

8. Media Pulse by Nielsen - For consumer behavior analysis

The Media Pulse by Nielsen offers up-to-date analysis, valuable insights, and expert commentary on advertising effectiveness, audience measurement, and shifts in consumer habits across various industries, providing solutions for media planning and marketing optimization through informative blog posts.

• Audience: Business professionals, startups, and marketers

The Media Pulse newsletters help businesses understand and adapt to changing consumer behaviors by providing insights into how consumers engage with various media platforms and how different consumer segments respond to advertising campaigns across channels.

It delivers analysis of factors influencing brand equity , consumer attitudes toward sustainability, and how economic shifts and crises influence consumer spending and behavior.

9. Gartner Newsletter for Marketing Leaders - For strategic marketing insights

The Gartner Newsletter for Marketing Leaders covers the latest trends, best practices, and emerging technologies in the marketing field. It offers expert analyses of customer experience, digital transformation, and data-driven marketing strategies. 

• Audience: Marketing leaders and business professionals

This market research newsletter offers insights for navigating and leveraging digital changes in marketing, including the latest advancements in generative AI and best practices for enhancing user experience. It features strategies for integrating and optimizing various marketing channels, techniques for measuring and maximizing marketing metrics, and provides guidance on leading teams and using data analytics to inform strategies.

10. Euromonitor International - For global market analysis

The Euromonitor International Newsletter covers data-driven reports, expert commentaries, and strategic forecasts on global economic shifts, market opportunities, and industry developments to help navigate challenges and explore new pathways for growth. 

• Audience: Business professionals and decision-makers
• Newsletter Frequency: Monthly

The Euromonitor International Newsletter focuses on global economic shifts and their impacts on various industries. It discusses the changing customer preferences, opportunities, and risks in developing markets, trends, and data on sustainability practices and their influence on global markets. The newsletter explores how digitalization is reshaping industries and the impact of urbanization on consumer demand and market structures. 

11. Mintel Spotlight - For consumer and market analysis

The Mintel Spotlight Newsletter focuses on consumer behavior, market innovations, future trends, emerging opportunities, and challenges in the food and drink, beauty, retail, and technology sectors. 

• Audience: Business professionals and industry leaders

The newsletter focuses on evolving consumer behaviors and the latest food, beauty, and retail sector innovations, It provides predictions and strategic outlooks for different industries and detailed reports on how different demographics shape markets, as well as global events and economic changes that impact consumer behavior. 

The newsletter analyzes digital consumer trends, including online shopping behaviors, social media influence, digital consumption, and brand management and product innovation trends.

12. Research and Markets - For industry-specific research reports

The Research and Markets newsletter highlights detailed data, upcoming reports, and forecasts to inform business decisions in the technology, healthcare, finance, and consumer goods sectors. 

• Audience: Business professionals and researchers

This market research newsletter covers several key topics to industry-specific research reports, including tech advancements and their impact on different sectors, in-depth analyses of trends in healthcare, biotech, and pharmaceuticals, and the latest updates on energy markets, sustainability, and environmental issues. It also covers market trends in consumer products and insights into innovations and market dynamics within the aerospace and defense sectors. 

13. GreenBook Newsletter - For market research industry trends

The GreenBook newsletter focuses on innovative methodologies and technologies, and industry trends in the market research and consumer insights industry. It provides expert opinions, case studies, and thought leadership in the global research community. 

• Size: 67,000+ subscribers
• Newsletter Frequency: Weekly 

The newsletter updates subscribers on the latest technologies and tools in market research and how emerging technologies like AI and big data are transforming the industry. It explores consumer behaviour trends, as well as steps being made to improve the research processes and outcomes.

Additionally, the GreenBook newsletter discusses the regulatory changes and best practices in data protection and real-world examples of innovative research projects. 

14. The Story Newsletter by Harris Poll - For public opinion and polling data

The Story Newsletter by Harris Poll delivers insights and data-driven stories that explore public opinion and trends in the politics, health, technology, and consumer behavior sectors. It summarizes the latest polls and research findings to understand public sentiment and market trends. 

• Audience: Business leaders and decision-makers
• Newsletter Frequency: Bi-weekly

The market research newsletter explores the perspectives of the public, including their sentiments on voting, election polls, and political and public opinions on key social topics like climate change, education, and equality. It also discusses the public attitudes on health issues, trust, and ethical practices of companies and brands, and international relations and global policies. 

Additionally, it highlights polls on the economy, employment, natural disasters, and public health emergencies. 

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The global pharmaceutical industry is a vital part of the healthcare landscape—it is an industry that affects everyone, from patients seeking treatment to healthcare providers looking for the latest advances in medicine. As the industry continues to change, staying informed is crucial for success. That's why MarketResearch.com offers a wide range of pharmaceutical reports, providing critical insights into market trends, industry challenges, and emerging opportunities.

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• Our research offers valuable information on the market landscape, key factors driving change, company and product profiles, and regulatory analysis.
• We also cover disruptive trends, such as gene editing, precision medicine, and artificial intelligence, ensuring our clients stay ahead of market changes.

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Pharmaceuticals Industry Research & Market Reports

Refine your search, u.s. vitamin gummies market - focused insights 2024-2029.

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... Mental Health The trend of growing concern about maternal mental health is primarily driven by increasing awareness about the importance of mental well-being during pregnancy and the postpartum period. Maternal mental health has gained significant ... Read More

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... Technology Driven Solutions Technology continues to play a significant role in advancing employee wellness. In 2023, wearable devices, mobile applications, and online platforms are being utilized to easily track physical activity, sleep patterns, and stress ... Read More

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... & DRIVERS Shift Towards Natural & Plant-Based Ingredients The trend towards natural and plant-based ingredients in the U.S. bone and joint health supplements market has gained significant momentum. This shift is driven by various consumer ... Read More

2024 Anesthesia Services Global Market Size & Growth Report with Updated Analysis & Forecasts

Sep 05, 2024  |  Published by: Kentley Insights  |  USD 295

... global regions (The Americas, Europe, Asia & Oceania, Africa & Middle East), 22 subregions, and 195 countries. Figures are from 2012 through 2023, with forecasts for 2024 and 2028. The historical data utilizes in-depth survey ... Read More

2024 Health Aids and First Aid Supplies Wholesale Global Market Size & Growth Report with Updated Analysis & Forecasts

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2024 Grifols Diagnostics Market Shares and Competitive Position by Product and Country-Performance, Capabilities, Goals and Strategies

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... includes diagnostics sales and market share estimates by product and country for Grifols and its main competitors, as well as a profile of the company's diagnostics business. Contains 21 pages and 16 tables Please note: ... Read More

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... & Growth Report covers revenue, growth, and regional share across 4 global regions, 22 subregions, and 195 countries. Historical data is from 2012 through 2023, with forecasts for 2024 and 2027. The historical data utilizes ... Read More

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Global Hydrogen Electrolyzer Market (Alkaline, PEM & Solid Oxide): Insights & Forecast with Potential Impact of COVID-19 (2024-2028)

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... CAGR of 6.57%, for the duration spanning 2024-2028. The market growth was driven by various factors like increasing global carbon emissions, growing production of low-carbon hydrogen, increasing production of ammonia, increasing demand for margarine, increasing ... Read More

2024 Psychiatry Global Market Size & Growth Report with Updated Recession Risk Forecasts

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Non-invasive Prenatal Testing (NIPT) Market by Product & Service (Consumables (Assay Kits & Reagents), Instruments (NGS Systems, Microarrays)), Method (Biochemical Screening, Cell-free DNA Test), End User (Diagnostic Labs) - Global Forecast to 2029

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The Market Effects of Algorithms

• Lindsey Raymond

September 2024

Related File

While there is excitement about the potential of algorithms to optimize individual decision-making, changing individual behavior will, almost inevitably, impact markets. Yet little is known about these effects. In this paper, I study how the availability of algorithmic prediction changes entry, allocation, and prices in the U.S. residential real estate market, a key driver of household wealth. I identify a market-level natural experiment that generates variation in the cost of using algorithms to value houses: digitization, the transition from physical to digital housing records. I show that digitization leads to entry by investors using algorithms, but does not displace investors using human judgment. Instead, human investors shift towards houses that are difficult to predict algorithmically. Algorithm-using investors predominantly purchase minority-owned homes, an area where humans may be biased. Digitization increases the average sale price of minority-owned homes by 5% or $5,000 and nearly eliminates racial disparities in home prices. Algorithmic investors, via competition, affect the prices paid by humans, which drives most of the reduction in racial disparities.  This decrease in racial inequality underscores the potential of algorithms to mitigate human biases at the market level.

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Seize the student housing surge: A guide for property managers

How to tap into major growth in the student housing market

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Growth in the off-campus student housing market creates massive opportunities for property management companies. College enrollment is increasing for the first time since the pandemic, driving off-campus student housing revenue that outpaces multifamily rents in the same markets.

Many property managers are looking to enter this market for the first time. New entrants must understand one thing: there is no plug-and-play option here. Student housing requires a fundamental shift in marketing, leasing, and operating your units. Property managers must consider fundamental operational changes and take specific steps before testing this market. 

All-in or testing the waters? Use data to create a strategy 

Before deciding whether and how to enter the student housing market, you must understand the local market opportunities. 

Data is a crucial part of assessing the market opportunity. Viewing university enrollment trends, advertised rent and inventory at comparable properties, and historical leasing data on your properties will allow you to make the most informed decisions. From there, you can develop a strategy that starts with a fundamental question: are you going all in or testing the waters?

Going all in involves risk because it requires rethinking many marketing and operational factors. However, with enrollment data to back it up in the right market, there is a big incentive to capitalize on the opportunity. 

Testing the waters with a smaller subset of units is also an option, but it has limitations. For example, parents are often less likely to want their children to share an apartment building with conventional residents. Single-family homes or small multifamily properties might be a safer way to test out student housing. If you are just testing the waters, have a plan for reverting to your conventional residential strategy if you’re not seeing results. 

The high-stakes annual cycle requires operational changes

The major difference between conventional and student housing is that student housing properties are pre-leased a year in advance. This timeline creates two crucial, high-stakes operational milestones that property managers must plan for quickly turning around properties in August and pre-leasing for the following year. 

Property managers have a very short window during which they must turn units around for new students, including dealing with any damage done by previous residents, cleaning the units, and replacing furniture. Securing vendors earlier in the year is important to ensure you have a trusted team to meet the tight timeline before moving in.

To navigate these timelines, property managers need to understand student housing’s annual cycle and create a strategy that accounts for what else is happening in their market. Without the right data and tools at their disposal when pre-leasing starts, there’s a lot of room for error, inefficiency, and lost ROI. 

Marketing to student renters and their parents

Parent involvement in student housing, and their high expectations, significantly impacts operations.

Resident experience is a priority in student housing and may look different than in conventional units. For example, student-focused amenities like study rooms, transportation to and from campus, and social events for student residents are sought-after. 

Since most students have little credit history, parents often act as guarantors on a student housing lease. Your leasing team may need to change the screening process to account for this. Ensure the right technology is in place to manage a guarantor or co-signer. 

Finally, marketing to students also requires a mindset shift. I’ve also spoken with first-time student housing operators who are learning to sell on Instagram and other new platforms. Think about the best way to attract and engage with a younger audience on digital-first channels.  

Flexible technology can minimize risk

Whether you’re going all in on the student housing market or just testing the waters, a flexible software platform is a crucial element of success. Among the most important factors is having a software solution that enables you to understand the growth opportunities in your market and provides flexibility in how your assets are utilized, be it conventional, affordable, or student housing. Property managers must remain agile and able to pivot between different uses and lease structures for their units. 

There is plenty of opportunity in the student housing market. However, leveraging this opportunity to maximize the potential of your units depends on understanding the complex student housing market and making necessary operational changes. By creating a data-backed strategy, learning how to market to students (and their parents), preparing for the annual cycle, and using flexible technology , property managers will be best positioned to enter this market while minimizing risk.

Beth Gilbert is the Senior Director of Product Management at AppFolio .

This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners.

To contact the editor responsible for this piece: [email protected] .

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