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Written by Mary Kate Miller | June 1, 2021

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Market research is a cornerstone of all successful, strategic businesses. It can also be daunting for entrepreneurs looking to launch a startup or start a side hustle . What is market research, anyway? And how do you…do it?

We’ll walk you through absolutely everything you need to know about the market research process so that by the end of this guide, you’ll be an expert in market research too. And what’s more important: you’ll have actionable steps you can take to start collecting your own market research.

What Is Market Research?

Market research is the organized process of gathering information about your target customers and market. Market research can help you better understand customer behavior and competitor strengths and weaknesses, as well as provide insight for the best strategies in launching new businesses and products. There are different ways to approach market research, including primary and secondary research and qualitative and quantitative research. The strongest approaches will include a combination of all four.

“Virtually every business can benefit from conducting some market research,” says Niles Koenigsberg of Real FiG Advertising + Marketing . “Market research can help you piece together your [business’s] strengths and weaknesses, along with your prospective opportunities, so that you can understand where your unique differentiators may lie.” Well-honed market research will help your brand stand out from the competition and help you see what you need to do to lead the market. It can also do so much more.

The Purposes of Market Research

Why do market research? It can help you…

• Pinpoint your target market, create buyer personas, and develop a more holistic understanding of your customer base and market.
• Understand current market conditions to evaluate risks and anticipate how your product or service will perform.
• Validate a concept prior to launch.
• Identify gaps in the market that your competitors have created or overlooked.
• Solve problems that have been left unresolved by the existing product/brand offerings.
• Identify opportunities and solutions for new products or services.
• Develop killer marketing strategies .

What Are the Benefits of Market Research?

Strong market research can help your business in many ways. It can…

• Strengthen your market position.
• Help you identify your strengths and weaknesses.
• Help you identify your competitors’ strengths and weaknesses.
• Minimize risk.
• Center your customers’ experience from the get-go.
• Help you create a dynamic strategy based on market conditions and customer needs/demands.

What Are the Basic Methods of Market Research?

The basic methods of market research include surveys, personal interviews, customer observation, and the review of secondary research. In addition to these basic methods, a forward-thinking market research approach incorporates data from the digital landscape like social media analysis, SEO research, gathering feedback via forums, and more. Throughout this guide, we will cover each of the methods commonly used in market research to give you a comprehensive overview.

Primary vs. Secondary Market Research

Primary and secondary are the two main types of market research you can do. The latter relies on research conducted by others. Primary research, on the other hand, refers to the fact-finding efforts you conduct on your own.

This approach is limited, however. It’s likely that the research objectives of these secondary data points differ from your own, and it can be difficult to confirm the veracity of their findings.

Primary Market Research

Primary research is more labor intensive, but it generally yields data that is exponentially more actionable. It can be conducted through interviews, surveys, online research, and your own data collection. Every new business should engage in primary market research prior to launch. It will help you validate that your idea has traction, and it will give you the information you need to help minimize financial risk.

You can hire an agency to conduct this research on your behalf. This brings the benefit of expertise, as you’ll likely work with a market research analyst. The downside is that hiring an agency can be expensive—too expensive for many burgeoning entrepreneurs. That brings us to the second approach. You can also do the market research yourself, which substantially reduces the financial burden of starting a new business .

Secondary Market Research

Secondary research includes resources like government databases and industry-specific data and publications. It can be beneficial to start your market research with secondary sources because it’s widely available and often free-to-access. This information will help you gain a broad overview of the market conditions for your new business.

Identify Your Goals and Your Audience

Before you begin conducting interviews or sending out surveys, you need to set your market research goals. At the end of your market research process, you want to have a clear idea of who your target market is—including demographic information like age, gender, and where they live—but you also want to start with a rough idea of who your audience might be and what you’re trying to achieve with market research.

You can pinpoint your objectives by asking yourself a series of guiding questions:

• What are you hoping to discover through your research?
• Who are you hoping to serve better because of your findings?
• What do you think your market is?
• Who are your competitors?
• Are you testing the reception of a new product category or do you want to see if your product or service solves the problem left by a current gap in the market?
• Are you just…testing the waters to get a sense of how people would react to a new brand?

Once you’ve narrowed down the “what” of your market research goals, you’re ready to move onto how you can best achieve them. Think of it like algebra. Many math problems start with “solve for x.” Once you know what you’re looking for, you can get to work trying to find it. It’s a heck of a lot easier to solve a problem when you know you’re looking for “x” than if you were to say “I’m gonna throw some numbers out there and see if I find a variable.”

How to Do Market Research

This guide outlines every component of a comprehensive market research effort. Take into consideration the goals you have established for your market research, as they will influence which of these elements you’ll want to include in your market research strategy.

Secondary Data

Secondary data allows you to utilize pre-existing data to garner a sense of market conditions and opportunities. You can rely on published market studies, white papers, and public competitive information to start your market research journey.

Secondary data, while useful, is limited and cannot substitute your own primary data. It’s best used for quantitative data that can provide background to your more specific inquiries.

Find Your Customers Online

Once you’ve identified your target market, you can use online gathering spaces and forums to gain insights and give yourself a competitive advantage. Rebecca McCusker of The Creative Content Shop recommends internet recon as a vital tool for gaining a sense of customer needs and sentiment. “Read their posts and comments on forums, YouTube video comments, Facebook group [comments], and even Amazon/Goodreads book comments to get in their heads and see what people are saying.”

If you’re interested in engaging with your target demographic online, there are some general rules you should follow. First, secure the consent of any group moderators to ensure that you are acting within the group guidelines. Failure to do so could result in your eviction from the group.

Not all comments have the same research value. “Focus on the comments and posts with the most comments and highest engagement,” says McCusker. These high-engagement posts can give you a sense of what is already connecting and gaining traction within the group.

Social media can also be a great avenue for finding interview subjects. “LinkedIn is very useful if your [target customer] has a very specific job or works in a very specific industry or sector. It’s amazing the amount of people that will be willing to help,” explains Miguel González, a marketing executive at Dealers League . “My advice here is BE BRAVE, go to LinkedIn, or even to people you know and ask them, do quick interviews and ask real people that belong to that market and segment and get your buyer persona information first hand.”

Market research interviews can provide direct feedback on your brand, product, or service and give you a better understanding of consumer pain points and interests.

When organizing your market research interviews, you want to pay special attention to the sample group you’re selecting, as it will directly impact the information you receive. According to Tanya Zhang, the co-founder of Nimble Made , you want to first determine whether you want to choose a representative sample—for example, interviewing people who match each of the buyer persona/customer profiles you’ve developed—or a random sample.

“A sampling of your usual persona styles, for example, can validate details that you’ve already established about your product, while a random sampling may [help you] discover a new way people may use your product,” Zhang says.

Market Surveys

Market surveys solicit customer inclinations regarding your potential product or service through a series of open-ended questions. This direct outreach to your target audience can provide information on your customers’ preferences, attitudes, buying potential, and more.

Every expert we asked voiced unanimous support for market surveys as a powerful tool for market research. With the advent of various survey tools with accessible pricing—or free use—it’s never been easier to assemble, disseminate, and gather market surveys. While it should also be noted that surveys shouldn’t replace customer interviews , they can be used to supplement customer interviews to give you feedback from a broader audience.

Who to Include in Market Surveys

• Current customers
• Past customers
• Your existing audience (such as social media/newsletter audiences)

Example Questions to Include in Market Surveys

While the exact questions will vary for each business, here are some common, helpful questions that you may want to consider for your market survey. Demographic Questions: the questions that help you understand, demographically, who your target customers are:

• “What is your age?”
• “Where do you live?”
• “What is your gender identity?”
• “What is your household income?”
• “What is your household size?”
• “What do you do for a living?”
• “What is your highest level of education?”

Product-Based Questions: Whether you’re seeking feedback for an existing brand or an entirely new one, these questions will help you get a sense of how people feel about your business, product, or service:

• “How well does/would our product/service meet your needs?”
• “How does our product/service compare to similar products/services that you use?”
• “How long have you been a customer?” or “What is the likelihood that you would be a customer of our brand?

Personal/Informative Questions: the deeper questions that help you understand how your audience thinks and what they care about.

• “What are your biggest challenges?”
• “What’s most important to you?”
• “What do you do for fun (hobbies, interests, activities)?”
• “Where do you seek new information when researching a new product?”
• “How do you like to make purchases?”
• “What is your preferred method for interacting with a brand?”

Survey Tools

Online survey tools make it easy to distribute surveys and collect responses. The best part is that there are many free tools available. If you’re making your own online survey, you may want to consider SurveyMonkey, Typeform, Google Forms, or Zoho Survey.

Competitive Analysis

A competitive analysis is a breakdown of how your business stacks up against the competition. There are many different ways to conduct this analysis. One of the most popular methods is a SWOT analysis, which stands for “strengths, weaknesses, opportunities, and threats.” This type of analysis is helpful because it gives you a more robust understanding of why a customer might choose a competitor over your business. Seeing how you stack up against the competition can give you the direction you need to carve out your place as a market leader.

Social Media Analysis

Social media has fundamentally changed the market research landscape, making it easier than ever to engage with a wide swath of consumers. Follow your current or potential competitors on social media to see what they’re posting and how their audience is engaging with it. Social media can also give you a lower cost opportunity for testing different messaging and brand positioning.

SEO Analysis and Opportunities

SEO analysis can help you identify the digital competition for getting the word out about your brand, product, or service. You won’t want to overlook this valuable information. Search listening tools offer a novel approach to understanding the market and generating the content strategy that will drive business. Tools like Google Trends and Awario can streamline this process.

Ready to Kick Your Business Into High Gear?

Now that you’ve completed the guide to market research you know you’re ready to put on your researcher hat to give your business the best start. Still not sure how actually… launch the thing? Our free mini-course can run you through the essentials for starting your side hustle .

About Mary Kate Miller

Mary Kate Miller writes about small business, real estate, and finance. In addition to writing for Foundr, her work has been published by The Washington Post, Teen Vogue, Bustle, and more. She lives in Chicago.

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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: A How-To Guide and Template

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

MARKET RESEARCH KIT

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

Published: 02/21/24

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

Enter: Market Research.

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

Table of Contents

What is market research?

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

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

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

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

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

How? Consider these two things:

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

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

Free Market Research Kit

• SWOT Analysis Template
• Survey Template
• Focus Group Template

Download Free

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You're all set!

Click this link to access this resource at any time.

Why do market research?

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

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

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

Market research also provides insight into the following:

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

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

As a result, you can make better business decisions.

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

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

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

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

Primary Research

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

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

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

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

Secondary Research

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

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

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

1. Interviews

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

2. Focus Groups

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

3. Product/Service Use Research

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

4. Observation-Based Research

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

5. Buyer Persona Research

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

6. Market Segmentation Research

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

7. Pricing Research

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

8. Competitive Analysis

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

9. Customer Satisfaction and Loyalty Research

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

10. Brand Awareness Research

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

11. Campaign Research

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

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

1. Define your buyer persona.

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

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

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

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

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

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

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

28 Tools & Resources for Conducting Market Research

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

How to Run a Competitor Analysis [Free Guide]

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

Causal Research: The Complete Guide

Free Guide & Templates to Help Your Market Research

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

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Consumer Market Research

These are exciting times to do business. Why? Times are changing, and so are the rules. Companies that sense emerging trends and adapt to the evolving mindset of today’s consumers will not only survive but thrive in the years ahead.

In today’s fast-paced world, where businesses compete fiercely for a share of consumers’ wallets: How can a business truly understand its consumers and their needs? This is where consumer market research comes in. It’s more than just a set of data points; it’s the heartbeat of successful businesses… But, what exactly is consumer market research, and why should it matter to any business? Let’s find out!

What Is Consumer Market Research?

Consumer market research aims to analyze companies’ target consumers. It’s the art and science of understanding consumers’ preferences, motivations, behaviors, and buying patterns. This research often employs qualitative methods (like focus groups or one-on-one interviews) and quantitative methods (like surveys or data analytics).

At its core, it offers insights into what consumers think about a product or service, their experience with it, and how they perceive its value. It also delves into their lifestyle, cultural influences, and even psychological triggers that influence their purchase decisions. Without this in-depth understanding, businesses might be shooting in the dark, hoping their products or campaigns resonate with an audience they don’t fully comprehend.

Moreover, consumer market research is not static. Consumer preferences evolve, new trends emerge, and market dynamics shift. To keep pace, businesses must continuously update their understanding of the market landscape.

Why Is Consumer Market Research Important?

Consumer market research is vital for businesses aiming to understand and meet their target audience’s evolving needs and preferences. It provides valuable insights into consumer behavior, purchasing patterns, and trends, allowing businesses to tailor their products and services accordingly. By leveraging consumer market research, companies can develop more effective marketing strategies and enhance customer satisfaction.

Furthermore, in a competitive marketplace, staying ahead requires a deep understanding of the target market. Consumer market research helps businesses identify emerging trends and opportunities, enabling them to innovate and differentiate their offerings. This proactive approach to understanding the market landscape can increase market share and revenue growth.

Additionally, with consumer expectations constantly changing, businesses must adapt to stay relevant. Consumer market research provides businesses with the necessary data to make informed product development and positioning decisions. By aligning their offerings with consumer preferences, companies can build brand loyalty and maintain a competitive edge in the market.

Who Uses Consumer Market Research

Companies across industries rely on consumer market research to identify market opportunities, assess the competitive landscape, and refine their product offerings to better meet consumer needs and preferences.

Marketing teams within these companies use consumer market research to segment their target market, develop targeted messaging, and determine the most effective channels to reach their audience. By understanding consumer preferences and behaviors, marketing teams can create campaigns that resonate with their target market, driving engagement and sales.

Product development teams leverage consumer market research to identify gaps in the market, gather feedback on existing products, and develop new products that address consumer needs. By analyzing consumer insights, product development teams can ensure that their products are well-received in the market and meet consumer expectations.

Sales teams use consumer market research to understand consumer buying behavior, identify potential customers, and tailor their sales approach to meet the needs of different consumer segments. By leveraging consumer insights, sales teams can improve their sales pitch, overcome objections, and ultimately, close more deals.

Retailers rely on consumer market research to understand consumer shopping habits, preferences, and trends. This enables them to optimize their product assortment, pricing strategy, and store layout. Retailers can create a more personalized shopping experience by analyzing consumer data, driving customer loyalty and repeat purchases.

Investors use consumer market research to assess market trends, evaluate the potential success of new ventures, and make informed investment decisions. By understanding consumer preferences and market dynamics, investors can identify lucrative investment opportunities and mitigate risks.

Critical Success Factors for a Successful Consumer Market Research

Achieving meaningful results from consumer market research requires careful planning and execution. Here are some critical success factors to consider:

• Quality Data Collection:  The quality of data collected significantly impacts the validity and reliability of research findings. Employing rigorous data collection methods, such as surveys, interviews, and focus groups, and ensuring representative sample sizes are critical for obtaining accurate insights into consumer behaviors and attitudes.
• Effective Analysis:  Analyzing research data effectively requires robust analytical techniques and tools. Whether it’s quantitative analysis using statistical methods or qualitative analysis using thematic coding, applying appropriate analytical approaches helps uncover meaningful patterns, trends, and correlations in the data.
• Actionable Insights:  The ultimate goal of consumer market research is to generate actionable insights that drive business decisions. Presenting research findings in a clear, concise, and actionable manner, accompanied by recommendations and implications for decision-making, empowers stakeholders to take informed actions based on research insights.
• Continuous Learning:  Consumer preferences and market dynamics evolve over time, requiring businesses to continuously monitor and adapt their research strategies. Embracing a culture of continuous learning and iteration, and leveraging feedback from research findings to refine strategies and approaches, ensures research efforts remain relevant and impactful in an ever-changing market environment.

Expected Results from SIS International’s Consumer Market Research Services

SIS delivers actionable insights and tangible results to businesses seeking to understand their target audience and market dynamics. Here are the expected results businesses can anticipate from SIS International’s consumer market research services:

• Comprehensive Insights:  SIS International conducts in-depth research to provide businesses with extensive insights into consumer preferences, behaviors, and trends. We deliver a holistic understanding of the target market and key drivers influencing consumer decisions.
• Strategic Recommendations:  SIS offers strategic recommendations tailored to the business’s objectives and market context. We provide actionable insights that inform strategic decision-making and drive business success.
• Competitive Intelligence:  We help businesses gain a competitive edge by providing insights into competitor activities, market positioning, and emerging trends. By conducting competitive analysis and benchmarking studies, SIS International equips businesses with the knowledge and insights needed to stay ahead of the competition and capitalize on market opportunities.
• Market Validation:  Prior to launching new products or entering new markets, businesses can rely on SIS International’s market validation services to assess market demand, viability, and potential barriers to entry. By testing product concepts, pricing strategies, and go-to-market approaches with target audiences, businesses can make informed decisions and mitigate risks associated with market expansion.
• Customer Segmentation:  SIS International helps businesses segment their target audience based on demographic, psychographic, and behavioral attributes. By identifying distinct customer segments and understanding their unique needs and preferences, businesses can tailor marketing messages, product offerings, and customer experiences to effectively engage and satisfy different customer segments.
• Measurable Impact:  Our experts are committed to delivering measurable impact and tangible outcomes for its clients. Through rigorous performance tracking, monitoring, and evaluation, SIS International ensures that its consumer market research services drive value in terms of revenue growth, market share expansion, and competitive differentiation.

Consumer Market Research Solutions

Consumer Market Research can help these businesses by uncovering the needs of a prospective target market. Companies can use market research to test opinions, attitudes, usage and behaviors. They can also use it to gain insight into the competition or new opportunities. Market research helps firms to gauge the thought processes of the consumer. Analysts use several methods, including the following:

• Focus Groups:  Researchers can use focus groups as a type of qualitative research. They must first gather a group of people. The researcher then asks them about their attitudes toward a product, concept, or idea. The focus group format has several advantages. It’s a low-cost method, and candidates are more likely to be forthright. It is handy for project evaluation and needs assessment purposes.
• In-depth or one-on-one interviews:  Market researchers use this tool to collect data from consumers of rival products. They also use it in circumstances where their client needs an expert opinion. They use it when gauging high-level executives, business owners, and critical opinion influencers. They also use it for community leaders, specialists, and technicians. In-depth interviews are helpful for gaining insights from experts on any delicate topic.
• Online Video Interviews:  Researchers can now use FaceTime, Skype, and similar platforms to interview participants. Video interviewing offers a real-time connection. It is cost-effective, thus researchers can increase the variety of samples. Online interviews work well as a complement to face-to-face interviews.
• Telephone Interviews:  Researchers carry out telephone interviews, as their name suggests, over the phone. They can use them as depth interviews, using a topic guide. Researchers also use telephone interviews for quantitative research. They can conduct the interviews via a CATI (Computer Aided Telephone Interviewing) system. This method allows the researcher to upload responses right away for analysis.
• Online Surveys:  Researchers favor this method for many reasons. It’s easy to profile prospective respondents to ensure that they’re right for the survey. It’s also a cost-effective method. Researchers can cross-link the information received with qualitative data. Online surveys also make it easy to interview hard-to-reach respondents.

Since 1984, we’ve specialized in essential areas of consumer products, electronics, energy, cosmetics, pharma, automotive, travel, and more. Through advanced Global Market Research, our business is allowing companies to connect with and retain their target customers.

We understand that navigating the contemporary business landscape is complex. Our sophisticated research methodologies, data and intelligence analysis, and unparalleled insight into ever-changing markets, cultures, and consumer mindsets, can make a difference for your company and position you well to succeed in this new and challenging era.

Technological advancements and changing customer demands have required businesses around the globe to instantaneously evolve in order to keep pace and remain relevant. SIS is ever-vigilant to changing trends and times. The next generation has its own ideas and requirements which must be addressed by companies that are serious about survival in this millennium. Allow SIS International Research to be your bridge to better business in this time of incredible opportunity.

SIS Covers A Wide Range Of Industries For Consumer Research

The Online Focus Group is a method in which respondents and the moderator discuss topics via audio, video, or chat. Clients can also observe in real-time. B2B professionals are busy, and this method can be more convenient.

Another advantage of the online focus group is that it can assemble respondents over vast geographies, which can be particularly helpful in specialized, niche industries. Online Groups can be a cost-effective, convenient, and efficient way to generate qualitative insight.

Advertising

• In-depth interviews of executives who purchase advertising in Asia, Latin America, and Europe, evaluating how they spend their advertising budgets and their media needs.
• Quantitative study on apparel in the UK and Germany
• Market study in the US for women’s apparel
• Market study in the US for infant wear
• Market study in the US for swimwear
• Market study in the US for menswear
• Market study in the US for fabrics
• Market study for upscale women’s apparel and accessories
• Market study for sneakers in Japan
• Intercept study on mid-level apparel stores in France, Spain, and South Korea
• Global qualitative study of automobile drivers and consumers in Argentina, Brazil, France, Germany, Hong Kong, Italy, Japan, Malaysia, Netherlands, Norway,
• Puerto Rico, Singapore, Thailand, and the UK.
• US survey of consumers to determine their attitudes about using premium gasoline
• Conducted focus groups with consumers who have purchased high-end cars

Beverage – Non Alcoholic

• Analysis of the market for Japanese coffee makers
• Organized a discussion panel of mothers and single people for a juice manufacturer
• Conducted focus groups for global beverage company
• Market intelligence survey to determine the market size, potential, and optimum distribution of a drink product from Mexico into India

Beverages – Alcoholic

• Conducted focus groups for a new beer can in the US
• Quantitative study for a new product concept for beer in the US
• Conducted focus groups for vodka in the US

Credit Cards

• Conducted a global quantitative study of consumer credit card usage in Europe, South Africa, the Middle East, Asia, and Latin America

Consumer Preference Studies

• A quantitative study that determined consumer preferences for imaging equipment
• Interviewed affluent women to study their spending habits
• Conducted a study to determine whether or not a particular brand’s store conforms to its overall brand identity Consumer Readership Studies
• Evaluation of reading trends for publications in Latin America, determining who read selected magazines and their attitudes and level of usage Competitive Intelligence Studies
• A quantitative study covering the US, Puerto Rico, and the Dominican Republic to determine what competitive products are produced in those countries and how they are promoted
• Business intelligence study about the competitive environment of the cutlery market in Europe and Latin America
• Field research to locate and purchase competitive coffee maker products in the UK, Spain, and Germany
• Evaluation of competitive air filtering systems for consumers in Italy, France, Germany, the UK, and Spain
• Competitive evaluation of air treatment products and filtering systems
• Competitor profiles of major consumer products firms: their global strategy, globalization of key products, global branding successes, and failures
• Competitive analysis of the R&D departments of large consumer products firms
• Market intelligence study covering apparel and infant wear offerings of mass merchandisers in the retail industry
• Created a competitor profile for a major consumer products firm
• Global strategy competitive assessment for consumer goods and packaged foods supplier
• Analysis of the reorganization of a major player in the consumer products industry and its implications for the firm
• In-store interviews with business owners in Chinatown, New York
• Competitive Intelligence Study on the Contact Lens and Contact Solutions Markets in the US
• Conducted a competitor analysis on the aroma care and insect killer markets in the US

Need more information about Consumer Market Research? Contact us now

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Consumer Behavior Market Research Reports & Industry Analysis

Consumer behavior industry research & market reports, refine your search, meat, poultry, & seafood alternatives: plant-based and cell-cultured types, 3rd edition.

Aug 23, 2024  |  Published by: Packaged Facts  |  USD 3,995

... plant-forward diets and eating philosophies. Consumers who eat plant-based meat, poultry, or seafood products and those who are open to trying cultivated meat products are examined. The report analyzes trends including consumer usage of plant-based ... Read More

Asia Driving Routine and Impulse Eating Occasions

Aug 22, 2024  |  Published by: Euromonitor International  |  USD 1,450

... time and place. Snack and meal solutions can tap into routine occasions to offer products that elevate monotonous and hectic times of day. At the same time, there are opportunities to tap into digital strategies ... Read More

Food Allergy and Intolerance Products

Jul 01, 2024  |  Published by: Global Industry Analysts  |  USD 5,600

... 2023, is expected to reach US$53.9 Billion by 2030, growing at a CAGR of 5.9% over the analysis period 2023-2030. Lactose-Free Products, one of the segments analyzed in the report, is expected to record a ... Read More

Consumer Behavior 2025

Jul 01, 2024  |  Published by: Richard K. Miller & Associates  |  USD 385

... Consumer Behavior 2025 presents dozens of surveys analyzing consumer spending characteristics, behavioral responses, and preferences. Easy-to-read summaries of current research and other information useful for retailers, marketers, advertisers, and business consultants are presented. W hile ... Read More

US Beverage Market Outlook 2024 – Opportunities & Challenges With Pricing, Better-For-You Options, & More

Jun 28, 2024  |  Published by: Packaged Facts  |  USD 4,995

... via retail channels. All retail distribution channels are covered, including supermarkets and grocery stores, mass merchandisers and supercenters, warehouse clubs, specialty food stores, health/natural food stores, convenience stores, drugstores, dollar stores, vending machines, and direct ... Read More

Organic and Clean Label Food Shoppers: US Market Trends & Opportunities in Packaged Foods, 3rd Edition

Jun 27, 2024  |  Published by: Packaged Facts  |  USD 3,995

... packaging; products “free from” ingredients such as allergens, pesticides, hormones, artificial ingredients, and preservatives are key to the trend. However, attributes that products feature rather than lack are also important distinguishing characteristics. Claims of environmental ... Read More

Office Coffee Service in the US: Market Trends & Opportunities, 6th Edition

May 17, 2024  |  Published by: Packaged Facts  |  USD 3,995

... pandemic triggered a sharp decline as remote work surged and offices were closed or operating at a limited capacity. While essential businesses with on-site workers such as hospitals and manufacturing plants kept OCS afloat, overall ... Read More

Nutrigenomics

May 01, 2024  |  Published by: Global Industry Analysts  |  USD 5,600

... CAGR of 16.1% over the period 2023-2030. Nutrigenomics Reagents & Kits, one of the segments analyzed in the report, is expected to record 16.9% CAGR and reach US$1.8 Billion by the end of the analysis ... Read More

Industry Insights: Top Trends and Demand Spaces in Plant-Based Meat and Seafood Alternatives​

Apr 30, 2024  |  Published by: GlobalData  |  USD 1,950

... on in 2024. This report explains how and why these trends are happening using GlobalData's TrendSights and demand space analytical frameworks. The report identifies the consumer sentiment, market development, innovation landscape, the issues facing plant-based ... Read More

Product Innovation in Soft Drinks

Apr 10, 2024  |  Published by: Euromonitor International  |  USD 1,325

... in 2023/2024, with product examples from large global e-commerce retailers over the last 12 months. Euromonitor International’s Product Innovation in Soft Drinks report provides data and analysis on new product launch activity across digital shelf ... Read More

Food Market Outlook 2024: Opportunities & Challenges With Pricing, Convenience, Sustainability & More

Apr 01, 2024  |  Published by: Packaged Facts  |  USD 4,995

... something new to the table. Opportunities abound for companies that invest in new product launches, ingredient changes, and different marketing tactics to appeal to changing consumer preferences. Still, there is an ebb and flow in ... Read More

Food Carryout and Delivery: US Market Trends and Opportunities, 3rd Edition

Mar 28, 2024  |  Published by: Packaged Facts  |  USD 3,995

... Delivery will be growing faster than carryout due to starting from a lower base of sales and continuing expansion in foodservice delivery options. Delivery and carryout can also benefit restaurants that are facing labor issues. ... Read More

Superfoods Market Forecasts to 2030 – Global Analysis By Product Type (Nuts & Seed, Fruits, Vegetables, Herbs & Roots, Fish, Yogurt & Fermented Foods and Other Product Types), Distribution Channel, Application and By Geography

Mar 03, 2024  |  Published by: Stratistics Market Research Consulting  |  USD 4,150

... According to Stratistics MRC, the Global Superfoods Market is accounted for $174.8 billion in 2023 and is expected to reach $241.1 billion by 2030 growing at a CAGR of 4.7% during the forecast period. Superfoods ... Read More

Serbia in 2040: The Future Demographic

Feb 27, 2024  |  Published by: Euromonitor International  |  USD 990

... over a quarter of the population being 65+ by 2040. The rural population will continue to decrease as citizens migrate to cities for employment opportunities, with a rise in women entering the workforce. Ongoing urbanisation ... Read More

Global Meal Kit Market: Analysis By Meal Type (Non Vegetarian, Vegetarian and Vegan), By Offering Type (Cook and Eat & Heat and Eat), By Distribution Channel (Online, Supermarket, Convenience Stores and Others), By Region Size & Forecast with Impact Analysis of COVID-19 and Forecast up to 2029

Feb 16, 2024  |  Published by: Daedal Research  |  USD 2,250

... Size & Forecast with Impact Analysis of COVID-19 and Forecast up to 2029 A Meal Kit is a subscription service in which the company sends the customer pre-portioned or partially prepared food ingredients and recipes. ... Read More

Strategies & Trends in Kids Nutrition 2024

Feb 01, 2024  |  Published by: New Nutrition Business  |  USD 620

... This report takes everything we have learned from our special focus on the kids market since 2004 and helps you to reduce your risk of failure – and maximise your chances of success. It includes: ... Read More

Meal Kit Market: Global Market Size, Forecast, Insights, Segmentation, and Competitive Landscape with Impact of COVID-19 & Russia-Ukraine War

Jan 23, 2024  |  Published by: Prodture  |  USD 2,299

... during 2024-2033. This report on global meal kit market report provides holistic understanding of the market along with market sizing, forecast, drivers, challenges, and competitive landscape. The report presents a clear picture of the global ... Read More

Consumer food & health attitudes 2024

Jan 01, 2024  |  Published by: New Nutrition Business  |  USD 380

... five-country survey, published each year, tracks long-term changes in consumer beliefs about food, nutrition and health. We ask consumers in the USA, the UK, Australia, Spain and Brazil: what they’re eating and avoiding eating where ... Read More

Children's Food & Beverages: United States

Dec 31, 2023  |  Published by: Freedonia Focus Reports  |  USD 900

... in annual series from 2017 to 2023. Retail sales in this report are defined as sales of children's food and beverage products from venues such as: grocery stores, supermarkets, and discount grocers (e.g., Kroger, Safeway, ... Read More

Children's Food and Beverage Market: Trends and Opportunities, 3rd Edition

Dec 31, 2023  |  Published by: Packaged Facts  |  USD 3,995

... food is a close second. Compared to all consumers, parents are more likely to prioritize food characteristics that provide a health halo such as high protein, healthy fats, clean label, and non-GMO. Opportunities exist in ... Read More

Global Meal Kit Market 2024-2028

Dec 13, 2023  |  Published by: TechNavio  |  USD 2,500

... kit market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors. The report offers an up-to-date analysis regarding the current market scenario, ... Read More

Gluten-Free Foods: US Market Trends & Opportunities, 7th Edition

Dec 01, 2023  |  Published by: Packaged Facts  |  USD 3,995

... cooking more at home. Consumers were particularly interested in home baking in 2020, leading to fast growth in sales of gluten-free baking products including baking mixes, flour, and dough. Sales continued to grow from 2021 ... Read More

Global Recipe Apps Market 2024-2028

Nov 28, 2023  |  Published by: TechNavio  |  USD 2,500

... apps market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors. The report offers an up-to-date analysis regarding the current market scenario, ... Read More

Sustainability-Aligned Cooking - ForeSights

Nov 20, 2023  |  Published by: GlobalData  |  USD 495

... as Barilla are piloting smart technology solutions that are combined with appliances to make sustainable cooking more accessible and easier to use. Sustainability-aligned cooking methods will encourage consumers to bring eco-friendly methods such as passive ... Read More

Staple Foods in the US

Nov 20, 2023  |  Published by: Euromonitor International  |  USD 2,100

... an issue, some to more elevated levels, due to the persistence of the war in Ukraine as well as an unprecedented volatile climate in 2023. This has led to higher production costs in an already ... Read More

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The Critical Role of Market Research in 2021: Experts Weigh In

by Sarah Schmidt , on January 12, 2021

I asked a variety of market research professionals—including executives and founders, research directors, and senior analysts from around the world—to consider what “job” market research will perform and the key benefits it will provide for companies in the coming year.

Some of their responses take a broad outlook, while others focus on the value of market research within specific industries such as energy, pharmaceuticals, or health care. Each viewpoint helps shed light on what the future may hold for the market research industry and the businesses that depend on it.

Understand current market dynamics and the long-term outlook. David Sprinkle, Publisher, Packaged Facts

“As has been the case since the COVID-19 pandemic struck, market research in 2021 will depend not only on expert historical understanding of individual markets, including their distinctive patterns during and after previous economic recessions, but also on steady tracking of market performance throughout the year. The interconnected factors at play—COVID-19 contagion and fatality rates; the corresponding economic slowdown and job loss; the roll-out and effectiveness of COVID-19 vaccines and drugs; federal and state/local fiscal and stimulus responses, including any lock-down policies; and consumer resilience and psychographics in the face of the experience or threat of economic insecurity—mean in aggregate that market sales trajectories may continue to look more like a pinball’s track than a single-direction arrow or clear-cut curve. Quality and objective market research will enable industry players and market analysts to keep their eye on the larger and longer-term picture, as it unfolds.”   

Get ever closer to the consumer and identify growth opportunities. Sarah Boumphrey, Global Research Director, Euromonitor International

“Companies will have to get ever closer to the consumer in 2021. Agility, innovation, and bold choices will be needed in order to identify growth opportunities. In this environment, market research and the actionable insights it provides, are even more crucial than ever.”

Make fact-based decisions for a better future. Joe Newsum, Founder, Kentley Insights

“2021 is all about economic volatility with the virus, shutdowns, vaccines, stimulus, policies, consumer and business demand, bankruptcies, globalization, and more. This volatility will hit every industry in its unique way, and leaders will depend on market research to discern reality from fiction to help drive fact-based decisions for a better future.”

Research customer behavior and pivot to new market niches. John LaRosa, President, Marketdata LLC

"Too many times, during recessions, companies cut their marketing and market research budgets. This is adding fuel to the fire. During periods of slow sales, it's more important than ever to research why you are losing customers and which ones. It's also necessary to pivot to find new market niches and potential new products and services. If you don't do any research, you'll never know what those new niches might be."

Gain vital insights into a radically changed world. Jack W. Plunkett, CEO, Plunkett Research, Ltd.

"Executives today are extremely aware that the world changed abruptly with the onset of the Coronavirus. For example, Plunkett Research estimates that literally 10 years’ worth of growth in digital adoption and behavior were compressed into a few months’ time during 2020, as everything from telemedicine—to online grocery ordering—to streaming entertainment soared.

The question on executives’ minds now should be: how much of this behavior will be permanent in the post-COVID era? What will be the attitudes, needs, and plans of businesses and consumers going forward? Will spending resume at former levels, or will today’s high savings rates and financial conservatism endure? If businesses and consumers spend more freely in the near future, what will they be willing to spend on/invest in? How will business markets in 2021 differ geographically and regionally? These are the critical insights that managers need in order to plan their strategies.

The only effective way for enterprises to gain these vital insights is to utilize accurate, up-to-the-minute research. Market researchers have to work harder than ever, and I mean that literally, to conduct interviews, analyze data, draw conclusions, and make forecasts, because things have changed so much and so radically. Our pipeline of research clients has grown significantly in recent months due to these needs. In particular, we’re doing deep research in such areas as online banking and payments, technology adoption, health care markets, and food markets. The next couple of years will be both exciting and challenging for enterprises and market professionals alike."

Scan the horizon for potential threats. Edwin Bailey, Director of Marketing & Research, Content Catalyst

“In 2021 corporate management teams will be on full alert for events that cause business disruption. This means that competitor intelligence and strategy teams will be taken more seriously and better funded to research potential threats. Companies will be inclined to buy or commission research that will help them understand how a market will shape-up in the event of another pandemic, war, or other ‘unforeseen’ global event. Companies, such as airlines, whose business has been badly affected by the coronavirus pandemic, may seek to diversify into ‘pandemic immune’ sectors and will therefore need support to research and understand market segments unfamiliar to them.”

Identify winners and losers in challenging, fluid conditions. Simeon Pinder, Senior Analyst, GMR Data Ltd

"How we research has shifted fundamentally due to the pandemic. Three questions we have to address—How was a sector operating pre-COVID? How about during? And what is the outlook for post-COVID?

If we take retail as an example—depending on your physical / online mix, it has been feast or famine. The banking sector has had to deal with loan breaks, whilst scaling their digital to encourage customers towards online. The pharmaceutical sector has faced unprecedented demands, not just in headline vaccines trials, but in areas such as PPE, medical devices, and Rx & OTC arenas.

Our research shows us that no one sector has benefitted universally, and within horizontals there are winners and losers. What we see is that in challenging, fluid, conditions independent market research is always welcomed. We also see light at the end of the tunnel, and we expect a busy 2021!"

Evaluate markets where cutting-edge research and development is performed rapidly on a massive scale. Deirdre Kelly, PhD, Managing Director, Kelly Scientific  

“Market research will be imperative in 2021 given the current flux in all markets due to the COVID-19 pandemic. Uncertainties associated with drug availability, key ingredients, global logistics, clinical trials, and new drug launches will rock the pharma industry and demand concrete data from market analysts. We at Kelly Scientific have seen certain markets such as immunotherapies withstand the pandemic pressure of 2020, maintaining robust sales but observing stilted growth. Furthermore, COVID-19 is having a major impact on the anti-infectives, vaccine, and viral therapeutic markets and so thorough evaluation of these areas will be required for business strategies and key industry decisions. Comprehensive market analysis will be critical in 2021 in a global environment where cutting-edge research and development is being performed rapidly and on a massive scale. Industry leaders will be required to have all of this knowledge at their fingertips.”

Light a path through uncertainty and secure your position after the storm. Dan Strempel, Senior Analyst, Simba Information

“The scholarly and professional publishing industry was facing disruption before COVID-19 broke out. But academics, even when pushing for revolutionary changes, are cautious and tend to take incremental steps forward after much research and debate. COVID-19 has created urgency and most feel it has accelerated the movement towards open access, open research—and digital solutions as a means of achieving those goals. In this environment, market research will function as a beacon for those industry competitors who are trying to navigate the uncertainty and secure their place in the market that will exist after the storm.”

Navigate dramatic changes in the energy sector. Sara Peerun, Commercial Director, Visiongain

''The energy industry is facing prominent challenges, and the COVID-19 pandemic has altered the standards of the market, witnessing for the first time in history negative oil prices. Market research and analysis were always essential for businesses navigating in the competitive energy market economic scenery, and they are anticipated to be the key in our future attempts to understand the nature and the pace of the oil and gas market recovery in 2021 as well as the impact of the pandemic to the global energy transition efforts.''

Understand how disruption has impacted your portfolio and what remedies might help in times of uncertainty. Dr. Vishal Agrawal, CEO, DelveInsight Business Research

“The global healthcare market has been busy finding a way to overcome the impact of COVID on business without paralyzing itself. Many patients living with comorbid conditions are at the risk of getting infected by coronavirus and pose a real challenge for the prompt delivery of healthcare services, e.g. dialysis. On top of that, patients are avoiding visiting physicians, creating an opportunity for telemedicine and digital platforms to provide services safely at their home. 

The coming year will witness a dramatic shift in the healthcare market. Digital healthcare and telemedicine offer tremendous opportunities, and it is expected to create an exponential impact as regulators around the globe are looking for viable alternatives. 

The role of competitive monitoring will increase, as companies will require insights post the pandemic to gain footing in the market. Market research will go a long way to benefit companies in understanding how the disruption has impacted their portfolio and what remedies might help in the time of economic uncertainty. To cater to the unforeseen circumstances in the healthcare industry, market research activities that take lessons from historical events and move from a reactive approach towards a proactive approach will help in effective decision-making for strategy building. 

Organizations need to involve themselves in understanding consumers' perceptions, analyze granular events to derive accurate forecasts, and work to understand both short-term and long-term implications for business growth. Evidence-based decision making has become the need of the hour, and market research around these points will drive businesses forward.”

Explore promising international growth opportunities while minimizing risk. Marcello Antonioni, Managing Partner, StudiaBo srl, in charge of ExportPlanning

“Strategic planning has always represented a key driver of growth for companies. Now more than ever, in the extraordinary circumstances we are living due to the current pandemic, taking corporate decisions based on reliable data is and will be essential to bring about recovery and success for any business.

The philosophy behind ExportPlanning has always been the importance of strategy and market research in the process of internationalization. We think that in 2021 this data-driven approach will necessarily spread, in the face of an expanded risk scenario as well as increased competition in international markets.

Carefully chosen foreign markets can represent a powerful tool for growth, all the more so in a context of a stagnant domestic market. Nonetheless, accessing a market without evaluating one’s strengths and weaknesses, as well as risks and opportunities of the project, can constitute a considerable risk. That’s when market research comes into play. Trusted data from open and official sources can help identify the most promising markets for one’s products, through macroeconomic and trade data, combined with modern algorithms and professional expertise in terms of data analysis and internationalization best practices. Market research can therefore constitute a crucial support to minimize the risk while exploring new opportunities, even in these challenging times.”

Find product-market fit in an ever-evolving digital world. Faisal Ahmad, CEO, BIS Research

"The need for understanding and forecasting the market (especially new and emerging markets) is now extended to almost all technology and technology products. Gathering credible intelligence (market research) is no more a luxury but a necessity to find product-market fit in the ever-evolving digital world."

Use actionable insights for business planning, forecasts, and presentations. Gerry Christensen, Founder and CEO, Mind Commerce

“While the market research industry itself has transformed significantly over the last decade, the need for insights, data, and actionable information remain a crucial aspect of business strategy and planning for all companies. Despite the recent market disruptions precipitated by COVID-19, the role and importance of market research in 2021 and beyond will continue to grow.

However, it is important to recognize that the manner in which information is delivered, consumed, and put into action is rapidly evolving. Buyer expectations for premium market research drive the need for content-dense delivery with actionable information. The form in which information is consumed is transforming from static reports to more dynamic information, often delivered as part of a subscription service offering.

In addition, market research users increasingly demand flexible platforms that enable customers to use market research content (narrative, data, and images) for many purposes including various internal business documents such as business plans, forecasts, and presentations. Accordingly, successful market research companies will be those that fulfill these evolving customer expectations through scalable and user-friendly market research as-a-service capabilities."

Want more information? Check out our latest article on predicted market research trends for 2022 . You can also download our free white paper to learn how third-party market research can help you gain a competitive edge.

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