what is included in a market research report

What is a Marketing Research Report and How to Write It?

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There is nothing more embarrassing for a marketer than to hear a client say “…this doesn’t quite address the business questions that we need to answer.” And unfortunately, this is a rather common occurrence in market research reporting that most marketers would care to admit.

So, why do most market research reports fail to meet client expectations? Well, in most cases, because there is more emphasis on methodology and analytic techniques used to craft the report rather than relying on data visualization, creative story-telling, and outlining actionable direction/steps.

Now, our next big question is, how do you avoid your client’s dreaded deer-in-the-headlights reaction when presenting such a report? This blog post will answer this and much more, as we go through the following:

What Is a Market Research Report?

Why is market research important, differences between primary and secondary market research, types of market research, market research reports advantages and disadvantages, how to do market research, how to prepare a market research report: 5 steps, marketing research report templates, marketing research reports best practices, bring your market research reports a step further with databox.

The purpose of creating a market research report is to make calculated decisions about business ideas. Market research is done to evaluate the feasibility of a new product or service, through research conducted with potential consumers. The information obtained from conducting market research is then documented in a formal report that should contain the following details:

• The characteristics of your ideal customers
• You customers buying habits
• The value your product or service can bring to those customers
• A list of your top competitors

Every business aims to provide the best possible product or service at the lowest cost possible. Simply said, market research is important because it helps you understand your customers and determine whether the product or service that you are about to launch is worth the effort.

Here is an example of a customer complaint that may result in more detailed market research:

Suppose you sell widgets, and you want your widget business to succeed over the long term. Over the years, you have developed many different ways of making widgets. But a couple of years ago, a customer complained that your widgets were made of a cheap kind of foam that fell apart after six months. You didn’t think at the time that this was a major problem, but now you know it.

The customer is someone you really want to keep. So, you decide to research this complaint. You set up a focus group of people who use widgets and ask them what they think about the specific problem. After the conducted survey you’ll get a better picture of customer opinions, so you can either decide to make the changes regarding widget design or just let it go.

PRO TIP: How Well Are Your Marketing KPIs Performing?

Like most marketers and marketing managers, you want to know how well your efforts are translating into results each month. How much traffic and new contact conversions do you get? How many new contacts do you get from organic sessions? How are your email campaigns performing? How well are your landing pages converting? You might have to scramble to put all of this together in a single report, but now you can have it all at your fingertips in a single Databox dashboard.

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• Marketing Performance KPIs . Tracking the number of MQLs, SQLs, New Contacts and similar will help you identify how your marketing efforts contribute to sales.
• Email Performance . Measure the success of your email campaigns from HubSpot. Keep an eye on your most important email marketing metrics such as number of sent emails, number of opened emails, open rate, email click-through rate, and more.
• Blog Posts and Landing Pages . How many people have viewed your blog recently? How well are your landing pages performing?

Now you can benefit from the experience of our Google Analytics and HubSpot Marketing experts, who have put together a plug-and-play Databox template that contains all the essential metrics for monitoring your leads. It’s simple to implement and start using as a standalone dashboard or in marketing reports, and best of all, it’s free!

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Step 3: Watch your dashboard populate in seconds.

Marketing research requires both primary and secondary market research. But what does that mean and what are the main differences?

Primary market research takes in information directly from customers, usually as participants in surveys. Usually, it is consisted of:

• Exploratory Primary Research – This type of research helps to identify possible problem areas, and it’s not focused on discovering specific information about customers. As with any research, exploratory primary research should be conducted carefully. Researchers need to craft an interviewing or surveying plan, and gather enough respondents to ensure reasonable levels of statistical reliability.
• Specific Primary Research – This type of research is one of the best ways to approach a problem because it relies on existing customer data. Specific research provides a deeper, more thorough understanding of the problem and its potential solutions. The greatest advantage of specific research is that it lets you explore a very specific question, and focus on a specific problem or an opportunity.

Secondary market research collects information from other sources such as databases, trend reports, market or government statistics, industry content, etc. We can divide secondary market research into 3 categories:

• Public market data – Public sources range from academic journals and government reports to tax returns and court documents. These sources aren’t always easy to find. Many are available only in print in libraries and archives. You have to look beyond search engines like Google to find public source documents.
• Commercial data – Those are typically created by specialized agencies like Pew, Gartner or Forrester. the research agencies are quite expensive, but they provide a lot of useful information.
• Internal data – Your organization’s databases are gold mines for market research. In the best cases, your salespeople can tell you what they think about customers. Your salespeople are your direct sources of information about the market. Don’t underestimate your internal data.

In general, primary research is more reliable than secondary research, because researchers have to interview people directly. But primary research is expensive and time-consuming. Secondary research can be quicker and less expensive.

There are plenty of ways to conduct marketing research reports. Mostly, the type of research done will depend on your goals. Here are some types of market research often conducted by marketers.

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.

An interview is an interactive process of asking and answering questions and observing your respondent’s responses. Interviews are one of the most commonly used tools in market research . An interview allows an organization to observe, in detail, how its consumers interact with its products and services. It also allows an organization to address specific questions.

A focus group is a group of people who get together to discuss a particular topic. A moderator leads the discussion and takes notes. The main benefit of focus groups is that they are quick and easy to conduct. You can gather a group of carefully-selected people, give them a product to try out, and get their feedback within a few hours/days.

Product or service use research helps you obtain useful information about your product or service such as:

• What your current customers do with the product/service
• Which features of the product/service are particularly important to your customers
• What they dislike about the product/service
• What they would change about the product/service

Observation-based research helps you to observe your target audience interacting with your product or service. You will see the interactions and which aspects work well and which could be improved. The main point is to directly experience the feedback from your target audience’s point of view.

Personas are an essential sales tool. By knowing your buyers’ pain points and the challenges they face, you can create better content, target messaging, and campaigns for them. Buyer persona research is based on market research, and it’s built around data that describes your customers’ demographics, behaviors, motivations, and concerns. Sales reporting software can significantly help you develop buyer personas when you gain insights after you collected all information.

Market segmentation research is carried out to better understand existing and potential market segments. The objective is to determine how to target different market segments and how they differ from each other. The three most important steps in writing a market segmentation research report are:

• Defining the problem
• Determining the solution [and]
• Defining the market

Related : 9 Customer Segmentation Tips to Personalize Ecommerce Marketing and Drive More Sales

A price that is too high, or too low, can kill a business. And without good market research, you don’t really know what is a good price for your product. Pricing research helps you define your pricing strategy.

In a competitive analysis, you define your “competition” as any other entity that competes with you in your market, whether you’re selling a widget or a piece of real estate. With competitive analysis research, you can find out things like:

• Who your competitors are
• What they’ve done in the past
• What’s working well for them
• Their weaknesses
• How they’re positioned in the market
• How they market themselves
• What they’re doing that you’re not

Related : How to Do an SEO Competitive Analysis: A Step-by-Step Guide

In today’s marketplace, companies are increasingly focused on customer loyalty. What your customers want is your product, but, more importantly, they want it delivered with a service that exceeds their expectations. Successful companies listen to their customers and respond accordingly. That’s why customer satisfaction and loyalty research is a critical component of that basic equation.

Related : 11 Tactics for Effectively Measuring Your Customer Service ROI

Who you are, what you stand for, what you offer, what you believe in, and what your audience thinks of you is all wrapped up in brand. Brand awareness research tells what your target audience knows about your brand and what’s their experience like.

A campaign research report is a detailed account of how your marketing campaign performed. It includes all the elements that went into creating the campaign: planning, implementation, and measurement.

Here are some of the top advantages and disadvantages of doing market research and crafting market research reports.

• Identify business opportunities – A market research report can be used to analyze potential markets and new products. It can give information about customer needs, preferences, and attitudes. Also, it compare products and services.
• A clear understanding of your customers – A market report gives company’s marketing department an in-depth picture about customers’ needs and wants. This knowledge can be used to improve products, prices, and advertising.
• Mitigates risks – 30% of small businesses fail within the first two years. Why is this so? The answer is that entrepreneurs are risk takers. However, there are risks that could be avoided. A good marketing research will help you identify those risks and allow you to mitigate them.
• Clear data-driven insights – Market research encompasses a wide range of activities, from determining market size and segment to forecasting demand, and from identifying competitors to monitoring pricing. All of these are quantified and measurable which means that gives you a clear path for building unique decisions based on numbers.

Disadvantages

• It’s not cheap – Although market research can be done for as little as $500, large markets like the United States can run into millions of dollars. If a research is done for a specific product, the budget may be even much higher. The budget also depends on the quality of the research. The more expensive it is, the more time the research will take.
• Some insights could be false – For example, if you are conducting a survey, data may be inadequate or inaccurate because respondents can, well, simply be dishonest and lie.

Here are the essential steps you need to take when doing market research:

Define your buyer persona

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

The job of a marketing persona is to describe your ideal customer and to tell you what they want, what motivates them, what frustrates them, and what limits them. Finding out these things means you have a better chance of designing your products, services, marketing messages, and brand around real customers. There is no one right way to create a buyer persona, though.

For example, if you’re in an industry focused on education, you could include things like:

• Educational level
• Education background

It’s recommended that you create 3-5 buyer personas for your products, based on your ideal customer.

This should be a representative sample of your target customers so you can better understand their behavior. You want to find people who fit both your target personas and who represent the broader demographic of your market. People who recently made a purchase or purposefully decided not to make one are a good sample to start with.

The questions you use determine the quality of your results. Of course, the quality of your results also depends on the quality of your participants.

Don’t ask questions that imply a yes or no answer. Instead, use open questions. For example, if you are researching customers about yogurt products, you could ask them: „ What have you heard about yogurt ?” or “ What do you think of yogurt ?“.

Avoid questions that use numbers, such as “ How many times a week do you eat yogurt ?”

Avoid questions that suggest a set of mutually exclusive answers, such as “ Do you like yogurt for breakfast, lunch, or dinner ?”

Avoid questions that imply a scale, such as “ Do you like chocolate-flavored yogurt ?”

Market researchers sometimes call one company the top competitor, another middle competitor, and the third one small competitor. However you classify them, you want to identify at least three companies in each category. Now, for each business on your list, list its key characteristics. For example, if your business sells running shoes, a key characteristic might be the product’s quality.

Next, make a list of your small business’s competitive advantages. These include the unique qualities or features of your business that make it the best choice of customers for the products or services it offers. Make a list of these competitive advantages and list them next to the key characteristics you listed for your business.

You have just finished writing your marketing research report. Everything is out there quantified or qualified. You just have to sum it up and focus on the most important details that are going to make a big impact on your decisions. Clear summary leads to a winning strategy!

Related : How to Prepare a Complete Marketing Report: The KPIs, Analysis, & Action Plan You Need

Here’s how to prepare a market research report in 5 simple steps:

Step 1: Cluster the data

Step 2: prepare an outline, step 3: mention the research methods, step 4: include visuals with narrative explanations, step 5: conclude the report with recommendations.

Your first step is to cluster all the available information into a manageable set. Clustering is the process of grouping information together in a way that emphasizes commonalities and minimizes differences. So, in market research, this will help to organize all the information you have about a product, service, or target market and identify your focus areas.

A marketing research report should be written so that other people can understand it:

• Include background information at the beginning to explain who your audience is and what problem you are trying to solve for them.
• In the body of the report, include a description of the methodology – Explain to the reader how your research was done, what was involved, and why you selected the methodology you used.
• Also in the body of the report, include the results of your market research. These may be quantitative or qualitative, but either way they should answer the questions you posed at the beginning.
• Include the executive summary – A summary of the entire report.

The market research methodology section includes details on the type of research, sample size, any limitations of the studies, research design, sample selection, data collection procedures, and statistical analyses used.

Visuals are an essential part of the presentation. Even the best-written text can be difficult to understand. Charts and graphs are easier to understand than text alone, and they help the reader see how the numbers fit the bigger picture.

But visuals are not the whole story. They are only one part of the presentation. Visuals are a cue for the reader. The narrative gives the story, not just the numbers.

Recommendations tend to follow logically from conclusions and are a response to a certain problem. The recommendation should always be relevant to the research rationale, that is, the recommendation should be based on the results of the research reported in the body of the report.

Now, let’s take a look at some dashboard reporting templates you could use to enhance your market research:

• Semrush (Position Tracking) Report

Brand Awareness Report

Sales pipeline performance report, customer success overview report, stripe (mrr & churn) report, semrush (position tracking) report template.

This free SEMRush dashboard template will help you monitor how your website’s search visibility on search engines evolves on a monthly basis. This dashboard contains all of the information you need to make changes and improve the ranking results of your business in Google Search.

This Brand Awareness Report will help you to get a sense of your brand awareness performance in Google Analytics, Google Organic Search, and Facebook. Use this dashboard to track brand awareness the same way you track other marketing campaigns.

Are your sales and marketing funnel healthy and growing? How is your sales and marketing funnel performing? What are the key conversion rates between your lifecycle stages? With a pipeline performance dashboard , you’ll get all of the answers quickly.

This Customer Success Overview Dashboard allows you to analyze how your customer service team’s responsiveness impacts your business. Use this dashboard to assess the correlation between your customer service performance and churn rate. 

This Stripe dashboard tracks your churn rate and MRR growth in real-time and shows you which customers (and how many of them) you have at any given point in time. All you have to do to get started is to connect your Stripe account.

As we said earlier, there are no strict rules when it comes to writing marketing research reports. On the other hand, you must find your focus if you want to write a report that will make a difference. Here are some best practices you should keep in mind when writing a research report.

• Objectives – The objective of a market research report is to define the problems, identify key issues, and suggest recommendations for further research. If you answer them successfully, you’re on the right way.
• Don’t worry about the format – Be creative. The report could be in a form of a PowerPoint presentation, Excel sheet, interactive dashboard or even a video. Use the format that best fits your audience, but make sure to make it easy to read.
• Include an executive summary, scorecard , or a dashboard – This is really important because time is money, and most people don’t have time to waste. So, how to put everything important in a short role? Address all of the objectives and put them in a graphic dashboard or scorecard. Also, you can write an executive summary template (heart of the report) that can be easily updated and read by managers or CEOs.
• Use storytelling –  A good story always makes a great point because it’s so memorable. Your research report results can double the effect with a catchy story.
• Keep it short – It’s not a secret that we are reading so little in the digital era. Use a lot of white space and bullet points. Too much text on a page means less focus for the reader.
• Be organized – Maintain the order of information. It’s important for the reader to navigate through the report easily. If they want to find some details or specific information it would be great to divide all sections with appropriate references.
• Methodological information – Methodological details could be boring. Include only the most important details that the reader needs to know to understand the big picture.
• Use images (or other visualizations) whenever you can – A good picture speaks for 1.000 words! If you can communicate the point visually, don’t hesitate to do it. It would be a lot easier for those who don’t like a lot of text to understand your results. But don’t push them where you can’t.
• Create readable graphs – The crown of marketing research reports is a comprehensive graph. Make sure to design precise and attractive graphs that will power up and round your story.
• Use the Appendix  – You can include all secondary information such as methodological details and other miscellaneous data in the Appendix at the end of the report.

Market research reports are all about presenting your data in an easy-to-understand way and making calculated decisions about business ideas. But this is something easier said than done.

When busy stakeholders and executives grab a report, they need something that will give them an idea of the results – the big picture that addresses company wide-business goals.

Can a PowerPoint presentation or a PDF report meet those expectations? Most likely not. But a dashboard can.

Keep in mind that even with the best market analysis in the world, your market research report won’t be actionable if you don’t present the data efficiently and in a way that everyone understands what the next steps are. Databox is your key ally in the matter.

Databox dashboards are designed to help you present your market research data with clarity – from identifying what is influencing your business, and understanding where your brand is situated in the market, to gauging the temperature of your niche or industry before a new product/service launch.

Present your research results with efficient, interactive dashboards now by signing up for a free trial .

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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.

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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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5 Things to Remember When Writing a Market Research Report

Filed Under: Best Practices , Market Research , Reporting , Tools & Techniques , Quantitative Research

Lynne Bartos

Vice President and Marketing Content Strategist, Marketing

There is nothing more embarrassing for a researcher than to hear a client say “…this doesn’t really address the business questions that we set out to answer.” This is more common an occurrence in research reporting than most of us would care to admit. But unfortunately, much report writing these days falls short of expectations for those on the client side. This is likely due to more emphasis on methodology or analytic technique at the expense of clear graphics, creative story-telling and actionable direction.

What often happens during the report-writing process is that market researchers have their direct research client in mind. They neglect the fact that their direct contact must present these findings to the ultimate stakeholder in the process — someone in senior management or the head of marketing who does not function in the research realm.

We need to take conscious steps to break out of our little bubble to avoid some of the lingo that is prevalent in research circles. You know what I mean if you’ve ever found yourself presenting your findings to marketing folks. While peppering them with terms such as “mean,” “monadic,” “DK/NS,” “latent class,” and the like, you suddenly notice the deer-in-the-headlights reaction. Worse yet, your audience’s eyes glaze over completely. These terms are foreign to many marketers and, frankly, most of them couldn’t care less about such things. They simply want a viable solution to the particular business need they set out to address.

So, when writing a research report for my clients it helps me to keep a few things in mind….

Speak to Marketers in Their Language

Focus on what marketers care most about — getting customers, keeping customers, and increasing their share of the customer’s wallet. So tell them what is meaningful to them….

• How to position their brand
• How best to price it
• Who their best prospects are and how to reach them
• What message should they be communicating
• Who are their most loyal and valuable customers
• How do they keep them loyal to their service or brand

Net, net — put some Marketing-Speak into your report, and leave out the Research-speak.

Tell a good story

A good report tells a good story. So, how do you tell a compelling story? Start by getting organized!

• Develop an analytic plan that focuses on business issues and objectives — the questions that need to be answered.
• Outline how the questions will be.
• Once the data is in, all team members should know how the data relates to those question, and they can craft the best story together.

Remember, every page in the report should contribute to the story! If something doesn’t contour well with your story, stick it in the Appendix. How many hundred-page reports have you been subjected to where the charts are all in the same order as the questionnaire? Where is the story?

It’s also important to stick closely to your analytic plan when crafting your story. The analytic plan is what helps to keep everyone focused on why the research was conducted in the first place.

Insightful Headlines and Bullets

What I also find helpful in getting my arms around the story is to write effective bullets and headlines for the data presented. Too many people think an insight is reiterating the numbers that are in the charts. Remember, anyone can read the numbers on a chart – our job, as researchers, is to pull the deeper insights from seemingly obvious data.

Be Creative and Have a Llittle Fun

Creativity also comes into play! Package the story in a creative way. No one wants to see rows and rows of data. Make the report visually appealing so you don’t intimidate those who are going to be using the findings to help drive strategy. Avoid too much text and too many numbers.

And, don’t be afraid to insert some humor here and there. It reminds your clients that you are human and helps to lighten the tone and keep things relaxed.

Get to the Heart of It

And finally, probably the hardest part of the report process for any researcher is to get straight to the heart of it… what is the story – conclusions, implications, and recommendations. Go to the next step to tell them what the data MEANS, and what they might consider doing to maximize their investment.

And there is nothing sweeter to a market researcher’s ears than to hear a client voice saying, “Thanks, this really addresses the business questions that we set out to answer!”

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9.2: Elements of a market research report

The market research report marks the culmination of the project, but it also marks the beginning of the recommendations’ implementation and action phase. Having established the decision problem, chosen a research method, identified a target population sample, collected and analyzed data accurately, and, hopefully, produced sound findings, the next step is to prepare the report and possibly present it to a group of decision makers. Usually, this involves writing a report and, occasionally, creating a slide show based on the report.

The six fundamental components of a research report are as follows:

• Title Page: This section provides an overview of the report, including its purpose, who requested it, when and how it was conducted.
• Table of Contents: This section lists all of the major sections of the report along with any graphs or charts, along with the page numbers where they are located.
• Executive Summary: This section provides a brief summary of all the details in the report, suitable for both executives and nonexecutives who may not have the time to read the entire document.
• Methodology and Limitations: The methodology section of the report explains the technical details of how the research was designed and conducted. The section explains, for example, how the data was collected and by whom, the size of the sample, how it was chosen, and whom or what it consisted of (e.g., the number of women versus men or children versus adults). It also includes information about the statistical techniques used to analyze the data. Every study has errors—sampling errors, interviewer errors, and so forth. The methodology section should explain these details, so decision makers can consider their overall impact. The margin of error is the overall tendency of the study to be off kilter—that is, how far it could have gone wrong in either direction. Remember how newscasters present polls before an election? They always say, “This candidate is ahead 48 to 44 percent, plus or minus 2 percent.” That “plus or minus” is the margin of error. The larger the margin of error is, the less likely the results of the study are accurate. The margin of error needs to be included in the methodology section.
• Findings: If there is additional research or secondary data that supports the study’s conclusions, it can be included in the findings section to help demonstrate that the study accomplished its goals. The findings section is an expanded, more detailed version of the executive summary that provides additional information about the statistics that the research uncovered and that support the study’s conclusions.
• Recommendations. The recommendations section should include a description of the course of action you believe should be followed in light of the research’s findings as well as the project’s objectives. Examples

Staff members have the most knowledge about the organization or business, so they will know what should and should not be included in the final research report and presentation. When preparing the report, it is important to keep the readership in mind. Avoid using technical jargon that decision makers and other readers will not understand; if you must use technical terms, explain them. Additionally, proofread the document to catch any typos or grammatical errors; ask a couple of people to proofread behind you to catch any mistakes you might have missed. Lastly, since many research reports are presented using slideshows, avoid trying to include every detail of the report on the slides. People attending the presentation will not have the time to go through the lengthy and boring material, and even if they do, it is unlikely that they will be paying attention to the presenter.

During or after the presentation, attendees can review the longer, paper version of the report so they can read the details at a convenient time, if they choose to. Instead of including all the information from the study on the slides, condense each section of the report down to key points and add some “talking points” only the presenter will see.

Albrecht, M. G., Green, M., & Hoffman, L. (2023).  Principles of Marketing . OpenStax, Rice University. CC BY 4.0

Author removed at request of original publisher. (2022). Principles of Marketing – H5P Edition . BC Campus Open Education. CC BY-NC-SA 4.0

Introduction to Market Research Copyright © by Julie Fossitt is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License , except where otherwise noted.

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A Guide on How to Create a Market Research Report

A market research report provides valuable insights into consumer behaviors, market trends, competitive analysis, and the overall health of specific industries.

This document serves as a roadmap for businesses to strategize effectively, identify new opportunities, and mitigate risks.

In this article, we will walk you through the essential components of a market research report, the steps to create one, and best practices to ensure that your findings are actionable and accurate.

What is a Market Research Report?

A market research report is a comprehensive document that gathers data about market conditions, customer preferences, competition, and other factors affecting an industry or business. It synthesizes primary and secondary research to present an analysis that helps companies make strategic decisions. The report covers various aspects, from demographic data and consumer surveys to industry trends and competitive dynamics.

Types of Market Research Reports

Market research reports can vary based on the objectives and the scope of the study. Here are some common types:

• Consumer Analysis Reports: Focus on customer demographics, preferences, and behavior to tailor products and marketing strategies.
• Competitive Analysis Reports: Evaluate the strengths and weaknesses of competitors within the market, offering insights into competitive advantages and potential opportunities.
• Industry Analysis Reports: Provide a broad overview of the industry, including trends, size, and growth forecasts.
• Product Testing Reports: Gather feedback from users about a new or existing product to inform product development and improvement.
• Brand Loyalty Reports: Analyze customer loyalty and satisfaction to help develop strategies to enhance customer retention.

What Does a Market Research Report Include?

A well-rounded market research report generally contains the following elements:

• Executive Summary: A concise overview of key findings and recommendations, allowing readers to quickly understand the report's essence.
• Introduction: Contextualizes the research, including objectives and questions that the report aims to address.
• Methodology: Describes the research methods used to collect data, whether through surveys, interviews, focus groups, or secondary data sources.
• Market Analysis: Detailed analysis of the market, including size, trends, growth patterns, and environmental factors.
• Competitive Landscape: Assessment of key players in the industry, their market share, strategies, and products.
• Customer Insights: Analysis of customer demographics, buying behaviors, preferences, and needs.
• Conclusions and Recommendations: Summarize the insights derived from the research and suggest actionable strategies based on the findings.

How to Create a Market Research Report in 5 Steps

Creating an effective market research report involves a structured approach:

• Define the Purpose: Clearly articulate what you want to achieve with the report. This will guide your research focus and methodology.
• Gather Information: Use both primary and secondary research to collect comprehensive data. Primary research could include surveys and interviews, while secondary research may involve reviewing existing studies, industry reports, and competitive data.
• Analyze Data: Interpret the data to identify patterns, insights, and correlations. Use statistical tools and software for accurate analysis.
• Draft the Report: Organize the findings in a structured format. Start with the executive summary, followed by the introduction, methodology, detailed findings, and conclusions.
• Review and Revise: Ensure the report is clear, accurate, and free from bias. It may be helpful to have peers or stakeholders review the document before finalizing it.

Best Practices for Creating a Market Research Report

To enhance the effectiveness of your market research report, consider these best practices:

• Stay Objective: Maintain impartiality to ensure the report is unbiased and reliable.
• Use Visuals: Incorporate charts, graphs, and infographics to make data easier to understand and more engaging.
• Keep It Concise: Be clear and concise, avoiding overly complex language or excessive detail that may distract from the key insights.
• Segment the Data: Provide segmented analysis to offer more detailed insights into different customer groups or market segments.
• Update Regularly: Market conditions change rapidly, so it’s important to update your reports periodically to keep them relevant.

Create a Market Research Report Using Tome

Presenting your market research effectively is key to influencing strategic decisions.

With Tome, you can effortlessly craft detailed, insightful presentations that communicate complex data in an understandable and engaging manner.

Start leveraging Tome today to enhance the impact of your market research reports and drive meaningful action.

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What is a Marketing Research Report and How to Write It

In essence, a market research report is a document that reveals the characteristics of your ideal customers, their buying habits, the value your product or service can bring to them, and the list of your top competitors.

The marketing research report paints a picture of what kinds of new products or services may be the most profitable in today’s highly competitive landscape. For products or services already available, a marketing research report can provide detailed insights as to whether they are meeting their consumers’ needs and expectations. It helps understand the reasons why consumers buy a particular product by studying consumer behavior, including how economic, cultural, societal, and personal factors influence that behavior.

Furthermore, the purpose of writing a marketing research report is to make calculated decisions about business ideas – whether they’re worth pursuing or not. This requires one primary skill which is observing the pattern which is hidden in the User Generated Content (UGC) written in different tones and perspectives on the social web.

Simply put, writing a market research report is a vital part of planning business activities and serves as a neat way to assimilate all the information about your target market and prospective customers.

Now, there are two key varieties of marketing research report formats – primary and secondary.

Primary vs. Secondary Market Research

Let’s take a look at the main recipes of how to make a market research report in detail:

Primary Research

This method of marketing research involves gathering firsthand information about your market and prospective clients. You study your customers directly by conducting:

• Interviews (either by telephone or face-to-face)
• Surveys and polls (online or by email)
• Questionnaires (online or by email)
• Focus groups discussions with a sample of potential customers and getting their direct feedback

Some crucial questions that you need to ask your prospective customers in your primary research are:

• What are the factors that motivate you to purchase this product or service?
• What do you like or dislike about this type of product or service already available on the market?
• Are there any areas you’d like to suggest for improvement?
• What according to you is the appropriate price for this product or service?

Primary research also involves analyzing competitors’ strategies, so you can find gaps and weaknesses that you can turn into your strengths.

Secondary Research

The second method of writing a marketing research report is all about analyzing the data that has already been published and using the available information on the web. That is, secondary research is done from reliable reports and statistics found on the websites of other organizations or authority blogs in your industry.

Sources can be:

• Public: This includes all the free sources like social media and forums, Google Trends, YouGov, and government sources such as the United States Census Bureau.
• Commercial: This includes industry insights compiled by research agencies like Pew, Gartner, Forrester, and so on. Typically, these are paid.
• Internal: This is the historical market data your organization already has in-house, such as the Net Promoter Score, customer churn rate, and so on.

Secondary data can help you identify competitors, establish benchmarks, and determine target customer segments or demographics – people who live a certain lifestyle, their income and buying patterns, age group, location, etc.

Market Research Reports Advantages and Disadvantages

Before we discuss how to write a marketing research report, let’s quickly take a look at market research report benefits and also some of the limitations in marketing research reports.

Advantages of Market Research Report

Here are the top reasons why you should invest in creating a market research report.

1. Gives a Better Understanding of Your Customers

The answers to questions like who will buy your product, what are the customers’ pain points, what motivates their buying behavior, and so on will be effectively answered with a market research report. Essentially, it will help you map out the full profile of your ideal customer and consequently, allow you to create tailored products and marketing campaigns.

2. Helps Spot Business Opportunities

As already mentioned, market research will give you insights about your competitors’ strategies, so you can find gaps in their offerings that you can turn into your product’s strengths. You may also find other business opportunities such as potential partnerships with brands that sell complementary products, or an opportunity to better upsell or cross-sell your products. For example, a keyword research report from a SaaS SEO agency provides an opportunity to acquire organic search ranking by creating in-depth, high-converting, and funnel-oriented content.

3. Minimizes Risks

Starting or running a business is synonymous with risk. In fact, nearly half of all small businesses with employees don’t survive for more than five years. Conducting proper market research frequently will allow you to stay on top of trends, and not waste your efforts and resources in things that would likely be fruitless.

For instance, before you launch a new product, conducting market research gives you a much better idea of the demand for your product. Or if an existing product is seeing a big drop in sales, market research helps you determine the root cause of the issue.

4. Facilitates Data-Driven Decision Making

When it comes to business decisions – data over guesswork, always. So, based on your market research results, you can make more informed decisions regarding the pricing, distribution channels, and marketing budget of your products.

Disadvantages of Market Research Report

As with anything, there are a couple of downsides to conducting marketing research as well.

1. Could Be an Expensive Activity

Conducting a comprehensive, in-depth research is usually a costly activity in terms of both time and money. To research the right audience with the right questions requires you to invest a lot of time. If you wish to use data by commercial market research agencies or get help from one such agency in conducting primary research, be prepared to spend a substantial amount.

2. Insights Gathered Could Be Inadequate or Even Inaccurate

Another problem often faced in marketing research is a lack of respondents. While you can figure out who is your target audience, getting them to fill out surveys and questionnaires can indeed be challenging. Plus, you’re using data you collected for drawing conclusions, which may be unreliable.

For example, by the time you act on the data you collected, it may have become outdated. This translates into poor decision making and the whole process may become counterproductive.

How to Prepare Market Research Report

Now, here are some concrete steps and guidelines for writing a marketing research report.

Step 1: Cluster the Data

First off, compile all the relevant data you’ve accumulated from your primary and/or secondary research efforts. Survey results, interview answers, statistics from third-party sources – bring it all together and then analyze the information to sketch out the profile of your target market.

Step 2: Prepare an Outline

Next, create a skeleton of the report so that you understand what information will go where. An outline with sections and subsections will help you structure your marketing research report properly. A typical report includes an introduction, background and methodology, executive summary, results, and a conclusion with links to all references.

With an outline in front of you, start by writing the front matter of your report – an introduction that provides a brief overview of your business and the reason you conducted the market research. Include a summary of the market research process and the results you have analyzed. For instance, you might have been gauging the feasibility of a new product, so summarize that your market research report is for a new product launch.

Step 3: Mention the Research Methods

An important next step is to clearly mention the methods used to conduct the research. That is, if you conducted polls, specify the number of polls, the percentage of responses, the types of people or businesses targeted, and the questions included in the poll. Tag all the resources for demographic information, such as census data.

Step 4: Include Visuals With Narrative Explanation

Visuals such as charts and graphs are an important part of any research paper. They make sure that the findings are easy to comprehend.

So, create tables, graphs, and/or charts illustrating the results of the research. Accompany it with a narrative explanation of the visual data. Highlight the inferences you made based on this data.

Step 5: Conclude the Report With Recommendations

Finally, conclude your report with a section that lists actionable recommendations based on the research results to facilitate decision making. For example, all the numbers may point to the conclusion that your customers desire a particular feature that no other product on the market is currently offering. In this case, it is clear that it’s a good idea to invest your resources in providing that feature and gain a competitive edge.

At the very end of the report, include reference links to all the sources and an appendix for supplementary materials and further reading.

Marketing Research Report Templates

Before you go, check out some templates and samples you can use to better understand the marketing research report structure, and maybe even use them to kickstart your report instead of preparing one from scratch.

• Market Research Report for New Product Launch
• Market Research Report for Restaurant (competitor analysis)
• Social Media Market Research Report

Writing a marketing research report is a tried-and-true way to gain a solid understanding of your target audience and competitors while enabling you to make more informed decisions and minimize investment risks. Sure, it may take considerable time, effort, and even money to conduct thorough research and prepare a report, but when done well, the ROI of it all is well worth it.

Shahid Abbasi is an SEO strategy & campaign manager at Growfusely, a SaaS content marketing agency specializing in content and data-driven SEO.

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