In the early 2000s, Nokia dominated the mobile market. When Apple introduced the first iPhone in 2007, it took a little time before the world saw it as the future. But as soon as it did, Apple has been racking in serious profit. By 2014, Nokia has sold its handset business to Microsoft. Critics say that after a period of commendable innovation, Nokia has been complacent in its place as a mobile brand superpower. It ignored the shift in consumer demand and relied on the proven prowess of their phones. Through extensive market research to learn what would sell, Apple, on the other hand, became a trillion-dollar icon of American business by 2018.
Coca-Cola has been a household name since its market entry in the 1880s, from its distinct taste to the Spencerian script logo that remained unchanged for over a century. Their campaigns appeal on an emotional level with consumers. The Coca-Cola experience isn’t a random, eureka moment. It’s a product of market research and well-thought strategies. Marketing research is essentially asking what your top customers want and how you can supply it. Your business costs a fortune to build and operate. You cannot risk all of that money and effort by just guessing what might work for you. Supplement every decision with reliable data and thorough analyses using these market research plans templates.
Twenty-four-hour bars and clubs would not fare well in a small rural area with an 8 PM bedtime. An effective market research enables you to learn about the things that are relevant to your business, such as what your customers want, what your competitors offer, and how much the people in your area can afford to pay for what you can provide. You can create effective marketing strategies using the information you gathered from your research. Download this Market Research Plan Template to start with your research!
Sometimes market research will be ineffective in giving the best solution for your business problem. This is because your research objectives weren’t aligned with what you want to solve. Somewhere along in the investigation, you lost track of your research goal. What do you expect to learn after you have investigated? Define your objectives before you proceed with your research. Download a research plan to guide you all the way! It includes introduction, goals, and your research time frame.
Your research plan is a detailed framework that keeps you from straying away from why you performed the study in the first place. On the other hand, research proposals are intended to convince the reader to support your research, either for execution or funding. This proposal template can be modified to become your one-page research plan. It contains a plan’s basic elements like the study’s rationale, objectives, research methodology and strategies, expected results, and timetable. Download this research plan to keep you on schedule!
When you go fishing, you will bring maybe a fishing pole or a net. You definitely wouldn’t use a vacuum cleaner to catch fish. Similarly, the kind of data that you want to gather will determine your means of data collection.
Primary data sources are first-hand accounts, like surveys, experiments, and observations. Secondary sources are data that are already collected and presented for use, such as statistics from census, information databases, sales and internal records. Surveys are usually used because they are cheaper, and the generic questions make for impartial results. You have to frame your questions in the manner that your respondents will give you the information that you need. This template will save you the hassle of starting from scratch. The questionnaire is prepared, and you can modify it to suit your needs.
After you wrote your survey questionnaire, you should test it first in a small group of people. Test surveys let you see how effective your survey will be. If there are vague and unclear questions, you can omit them after. You can also see if each query will generate the expected answers you need based on the answers you have obtained in the test run. After you have revised the questionnaire, you can run another test to see if it is already good for use. If you need to use a survey method in your market research, this template will help you!
A survey can consist of more than one kind of questions. The open-ended type allows the respondents to answer with their own words. This type gives the persons more freedom, but their responses may not be what you look for. A multiple-choice type question limits the answers into pre-determined options. However, it is easier to process the information obtained from this type. There is also the dichotomous yes or no, black or white question format. The rate-the-subject scale questions are also common in surveys. With this survey template, you can proceed with other important parts of your research faster!
Avoid unnecessary costs of pursuing an alternative or a new product by conducting market research. For example, you can decide if paper bags are better selling than cloth bags. Create a plan on how you would collect relevant data. Remember, data collection can still cost the company revenue and productivity. Decide on what information is appropriate for your research. It is impractical to spend for data that have little influence on your research. It may also confuse you during the analysis. Create a research plan or download this sample so that you will have an effective and economical research design.
Your research methods and your research, in general, is usually directed at a specific group of people. You can try to widen your target demographic by looking into what would sell for other people outside your current market. Or you can direct your efforts towards improving your products for the top customers who patronize your brand. Market segmentation analysis lets your company design the goods and services that will be appropriate and effective for a specific group. Optimize your company’s efforts on promotion and other marketing strategies with this template!
Is your research design cost-effective? It is best to examine if the value of your study’s result will justify how much of the company’s resources were spent on obtaining it. And it is best to do this before you proceed with the actual research. Cost-benefit analysis lets you weigh if the research is feasible and if it is worth pursuing, given the available resource. Incorporate this in your research plan so you can see if your research approach, methodology, and research tools is practical for your expected outcome. Get this template now!
Market research is like a crystal ball that lets you see what works and what doesn’t, given that you say the right phrases (in this case, your research design). It helps you appraise the purchasing power and the demand of your market, the value of a product, the effectivity of ad campaigns, and the market competition. The question is, can your company afford the kind of research you are proposing? Is there an alternative process that will return a similar result? Will the findings be of any weight to the company? Get this free cost analysis template to make sure your research is a smart investment for your company.