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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 Conduct Market Research for Startups

With 50% of new businesses failing within the first five years of operation, startups need to develop a deep understanding of their customer base quickly in order to thrive. Successful new business ventures strategically begin by gathering accurate and thorough information about their industry to identify the best path ahead. Conducting market research for startups is a key step toward meeting customer needs and strengthening marketing messaging.

Market research brings together important details about a business's customers, competition, and industry. The results serve as a tool in a startup’s business planning process as it evolves. Analyzing the findings can help determine the viability of a business concept and identify areas for adjustment to improve performance, profitability, and attract investors.

“Without market research, a startup is just making guesses. Listening to your prospective customers will help you align your product/service and marketing messaging to address their needs.” Dr. Elaine Young, Champlain College Online

As noted by Dr. Elaine Young , professor and program director of marketing communication at Champlain College Online, “Startups need market research so that they can gain insight into the behaviors and values of their target customers. Just because you think your startup idea is amazing, doesn't mean that consumers will. Without market research, a startup is just making guesses. Listening to your prospective customers will help you align your product/service and marketing messaging to address their needs.”

Table of Contents

What is market research?

Why is it valuable for startups, types of market research, methods of market research, how to do market research for startups, sample questions to ask customers.

Market research is defined as the process of collecting, analyzing, and interpreting a broad set of information about a specific market or industry. The research might focus on:

• A potential product or service for that market
• Existing and/or potential customers for the product or service
• The needs, purchase habits, characteristics, and location of your target market
• Competitors in your industry
• Trends within your market or industry as a whole

As a business strategy, market research enables companies to make actionable decisions according to data-based findings. These measurable statistics can be gathered through a variety of methods, which we will explore below.

Startups benefit from market research in multiple ways. With so much time, energy, and funds invested in a startup, taking steps to strengthen the concept and connection to your target audience is critical to survival and the bottom line. 

The market research process delivers value to startups by:

• Allowing you to test the ideas and concepts behind your product or service
• Enticing investors with data showing the projected profitability of your venture 
• Providing statistical evidence to potentially support your business concept or encourage you to adapt it to better meet the needs of your target market
• Helping to clarify exactly who your customers are
• Serving as evidence to investors of an entrepreneur’s commitment to improving a business based on current market conditions
• Increasing the odds of   success of your startup

“Market research can help founders focus their energy, enthusiasm, and resources toward a specific segment and the real target audience.”

Adrienne Wallace, Grand Valley State University

The American Marketing Association confirms that market research can directly increase your bottom line. And trusted market research findings can also speed up the process of getting investors on board with your startup venture.

“Startups can't begin with just a hope and a prayer,” notes Adrienne Wallace , associate professor at Grand Valley State University. “Market research can help founders focus their energy, enthusiasm, and resources toward a specific segment and the real target audience instead of making the age-old error of ‘everyone is the target’ because it simply can't be that for efforts to be fruitful.”

There are two types of market research used most in the business world today: primary and secondary. They can be used individually but are often combined to create a broader understanding of your target market.

Primary research

Primary research involves collecting data directly from your target market. This is often achieved through the use of surveys, interviews, and focus groups. The findings can provide a comprehensive understanding of your customer base’s needs and preferences.

Secondary research

Secondary research requires examining existing data collected by third parties. Examples of potential data sources include news media, industry reports, proprietary data from other companies, academic journals, or public databases. Although targeted data is not always available for your particular industry, secondary research enables you to gain insight and understanding about an industry overall.

Choosing a specific method of market research — either quantitative or qualitative — will determine the type of data collected in your research.

Quantitative research

Quantitative market research gathers large numerical datasets that can be used in statistical analysis. These results offer more accurate snapshots of industry trends and market challenges. Common methods of collecting quantitative research data are through surveys, questionnaires, and polls.

Qualitative research

Qualitative market research strives to identify the reasons behind customers’ buying habits, as well as their needs, wants, and overall customer satisfaction . These results can help clarify the “why” behind your target market’s behaviors and feelings. Focus groups, in-depth interviews, and online bulletin boards are typical methods for conducting qualitative market research.

Generally, quantitative market research is more commonly utilized than qualitative market research because it is more scientific, unbiased, and more easily plicated in future studies. In 2019, 61% of the money spent on market research in the United States went toward quantitative research, with only 12% spent on qualitative research.

Conducting market research is not a quick process, so it requires thoughtful planning. You may handle this research on your own or hire a third-party market research company to manage the process on your behalf. The steps below will guide you through developing a market research strategy that benefits your startup.

Step 1. Define your research purpose

The first step in market research for startups is to determine what questions you hope to answer through this research. From those questions, you can develop projected results that will help reveal the overall purpose of your research. Understanding the purpose from the beginning will be an asset in identifying the best approach to selecting subjects, composing questions, and testing product designs.

Examples of market research purpose include:

• Confirming consumers’ biggest pain point and whether your product meets their needs
• Tracking and predicting relevant industry trends
• Determining consumer spending capacity for a product/service
• Gauging the market infiltration of your competitors

Step 2. Study your target market and competitors closely

It’s important to take time to study existing information about your target market, your competitors, and your target demographic. Growing your knowledge base about all of these factors in advance will strengthen the relevancy of your research.

When working on demographics, a buyer persona template can be a useful tool to help segment the consumer audience into smaller groups for better targeting. Understanding each group’s behaviors and motivation can lead to research findings that resonate deeply with your customer base.

Step 3. Choose the right type and method for your needs

The best type of market research for your business will depend on the purpose you aim to achieve. If your goal is a broad-scope industry view, secondary research examining existing data may provide you with all the information you need. But if your strategy is to clarify specific details about your customer base, you will need to collect new data through primary research. 

The ideal method for data collection also depends on the end goal. Quantitative research methods such as surveys create data useful in making market predictions. Qualitative research methods like focus groups and in-depth interviews offer more personal and subjective responses from participants. Such responses are valuable when seeking direct consumer insight on your product or service and on brand awareness.

Step 4. Recruit appropriate research subjects

If you are pursuing primary research, the subjects involved in your study should be capable of providing insights that are directly relevant and valuable to your market research goals. Recruitment methods can vary from social media posts to hiring third-party market research firms and incentivizing participation.

Seek out existing customers, former customers, and potential customers to create a full spectrum view of your market and product. Other potential sources for research participants include:

• Recent customers
• Customers who did not complete their purchase
• Word of mouth among both personal and professional networks 

Step 5. Conduct your research

Execute your market research plan based on the method you identified in Step 3. Appoint someone not deeply connected with the project planning as the point person for interviews or focus groups in an effort to reduce potential bias. When creating surveys, strive to incorporate neutral (non-leading) language as a way to craft unbiased research questions.

Christina Inge , an instructor and curriculum designer at Northeastern University, suggests an effective research technique called customer discovery. “It requires asking customers what their needs are,” she says, “rather than showing them your product or service and asking for their reactions. This can help you get to the heart of what your customers need, leading to better product market fit, faster.”

Step 6. Analyze your results

Once you’ve collected and organized all of your data, analyze it for relevant trends and patterns. Any qualitative data, such as feedback from focus groups or interviews, can be interpreted quantitatively by noting response ratios amongst the participants. Examine your findings for insights that offer actionable next steps.

One famous example of a startup that pivoted toward success as a result of closely analyzing the market research on their target market is Tune In Hook Up. As an online video dating site that wasn’t seeing much traffic, their research revealed that users struggled to share videos easily with one another. Based on their findings, they decided to shift away from romance and focus on the videos, renaming themselves YouTube.

Step 7. Create an actionable report from your findings

Gather your findings into a report that outlines the recommended actions necessary to address the market research results. Whether the data provides positive or negative insights, you should always come away with actionable steps and suggestions for the next stage of your startup.

Find additional tips and a free report template in HubSpot’s’ How To Do Market Research: A Guide and Template .

Drafting market research questions for startups is not an exact science because cookie-cutter surveys and interview questions will not work. Every product, service, and industry has unique features that require tailored language in each research question. 

Below is a sampling of the type of questions you may want to consider: 

• What do you like most about our new product or service?
• What do you wish our product or service did that it does not currently do?
• What do you lose sleep over at night?
• What price would you consider so low that you’d question this product’s overall quality?
• Which of these companies have you purchased this product from in the past six months? (list of competitors)

Market research is a booming industry around the globe, but nowhere more so than in the United States. The U.S. is the leading country for market research services , with the industry bringing in $18.75 billion in 2020, more than six times the industry-related revenue of any other country in the world. It’s no surprise, considering how quality market research can directly impact a company’s bottom line and growth. Free kits for growth marketing can help you get moving on the road to success through market research for startups.

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How to do market research for a startup (with examples)

Did you step out of the shower this morning with a business idea to beat them all? Did you read back through late-night notes, and they finally made sense?

If you’ve come up with an amazing idea for a product or service, congratulations! This could be the start of a great adventure, and every adventure needs to start somewhere.

To set a business set up for success, don’t create that website or launch that prototype just yet .

Take the time for proper market research . We know it might not seem as exciting as elevator pitches and guerilla marketing campaigns. Still, it’s just as important for your business strategy and will be a firm contributor to your startup’s success.

To discover if your big shower idea is viable, you need to conduct market research .

Before understanding which market research method is best for you, let’s get on the same page. 

What we’ll cover in this article:

What is market research.

• What good market research looks like, and what it can deliver
• Why market research for startups is so valuable 
• How to conduct market research for startups in a way that’ll give you actionable data
• Some examples of how market research changed the course for startups that went on to become successful businesses

Market research is about analysing the market you are in or are about to enter. It involves closely examining market trends, industry trends, market dynamics, your target audience, and other potential customers. Market research includes competitor analysis to see how similar businesses are selling and identify any indirect competitors you can learn from.

Market research findings will influence and guide your go-to-market strategies, and help you secure funding — they aren’t just for good-looking reports! Investors will want to see more than general market size figures. If you can show them proprietary data you’ve gathered from your target consumers (also known as zero-party data ), it will give them the deeper layer of insight they’re looking for.

Market research has been around for decades , and companies have tweaked and updated it over time, but the term has always been used rather loosely. It shouldn’t be conducted to simply confirm that your idea is good. 

When you conduct market research looking to affirm a hypothesis, you become susceptible to market research bias. You can end up walking away with specific data sets that affirm your theory, rather than actionable data that can dictate the direction your theory needs to take—which may be the opposite direction!

Why is market research important for entrepreneurs and startups?

It’s easy to be blinded by the potential of a big startup idea. Your product or service might seem great on paper—or even as a prototype—but without proper market research services , it could flop when you go to market.

Startup founders need to get as much detailed information on their potential market as soon as possible. Here are some reasons why:

Market research will help you test your ideas

There are several things you can and should find out about your product through research. The first question to answer: is there sufficient demand for your product?

It’s not true that if you make something and promote it hard enough, people will eventually start buying it. 

It could be that the product you have in mind is not for the target group you would expect or that the timing is off. For example, selling wired headphones now that most cell phones don’t even have a headphone jack would not be the perfect timing to secure demand. This works both ways; your product could be behind the times or ahead of them—as you’ll see later in our examples!

That doesn’t mean you can’t produce anything that hasn’t been done before – you simply have to do it differently and better. When Slack entered the market, there were communication tools for businesses already on the market. They just did it better. 

Aside from understanding what your core product and its features need to look like, you’ll also gather important information on pricing, payment plans, marketing strategies, product messaging, and more. There are tons of companies to help you with your research—here are the top market research companies in the US to get you started.

Conducting market research is important for attracting investors

If you want to impress potential investors, you’ll need more than a spicy prototype to whet their appetite. The main thing that investors care about is how likely they are to make money out of this product in the long run. 

For that, they’ll need to see research that backs up your claims and proves there’s a viable market for you to enter and meet demand. 

 This research makes the decision-making process to invest that much easier. 

Investors will need to conduct a due diligence check before they part with their cash. You’ll have a large chunk of the data they need embedded in your market research—making this investment process run that much smoother for every stakeholder. 

Discover how market research can help your brand: from reaching the right customers to testing creative assets

It makes startups less likely to fail 

Let’s look at why startups fail.

The top answers for this underline the importance of market research once again. At number 1 on the list of reasons why startups fail: ‘ no market need. ’ In 42% of cases , there’s simply not sufficient demand for a shower thought—no matter how innovative it is.

Number 3 on that same list is being beaten by the competition. Ignoring your competitors accounts for 20% of startup failure !

Of course, market research can’t predict the future entirely. However, when done properly, it’ll give your small business the tools needed to get a head start in the sink-or-swim world of startups.

Choose the right tools for market research

Attest is here to give you all the market insights you need, with tailored demographic filters and ready-to-go survey templates, you can measure everything from brand awareness to product demand in hours, not days or weeks.

How to do market research for a startup: 6 steps

There are plenty of tools, resources, and best practices to conduct solid market research, but it can be difficult to pick the right direction to head in. Worry not! Here are six steps to get the most out of your market research.

1. Find the right market research methods for your needs

Before diving into your market, target audience, and competitors, it’s good to freshen up on the types of market research methods there are: primary research and secondary research.

Primary market research

The internet only knows so much. You’ll have to get some data straight from the source: your target audience. That’s where primary data enters the picture. This is research you do yourself, gathering information directly from the people you want to use your product or service.

A great way to do this is by using online surveys or working with focus groups to get a comprehensive understanding of what your future buyers and loyal customers need.

Secondary research

If you use existing research and data, you’re doing secondary market research and finding secondary data. This can be great for exploring market dynamics and spotting trends. You can find more tools to help you conduct this research method in our blog: 12 great market research tools .

Secondary data has its place, but because it’s external research that hasn’t been conducted with your business in mind, you’ll need to be aware of citation bias.

What’s citation bias? Citation bias occurs when your data uses the results of other research. The results of which may have been looking to prove something slightly different to what you’re looking to prove. Plus, if the research is not conducted by you, then the data may already have fallen victim to one or more other types of survey bias you haven’t been able to account for.

2. Find out what you need to focus on

You might have a general sense of what you want to learn from your market research: whether or not you should launch your startup idea. However, you’ll need to specify some research goals to get actionable data.

After your first exploratory primary research or secondary research, you’ll be able to identify where you have knowledge gaps. What isn’t clear about the market? What assumptions about your potential customers need to be verified?

You can split up your market research goals into different categories—helping you better assign the right team to the right tasks.

For example, let your best marketers and sales reps help you in researching buyer behaviours. Let your finance team guide payment habits and payment methods for your market research. 

This market research template can help you better guide your market research.

3. Identify your ideal market

In any market research, you’ll have to look at three important factors:

• the target market as a whole
• your competitors
• your potential customers

We’ll start with the market as a whole because it’ll help you get more specific data along the way.

First, figuring out which market and industry niche you fall into is crucial. It may seem obvious, but if you put some thought into it, you might find you’d perform better in a different market.

Aim for a market where you fit in, where there’s a large enough product demand , and where you can make a difference.

Here’s how to find out what’s going on in a market:

Find your market, fast

Don’t leave the success of your startup to chance – our market research software is here to help you navigate the market and make the right decisions for your brand.

Talk to industry experts

Talk to experts who’ve been working in that target market for years and ask them about what they think the future will look like. These might just be speculations, but it’s better to hear them and address them than pretend they don’t exist.

You can also pay attention to what’s happening in online communities revolving around your product idea. For example, places like Facebook Groups, Reddit, Twitter, Twitch, ProductHunt, G2, Capterra, and other platforms can be a great eye opener about your potential future customers and market. 

Read the latest trend reports

Another great way to get a clear view of trends in your market is to keep track of relevant blogs and news. There are plenty of target market reports and public market data available to find out the latest trends and where the market is going, like G2, Deloitte, Gartner, McKinsey, and more—make the most of these datasets.

Use target market research tools

With Google Alerts and Trends, you always have comprehensive, up-to-date data on trends and can spot changes in popularity for certain brands and products by focusing on specific keywords. 

Find out what our favourite tools are for analysing your target market in our blog: eight smart market analysis tools .

4. Shake hands with your target audience

Get ready to talk to real people.

To understand your target market, you need to look at more than numbers. It’s great to see some people spending a lot on certain products, but you’ll need to learn why they do that. Get the powerful insights you need to create a strong positioning and ensure your marketing efforts hit the spot.

This is where primary research is most important. You can choose in-depth interviews, online surveys, focus groups, or a mix of those things, depending on what answers you’re looking for. 

Lost for words? We’ll give you some inspiration in this list of 20 essential questions you should ask your (future) customers .

Consumer profiling for startups

We recommend you go beyond the standard consumer profiling demographics and build buyer personas with layers. By adding behavioural and attitudinal data to the mix, you will create much more effective marketing campaigns and digital marketing strategies that land with the people most likely to use your product.

We’ve got a guide full of tips to get started with consumer profiling as a startup and a success story of one startup that discovered their most important potential customers weren’t who they thought they were .

5. Analyse your key competitors—direct and indirect

Next up: your competition. You don’t need to infiltrate their business to get to know them inside-out, but it sure helps to look at their strategy, messaging, tactics, and, most  importantly, what your target audience thinks of them.

Your target market probably knows who your competitors are better than anyone else. Find out what products they consider as alternatives to yours, and you may find out you have significantly more competition than you initially thought.

Take things a step further and look beyond your obvious direct competitors; focus on other companies that could be catching up with you in a few years or are in your niche but currently offering something else. Chances are you’re not the only one working on a new business idea each morning in the shower!

Rest assured, this doesn’t have to be guesswork—here are our 14 favourite competitor tracking tools to help you get started.

6. Be prepared to make big, but well-informed decisions

Once your market research is done, and all questions answered, it’s time to create a plan of action. Hopefully, you found out that your product or service is a lucrative idea and that there’s a real market for it—even if you need to tweak your idea a bit.

Market research will be the guide for any future business decision you take. How you approach product development, branding, and marketing, will all depend on the results of this research. 

3 Examples of market research for startups

The success of any startup heavily depends on whether they’re willing to listen to their target market or not.

Let’s look at real-life examples that paved the way for tons of startups and set an example in market research best practices to transform a business in its earliest stages of growth.

Example 1: the board game maker that won big with market research

Before coming across Attest, Big Potato Games was cobbling together insights from social media and Google Analytics—not ideal when you want a comprehensive picture of your market.

The team needed to establish exactly who their customers were, and learn the behaviours and attitudes of their potential customers to more effectively target the right people in the right places with the right messaging.

Using market research to explore consumers’ attitudes towards board games and what motivates them to play helped them define key customer personas. The research uncovered seven key customer types, all the way from casual, occasional players to hardcore gamers.

An example of what they uncovered through market research was that mums view board games as a way of getting the family together, while young adults saw it more as a way to socialise with friends.

They also found out the size and importance of each customer segment. While the hardcore gamers are a super important and dedicated segment, it’s still quite a small buyer group. It turned out that the mums group was a much bigger purchase decision-maker and demographic to go for.

Market research allowed them to better understand the segments where they sought to build awareness, who was using their product, and who was actually buying it.

Example 2: admit when you can’t beat the competition

Ever heard of Odeo? It probably doesn’t ring a bell. It was created by Evan Williams and Biz Stone in 2005 as a platform for podcasts. They placed their bets on podcasts. However, as we now know, their timing was off.

Instead of sitting around and waiting for podcasts to hit, they re-examined the market. They looked at user adoption rates, technology, and customer acquisition costs. At the time, Apple was their main competitor, and they knew they wouldn’t win. So, based on their market research, they pivoted.

They looked at other popular platforms where content was shared, such as Facebook. Their market research looked at what people didn’t like about those platforms. What tools were they missing? What annoyed people?

Not long after, Twitter was born. The Facebook News Feed was too cluttered for many people, so they cleaned things up. As we know today, it was a huge success.

Example 3: The dating site that turned into a video platform

Over the years, a lot of dating sites and apps have come and gone. Tune In Hook Up is one of those that has gone rather quickly. Its creators saw that the website, which was a video dating site, didn’t get enough traffic to make the right matches.

They had this technology that made posting videos online easier than ever, but not enough people were jumping on it.

They did market research and found it was hard to find specific videos online, and websites that did offer them didn’t work very well. Sharing videos with others was a pain for users.

Based on their research, they broke up with the online dating market and focused on the video part of their business that already existed. They changed the name, the platform, and their lives. You might have heard of it. They called it: YouTube.

Market research made simple

The right market insights can make or break your business, which is why market research is one of the most important things you can invest in. Don’t leave your market research up to chance – choose the best tools that set your startup on the path to success and match it with talent that knows what to go for. Now get back in the shower; you’ve got ideas to create!

Make market research easy with Attest

With our cutting-edge tech and on-demand research expertise, your startup can rest easy. Measure brand awareness and gain vital insights from our built-in audience of 110+ million people.

Market Research FAQs

To do market research for a startup, you should follow these six steps: 1. Pick the right market research methods 2. Identify what you need to know 3. Find your ideal market 4. Get to know your target audience 5. Analyse your key competitors – direct and indirect 6. Be prepared to make big, but well-informed decisions Once you complete them, you’ll have all the information you need to create a business strategy that will lead to your startup’s success.

The best form of market research you can do for a new business is primary market research. This is gathering information directly from the people you want to use your product or service by using online surveys or working with focus groups.

The main focus of the market research for small startup businesses is to validate their business idea. It doesn’t matter how good your idea or prototype looks; if there isn’t a market for it, no marketing budget will suffice.  By researching what the market thinks about your idea and what needs they have, you’ll know if your product will have demand or not. 

Customer Research Lead 

Nick joined Attest in 2021, with more than 10 years' experience in market research and consumer insights on both agency and brand sides. As part of the Customer Research Team team, Nick takes a hands-on role supporting customers uncover insights and opportunities for growth.

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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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How to do market research for your business idea

Last updated

3 April 2024

Reviewed by

Market research provides valuable data that ensures your business idea resonates with customers and generates demand. If the research confirms consumers are interested, you can build a business delivering the product or service. If not, you can use the findings to adjust your idea so it reflects what customers want.

Conducting market research and analyzing the results can mean the difference between success and failure. Let's look at how you can do market research for your business idea and turn it into a thriving enterprise.

Market analysis template

Save time, highlight crucial insights, and drive strategic decision-making

• What is market research?

Market research refers to analyzing your business's target market to evaluate the viability of your business idea. You will learn why, or even if, consumers want to purchase your service or product, their spending habits, and their purchasing decisions.

By understanding the market, you can:

Make better products

Improve user experience

Offer competitive prices

Find ways to attract the most customers

Market research is critical to starting and growing a successful business.

• Why is market research important?

Consumer behavior plays a crucial role in determining the success of a business. Your consumers will not only buy your products or services but will also either warn against or recommend your company to others.

Understanding what your customers want and how they think, feel, and make decisions is the first step in delivering their needs.

There are many reasons for conducting market research. Let’s look at the most important ones.

Gives you a better understanding of your customers 

Market research will help you, as an entrepreneur, better understand your target customers. You will gather insights into their:

Demographics

Pain points

Buying habits

Preferences

As such, you can tailor your products or services and create a customer experience that appeals to your potential customers . Market research can:

Drive customers to your store, product, or service

Help you turn clicks into conversions

Maintain a customer-centric approach

Build loyalty and trust

Helps businesses make informed decisions

Market research not only provides data about customers but also uncovers market trends and growth patterns. This minimizes your reliance on gut feelings, assumptions, and guesswork.

You can set realistic goals and make the right choices for your business. You'll know:

What to expect in the future

What will work in the market

How you can reinvent your business to stay relevant

Making data-driven decisions will boost your chances of getting it right the first time.

Identifies opportunities for growth

Market research helps startups identify opportunities to improve and gaps they can fill. You may pinpoint new customers who could benefit from your business idea. These could be in areas where your business does not have a presence or is falling behind its competitors.

Market research can also reveal partnership opportunities with businesses that already have an established customer base with your target audience. It can also identify the shortcomings in your business idea and help you avoid expensive mistakes.

You can also uncover opportunities for product bundles, add-ons, and other value-adds that increase your profits. Having the right knowledge can help drive profitability.

Minimizes risks

Every business deals with a range of risks including:

Operational

Business risks usually arise when there's uncertainty around profits, strategy, and other elements. These risks can significantly affect a business's bottom line, including its reputation among consumers, leading to:

Lower profits

Inefficient processes

Possible failure

Conducting market research will help identify the potential risks associated with your business idea early on. You can stay informed of laws and regulations, refine your workflows and processes, and develop risk-management strategies that reduce the chances of failure.

Establishes product or service viability

As an entrepreneur, the last thing you want is to invest resources and money in an idea no one wants or needs. You can use market research to test your business idea before investing.

Market research for your business ideas will help you to;

Understand what the core product and its features need to look like

Gauge market demand

Gather information about your competitors' actions

This will help you validate or refine your initial business idea based on the collected feedback and data.

Shapes marketing and branding strategies

An effective marketing strategy ensures your business stays in sync with your customer base. To create successful campaigns for your business, you must know and understand customers to reach and connect with them.

Market research can help determine how you communicate information about your products or services and your marketing channels. You can develop an informed marketing strategy that puts your business ahead of your competitors.

• Types of market research

Primary and secondary market research are the basic types of market research. However, as technology and marketing become more sophisticated, entrepreneurs can use new ways to discover valuable information that can create better insights, and better product and service experiences.

These market research methods include:

Brand awareness research

Competitor analysis

Market and customer segmentation

Pricing research

Customer satisfaction and loyalty research

Product research

Campaign research

Customer research

The type of market research you choose will influence your critical business decisions. Therefore, select the right research methods to help your business stay relevant, adapt, and compete. Entrepreneurs can use different types of market research to allow for more granular data collection .

• Primary vs. secondary research

Primary research

Primary research involves collecting new data from original sources. This involves going directly to your target market or employing a third party to conduct relevant studies on your specific customers or market segment .

Primary research methods include:

Focus groups

One-to-one interviews

Consumer observation

Data is collected directly from respondents, allowing you to gain specific insights tailored to your objectives. This may include a firsthand perspective on consumer preferences, behaviors, and trends.

Primary research helps you to:

Create buyer personas

Improve your business idea

Segment your market

Secondary research

Secondary research involves using pre-existing data from various sources to gain insights into your target market and industry. This includes reviewing reports, studies, and data collected by others in your industry.

Secondary sources include:

Industry reports

Internet search engines

Government publications

Statistical databases

Academic papers

Industry experts

From secondary research, you will gain broader industry perspectives, competitor strategies, historical data trends, and context for understanding market dynamics. Since most of this information is freely available, secondary research is more cost-effective for startups.

• How to conduct market research for your business idea

1. Define your target market

Entrepreneurs can only gather meaningful insights once they know who to include in their market research. Otherwise, you may waste resources collecting unnecessary data.

First, define and understand your target market. Work out which types of consumers will be included, their interests, and how the data will be collected.

Ask these questions to help you:

Who is your target market as a whole?

How old are they?

What characteristics, interests, desires, pain points, and needs do they share?

Where do they buy similar products?

What are their income ranges?

Where do they live?

What major challenges do they face?

The idea is to visualize your audience and understand their actual characteristics, buying habits, and possible challenges. This allows you to develop marketing research that targets people who are interested in what you offer or plan to provide.

2. Develop a market research plan

Like any other business process, market research requires an effective plan to be successful. You should know what you're trying to accomplish and the information you'll need.

Your market research plan should include the following:

The issues your business idea addresses

Clear objectives and goals

The research methods you'll use to achieve those objectives (the research design)

The estimated time frame to complete tasks

The required budget

Any ethical issues or other considerations that may arise

Planning your market research can save you time, effort, and money. You'll not only target the right audience but also invest in the right sectors and align your research with your business objectives.

3. Study your competitors

Knowing your competitors , what they offer, and how they position themselves in the market can help set you on the right path.

Research your competitors':

Brand reputation

Overall strategies

Marketing campaigns

Revenue or sales volume

Other activities

This can help you determine how to differentiate your business from theirs and learn from their strengths and weaknesses. You'll understand the business landscape and be better able to assess your chances of success.

4. Conduct a SWOT analysis

A SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis is a powerful way to analyze your business idea. It will help you assess your internal capabilities and the external market conditions to identify potential advantages and challenges.

A SWOT analysis usually entails the following:

Strengths: This involves identifying the strengths of your business idea. Some common strengths you can evaluate include your idea’s competitive advantage, efficiency, and unique qualities.

Weaknesses: Weaknesses are usually areas where you can or should improve. Common areas of improvement include things your competitors do better than you and internal factors that make it challenging to achieve your goals.

Opportunities: These are ways you can grow your business idea and make it more profitable. These are opportunities open to you, trends you can take advantage of, and ways to turn your strengths into opportunities.

Threats: Threats include everything that poses a risk to your business idea. These can be things that prevent you from entering the market or achieving success and growth. Threats to your business may include emerging competitors, a changing regulatory environment, and the possibility of losing relevance.

Typically, strengths and weaknesses are internal factors you can control, while opportunities and threats are external factors that can be anticipated. Conducting a SWOT analysis allows you to identify areas to focus on, build, and work to overcome.

5. Run surveys and focus groups

Surveys and focus groups are effective ways to fully understand your target market and competition. Surveys are straightforward and can be cost-effective to conduct, and the data is relatively easy to analyze. You can use online platforms that deliver surveys through online forums, social media sites, and other convenient means. Your surveys should contain a variety of question types, including:

Open-ended responses

Rating scales

Multiple choice

Focus groups involve gathering a small group of individuals (usually 5–10) to answer questions and provide feedback. The groups are led by a moderator who asks questions, allows discussion, and keeps the conversation moving in a productive direction.

6. Study trends and industry reports

Market trends and industry reports keep you updated on what's happening in your industry or target market. This includes changes, shifts, and recurring trends within a particular market or industry. They give valuable insights into:

Consumer preferences

Economic factors

Emerging technologies

Other aspects that may shape the market's future

You'll learn more about key metrics such as revenue, sales, average selling prices, and growth opportunities. They provide a solid overview of market dynamics and the factors driving it. After reviewing these, you'll be able to identify:

Growing industries to invest in

Barriers or threats you may face

Your major competitors

7. Analyze data

After conducting your research, you'll have information and data to analyze. We recommend using a system that helps you organize your collected data to find actionable recommendations . This can include:

Sorting your data into groups

Identifying patterns

Creating distinct customer personas

You can also use the SWOT framework, spreadsheets, or data visualization software to arrange and analyze your information. When reviewing, look for information that will help you answer your objectives and critical questions.

8. Summarize findings

Once you have analyzed your data, you can summarize your findings in a simple, shareable format. This can be in the form of a summary report containing insights, recommendations, and resulting strategies from the data analysis . You can then share what you learned during the research and analysis with your team members.

Your findings should help you identify:

Opportunities for growth and improvement

Answers that fulfill your objectives

This will help guide product development , marketing strategies, and other crucial decisions that drive success. You can also use summarized reports for future marketing and branding efforts.

9. Validate your business idea

Validation involves evaluating your business idea against the information gathered through market research. This helps ensure your business idea has the potential for success in the marketplace.

You can validate your business idea by determining whether:

There's a need for your product or service

There are enough potential customers

You can do better than your competitors

Your customers validated your idea

You're solving a problem

You can attain the highest rewards and achieve long-term success

Think about the assumptions you have about your business and validate them with real-life situations and data. Assumptions can include:

Your business model

The value you believe your products offer

Your desired pricing

You can also test your products or services with real users to get their opinion and see how it works in the real market. You can then modify your business idea based on what you learn.

• 10 common market research questions for a new business idea

The market research questions you choose will play a vital role in creating an accurate buyer persona and capturing valuable insights. Select questions that will help your business collect precise information about your target market, audiences, and competitors. 

Here are some common market research questions for startups:

Who is our ideal customer? What is the size of our target market?

Who are our biggest competitors? How are they doing business in this market?

What are the problems we'll solve for our target groups?

What regulatory or compliance challenges might we face in this specific market?

What are the current (and predicted) trends impacting the market?

Who would purchase this product if it were available today?

What challenges do you currently face in [relevant industry/problem area]?

What features are most important when considering a [product/service]?

What types of brands are boycotted and why?

Which aspects of our advertising or marketing message are most compelling?

When should you conduct market research?

In ever-changing, highly competitive markets, businesses should always know what's happening in their industry. Therefore, entrepreneurs should be strategic about when to conduct market research.

Typically, you should conduct market research:

Before and after launching a new business

Before and after developing or launching new products or services

Before and after entering new markets

What type of market research is best for startups?

Most startups use secondary research because it's quick and more affordable. However, you can also use modern tools to design robust market research studies. Startups can also benefit from conducting primary research if resources allow.

Should you be using a customer insights hub?

Do you want to discover previous research faster?

Do you share your research findings with others?

Do you analyze research data?

Start for free today, add your research, and get to key insights faster

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11 Benefits of Market Research + Free Templates

The benefits of market research are long-proven. Yet still, there are many who focus on instinct instead of insight.

While intuition is all good and well, there’s no getting away from the power of cold-hard data.

In this post, I list 11 market research benefits, with real-world examples and six free research templates thrown in for good measure.

1. Better communication with customers

Why it matters: Effective communication is the cornerstone of good relations. And, with how much time, effort, and money it takes to win a new client, ensuring you stay in their good books isn’t just nice – it’s a necessity.

The first benefit of market research is the ability to learn about your customer’s likes and dislikes – so you can adapt how you position the business and its products accordingly. Tailored communications speak to customers in a way that resonates far better than generalized messages.

The one-size-fits-all approach no longer works. Delivering comms in the right format, at the right time, via the right platform can boost engagement and help focus on driving value. With it, customers feel appreciated and receive information that’s both useful and relevant.

These days, all it takes is a quick click, and customers can unsubscribe from communications. This is why businesses must ensure every communication counts.

Example: Market research surveys are an ideal way to quickly understand how customers feel about your communications with them. Be direct, and ask them about the content, frequency, and formats they prefer.

If you want to establish the best time or day of the week to email, you can use your email campaign tracking data to show you the best and worst times, based on open rates, and click-through rates.

2. Enables strategic, data-driven plans

Why it matters: Market research benefits all types and stages of business planning. It gives you the numbers and insights you need to make accurate forecasts. It can also impact key decisions that can help you develop and adapt your strategy.

Here are a few examples where market research can benefit data-driven decision-making :

• Deciding whether to modify or discontinue a product.
• Prioritizing new features to develop for an existing product.
• Establishing which marketing channels to invest in.
• Selecting which social media platforms to utilize.
• Choosing which new markets to enter or where to open a new retail outlet.
• Evaluating the impact of a cost increase or change to pricing strategy.
• Discover new partners, affiliates, or publishers to work with.
• Targeting a new persona or different segment of a market.

Market research serves as a trusty compass, helping guide and steer decisions that impact growth and profitability. Once you implement a new tactic or campaign, you can again benefit from market research to measure and track ongoing success.

3. Develop detailed target personas

Why it matters: It’s no secret that a comprehensive understanding of one’s target audience is fundamental to an organization’s success. Everything from product development to positioning and marketing is impacted by the effective development of target personas.

While most companies have a decent understanding of what their ideal customer profile looks like; a distinct advantage of market research is the depth of detail it offers about the preferences, behaviors, and habits of a target audience – based on actual facts and everyday actions they take online.

By doing audience analysis and consumer journey tracking , organizations can discover insights about their ideal customers quickly and in finite detail. So instead of having a static persona that doesn’t really change with the times; marketers can discover things like:

• Age, gender, and geography
• Audience loyalty & interests
• Cross-shopping behaviors
• Product search trends
• View audience overlaps with rivals
• Identify drop-off points in funnels
• Optimize conversion funnels
• Discover which marketing channels appeal to a specific audience

Grab our customer persona template to use a framework for this research – it’s at the end of this post, along with 5 other useful market research templates !

4. Reduce costs and save time

Perhaps one of the biggest benefits of market research for a business is its ability to help organizations improve efficiency and reduce outlay – both from a time and cost perspective. While each business achieves different outcomes, doing proper research can help pave the way for process improvements.

A few examples include:

• Spending less on marketing channels that don’t appeal to a target audience or drive ROI.
• Decrease customer churn via surveys, enhanced support, or more suitable product offerings.
• Prevent you from entering a new market in a territory that’s already saturated.
• Testing the viability or appetite for a new product or service before making investment decisions.
• Reduce customer acquisition costs (CAC) through clearer targeting and messaging.
• Identification of new partnerships or affiliates who can drive referrals to your business.

DocSend uses Similarweb to reduce marketing spend by 20% and reduced research time by 10% – as an added bonus it saw website traffic gains of around 10%.

Read more about how market research benefited DocSend here .

5. Stay ahead of the competition

Why it matters: These days, the competition is fierce in almost every market. Customers have many options to choose from, and outpacing your rivals is a constant battle. From new product or service offerings to campaigns and content – not to mention promotions and partnerships; keeping a keen eye on your market positioning is key.

A core benefit of market research is knowing what other players in your market are doing. More to the point, market research actually shows you how well these offerings are doing.

A competitive analysis framework is a great way to systematically record and track what your rivals are doing. It can help you spot opportunities, such as:

• Develop new marketing campaigns and creatives
• Adapt your product or service offerings
• Give insights into new content to write about
• Show you which channels work best for your target market
• Find underserved segments of a market
• See what customers like or dislike about your rivals
• Help you develop your unique selling proposition (USP)

Good market research can be the differential factor that gives you an edge in your market.

In this scenario, I want to analyze the competitive landscape of a social media management company. I chose Sprout Social to review as it’s considered a market leader.

See how much competitive intel I can grab in less than a minute

In a snapshot, I can see an overview of its traffic and engagement. This includes the total visits, unique visitors , a link to its apps, and a breakdown of traffic by channel. With a quick compare, I see how these metrics stack up against others in the market. Later.com and influencermarketinghub.com are two players who consistently outperform sproutsocial.com – which means I can delve deeper into their successes, campaigns, and content next.

From the platform, I can see how many referrals they’re getting, and from where. Which ad networks and campaigns they’re running, and copies of the creatives being used.

Next, I look at the most popular pages on Sprout Social’s site. This shows several pages on the topic of small business social media are achieving significant growth – indicating my target audience is responding to these pages, so I should be covering or promoting content on a similar theme.

So, in less than a minute, I’ve discovered

• How my competitor stacks up vs others in the market
• Which traffic channels are growing
• The best referral partners and advertisers
• What marketing channels are showing the best results
• Copies of their ad creatives
• What content topics are the most popular
• Top industry search terms
• Uncovered two other major players to evaluate

Software like Similarweb makes it quick and easy to see the insights and metrics that matter most. Here, you can discover where you can get a competitive edge, and keep track of market trends and rival campaigns.

6. Discover the best marketing channels

From email marketing to socials, affiliates, referrals, paid ads, and more; there are many marketing channels to leverage – and it’s not always obvious which is right for your business. Another key benefit of doing market research is the ability to hone in on the channels that deliver the best return on investment.

A trial-and-error approach can be costly. Not just from a dollar perspective, it can be a drain on your resources too. By first establishing the optimal marketing mix for your target audience or market, you can save time and money, and reach your goals faster.

Similarweb Digital Research Intelligence can show you which channels work best for your market and rivals. It also highlights the specific ad creatives and content being used for high-performing campaigns.

Here, you see a snapshot of the marketing channels being used across five competitive sites. It shows the biggest drivers of traffic are direct and organic search. By clicking on any single channel, you can get a complete breakdown of the respective details. I’ve clicked to expand social media, as just one example, here’s what it tells me.

As well as being able to instantly see the insights that count, I can click on any channel to see a detailed breakdown of performance. Next, I can compare each channel to see who is outperforming others – which tells me exactly who I need to take a closer look at.

7. Identify growth opportunities

The benefits of doing market research apply to those launching new products or entering new markets . However, periodic research can also help you spot growth-focused opportunities that may not have been considered before.

Another compelling entrant to include in the benefits of market research is its ability to unearth opportunities to grow. Whether that’s through finding new customers, markets, channels, or creative ways to go to market and get more eyes on your business. A good case in point is in the identification of new partnerships for referrals; something that often comes about when doing a competitive analysis .

The advantages of using market research for growth are ongoing, throughout the lifecycle of your business. For example:

• Reviewing competitor marketing channels could uncover key findings about a new affiliate site that’s sending a volume of traffic to their site.
• A guest post or piece of content generates a high level of interest and drives traffic to the site.
• Untapped segments for your products. Perhaps a rival is doing a better job of appealing to a different demographic. This, in turn, presents an opportunity to diversify your messaging or switch marketing channels. The same could apply to a new location or geographic region.
• New partnerships. Joint ventures between businesses that share a similar target demographic can be mutually beneficial – helping both parties reach a new ready-prepped customer base.
• Perhaps a rival is offering an add-on or upsell that you’ve failed to consider.
• You might also conduct market research surveys where customers tell you something they’d like but which you don’t yet offer.

Success story: See how AirBnB used Similarweb to uncover opportunities for growth in new markets.

8. Spot new or emerging trends

Why it matters: With how quickly consumer behaviors change and markets shift, it’s important to move with the times. Market research can help businesses stay in touch with what’s happening – something that applies to consumers, competitors, and the industry as a whole.

From changes to purchasing behaviors, new technologies, new products, or service features; researching trends and staying close to rising players in your market allows you to keep tabs on what things are attracting attention.

• Which keywords or phrases are trending in your industry?
• Is there a new player showing significant growth in your market?
• What are your rival’s highest-hitting pages?
• How are apps impacting your market – do you know which of your competitors have one, and is it successful?
• Which campaigns in your industry are working and gaining traction?
• Is there a specific asset, whitepaper, or offering that your target audience responds to?
• Are there any seasonal trends that impact your market?
• Can you see spikes in specific search terms or phrases?

While you can use digital research tools like Similarweb to quickly analyze a market, search trends, seasonal patterns, mobile app intelligence , and more – qualitative data, like surveys can be leveraged to understand customers and changing behaviors too.

Read more about how Wonderbly achieved its success here.

9. Makes it easy to evaluate and track your success

Why it matters: With the knowledge of where your business is performing well, or falling behind, you can set goals and direction more clearly. Benchmarking shows you industry standards, and maps out how rivals are doing; so you can measure relative performance.

For a business to grow, it needs to push the boundaries. The benefit of using market research here is that it shows you where and how big those boundaries are. A survey from PWC found businesses that set benchmarks achieve 45% more productivity and grow, on average 69 times faster than those that do not.

There are various types of benchmarking – each of which makes it possible to unpack and track the successes of those in your market and drill down into what success looks like for your business.

10. Inform market analysis – SWOT

Why it matters: A further benefit of doing market research is that it can show you any relative strengths, weaknesses, opportunities, and threats that exist between competitors and in a market. Greater awareness of these facts helps drive the right actions and gives clarity on areas of focus for the business. Without it, your business is susceptible to preventable mistakes.

With company and market research , you find out where opportunities and threats exist in your ecosystem. From environmental or technological factors to internal considerations; forewarned is forearmed. What’s more, a regular review of your SWOT, informed by market research, allows you to capitalize on new opportunities faster than others and keeps you in the strongest position where gaining a competitive edge is concerned.

Helpful: Read our complete guide to doing an industry SWOT analysis .

11. Inform a content marketing strategy

Why it matters: These days, the importance of having an effective, relevant, and successful content marketing strategy cannot be overstated. According to a 2020 competitive intelligence survey , companies have, on average, 29 competitors. So, regardless of your sector, in the digital world, it’s constant competition – be it for better visibility online, a higher CTR, or increased engagement.

So, how does market research benefit a business? And how can you stand out and get found online? With content marketing, of course.

An advantage of using market research to inform your content marketing strategy is that data doesn’t lie. Yes, it’s an old one but a good one. A data-driven approach to content marketing is a surefire way to uncover the most searched keywords , the right topics, and content to harness to your advantage.

You can use market research to uncover the following:

• The busiest pages on any website.
• Which topics and keywords drive the most traffic in your market?
• New topics or keyword phrases that are trending or appearing seasonably.
• Inform topic planning or theme building for a blog.
• Help you discover new opportunities for dedicated landing pages.
• What content or assets an audience engages with most.
• Which channels are the most effective to deliver content?
• The best time of day to post new content.

Success story:  See how Tourism New Zealand benefits from market research ; and how they use Similarweb to research content and keywords.  

Limitations of Market Research

Regardless of whether it’s for an enterprise company or an entrepreneur – time, cost, and experience are viewed as the biggest limitations of market research. But this is an outdated perception that is no longer relevant or true to life.

Here’s how things are in 2022.

• If cost is considered a limitation of market research – use secondary market research methods. Most of the time, the data can be found online, for free.

This guide to desk research shows you the best places to find secondary research data. 

• Should you view time as a limitation – use software like Similarweb Digital Research Intelligence to quickly view insights in almost any market, company, or product.

If you’re on a deadline, let’s say you need to do market research for a business plan , market research tools can help you get it done in a day.

• Perhaps you feel a lack of experience is preventing you from doing market research. Most market research tools require little to no training and are highly intuitive.

Use market research templates to guide you through the key data points you need to collect. 

Benefits of market research – In summary

Market research benefits any business, at any stage. From product teams to sales, customer support, marketing, operations, and management – there’s a relevant application in almost every department. However, many organizations choose only to use it for limited periods in limited areas of their business.

Similarweb Research Intelligence makes key insights accessible to all. And with the ability to impact an entire business, at almost every level, it’s a market research tool with the power to deliver immense value and insights at pace.

Stop Guessing, Start Analyzing

Get actionable insights for market research here

What are the advantages and disadvantages of market research?

The advantages of market research include things like gaining a competitive edge, data-driven decision-making, reducing expenditure, finding new markets to enter, trend-spotting, and developing growth-focused strategies. The only disadvantage is in how it’s conducted, and the time it takes to carry out the research. However, market research tools are designed to make the task of conducting research more efficient, and cost-effective.

Which goals can market research help you accomplish?

Market research can help you achieve key business objectives, such as growing your customer base, retaining a higher number of customers, improving marketing effectiveness, and increasing revenue.

How can market research benefit entrepreneurs?

The benefits of market research to entrepreneurs are plentiful. It can help startups and new businesses research the viability of a new product or service they want to bring to market. In addition, it allows entrepreneurs to accurately forecast demand , which can help both operationally and financially.

by Liz March

Digital Research Specialist

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

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How to Use Market Research: An Entrepreneur's Perspective

by Robert Granader , on February 11, 2014

Borders Books made $101 million less than three years before losing $157 million. Blackberry (enough said), Sears, JC Penney, and even more recent high fliers like Zynga have simply misread the market and found themselves on a downward trajectory after experiencing substantial success previously.

So, how do you grow ? What new products will attract the customers I want? What else can I sell to my current customers? Where are my new customers? New markets?  By definition, I don’t know anything about them, how do I learn?

When I talk about market research, people often confuse it with brokerage reports, information about the stock market. Those reports produced by a bank analyst or strategist are great if you’re looking to invest in a company, a stock, a currency or a commodity. But, that’s not what can help me, the entrepreneur with a non-public company. That’s not a way to drive new business and new products in my world.

In my corner of the business universe, and that of an entrepreneur trying to grow, a market research report is an industry study created by analysts steeped in that vertical. Whether you’re looking for a customer persona of the greek yogurt market or the in-vitro diagnostic market, there is a report out there that explains the world into which you are about to enter. Somebody who has worked or studied that vertical can combine both the quantitative research (numbers) with a qualitative (words/analysis) overlay to paint a picture of what the future will be like.

Truthfully, sometimes I need the data to back up the already insightful point I’m about to make to investors, and I need something to tell them the future will be as bright as I say it is. But, other times, I need to know where to start. Market research informs my decision about where an industry may be going, up or down. No one can predict the future, but there are trends and there is history.

Using the group knowledge of an expert and all the research at his or her finger-tips can set me in the right direction.

In the early days of my company, we produced a report on the kosher food market. And, while the metrics showed a soaring marketplace and interest in the product, it wasn't until you delved deeper into the analysis that a different answer appeared. While consumer interest was growing, it was a very expensive and difficult market to enter from a product creation perspective. Companies already in the market had a nice roadmap for attracting customers, but new entrants in the market were discouraged.

People rarely complain that the data in a report doesn’t back up their assertion. Sometimes, they do, but more often the number one complaint about a market research report is that it didn’t answer their question . So, at Marketresearch.com we have worked to help users get closer to the data with a number of things on our sites, some automated and some human. A user can search inside a report or use our Keyword in Context technology to learn more even before you press the “buy” button. On the non-technical side, we offer a phone call with our research specialists or customer service representatives who will open a report for you and help you determine if the answer to your most pressing business questions is buried inside.

But, enough on the sales pitch, the real goal of this entry is to let the world know that market research exists.  There have been dozens of times over the years when I have been explaining our business and they have screamed, "OHHHHH, I didn’t know that’s what market research did. I really could have used it…”

If you are looking to grow your business, find out the mindset of your customers or potential customers, look for new revenue streams, growth projections, potential competitors, then look inside the pages of a market research report and find the answers.

For more information on using market research as an entrepreneur, download our free white paper, How to Use Market Research to Launch Your Business .

Thanks for reading!

Rob Granader CEO & Chairman MarketResearch.com

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4 Research Resources for Entrepreneurs

• 28 Nov 2017

Any aspiring entrepreneur knows that it’s crucial to be at the cutting edge of their desired industry in order to be considered an industry expert and ultimately grow their business.

If you’re an entrepreneur considering testing the waters of a new venture, you have to do some research. Whether it’s understanding the context of a product or market, or learning about key players in an industry, here are four resources that will help you develop new venture intelligence, gain valuable insights, fortify your pitch, and avoid costly errors.

Access your free e-book today.

4 Resources For Entrepreneurs

1. federal government data sources.

Government supplied statistics can help you understand the potential size of an opportunity or a market that you are considering entering. These reports can provide data on consumer spending, industry sizes and growth trends, demographic data, and more.

In the United States, the US Census Bureau and Bureau of Labor Statistics are two key sources. If your business operates in global markets, the US Census provides links to more than 250 governmental statistical offices worldwide . This site lists important international agencies that provide global data.

2. Industry Associations

Industry associations and trade publications track and report activity within their sectors. Full data sets might be restricted to members, but associations often make some data and annual reports available for public use. Some examples of this include:

• The Project Management Institute (PMI)
• The American Speech-Language-Hearing Association (ASHA)
• The Content Marketing Institute (CMI)

For social innovation topics, large foundations play a comparable role. For example, the Kaiser Family Foundation provides in-depth research on health care, health reform, and global health care.

The simplest way to find industry associations is to Google them. Since there are so many industry associations, you can also restrict your search to a geography, such as “European ethanol industry association.” Sometimes there are a number of industry associations linked to one industry, and it’s worth looking at multiple sources and understanding their various data collection methods.

3. Consulting Firms

Large consulting firms such as Deloitte, Accenture, and McKinsey produce substantial free research on markets and industries. To search these sites, you can use the Google “site:” function or use the search functions on each firm’s website.

For example, typing “consumer products” into the search function on Deloitte’s website results in consumer products research in Deloitte’s database. You can also narrow the results down further by exploring a particular topic area or industry. For example, you might narrow results down to display only information about the healthcare industry , which allows you to explore the ideas and trends that could influence the future of the industry—and with it, your business.

4. Libraries

If you’re looking for something you can’t find online, pull out your local library card. Many public libraries or chamber of commerce libraries provide access to people who live or work in their service area.

For example, the New York Public Library, the City Business Library in London, and the Dubai Chamber of Commerce and Industry all have extensive data that’s unavailable with a Google search.

Library staff are the experts in knowing their own resources and can be helpful in pointing you in the right direction if you need it. Explore your alma mater’s alumni organizations too, as they often supply business, career, and professional development resources.

Developing Your Entrepreneurship Skills

Whether you’ve successfully started a business, are planning to launch a venture, or are just looking to explore your options, having a solid foundation in entrepreneurial skills should be your first step. Understanding the resources available to you for conducting valuable research could save you time, money, and energy, and set your business up for success.

Are you aiming to learn more about entrepreneurship essentials for your business? Explore our four-week online course Entrepreneurship Essentials and our other entrepreneurship and innovation courses to learn to speak the language of the startup world.

This post was updated on October 1, 2021. It was originally published on November 28, 2017.

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How to do market research in 4 steps: a lean approach to marketing research

From pinpointing your target audience and assessing your competitive advantage, to ongoing product development and customer satisfaction efforts, market research is a practice your business can only benefit from.

Learn how to conduct quick and effective market research using a lean approach in this article full of strategies and practical examples. 

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A comprehensive (and successful) business strategy is not complete without some form of market research—you can’t make informed and profitable business decisions without truly understanding your customer base and the current market trends that drive your business.

In this article, you’ll learn how to conduct quick, effective market research  using an approach called 'lean market research'. It’s easier than you might think, and it can be done at any stage in a product’s lifecycle.

How to conduct lean market research in 4 steps

What is market research, why is market research so valuable, advantages of lean market research, 4 common market research methods, 5 common market research questions, market research faqs.

We’ll jump right into our 4-step approach to lean market research. To show you how it’s done in the real world, each step includes a practical example from Smallpdf , a Swiss company that used lean market research to reduce their tool’s error rate by 75% and boost their Net Promoter Score® (NPS) by 1%.

Research your market the lean way...

From on-page surveys to user interviews, Hotjar has the tools to help you scope out your market and get to know your customers—without breaking the bank.

The following four steps and practical examples will give you a solid market research plan for understanding who your users are and what they want from a company like yours.

1. Create simple user personas

A user persona is a semi-fictional character based on psychographic and demographic data from people who use websites and products similar to your own. Start by defining broad user categories, then elaborate on them later to further segment your customer base and determine your ideal customer profile .

How to get the data: use on-page or emailed surveys and interviews to understand your users and what drives them to your business.

How to do it right: whatever survey or interview questions you ask, they should answer the following questions about the customer:

Who are they?

What is their main goal?

What is their main barrier to achieving this goal?

Pitfalls to avoid:

Don’t ask too many questions! Keep it to five or less, otherwise you’ll inundate them and they’ll stop answering thoughtfully.

Don’t worry too much about typical demographic questions like age or background. Instead, focus on the role these people play (as it relates to your product) and their goals.

How Smallpdf did it: Smallpdf ran an on-page survey for a couple of weeks and received 1,000 replies. They learned that many of their users were administrative assistants, students, and teachers.

Next, they used the survey results to create simple user personas like this one for admins:

Who are they? Administrative Assistants.

What is their main goal? Creating Word documents from a scanned, hard-copy document or a PDF where the source file was lost.

What is their main barrier to achieving it? Converting a scanned PDF doc to a Word file.

💡Pro tip: Smallpdf used Hotjar Surveys to run their user persona survey. Our survey tool helped them avoid the pitfalls of guesswork and find out who their users really are, in their own words. 

You can design a survey and start running it in minutes with our easy-to-use drag and drop builder. Customize your survey to fit your needs, from a sleek one-question pop-up survey to a fully branded questionnaire sent via email. 

We've also created 40+ free survey templates that you can start collecting data with, including a user persona survey like the one Smallpdf used.

2. Conduct observational research

Observational research involves taking notes while watching someone use your product (or a similar product).

Overt vs. covert observation

Overt observation involves asking customers if they’ll let you watch them use your product. This method is often used for user testing and it provides a great opportunity for collecting live product or customer feedback .

Covert observation means studying users ‘in the wild’ without them knowing. This method works well if you sell a type of product that people use regularly, and it offers the purest observational data because people often behave differently when they know they’re being watched. 

Tips to do it right:

Record an entry in your field notes, along with a timestamp, each time an action or event occurs.

Make note of the users' workflow, capturing the ‘what,’ ‘why,’ and ‘for whom’ of each action.

Don’t record identifiable video or audio data without consent. If recording people using your product is helpful for achieving your research goal, make sure all participants are informed and agree to the terms.

Don’t forget to explain why you’d like to observe them (for overt observation). People are more likely to cooperate if you tell them you want to improve the product.

💡Pro tip: while conducting field research out in the wild can wield rewarding results, you can also conduct observational research remotely. Hotjar Recordings is a tool that lets you capture anonymized user sessions of real people interacting with your website. 

Observe how customers navigate your pages and products to gain an inside look into their user behavior . This method is great for conducting exploratory research with the purpose of identifying more specific issues to investigate further, like pain points along the customer journey and opportunities for optimizing conversion .

With Hotjar Recordings you can observe real people using your site without capturing their sensitive information

How Smallpdf did it: here’s how Smallpdf observed two different user personas both covertly and overtly.

Observing students (covert): Kristina Wagner, Principle Product Manager at Smallpdf, went to cafes and libraries at two local universities and waited until she saw students doing PDF-related activities. Then she watched and took notes from a distance. One thing that struck her was the difference between how students self-reported their activities vs. how they behaved (i.e, the self-reporting bias). Students, she found, spent hours talking, listening to music, or simply staring at a blank screen rather than working. When she did find students who were working, she recorded the task they were performing and the software they were using (if she recognized it).

Observing administrative assistants (overt): Kristina sent emails to admins explaining that she’d like to observe them at work, and she asked those who agreed to try to batch their PDF work for her observation day. While watching admins work, she learned that they frequently needed to scan documents into PDF-format and then convert those PDFs into Word docs. By observing the challenges admins faced, Smallpdf knew which products to target for improvement.

“Data is really good for discovery and validation, but there is a bit in the middle where you have to go and find the human.”

3. Conduct individual interviews

Interviews are one-on-one conversations with members of your target market. They allow you to dig deep and explore their concerns, which can lead to all sorts of revelations.

Listen more, talk less. Be curious.

Act like a journalist, not a salesperson. Rather than trying to talk your company up, ask people about their lives, their needs, their frustrations, and how a product like yours could help.

Ask "why?" so you can dig deeper. Get into the specifics and learn about their past behavior.

Record the conversation. Focus on the conversation and avoid relying solely on notes by recording the interview. There are plenty of services that will transcribe recorded conversations for a good price (including Hotjar!).

Avoid asking leading questions , which reveal bias on your part and pushes respondents to answer in a certain direction (e.g. “Have you taken advantage of the amazing new features we just released?).

Don't ask loaded questions , which sneak in an assumption which, if untrue, would make it impossible to answer honestly. For example, we can’t ask you, “What did you find most useful about this article?” without asking whether you found the article useful in the first place.

Be cautious when asking opinions about the future (or predictions of future behavior). Studies suggest that people aren’t very good at predicting their future behavior. This is due to several cognitive biases, from the misguided exceptionalism bias (we’re good at guessing what others will do, but we somehow think we’re different), to the optimism bias (which makes us see things with rose-colored glasses), to the ‘illusion of control’ (which makes us forget the role of randomness in future events).

How Smallpdf did it: Kristina explored her teacher user persona by speaking with university professors at a local graduate school. She learned that the school was mostly paperless and rarely used PDFs, so for the sake of time, she moved on to the admins.

A bit of a letdown? Sure. But this story highlights an important lesson: sometimes you follow a lead and come up short, so you have to make adjustments on the fly. Lean market research is about getting solid, actionable insights quickly so you can tweak things and see what works.

💡Pro tip: to save even more time, conduct remote interviews using an online user research service like Hotjar Engage , which automates the entire interview process, from recruitment and scheduling to hosting and recording.

You can interview your own customers or connect with people from our diverse pool of 200,000+ participants from 130+ countries and 25 industries. And no need to fret about taking meticulous notes—Engage will automatically transcribe the interview for you.

4. Analyze the data (without drowning in it)

The following techniques will help you wrap your head around the market data you collect without losing yourself in it. Remember, the point of lean market research is to find quick, actionable insights.

A flow model is a diagram that tracks the flow of information within a system. By creating a simple visual representation of how users interact with your product and each other, you can better assess their needs.

You’ll notice that admins are at the center of Smallpdf’s flow model, which represents the flow of PDF-related documents throughout a school. This flow model shows the challenges that admins face as they work to satisfy their own internal and external customers.

Affinity diagram

An affinity diagram is a way of sorting large amounts of data into groups to better understand the big picture. For example, if you ask your users about their profession, you’ll notice some general themes start to form, even though the individual responses differ. Depending on your needs, you could group them by profession, or more generally by industry.

We wrote a guide about how to analyze open-ended questions to help you sort through and categorize large volumes of response data. You can also do this by hand by clipping up survey responses or interview notes and grouping them (which is what Kristina does).

“For an interview, you will have somewhere between 30 and 60 notes, and those notes are usually direct phrases. And when you literally cut them up into separate pieces of paper and group them, they should make sense by themselves.”

Pro tip: if you’re conducting an online survey with Hotjar, keep your team in the loop by sharing survey responses automatically via our Slack and Microsoft Team integrations. Reading answers as they come in lets you digest the data in pieces and can help prepare you for identifying common themes when it comes time for analysis.

Hotjar lets you easily share survey responses with your team

Customer journey map

A customer journey map is a diagram that shows the way a typical prospect becomes a paying customer. It outlines their first interaction with your brand and every step in the sales cycle, from awareness to repurchase (and hopefully advocacy).

The above  customer journey map , created by our team at Hotjar, shows many ways a customer might engage with our tool. Your map will be based on your own data and business model.

📚 Read more: if you’re new to customer journey maps, we wrote this step-by-step guide to creating your first customer journey map in 2 and 1/2 days with free templates you can download and start using immediately.

Next steps: from research to results

So, how do you turn market research insights into tangible business results? Let’s look at the actions Smallpdf took after conducting their lean market research: first they implemented changes, then measured the impact.

Implement changes

Based on what Smallpdf learned about the challenges that one key user segment (admins) face when trying to convert PDFs into Word files, they improved their ‘PDF to Word’ conversion tool.

We won’t go into the details here because it involves a lot of technical jargon, but they made the entire process simpler and more straightforward for users. Plus, they made it so that their system recognized when you drop a PDF file into their ‘Word to PDF’ converter instead of the ‘PDF to Word’ converter, so users wouldn’t have to redo the task when they made that mistake. 

In other words: simple market segmentation for admins showed a business need that had to be accounted for, and customers are happier overall after Smallpdf implemented an informed change to their product.

Measure results

According to the Lean UX model, product and UX changes aren’t retained unless they achieve results.

Smallpdf’s changes produced:

A 75% reduction in error rate for the ‘PDF to Word’ converter

A 1% increase in NPS

Greater confidence in the team’s marketing efforts

"With all the changes said and done, we've cut our original error rate in four, which is huge. We increased our NPS by +1%, which isn't huge, but it means that of the users who received a file, they were still slightly happier than before, even if they didn't notice that anything special happened at all.”

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Market research (or marketing research) is any set of techniques used to gather information and better understand a company’s target market. This might include primary research on brand awareness and customer satisfaction or secondary market research on market size and competitive analysis. Businesses use this information to design better products, improve user experience, and craft a marketing strategy that attracts quality leads and improves conversion rates.

David Darmanin, one of Hotjar’s founders, launched two startups before Hotjar took off—but both companies crashed and burned. Each time, he and his team spent months trying to design an amazing new product and user experience, but they failed because they didn’t have a clear understanding of what the market demanded.

With Hotjar, they did things differently . Long story short, they conducted market research in the early stages to figure out what consumers really wanted, and the team made (and continues to make) constant improvements based on market and user research.

Without market research, it’s impossible to understand your users. Sure, you might have a general idea of who they are and what they need, but you have to dig deep if you want to win their loyalty.

Here’s why research matters:

Obsessing over your users is the only way to win. If you don’t care deeply about them, you’ll lose potential customers to someone who does.

Analytics gives you the ‘what’, while research gives you the ‘why’. Big data, user analytics , and dashboards can tell you what people do at scale, but only research can tell you what they’re thinking and why they do what they do. For example, analytics can tell you that customers leave when they reach your pricing page, but only research can explain why.

Research beats assumptions, trends, and so-called best practices. Have you ever watched your colleagues rally behind a terrible decision? Bad ideas are often the result of guesswork, emotional reasoning, death by best practices , and defaulting to the Highest Paid Person’s Opinion (HiPPO). By listening to your users and focusing on their customer experience , you’re less likely to get pulled in the wrong direction.

Research keeps you from planning in a vacuum. Your team might be amazing, but you and your colleagues simply can’t experience your product the way your customers do. Customers might use your product in a way that surprises you, and product features that seem obvious to you might confuse them. Over-planning and refusing to test your assumptions is a waste of time, money, and effort because you’ll likely need to make changes once your untested business plan gets put into practice.

Lean User Experience (UX) design is a model for continuous improvement that relies on quick, efficient research to understand customer needs and test new product features.

Lean market research can help you become more...

Efficient: it gets you closer to your customers, faster.

Cost-effective: no need to hire an expensive marketing firm to get things started.

Competitive: quick, powerful insights can place your products on the cutting edge.

As a small business or sole proprietor, conducting lean market research is an attractive option when investing in a full-blown research project might seem out of scope or budget.

There are lots of different ways you could conduct market research and collect customer data, but you don’t have to limit yourself to just one research method. Four common types of market research techniques include surveys, interviews, focus groups, and customer observation.

Which method you use may vary based on your business type: ecommerce business owners have different goals from SaaS businesses, so it’s typically prudent to mix and match these methods based on your particular goals and what you need to know.

1. Surveys: the most commonly used

Surveys are a form of qualitative research that ask respondents a short series of open- or closed-ended questions, which can be delivered as an on-screen questionnaire or via email. When we asked 2,000 Customer Experience (CX) professionals about their company’s approach to research , surveys proved to be the most commonly used market research technique.

What makes online surveys so popular?  

They’re easy and inexpensive to conduct, and you can do a lot of data collection quickly. Plus, the data is pretty straightforward to analyze, even when you have to analyze open-ended questions whose answers might initially appear difficult to categorize.

We've built a number of survey templates ready and waiting for you. Grab a template and share with your customers in just a few clicks.

💡 Pro tip: you can also get started with Hotjar AI for Surveys to create a survey in mere seconds . Just enter your market research goal and watch as the AI generates a survey and populates it with relevant questions. 

Once you’re ready for data analysis, the AI will prepare an automated research report that succinctly summarizes key findings, quotes, and suggested next steps.

An example research report generated by Hotjar AI for Surveys

2. Interviews: the most insightful

Interviews are one-on-one conversations with members of your target market. Nothing beats a face-to-face interview for diving deep (and reading non-verbal cues), but if an in-person meeting isn’t possible, video conferencing is a solid second choice.

Regardless of how you conduct it, any type of in-depth interview will produce big benefits in understanding your target customers.

What makes interviews so insightful?

By speaking directly with an ideal customer, you’ll gain greater empathy for their experience , and you can follow insightful threads that can produce plenty of 'Aha!' moments.

3. Focus groups: the most unreliable

Focus groups bring together a carefully selected group of people who fit a company’s target market. A trained moderator leads a conversation surrounding the product, user experience, or marketing message to gain deeper insights.

What makes focus groups so unreliable?

If you’re new to market research, we wouldn’t recommend starting with focus groups. Doing it right is expensive , and if you cut corners, your research could fall victim to all kinds of errors. Dominance bias (when a forceful participant influences the group) and moderator style bias (when different moderator personalities bring about different results in the same study) are two of the many ways your focus group data could get skewed.

4. Observation: the most powerful

During a customer observation session, someone from the company takes notes while they watch an ideal user engage with their product (or a similar product from a competitor).

What makes observation so clever and powerful?

‘Fly-on-the-wall’ observation is a great alternative to focus groups. It’s not only less expensive, but you’ll see people interact with your product in a natural setting without influencing each other. The only downside is that you can’t get inside their heads, so observation still isn't a recommended replacement for customer surveys and interviews.

The following questions will help you get to know your users on a deeper level when you interview them. They’re general questions, of course, so don’t be afraid to make them your own.

1. Who are you and what do you do?

How you ask this question, and what you want to know, will vary depending on your business model (e.g. business-to-business marketing is usually more focused on someone’s profession than business-to-consumer marketing).

It’s a great question to start with, and it’ll help you understand what’s relevant about your user demographics (age, race, gender, profession, education, etc.), but it’s not the be-all-end-all of market research. The more specific questions come later.

2. What does your day look like?

This question helps you understand your users’ day-to-day life and the challenges they face. It will help you gain empathy for them, and you may stumble across something relevant to their buying habits.

3. Do you ever purchase [product/service type]?

This is a ‘yes or no’ question. A ‘yes’ will lead you to the next question.

4. What problem were you trying to solve or what goal were you trying to achieve?

This question strikes to the core of what someone’s trying to accomplish and why they might be willing to pay for your solution.

5. Take me back to the day when you first decided you needed to solve this kind of problem or achieve this goal.

This is the golden question, and it comes from Adele Revella, Founder and CEO of Buyer Persona Institute . It helps you get in the heads of your users and figure out what they were thinking the day they decided to spend money to solve a problem.

If you take your time with this question, digging deeper where it makes sense, you should be able to answer all the relevant information you need to understand their perspective.

“The only scripted question I want you to ask them is this one: take me back to the day when you first decided that you needed to solve this kind of problem or achieve this kind of a goal. Not to buy my product, that’s not the day. We want to go back to the day that when you thought it was urgent and compelling to go spend money to solve a particular problem or achieve a goal. Just tell me what happened.”

— Adele Revella , Founder/CEO at Buyer Persona Institute

Bonus question: is there anything else you’d like to tell me?

This question isn’t just a nice way to wrap it up—it might just give participants the opportunity they need to tell you something you really need to know.

That’s why Sarah Doody, author of UX Notebook , adds it to the end of her written surveys.

“I always have a last question, which is just open-ended: “Is there anything else you would like to tell me?” And sometimes, that’s where you get four paragraphs of amazing content that you would never have gotten if it was just a Net Promoter Score [survey] or something like that.”

What is the difference between qualitative and quantitative research?

Qualitative research asks questions that can’t be reduced to a number, such as, “What is your job title?” or “What did you like most about your customer service experience?” 

Quantitative research asks questions that can be answered with a numeric value, such as, “What is your annual salary?” or “How was your customer service experience on a scale of 1-5?”

 → Read more about the differences between qualitative and quantitative user research .

How do I do my own market research?

You can do your own quick and effective market research by 

Surveying your customers

Building user personas

Studying your users through interviews and observation

Wrapping your head around your data with tools like flow models, affinity diagrams, and customer journey maps

What is the difference between market research and user research?

Market research takes a broad look at potential customers—what problems they’re trying to solve, their buying experience, and overall demand. User research, on the other hand, is more narrowly focused on the use (and usability ) of specific products.

What are the main criticisms of market research?

Many marketing professionals are critical of market research because it can be expensive and time-consuming. It’s often easier to convince your CEO or CMO to let you do lean market research rather than something more extensive because you can do it yourself. It also gives you quick answers so you can stay ahead of the competition.

Do I need a market research firm to get reliable data?

Absolutely not! In fact, we recommend that you start small and do it yourself in the beginning. By following a lean market research strategy, you can uncover some solid insights about your clients. Then you can make changes, test them out, and see whether the results are positive. This is an excellent strategy for making quick changes and remaining competitive.

Net Promoter, Net Promoter System, Net Promoter Score, NPS, and the NPS-related emoticons are registered trademarks of Bain & Company, Inc., Fred Reichheld, and Satmetrix Systems, Inc.

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Why All Budding Entrepreneurs Need to Embrace Market Research (and How to Do It)

Market research is one of the most powerful tools available to budding entrepreneurs. Effective market research can not only help you decide if your business idea is worth pursuing, but it can also help you discover a new direction for expanding your side hustle.

Many entrepreneurs avoid or neglect to do market research because they assume it is expensive or only effective for large-scale businesses, but neither of these ideas is correct. Whether you’re operating a side hustle , considering a business idea, or running a small startup, market research is imperative.

Here are four tips for conducting market research affordably and effectively on a smaller scale.

Keep it simple

Simplicity is key. Market research can be a highly complex, multi-faceted process, but it can also be as simple as a quick email with a couple of survey questions. Don’t get overwhelmed by the concept of a massive market research effort. Think of the market research process as learning and discovery—exploring new ways to make your business idea as air-tight as possible.

One example of just how simple market research can be is the use of surveys. You can gather invaluable data from a survey and it doesn’t need to be complicated or long to be effective. In fact, people are more likely to complete a survey that only requires one or two clicks. The catch with market research surveys is that you need a pool of people to complete the survey — i.e., a list of email subscribers or social media followers.

Related: Using Market Research to Create an Actionable Business Plan

Study the competition.

Just as a solid sports team spends hours poring over footage of their next opponent, you need to spend time gathering data on companies that are doing what you want to do (or something similar).

Competitors in your niche offer up abundant data in their marketing campaigns. Find out how other companies are trying to reach similar customers who are interested in your product or service. Sign up for their newsletters. Read their blogs. Follow their social media accounts. This will give you fresh information about the audience and marketing methods that are effective for your industry.

Pay attention to how customers are engaging with them: which blog posts or social media accounts have the most comments and engagement? While you can’t see the open rate of their newsletter, you can get a great idea of engagement from their more public-facing channels. Use their efforts to your advantage—learn from their mistakes and their success.

Social media offers free market research data

Social media is one of the most cost-effective tools out there for completing market research. Searching terms and hashtags on outlets like Twitter and Facebook can give you an overview of who is talking about your niche and what they are saying. This kind of research can also lead you to discover exactly how people are talking about your product or service—maybe they are using words or terms that hadn’t occurred to you.

Social media also gives you the opportunity to conduct affordable interviews and surveys. Facebook groups within your niche or industry can provide a wealth of potential candidates for these studies. The process itself can be as simple as posting a few questions or sending a quick direct message.

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It’s never too early.

I started gathering market research data about my company early in its existence, but I still missed out on some valuable information during the earliest stages of development. Your company is wholly unique, even if it falls into a clear niche. Therefore, clear and measurable data about your specific operations, services and products is the absolute best form of data you can get.

Early market research is important because it provides the greatest insight into what works, what doesn’t and how to improve, which is the key to a successful business. By learning who your customers are, what they want, what they don’t want, and how they will use your product or service, you can inform not only your initial business decisions, but later decisions, too.

Market research isn’t optional

There are cheap and even free ways to reap the benefits of market research. If you are bootstrapping or trying to reduce the costs of a new business, you don’t have to spend thousands or even hundreds on market research. By starting early, using social media and studying your competition, you can keep market research simple.

Market research shouldn’t be seen as optional—or unattainable—for new entrepreneurs. It is a core practice of good business, and the data you obtain from doing proper research will prove invaluable in every stage of business growth.

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

Published: August 08, 2024

One of the most underrated skills you can have as a marketer is marketing research — which is great news for this unapologetic cyber sleuth.

From brand design and product development to buyer personas and competitive analysis, I’ve researched a number of initiatives in my decade-long marketing career.

And let me tell you: having the right marketing research methods in your toolbox is a must.

Market research is the secret to crafting a strategy that will truly help you accomplish your goals. The good news is there is no shortage of options.

How to Choose a Marketing Research Method

Thanks to the Internet, we have more marketing research (or market research) methods at our fingertips than ever, but they’re not all created equal. Let’s quickly go over how to choose the right one.

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1. Identify your objective.

What are you researching? Do you need to understand your audience better? How about your competition? Or maybe you want to know more about your customer’s feelings about a specific product.

Before starting your research, take some time to identify precisely what you’re looking for. This could be a goal you want to reach, a problem you need to solve, or a question you need to answer.

For example, an objective may be as foundational as understanding your ideal customer better to create new buyer personas for your marketing agency (pause for flashbacks to my former life).

Or if you’re an organic sode company, it could be trying to learn what flavors people are craving.

2. Determine what type of data and research you need.

Next, determine what data type will best answer the problems or questions you identified. There are primarily two types: qualitative and quantitative. (Sound familiar, right?)

• Qualitative Data is non-numerical information, like subjective characteristics, opinions, and feelings. It’s pretty open to interpretation and descriptive, but it’s also harder to measure. This type of data can be collected through interviews, observations, and open-ended questions.
• Quantitative Data , on the other hand, is numerical information, such as quantities, sizes, amounts, or percentages. It’s measurable and usually pretty hard to argue with, coming from a reputable source. It can be derived through surveys, experiments, or statistical analysis.

Understanding the differences between qualitative and quantitative data will help you pinpoint which research methods will yield the desired results.

For instance, thinking of our earlier examples, qualitative data would usually be best suited for buyer personas, while quantitative data is more useful for the soda flavors.

However, truth be told, the two really work together.

Qualitative conclusions are usually drawn from quantitative, numerical data. So, you’ll likely need both to get the complete picture of your subject.

For example, if your quantitative data says 70% of people are Team Black and only 30% are Team Green — Shout out to my fellow House of the Dragon fans — your qualitative data will say people support Black more than Green.

(As they should.)

Primary Research vs Secondary Research

You’ll also want to understand the difference between primary and secondary research.

Primary research involves collecting new, original data directly from the source (say, your target market). In other words, it’s information gathered first-hand that wasn’t found elsewhere.

Some examples include conducting experiments, surveys, interviews, observations, or focus groups.

Meanwhile, secondary research is the analysis and interpretation of existing data collected from others. Think of this like what we used to do for school projects: We would read a book, scour the internet, or pull insights from others to work from.

So, which is better?

Personally, I say any research is good research, but if you have the time and resources, primary research is hard to top. With it, you don’t have to worry about your source's credibility or how relevant it is to your specific objective.

You are in full control and best equipped to get the reliable information you need.

3. Put it all together.

Once you know your objective and what kind of data you want, you’re ready to select your marketing research method.

For instance, let’s say you’re a restaurant trying to see how attendees felt about the Speed Dating event you hosted last week.

You shouldn’t run a field experiment or download a third-party report on speed dating events; those would be useless to you. You need to conduct a survey that allows you to ask pointed questions about the event.

This would yield both qualitative and quantitative data you can use to improve and bring together more love birds next time around.

Best Market Research Methods for 2024

Now that you know what you’re looking for in a marketing research method, let’s dive into the best options.

Note: According to HubSpot’s 2024 State of Marketing report, understanding customers and their needs is one of the biggest challenges facing marketers today. The options we discuss are great consumer research methodologies , but they can also be used for other areas.

Primary Research

1. interviews.

Interviews are a form of primary research where you ask people specific questions about a topic or theme. They typically deliver qualitative information.

I’ve conducted many interviews for marketing purposes, but I’ve also done many for journalistic purposes, like this profile on comedian Zarna Garg . There’s no better way to gather candid, open-ended insights in my book, but that doesn’t mean they’re a cure-all.

What I like: Real-time conversations allow you to ask different questions if you’re not getting the information you need. They also push interviewees to respond quickly, which can result in more authentic answers.

What I dislike: They can be time-consuming and harder to measure (read: get quantitative data) unless you ask pointed yes or no questions.

Best for: Creating buyer personas or getting feedback on customer experience, a product, or content.

2. Focus Groups

Focus groups are similar to conducting interviews but on a larger scale.

In marketing and business, this typically means getting a small group together in a room (or Zoom), asking them questions about various topics you are researching. You record and/or observe their responses to then take action.

They are ideal for collecting long-form, open-ended feedback, and subjective opinions.

One well-known focus group you may remember was run by Domino’s Pizza in 2009 .

After poor ratings and dropping over $100 million in revenue, the brand conducted focus groups with real customers to learn where they could have done better.

It was met with comments like “worst excuse for pizza I’ve ever had” and “the crust tastes like cardboard.” But rather than running from the tough love, it took the hit and completely overhauled its recipes.

The team admitted their missteps and returned to the market with better food and a campaign detailing their “Pizza Turn Around.”

The result? The brand won a ton of praise for its willingness to take feedback, efforts to do right by its consumers, and clever campaign. But, most importantly, revenue for Domino’s rose by 14.3% over the previous year.

The brand continues to conduct focus groups and share real footage from them in its promotion:

What I like: Similar to interviewing, you can dig deeper and pivot as needed due to the real-time nature. They’re personal and detailed.

What I dislike: Once again, they can be time-consuming and make it difficult to get quantitative data. There is also a chance some participants may overshadow others.

Best for: Product research or development

Pro tip: Need help planning your focus group? Our free Market Research Kit includes a handy template to start organizing your thoughts in addition to a SWOT Analysis Template, Survey Template, Focus Group Template, Presentation Template, Five Forces Industry Analysis Template, and an instructional guide for all of them. Download yours here now.

3. Surveys or Polls

Surveys are a form of primary research where individuals are asked a collection of questions. It can take many different forms.

They could be in person, over the phone or video call, by email, via an online form, or even on social media. Questions can be also open-ended or closed to deliver qualitative or quantitative information.

A great example of a close-ended survey is HubSpot’s annual State of Marketing .

In the State of Marketing, HubSpot asks marketing professionals from around the world a series of multiple-choice questions to gather data on the state of the marketing industry and to identify trends.

The survey covers various topics related to marketing strategies, tactics, tools, and challenges that marketers face. It aims to provide benchmarks to help you make informed decisions about your marketing.

It also helps us understand where our customers’ heads are so we can better evolve our products to meet their needs.

Apple is no stranger to surveys, either.

In 2011, the tech giant launched Apple Customer Pulse , which it described as “an online community of Apple product users who provide input on a variety of subjects and issues concerning Apple.”

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

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

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

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

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

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

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

Best for: Product testing and competitive analysis

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

Secondary Research

8. public domain or third-party research.

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

Some reputable resources you can use include:

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

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

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

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

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

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

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

9. Buy Research

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

What I like: Same as public domain research

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

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

Which marketing research method should you use?

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

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

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

Don't forget to share this post!

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How does market research help a business? Successful 5 ways

This blog will explore the pivotal question, “How does market research help a business?” By delving into its multifaceted advantages, we uncover the essential ways in which market research empowers businesses to make strategic decisions, create tailored offerings, and stay ahead in an increasingly competitive landscape.

As a small business owner, you’ve probably read about market research. You know that understanding your industry’s social, cultural, and economic frameworks is essential to your success. And you’re aware that you need to know about your customers, the area in which you’re selling, and what your competitors are doing.

What is market research?

Market research is the systematic process of collecting, analyzing, and interpreting data about a specific market, industry, or audience to gain insights and understanding. It involves gathering information about various aspects of the market, such as customer preferences, behaviors, trends, competitors, and economic conditions. 

Market research tools aim to provide businesses with actionable information that can inform their strategic decisions, help them identify opportunities, mitigate risks, and develop effective marketing and business strategies.

Conducting a thorough competitive analysis as part of market research revealed key pricing strategies and unique value propositions that set our product apart in the highly competitive tech accessories market. 

Qualitative research in market research involves conducting in-depth interviews with potential customers to uncover their underlying motivations and preferences for eco-friendly products. And by utilizing quantitative research methods such as surveys and data analysis, we were able to quantify customer satisfaction levels and identify specific areas for improvement in our service offerings.

Importance of market research

Market research holds immense importance for businesses across various industries. It serves as a guiding light that helps organizations navigate the complexities of the market, make informed decisions, and achieve sustainable growth. 

Here are some key reasons highlighting the significance of market research:

Customer Understanding

Market research helps businesses gain deep insights into customer preferences, behaviors, and needs. Understanding your target audience’s motivations and pain points allows you to tailor your products, services, and marketing efforts to meet their expectations better.

Strategic Decision-Making

Informed decisions are the foundation of successful businesses. Market research provides data-driven insights that aid in identifying opportunities, mitigating risks, and shaping strategic plans. Market research supports decision-making, whether launching new products, entering new markets, or changing business models.

Market Segmentation

Businesses rarely have a universal customer base. Effective market research allows you to segment your audience based on demographics, behaviors, and preferences. This segmentation enables personalized marketing strategy and enhances customer engagement.

Competitor Analysis

Staying competitive requires a deep understanding of your rivals. Market research helps identify competitors’ strengths and weaknesses, enabling you to differentiate your offerings and create unique value propositions.

Trend Identification

Market trends can make or break businesses. Researching and identifying current and emerging trends helps you adapt to changing customer preferences, technological advancements, and industry shifts, ensuring your business remains relevant.

Risk Mitigation

Every business decision carries inherent risks. Market research minimizes these risks by providing valuable insights into potential challenges and roadblocks. This empowers you to devise contingency plans and make calculated decisions.

Product Development

Creating products or services without understanding customer needs can lead to failure. Market research guides product development by uncovering gaps in the market, enabling businesses to create solutions that resonate with their target audience.

Optimized Marketing Strategies

Effective marketing requires a deep understanding of where, when, and how to reach your audience. Market research aids in identifying the most effective channels, messages, and strategies for connecting with customers.

• Customer Satisfaction

Happy customers are loyal customers. Market research helps improve customer satisfaction by understanding their expectations and addressing their concerns, leading to stronger brand loyalty and positive word-of-mouth.

Resource Allocation

Resources, such as time and money, are finite. Market research ensures efficient resource allocation by providing insights into where to invest for maximum returns and which areas might need less attention.

Business Growth

Ultimately, market research contributes to business growth. With a comprehensive understanding of the market and customer dynamics, you can identify expansion opportunities, tap into new markets, and scale your operations.

Key components of market research

Market research can be conducted through a variety of methods, including surveys, interviews, focus groups, observation, and data analysis from various sources such as public records, social media, and industry reports. The information gathered through conducting market research is used to make informed decisions about product development, pricing, distribution, marketing campaigns, and overall optimal business strategy. 

Key components of market research data include:

Dividing the target market into distinct groups based on shared characteristics such as demographics, behaviors, and preferences. This helps businesses tailor their strategies to meet specific customer segments’ needs better.

Studying competitors’ offerings, strengths, weaknesses, and market positioning to understand the competitive landscape and identify opportunities for differentiation.

Customer Behavior Analysis

Examining how customers interact with products and services, what influences their buying decisions, and their overall satisfaction levels.

Identifying current and emerging trends within the industry helps businesses anticipate shifts in customer preferences and adapt their strategies accordingly.

SWOT Analysis

Evaluating the strengths, weaknesses, opportunities, and threats facing a business within its market environment. This analysis aids in strategic planning and risk assessment.

Data Collection and Analysis

Gathering data from various sources, organizing and analyzing it to derive meaningful insights, and making data-driven decisions.

Market Size and Growth Analysis

Assessing the overall size of the market, its growth potential, and the factors driving or inhibiting its expansion.

Primary and Secondary Research

Conducting original research (primary research) through surveys and interviews or using existing data and resources (secondary research) to gather relevant information.

5 ways of market research to help a business

Market research can be overwhelming for many, and its benefits are hidden in obscurity. To help separate fact from fiction, we’ve outlined five reasons ways effective research can help your business.

1. Market Research Centers Business on the Customer

Market research analyzes data about a market, product, or service. And the most obvious benefit is its ability to help you understand your customer. Who are they? What do they want? What do they expect? 

Through efficient research, businesses are able to establish an open-ended line of communication with their customers. Once you understand your customer’s needs, you will be able to tailor your business to meet them.

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How to start collecting customer feedback today:

• Create a master customer list.  Be sure that this list includes the customer’s first name, last name, and email, and then consider including what products or services they use.  You can easily upload this list to QuestionPro and then use the data to segment your responses .
• Why not collect customer feedback directly from your website?  Use the QuestonPro “embed survey” feature to create a feedback tab or to have a survey pop up to measure your site’s effectiveness after the visitor is ready to leave your site.

2. It Helps Understand Your Competition

Knowing your competitors and what they offer can help make your products, services, and marketing stand out. Sure, research enables you to set your prices competitively, but it also helps you learn from your competition—and do things better.

How to collect competitive information using surveys:

• Check out this article with competitive research basics outlined.
• In this article, we’ve outlined 10 competitive research resources
• Use these basic questions in your competitive research .

3. It Enables You to Test for Success

Need help to judge whether a new product or service will connect with your customer? Research is the most effective way to test ideas before you go full-throttle with them. Through metrics, small business owners are able to see which concepts, campaigns, and messaging resonate best with target customers. The reason to conduct market research is to save money and ensures success.

Got a new idea? 

Here’s how to test your concept:

• Check out QuestionPro’s concept testing surveys in the library.
• Don’t spend money on surveys until you’ve done some secondary research.  Yes, that means trolling the web for existing studies and research.  Why not hit your local library and ask the research librarian?  They are an invaluable resource and have access to databases you don’t.
• Contact industry trade associations and publications.  Have you read an article that’s close to what you need but doesn’t have all the info?  Contact the author and see if they have data that didn’t fit in the article.
• If you need a bigger, broader sample, you can get that through QuestionPro. Just click on “Send survey” and the “Buy Sample” option.

4. It Ensures Your Relevancy

As the old adage goes, change is the only true constant. And in the marketing world, this is especially true. In order to remain successful, all businesses need to anticipate and react to change in order to stay relevant. 

By researching the evolving needs of consumers and analyzing your competition’s reactions, you are securing longevity and relevancy in the market. Market research can help business owners to stay innovative and successful—and change with the times.

How to stay relevant:

• The easiest way to stay relevant is to run a tracking or index survey.  Simply create a basic survey that you send on a regular basis. Then, you can select the date range you want to see in the reporting feature.  You can also create segments of date ranges and compare your progress.

5. It Grows Your Business

All small business owners want to grow their companies—but many are unsure where to begin. Research is your best tool for any type of product development, launch, or business expansion. Solid metrics can help:

• Keep track of trends and future markets
• Identify areas for expansion
• Draft effective strategies for campaigns
• Set realistic targets for business
• Beat competition
• Optimize results

By anticipating the evolving nature of the market, effective research enables business expansion and growth.

Market research is not just an optional step in your business strategy. Rather, it’s a vital tool that can significantly impact your success. By understanding your target audience, validating product ideas, monitoring indirect or secondary competitors, adapting marketing strategies, and minimizing risks, you position your business for growth and sustainability. 

Embracing your own market research as an ongoing process ensures that you remain attuned to changing market dynamics and continue to meet the evolving needs of your customers. In a world where data is power, a market research firm empowers your business to make informed choices and thrive in a competitive environment.

QuestionPro is your strategic partner in unraveling the benefits of market research for business success. With comprehensive survey solutions and advanced analytics, we empower you to uncover customer preferences, industry trends, and competitive insights. Elevate your decision-making with actionable data from QuestionPro’s robust platform.

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Market research is essential for entrepreneurs who want their businesses to succeed

Professeur agrégé en Marketing Management, Université du Québec à Montréal (UQAM)

Disclosure statement

Philippe Massiera does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

Université du Québec à Montréal (UQAM) provides funding as a founding partner of The Conversation CA-FR.

Université du Québec à Montréal (UQAM) provides funding as a member of The Conversation CA.

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According to the U.S. research and consulting firm CB Insights , most entrepreneurs fail because they lack sufficient financing. The second reason they fail is because the market for their product is too small.

Yet many entrepreneurs and coaching professionals continue to reject the market research phase in favour of a “fail fast, pivot quickly” approach. Launching companies this way — even if it means having to adapt to customer feedback later — is very trendy, especially in the world of startups.

However, as the bitter experience of Canadian entrepreneur Tom Zaragoza demonstrates, “learning by doing” is no guarantee that a business will gain traction in the marketplace. In 2017, after months of effort, Zaragoza launched his site Gymlisted to connect private gyms with users, only to find out that there was no demand for such a service .

Through my activities as a professor in entrepreneurial marketing, I unfortunately meet an increasing number of entrepreneurs who are convinced they have the idea of the century, but who do not take time to study the market in a structured way. Market research remains an essential step for entrepreneurs for the simple reason that if the owner is not a market expert, who is?

Two misconceptions about market research

Contrary to the story about the intuitive and visionary entrepreneur, and in a context where modern society applauds action over reflection, it turns out that market research is both essential and relevant — as long as two misconceptions that work against its adoption are removed.

First misconception: Market research is a linear and rational process that is not compatible with a company’s launch phase.

In reality, it is a set of methods and tools, the goal of which is to create a continuous learning loop by alternating phases of reflection with phases of experimentation. Whatever the size of the company, the approach is much more iterative (achieved through repetition), inductive and diversified than one might think.

As demonstrated by the “ disciplined approach ” proposed by Bill Aulet, a professor at MIT, it is actually possible to study a market in a way that is structured and agile. The 24-step process starts with the study of the market fundamentals, an essential first step to understand the market structure and, above all, the different customer segments. Once the target customer is identified, the process unfolds by moving back and forth frequently between research and field studies.

Second misconception: Market research is simply about having large samples answer questionnaires.

The truth is, surveys are not a substitute for market research. Contrary to what some business sites advise, a good survey involves using complex methods that require specialized knowledge. The use of free online solutions, such as Google Forms, by inexperienced entrepreneurs often produces biased results that may not be very useful.

In view of these two misconceptions, it would be more appropriate to use the term “market intelligence,” which better translates the two key steps of a pragmatic and agile process adapted to the context of creation.

The two key steps to develop good market intelligence

Step 1: Do secondary market research to know your market

Secondary market research involves exploiting all existing knowledge.

A quick and efficient way to do this is to contact organizations such as professional associations , sector committees or even chambers of commerce. These institutions have the mission of collecting, synthesizing and making accessible relevant and credible information on a given sector or market, often at a very reasonable cost.

This approach allows entrepreneurs to quickly acquire the knowledge they need to start structuring the first hypotheses of their business model : What are the different customer profiles? What are their expectations and buying habits? What are the competing offers already on the market?

Step 2: Conduct qualitative studies to validate and adjust your business model .

The next step involves testing and exploring the marketplace on the ground by using qualitative methods . This type of study takes the form of individual or group interviews, or even simple observations, and makes it possible to deepen the hypotheses put forward following the research phase by directly interviewing those in the field.

Take the example of the UNIQ Hotel , an “ephemeral” accommodation launched in 2020.

Initially, studying the reports of the Tourism Intelligence Network of the Transat Chair of Tourism at the Université du Québec à Montreal and those of Camping Québec showed that this product might interest those who liked “glamping” and wanted both nature and comfort. Indeed, UNIQ offers yurts that can be set up and dismantled in different locations.

During the second phase, it makes sense to do individual or group interviews to understand the customer, their habits, their expectations and any possible obstacles.

This exploration phase makes it possible to understand which services are essential and which booking methods are commonly used.

This type of qualitative research would be an important step in completing the value proposition design , a tool that helps illustrate why the idea will meet the market’s expectations. The information also makes it possible to draw up a precise profile of the expected clientele using a “ buyer persona ,” a method for summarizing the main characteristics of future buyers.

Once this exploration phase is complete, one can wrap up with a test to ensure that there is demand for this type of accommodation. This can be done by applying concept testing . This simple and inexpensive process consists of submitting a printed or video description of the proposal to the target clientele to study their reactions and their level of intention to make a purchase.

These few good practices do not cover everything, and not all market research methods are applied to every creative context. But as many scientific studies have shown, knowing your market is a key factor of success for any company.

This article was originally published in French

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Small Business Marketing Research Tools

There is a wealth of online marketing research resources to help a small business or startup establish a marketing plan and strategy to achieve its marketing goals.

With the move to the digital economy and the advent of AI, data empowers small business owners to make more informed decisions. Launching and positioning a product or service is much easier given the range of available tools for market research.

Whether creating a marketing plan for an established business or as an evaluation of a potential acquisition, market research can be used to confirm a favorable trend for products and services. It is a great way to know where their customers are heading.

With the right information, small businesses can formulate a strategy to move forward more confidently, by understanding their target customers and related market segment.

Identifying Market Trends and Opportunities

Tools like Th ink With Google and Google Trends provide real-time insight into current market dynamics, revealing search behavior and topic popularity.

A company can establish its strategy using G oogle Trends . As a marketing research tool, it follows consumer behavior with Google Analytics. Insights are given into market trends, potential customers, and the competitive landscape.

Google Trends tracks the popularity of search queries across regions and languages. The tool analyzes a portion of Google web searches, determining how many searches have been done for the terms relative to the total number of Google searches done over time.  A score is then assigned out of 100, providing insights into the relative popularity of a term.

The tool also provides real-time and historical data on consumer interest. Location filters allow for regional analysis helping with geographically targeted strategies. Search terms can be viewed relative to competitors to assess brand performance.

Google Trends offers opportunities for entrepreneurs to discover and capitalize on emerging trends.

Understanding Search Trends and Keyword Popularity

By allowing users to compare multiple search terms, Google Trends can help identify interest fluctuations and trends in keyword popularity. Rising topics for content marketing can be identified from the data, give insight into long-tail keywords for SEO strategies, and signal seasonal trends useful for planning timely campaigns.

Platforms Si milarweb and SEMrush are home to indicators, covering SEO, content marketing, and social media trends.

Great insight is gained about competitors, their strategies, and the market share they hold using competitive analysis tools. Similarweb , for example, enhances competitor understanding by providing key metrics like website visits, interaction rates, and visitor engagements.

Recognizing competitors’ strengths and weaknesses gives businesses a better chance to carve out their unique competitive advantages. Determining how valuable a target market is to competitors can give strategic insights into market positioning.

Po rter’s Five Forces , for instance, can aid in differentiating competitive analysis by industry, determining the intensity of competitive rivalry, the threat of new entrants, and other industry-specific forces that influence market dynamics.

When the leaders of a company understand its competitive arena using market intelligence, they can choose a course better tied to sustainable growth. They also lower market risk, refine their business strategies, clarify the business idea, and sharpen marketing tactics to achieve a better position.

Understanding Customer Needs and Preferences

Customer sentiment is a major factor in understanding a target market’s purchasing habits and preferences.

• Well-structured market research collects customer feedback, verifying product relevance versus market expectations.
• By validating product assumptions, customer experiences are ensured, influencing sales and marketing strategies.
• Personalized offerings may emerge when a business listens and responds to the collective voice of its customers.
• Market niches can be identified and explored.

Value of Competitive Analysis

For a small business to succeed it must know how its products and services stand against its competition. Gathering competitors’ marketing material is a fairly easy and efficient way to learn competitors’ pricing and offerings.

Conducting more formal competitive intelligence begins with identifying direct competitors and the activities of indirect and potential competitors. Various facets such as digital footprints, social metrics, and pricing policies reveal the strengths and weaknesses in the competitive landscape.

Through this investigatory process of analyzing its competition, a company can form strategies, know where potential threats are, and lay out opportunities to differentiate itself.

Types of Market Research Tools

Market research tools may be either qualitative or data-driven.

Qualitative market research tools include online survey providers like Survey Monkey , Typeform , and Google Forms .  They can be used for focus groups, crafting the right open-ended questions to gather non-numeric data.

Several data analysis tools or market research utilities are listed below. They are used to unpack large datasets and translate them into valuable actionable insights to establish effective strategies.

These research tools can be used across channels. For example, research questionnaires via email, social media, web links, and SMS shares enable businesses to cast a wide net to gather data.

What is great is businesses of all sizes can access market research tools, lowering entry and competitive barriers. A small business can conduct research in-house without draining resources or using outsourcing.

Market Research Surveys

Qualtr ics is a comprehensive market research tool enabling small businesses to create advanced surveys, allowing for detailed market segmentation and thorough data analysis.

Users can design surveys, collect responses from millions of potential respondents, and apply statistical tests and visualizations to interpret the data.

A standout feature of Qualtrics is its ability to streamline the process of finding a representative sample, making it simpler for business owners to gather information that is directly relevant to their target audience. Tailored surveys can then be created to enhance customer experiences and refine business strategies.

Market research surveys are primary data collection tools for learning product preferences, customer satisfaction, and more. Other top surveys are:

• SurveyMonkey streamlines feedback collection to enhance lead generation and customer loyalty. It offers over 200 survey templates empowering users to craft, distribute, and analyze surveys.
• Paperform is an innovative tool offering a nuanced approach to survey creation, with a free-text interface that allows customization of visual elements. It offers a unique and branded survey experience that spurs higher engagement of respondents.
• Typeform has a user-friendly interface for form creation and online surveys. Pre-made templates help businesses design surveys with different types of questions, from multiple-choice to scale ratings and open-ended answers.
• Statista Consumer Insights offers access to a variety of market research tools and proprietary survey results, providing valuable statistics, numerical data, and pre-existing market research.
• QuestionPro stands out with its ready-to-use survey templates and 24/7 support, complete with an extensive free plan for businesses getting started. 
• Qualaroo provides contextual insights with tools such as exit intent surveys, enabling businesses to grasp the ‘why’ behind user actions. Questions can be placed at key decision points to prompt insightful answers.

Evaluating market demand for specific products or services

Google Ads and SurveyMonkey provide feedback avenues for research that strengthen a business’ use to understand consumer needs and preferences.

Macroeconomic indicators, including income ranges and employment rates, are also important when assessing demand, as they help clarify the financial viability of the target consumer group for the products or services offered.

Social Media Market Research Tools

Social media market research tools are foundational for understanding brand awareness and consumer sentiment. For example, Social Mention offers real-time monitoring of brand or keyword mentions across over 100 social media platforms.

This tool distinguishes between positive and negative sentiments in social media conversations, delivering insights into how customers perceive a brand. It analyzes the volume and frequency of discussions, gauging customer engagement and buzz surrounding a company’s brand.

It provides a platform for observing industry trends and the competitive landscape, identifying sentiment and frequency of keyword mentions which reflects the community’s perception and interest in the various market competitors.

Analytics and Data Analysis Tools

Platforms like AnswerRocket leverage AI to generate quick insights, integrating with various analytical tools for greater agility in market research.

Google Analytics and similar offerings from Facebook and Twitter give a deep dive into metrics such as traffic, conversions, and engagement. Tools like H otjar track user behavior and provide heatmaps that visualize where users click and how they navigate through a website.

For use in digital market analysis, Similar Web Research Intelligence offers comprehensive insights such as competitive benchmarking and audience analysis to power data-driven decisions.

Tableau takes these capabilities further by aiding companies in visual analytics, helping them understand complex data through interactive, visual representations.

Stravito offers an intuitive, highly automated cloud service to centralize internal and external data sources, organize research and data, and quickly generate the findings that organizations need to power growth.

Tracking Website and Content Performance

Google Analytics excels at providing detailed insights into website engagement. By tracking critical metrics such as page views, bounce rates, and average session duration, small businesses see what aspects of their marketing efforts drive traffic and retain visitors.

When high-converting pages are identified, insight is gained about successful content that leads to further and improved optimization efforts for even greater performance.

Analyzing User Behavior and Demographics

Google Analytics breaks down user demographics and behaviors. This segmentation includes analysis of traffic sources, aiding companies in understanding how visitors find their site—whether through direct searches, social media, referrals, or paid ads.

Knowing the devices visitors use most often to access a website provides context to optimize the user experience across platforms. Targeting enables companies to better meet consumers’ expectations.

Insight Drives Content Marketing Strategies

Google Analytics when combined with market research tools Think with Google and B uzzSumo provides a content mix to form content marketing strategies. Insights gathered from user interactions—such as the articles they read, the products they explore, or the keywords they use in searches—equip marketers with the information needed to create highly relevant and engaging content.

Facebook Audience Insights is essential for advertising campaigns. It helps businesses boost sales and engagement by providing critical audience data for targeted marketing strategies.

Competitive Intelligence Tools

Competitive intelligence tools reveal a business’s competitive edge. They analyze competitors’ sales, trends, and customer base, providing a clearer picture of the innovations shaking up the market.

Tools to Target Audiences and Market Segments

• C laritas MyBestSegments yield in-depth demographic and lifestyle data for audience segments. Strategies can be formed to to target the most receptive consumer groups for specific campaigns or product deployments.
• Loop11 specialize in user experience testing, revealing insights into website usability and customer behavior across different devices, helping businesses to define their target audiences.
• BIT.AI offers collaboration and documentation support to streamline market research data handling.
• Remesh enables businesses to engage with focus groups comprised of thousands of individuals. Segmentation can be done based on demographic traits and response data, offering a clearer vision of who the target audience should be.
• GrowthBar is an online market research tool focusing on SEO and competitive analysis. It features keyword and competitor research, on-page SEO audits, and is accessible as a web version and a Chrome extension.

Monitoring Customer Acquisition and Conversion Rates

Qualtrics and more specialized software like Up wave analyze the effectiveness of brand advertising efforts concerning customer acquisition and conversions.

Small businesses can pinpoint exactly where and how conversions happen, and which marketing channels are the most fruitful.

This informed approach to analyzing customer data allows for fine-tuning marketing approaches, resulting in a more strategic allocation of budget and greater return on investment.

SEMrush’s Competitive analysis

SEMrush offers small business owners a robust set of tools for competitive analysis in understanding the competitive landscape of their market.

Its Organic Research tool unveils the strategies behind a competitor’s organic search presence. By highlighting which keywords competitors are ranking for and analyzing the traffic these keywords generate, SEMrush identifies gaps so that entrepreneurs in their SEO tactics discover new growth opportunities.

It includes comprehensive SEO audits offering actionable advice to gain better traffic analysis and keyword research—all foundational for a successful marketing campaign. The platform has over 40 tools for boosting online visibility and draws visitors effectively, by focusing on key areas such as SEO, PPC, SMM, and comprehensive keyword research.

A direct comparison can be made between one website’s performance and competitors, providing complete SEO audits to uncover potent keywords, and deeply analyze backlinks to identify any potential vulnerabilities of their website.

Competitor Domains and Backlink Profiles

Ahrefs and SEMrush’s integrated API solutions such as Tray.io and R ank Ranger offer great insights into competitors’ domains and backlink profiles.

Small business owners can gauge the strength and strategies behind a competitor’s backlink profile. This type of analysis reveals the quantity and the quality of the links directed towards competing websites. This yields potential partnerships or link-building opportunities for one’s site.

Knowing the intricacies of competitors’ SEO strategies provides important metrics to understand market positioning against industry rivals. SEMrush’s EyeOn tool goes further with real-time monitoring of a competitor’s online activities, covering every angle from content deployment to advertisement strategies and social media engagement.

Competitive intelligence tools such as Traffic Analytics and EyeOn enable businesses to grasp the essence of their competitors’ digital presence. The goal is to adapt quickly to these evolving market tides ensuring the company is not left behind in the rush for market share.

These components of the competitive landscape empower small businesses to compete through strategic market analysis, showing where profits can be enhanced, sales trends maximized, and customer behavior optimally targeted.

Small businesses as never before have access to market research that in the past only large companies used. By selecting key tools, the company can confidently move forward toward a sustainable and profitable business.

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More From Forbes

Eight reasons why businesses fail in the food and beverage industry.

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Mohammed Alzain, CEO of Barn's .

Even within entrepreneurship, the food and beverage industry is exceptionally competitive, with many in the sector struggling to stay afloat. As the CEO of a leading coffee chain in Saudi Arabia, I understand the strategies needed to prevent failure and remain an industry leader.

Knowing why businesses fail is essential for any entrepreneur. This article outlines essential strategies for professionals in the food and beverage industry to navigate common pitfalls and achieve success in this challenging landscape.

1. Lack Of Market Research And Blind Imitation

Many businesses fail because they don't understand their market deeply enough. Regular market analysis is crucial to grasp customer preferences and tailor offerings accordingly. Blindly copying others without understanding unique market needs often leads to failure.

Make sure to define your target audience, analyze competitors and identify market gaps for differentiation. As a part of this, use data analytics for insights and perform SWOT analysis (strengths, weaknesses, opportunities and threats) to stay up to date on industry trends. Engage with customers and continually refine your offerings.

Today’s NYT Mini Crossword Clues And Answers For Thursday, August 15

The backlash against blake lively, explained, wwe releases roman reigns’ new entrance song, hits 61k views in 3 hours, 2. failure to create a competitive advantage and value proposition.

Successful businesses differentiate themselves through unique offerings and exceptional service. A strong value proposition is necessary to attract and retain customers. Without it, customers have little reason to choose one business over another.

A common and simple way to create a competitive advantage is to minimize profits. This strategy is used by large companies like Ryanair and Walmart, which are able to sustain low-profit margins. However, such advantages are often short-lived as they are easily replicated by competitors and can be difficult to maintain on a smaller scale.

For an example of creating a competitive advantage, the company I lead was the first to introduce drive-thru kiosks in the region, offering convenience in high temperatures. This innovation was initially successful but was soon copied by other companies, making it a standard offering rather than a unique competitive edge. This is why it is always important to continue to seek new ways to differentiate your products or services.

3. Mismatch Between Target Customer Segment, Price And Quality

Ensuring that pricing reflects the perceived value and quality of products helps avoid customer deterrence and business failure. Each country and customer segment has distinct preferences, so it's essential to first identify the target segment, explore their preferences, and assess if these align with the company's strengths.

For instance, in Saudi Arabia, I find that customers prioritize the store environment and ambiance—sometimes more than price. Additionally, the store's location and menu options are critical, for they add value to the product and encourage customers to pay a premium for a superior experience.

4. Inadequate Financial Planning, Operational Inefficiencies And Pricing Strategies

Foundational to business success is maintaining a solid business plan and effectively managing cash flow, operational costs and pricing strategies. In line with this, it's important to streamline operations through advanced inventory management and waste reduction to optimize supply chain processes.

Key techniques for managing cash flow include leveraging accurate historical data, seasonal forecasting and maintaining a cash reserve. I find just-in-time inventory systems particularly beneficial for managing perishable goods and adapting to seasonal demand fluctuations in the food and beverage sector.

A strategic pricing approach ensures prices reflect the value offered to customers and prevents incorrect pricing. This involves thorough market research, competitor analysis and customer feedback to help align prices with perceived value to ensure customers feel they are getting their money's worth.

5. Ineffective Marketing And Branding Strategies

These days, leveraging social media and other digital platforms are highly effective methods to build customer loyalty in the food and beverage industry.

Effective strategies within this realm include offering exclusive promotions, creating engaging visual content, encouraging user-generated content, collaborating with local influencers and utilizing personalized marketing. However, it's crucial to choose influencers who align with your brand's values and audience.

Overall, traditional marketing methods like print ads may lack the direct engagement and visual impact provided by digital and social media.

6. Quality And Consistency Issues

Maintaining consistency in quality is vital for success, especially for something like a coffee shop with multiple locations or outlets. Ensure that all your locations offer high-quality products and invest in staff training and development to uphold standards. This helps build a strong and trustworthy brand reputation.

Make sure that every one of your sites is carefully selected to maximize customer convenience and accessibility; ensure high visibility and easy access to contribute to a consistently superior customer experience across all branches.

7. Failure To Adapt To Trends

To stay ahead, food and beverage businesses must continually adapt to industry trends, not only updating marketing strategies as mentioned earlier but also innovating menus and services to meet changing customer preferences.

As our company expanded from a single store to hundreds of locations, we rebranded from "Barn Café" to "barn's," using a more casual lowercase b to appeal to a younger audience and modernize our brand image. We also expanded our menu with new offerings like plant-based milk and innovative cold beverages that targeted a younger demographic. Strategic adaptations like this are crucial in maintaining a competitive edge and relevance in the market.

8. Poor Management And Leadership

Effective leadership is evident in operations. Therefore, it's important to demonstrate strong decision-making and cultivate a culture of teamwork, motivation and recognition. As a part of being an effective leader, don't forget to reward staff and encourage innovative, out-of-the-box ideas that can help foster a positive and dynamic work environment.

Some Final Thoughts

In the fast-evolving food and beverage industry, success hinges on a blend of strategic research, innovative marketing, effective financial planning and adaptive leadership.

By maintaining high standards of quality and consistently meeting customer expectations, businesses can navigate the competitive landscape and avoid those factors that make others in food and beverage fail.

Remember, staying proactive and embracing change isn't just a strategy—it's the key to thriving in this dynamic market. Adapt, innovate and lead with vision to transform challenges into opportunities for growth.

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How AI Can Power Brand Management

• Julian De Freitas

Marketers have begun experimenting with AI to improve their brand-management efforts. But unlike other marketing tasks, brand management involves more than just repeatedly executing one specialized function. Long considered the exclusive domain of creative talent, it encompasses multiple activities designed to build the reputation and image of a business—such as crafting and communicating the brand story, ensuring that the product or service and its price reflect the brand’s competitive positioning, and managing customer relationships to forge loyalty to the brand.

A brand is a promise to customers about the quality, style, reliability, and aspiration of a purchase. AI can’t fulfill that promise on its own (at least not anytime soon). But it can shape customers’ impressions of a brand at every interaction. And it can automate expensive creative tasks—including product design. To succeed with it, you must understand how it is perceived by stakeholders and what can be done not only to mitigate their concerns but to make them avid supporters. Using examples from Intuit, Caterpillar, and LOOP, along with in-depth scholarly research, the authors propose a framework for thinking about the key roles that AI plays when it comes to managing brands effectively.

It can automate creative tasks and improve the customer experience.

Idea in Brief

The opportunity.

Brand management, long considered the exclusive domain of creative talent, has become faster and better informed than ever because of AI.

The Challenge

AI has the potential to adversely affect a brand, so successfully implementing it in this context often involves confronting resistance and backlash from both customers and employees.

The Solution

The most successful brand management blends the best of human and machine intelligence to augment rather than replace human creativity. Nike, Intuit, Caterpillar, and others have used AI to the great benefit of their brands.

Few brands are more iconic than Nike. From its swoosh logo to its slogan “Just Do It,” the company has mastered the artistry necessary to build a renowned brand. So when Nike asked Obvious, a trio of Parisian artists who make AI-inspired designs, to develop new iterations of the Air Max sneaker in 2020, it wanted to be sure the designs wouldn’t deviate too dramatically from Nike’s signature style. Obvious trained its generative AI model by feeding it pictures of the Air Max 1, the Air Max 90, and the Air Max 97 and used the model to create a vast array of design ideas. Then, drawing on their own knowledge and perception of broader fashion trends along with Nike’s marketing objectives, the trio iteratively tweaked the model until it produced a design that struck the right balance between novelty and staying on brand. The design incorporated many of the stylistic elements of the classic Air Max but blended them with new colors, shapes, and patterns to achieve a fresh, cool feel. The limited edition shoes sold out in less than 10 days.

• Julian De Freitas is an assistant professor in the marketing unit at Harvard Business School.
• EO Elie Ofek is the Malcolm P. McNair Professor of Marketing at Harvard Business School.

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How to Do Market Research--The Basics Is your business a product in search of a customer? Use these tips to create a product or service customers will clamor for.

By Lesley Spencer Pyle Sep 23, 2010

Opinions expressed by Entrepreneur contributors are their own.

Marketing research can give a business a picture of what kinds of new products and services may bring a profit. For products and services already available, marketing research can tell companies whether they are meeting their customers' needs and expectations. By researching the answers to specific questions, small-business owners can learn whether they need to change their package design or tweak their delivery methods--and even whether they should consider offering additional services.

"Failure to do market research before you begin a business venture or during its operation is like driving a car from Texas to New York without a map or street signs," says William Bill of Wealth Design Group LLC in Houston. "You have know which direction to travel and how fast to go. A good market research plan indicates where and who your customers are. It will also tell you when they are most likely and willing to purchase your goods or use your services."

When you conduct marketing research, you can use the results either to create a business and marketing plan or to measure the success of your current plan. That's why it's important to ask the right questions, in the right way, of the right people. Research, done poorly, can steer a business in the wrong direction. Here are some market-research basics that can help get you started and some mistakes to avoid.

Types of Market Research Primary Research: The goal of primary research is to gather data from analyzing current sales and the effectiveness of current practices. Primary research also takes competitors' plans into account, giving you information about your competition.

Collecting primary research can include:

• Interviews (either by telephone or face-to-face)
• Surveys (online or by mail)
• Questionnaires (online or by mail)
• Focus groups gathering a sampling of potential clients or customers and getting their direct feedback

Some important questions might include:

• What factors do you consider when purchasing this product or service?
• What do you like or dislike about current products or services currently on the market?
• What areas would you suggest for improvement?
• What is the appropriate price for a product or service?

Secondary Research : The goal of secondary research is to analyze data that has already been published. With secondary data, you can identify competitors, establish benchmarks and identify target segments. Your segments are the people who fall into your targeted demographic--people who live a certain lifestyle, exhibit particular behavioral patterns or fall into a predetermined age group. Collecting Data No small business can succeed without understanding its customers, its products and services, and the market in general. Competition is often fierce, and operating without conducting research may give your competitors an advantage over you. There are two categories of data collection: quantitative and qualitative. Quantitative methods employ mathematical analysis and require a large sample size. The results of this data shed light on statistically significant differences. One place to find quantitative results if you have a website is in your web analytics (available in Google's suite of tools ). This information can help you determine many things, such as where your leads are coming from, how long visitors are staying on your site and from which page they are exiting. Qualitative methods help you develop and fine-tune your quantitative research methods. They can help business owners define problems and often use interview methods to learn about customers' opinions, values and beliefs. With qualitative research, the sample size is usually small. Many new business owners, often strapped for time and money, may take shortcuts that can later backfire. Here are three pitfalls to avoid. Common Marketing Mistakes

• Using only secondary research. Relying on the published work of others doesn't give you the full picture. It can be a great place to start, of course, but the information you get from secondary research can be outdated. You can miss out on other factors relevant to your business.
• Using only web resources. When you use common search engines to gather information, you get only data that are available to everyone and it may not be fully accurate. To perform deeper searches while staying within your budget, use the resources at your local library, college campus or small-business center.
• Surveying only the people you know. Small-business owners sometimes interview only family members and close colleagues when conducting research, but friends and family are often not the best survey subjects. To get the most useful and accurate information, you need to talk to real customers about their needs, wants and expectations.

Lesley Spencer Pyle is the founder and president of HomeBasedWorkingMoms.com and HireMyMom.com , and she is the author of The Work-at-Home Workbook: Your Step-by-Step Guide on Selecting and Starting the Perfect Home Business for You . Pyle has been working from home for more than 13 years.

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Author: Sheng-Han Yueh, Artificial Intelligence Faculty Mentor: Youshan Zhang, Ph.D. 

Using advanced computer vision and generative AI to create high-quality medical images, specifically X-rays of dog hips, to improve diagnosis of Canine Hip Dysplasia, a common genetic disorder in dogs.

SparrowVQE: Enhanced Visual Question Explanation in Education 

Authors: Ruslan Gokhman, Radek Holik and Manish Kumar Thota, Artificial Intelligence Faculty Mentor: Youshan Zhang, Ph.D. 

A novel Visual Question Explanation (VQE) system developed using a specialized dataset from machine learning lectures that offers detailed, context-aware explanations for educational content.

VetMedGPT: Generative Pre-trained Transformer for Veterinary Medicine

Authors: Sayed Raheel Hussain, Thirupathi Kadari and Pinxue Lin, Artificial Intelligence Faculty Mentor: Youshan Zhang, Ph.D. 

A specialized language model to improve AI performance in the veterinary field, developed using over 500 GB of veterinary data to address knowledge gaps in animal diseases, treatments and clinical procedures.

AI-Tutor: Interactive Machine Learning Chatbot for Enhanced Educational Engagement

Authors: Saratsuhas Vijayababu, Yujie Wu and Shengjie Zhao, Artificial Intelligence Faculty Mentor: Youshan Zhang, Ph.D.

A smart chatbot that combines advanced language models and natural language processing techniques to help people understand complex machine-learning ideas through an easy-to-use AI platform.

KatzBot: An Intelligent Chatbot Powered by Large Language Models

Authors: Haider Ali, Sahil Kumar, Deepa Paikar and Kiran Vutukuri, Artificial Intelligence Faculty Mentor: Youshan Zhang, Ph.D.

Introducing KatzBot, a new and improved chatbot for Yeshiva University that uses advanced Large Language Models (LLMs) to provide fast access to information about academic programs, admissions, student life, and more.

An Analysis of Solar Curtailment in California’s Energy Market

Authors: Jordan Armstrong and Volkan Uzundag, Data Analytics Faculty Mentor: Andrew Catlin 

This research examined how curtailment, the intentional reduction of renewable energy output, affects California’s energy production and grid reliability, using statistical analysis and machine learning.

Detecting Antisemitic Hate Speech Using Transformer-based Large Language Models

Authors: Dengyi Liu and Minghao Wang, Data Analytics  Faculty Mentor: Andrew Catlin 

The team evaluated the effectiveness of transformer-based natural language processing models in accurately identifying antisemitic speech online, to enhance content moderation strategies in social media and other digital spaces.

Authors: Karina Thapa and Gagan Preet Singh, Data Analytics Faculty Advisor: Andrew Catlin Industry Mentor: Brian Rowe, Zeomancer

The team developed a microservice-based architecture for Zeomancer, an IoT device that collects and analyzes data directly from the soil and provides hyper-local weather forecasts to Tanzanian farmers’ mobile devices.

A Comprehensive Study of Duckweed for NASA/Hudson Alpha Proposal 

Author: Natania Birnbaum, Biotechnology Entrepreneurship Faculty Mentor: Robert Friedman, MBA Industry Mentor: John McShane, Katz School M.S. ’22, Growmics 

A analysis of the biology, genetics, cultivation methods and market potential of duckweed, a small water plant that is nutrient-dense, resilient, easily modified genetically and can grow in microgravity, making it ideal for space farming.

Author: Christine Chery, Biotechnology Entrepreneurship Faculty Mentors: Rana Khan, Ph.D., and Robert Friedman, MBA  

An analysis performed for Sapience Therapeutics, Inc., on treating bladder and endometrial cancers with a new peptide called JunAP, which is important in cancer development and immune suppression.

 Simulation of Heat Transfer in Multilayered Biological Systems Using COMSOL Multiphysics 

Author: Shriya Jitendra Kalburge, Biotechnology Entrepreneurship Faculty Mentor: Ran Drori, Ph.D.

Researchers demonstrated that COMSOL modeling can effectively study heat flow in biological samples, such as heart tissue, and improve our understanding of freezing processes in food and biological heat transfer.

Adsorption Rate of Antifreeze Proteins Determines Their Ice Growth Inhibition Activity

Author: Yining Zhang, Biotechnology Entrepreneurship Faculty Mentor: Ran Drori, Ph.D.    

This study examined the special properties of antifreeze proteins, peptides and glycopeptides, which help various organisms survive freezing temperatures by binding to small ice crystals and preventing further growth.

Characterization of a Novel Coelenterazine-Dependent Luciferase and Photoprotein 

Authors: Chia-Yu Hsu, Zaruhi Karapetyan and Vivek Pachava, Biotechnology Entrepreneurship Faculty Mentor: Anderson Oliveira, Ph.D.

The research, using bioluminescence imaging, found that light emission increases when certain chemicals, such as coelenterazine or calcium, are added to luciferases and photoproteins, warranting further studies to improve these proteins for better use in medical research.

Beyond Geospatial Frontiers: Charting the Landscape of GEOINT, OSINT, and Innovative Intelligence Solutions 

Author: Ron Harush, Cybersecurity Faculty Mentor: Elad Hod, M.S., CISSP 

This study demonstrated the value of integrating different intelligence disciplines—specifically Open-Source Intelligence and Geospatial Intelligence—to improve intelligence gathering and address security issues for government agencies.

Comparison of Total Body Water Measured by Bioimpedance Spectroscopy to Urea Kinetic Modeling and Anthropometric Estimates in Hemodialysis Patients

Author: Ariella Mermelstein, Mathematics  Faculty Mentor: Jochen Raimann, Ph.D., Renal Research Institute

The study compared methods used in clinical nephrology for monitoring fluid, body composition, and nutritional changes in patients undergoing hemodialysis or needing close monitoring of fluid status in clinical settings.

Infant and Maternal Outcomes During the COVID-19 Pandemic

Author: Moshe Gordon, Physics Faculty Mentor: Fredy Zypman, Ph.D.

This study found a higher rate of pre-term births among infants born to COVID-19-positive mothers compared to those born to mothers without COVID-19 and that, overall, infants born during the COVID-19 pandemic were shorter in length up to nine months after birth.

Empowering Dance Project of Washington Heights: A Strategic Marketing Approach 

Authors: Nathaly Camargo, Bharath Prabhu and Saahas Ramaul, Digital Marketing and Media Faculty Mentor: Joseph Panzarella, Program Director

The team proposed a marketing plan for the nonprofit Dance Project of Washington Heights, aiming to strengthen the organization’s relationship with the community and to encourage more people to get involved in dance education.

Marketing Research Methods: Heights Meditation & Yoga

Authors: Jesse Sattler, Tanvi Shah and Koren Jacob, Digital Marketing and Media  Faculty Mentor: Thomas Kennon, Industry Professor and Director of Consulting, YU Innovation Lab 

This market research project revealed strategies for Heights Meditation & Yoga to increase its impact and better meet customer expectations by identifying different types of customers, improving their online presence, forming partnerships and building a stronger sense of community. 

Wasteful Pride: How a Bespoke Urban Waste Management Policy Improves the Lives of Residents 

Author: Mansi Kamboj, Digital Marketing and Media  Faculty Mentor: Joseph Panzarella, Program Director

This study examined the potential of the Basura model — a new way to handle garbage in cities —t o foster a sustainable urban landscape and proposed targeted strategies to further empower communities with the knowledge and infrastructure to tackle waste management challenges more effectively.

Reducing Recidivism: An OT-Supported Transition Employment Program 

Author: Amanda Brenner, Occupational Therapy Faculty Mentor: Alexandra Laghezza, Ph.D., OTR/L, CDP Community Partner: Afya Foundation 

This12-week educational program uses occupational therapy principles to help former inmates find jobs and learn skills for life outside of prison, with the goal of reducing recidivism, the likelihood that former inmates will commit new crimes and return to prison.

Enhancing Academic Performance: Positive Factors Impacting Graduate Health Professions Students 

Authors: Piermiline Datilus and Suzan Khavkin, Occupational Therapy Faculty Mentor: Amiya Waldman-Levi, Ph.D., OTR/L, FAOTA Collaborator: Anita Bundy, Sc.D., OT/L, FAOTA, FOTARA, Colorado State University 

The researchers found significant positive correlations between student GPA and anxiety levels and between their playfulness and leisure; they found a negative correlation between playfulness and anxiety levels and playfulness and coping skills.

Overcoming Social Isolation: Effectiveness of the Healthy Aging Wellness Program

Authors: Rachel Hirsch and Jessica Kwok, Occupational Therapy Faculty Mentor: Amiya Waldman-Levi, Ph.D., OTR/L, FAOTA Collaborators: Alexandra Laghezza, Ph.D., OTR/L, CDP and Jeanine Stancanelli, MPH, OTD, OTR/L, Mercy University

This study compared the effectiveness of online vs. in-person delivery of an eight-week Healthy Aging Wellness program, which includes yoga, mindfulness and social activities. 

Impact of Migraine Disability on Occupational Roles  

Author: Ashley Mathew,   Occupational Therapy Faculty Mentors: Alexandra Laghezza, Ph.D., OTR/L, CDP, and Elizabeth Seng, Ph.D., Ferkauf Graduate School of Psychology 

This study, using surveys like the Role Checklist and the Migraine-Specific Quality-of-Life Questionnaire, demonstrated that severe migraine headaches are linked to lower job satisfaction and performance.

Author: Simone Northman, Physician Assistant Studies Faculty Mentor: Margaret Ewen, M.S., PA-C

Research confirmed that managing preeclampsia, a complication in pregnancy where the mother’s blood pressure gets dangerously high, was was slightly safer for the baby compared with delivering the baby right away.

Effects of Endovascular Thrombectomy vs. Intra-arterial Alteplase Plus Thrombectomy on Improved Neurological Functioning in Adult Patients Experiencing an Acute Ischemic Stroke

Author: Lukas Cooper, Physician Assistant Studies Faculty Mentor: Margaret Ewen, M.S., PA-C

The study confirmed that adding alteplase, a medication to dissolved blockages in blood vessels, did not further improve brain function after an ischemic stroke and avoiding alteplase could reduce bleeding-related risks.

Best Course of Treatment in Patients with Iron Deficiency Anemia with Active H.pylori Infections  

Author: Alaa Etouni, Physician Assistant Studies Faculty Mentor: Margaret Ewen, M.S., PA-C

A systematic literature review found that treating H.pylori infection was strongly linked to reducing iron deficiency anemia, which happens when the body lacks enough iron to make red blood cells.

Macrosomia Occurrence During Pregnancies of Patients with Diabetes: Continuous Glucose Monitoring vs. Self-Blood Checks

Author: Kayla Tanen, Physician Assistant Studies Faculty Mentor: Margaret Ewen, M.S., PA-C

A systematic literature review found that babies born to mothers using continuous glucose monitoring systems tend to have lower birth weights compared to those whose mothers used regular blood sugar checks.

Enhancing Communication Skills in Children with ASD: The Role of Active Parental Participation

Author:  Rachel Eliav, Speech-Language Pathology  Faculty Mentor: Andrew Christler, M.A, MBA, CCC-SLP

This study aimed to provide parents of children with Autism Spectrum Disorder (ASD) with information and resources to enhance parental training in behavior management strategies, ultimately improving outcomes in speech therapy.

Impact of Professional Development for Paraprofessionals in Supporting Children with High-Tech Touch Screen Devices

Author: Rachel Horwitz, Speech-Language Pathology  Faculty Mentor: Elisabeth Mlawski, Ph.D., CCC-SLP

This study highlights promising interventions and challenges in training paraprofessionals, or teaching assistants, to support children in using high-tech Augmentative and Alternative Communication (AAC) devices, which are essential for individuals with speech and language impairments.

Author: Cindy Salinas,   Speech-Language Pathology Faculty Advisor: Andrew Christler, M.A., MBA, CCC-SLP 

This project aimed to identify and emphasize the specific roles that speech-language pathologists can play in treating Bell’s Palsy, which affects facial muscles and can lead to speech and swallowing difficulties.

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