example of market research for business plan

Market Research Business Plan Examples in PDF

According to Statista, as of 2018, Wix is the leading website builder in terms of the  market share  with a 22.61% market share. Squarespace, Weebly, GoCentral, Google Sites, and Blogger completed the top six with the highest percentage. We all know the number of people who has access to the internet is increasing as time goes by. This phenomenon pushes businesses to create an online store to increase their sales. Although building an online store is a promising investment, many businessmen, especially those who run a small or startup company, cannot afford to execute this development just yet. This time is where the web designers and developers that offer services to firms with lower budgets come in. By including affordable services in their web design market research business plan , they managed to increase and stand out with their market share.

What is Market Research Business Plan?

Obtaining a market analysis is a crucial part of developing a business plan. This type of research allows you to get detailed information about your target market and its affecting factors with an end goal of attaining the marketing business goals. To materialize this objective, you need to build a market research business plan. This plan contains detailed information on how your market research will proceed, making it an essential part to include in your market research proposal.

Market Research Questions for Business Plan

As mentioned earlier, market research intends to understand the factors revolving around your business’ potential customers. The question is, how can we say that a research project has served its purpose efficiently? Determine the success of your market research by asking yourself the following basic market research questions.

1. Who are your customers?

This question is one of the crucial ones that you should ask yourself to ensure that you are doing your research right. Your investigation should have a profile persona about your customers to obtain a more specific target market . Represent these individuals with personal information such as age, gender, occupation, income, lifestyle, educational attainment, etc.

2. What do they buy now?

Dig deeper into the existing industry of your proposed business. You can start by knowing the buying habits of your potential customers that are relevant to your product or service. Identify the sellers, current prices, and features of the existing products. You will also include the number of units they buy with the current products.

3. Why do they buy the products?

If there is no demand for a product, there is no business opportunity. You should know why the customers will buy the said product to determine its demand level. What are the uses of the product? How important is it that they will buy the product given the budget that they have.

4. What will make them buy from you?

To answer this question, you should identify the unique features or characteristics that your product or business has that will make them buy from you instead of your competitors. This question will allow you to know if your company will survive.

2+ Market Research Business Plan Examples

Test and observe the following templates and examples to know if these market research business plans are efficient based on the market research questions that we have discussed in the previous section. You can download these documents in PDF format.

1. Sample Market Research Business Plan Example

Size: 124 KB

2. Basic Market Research Business Plan Example

3. Formal Market Research Business Plan Example

Size: 600 KB

Tips on Executing a Market Research Company Business Plan?

Before you go ahead and spend your money on carrying out your research, read the following tips first to ensure that you are doing it correctly.

1. Determine the Important Details About Your Market

There are tons of information that you can get during your examination that can help you with your business. However, some of this information can complicate your investigation, making it a hindrance to attaining your goal. Therefore, it is crucial to focus on the essential details that you need on a specific marketing goal in mind.

2. Focus on the Outcomes of the First Step

As we have mentioned, there is much information that you can get throughout the research, which can distract you from attaining your goal. Thus, you must concentrate on the relevant data that you have obtained.

3. Consider Using Cheaper Market Research Alteratives

Investing in this type of research can be essential to your business. However, it can be too expensive for a small company. Thus, you can consider seeking help from organizations such as the Small Business Development Centers or Small Business Administration. These agencies give support to entrepreneurs and small businesses.

4. Study the Cost of a Market Research

As a businessman, you should know how much you need to spend on conducting market research. Consider using a cost analysis template to determine if you can afford this type of business activity. It is also essential to know that the internet has a vast amount of free information that you may use in conducting this type of research yourself. However, if you want to hire a research consultant or a market researcher, you have to keep in mind that it is your goal, and you don’t want to spend your money on something that you don’t need.

Understanding your target market is a crucial part of your business plan. This business step is indeed a good investment. However, as the digital world rises, better methods are emerging. With that said, knowing more about market research through the internet, either on your own or with the online courses, is way more practical. Be realistic and decide what is best for your company.

Text prompt

• Instructive
• Professional

Create a study plan for final exams in high school

Develop a project timeline for a middle school science fair.

Market Research for a Business Plan: How to Do It in a Day

Whether it’s your first time using market research for a business plan or this isn’t exactly your first rodeo: a quick refresh on the topic can do no harm.

If anything, it’s the smart route to take. Particularly when you consider modern-day market research data can be obtained quicker than ever – when the right tools are used.

Today, I’m going to explain exactly how to conduct market research for a business plan, and how to access that key data and juicy intel without hassle.

The importance of market research in business planning

They say knowledge is power, and where your rivals and your market are concerned, there’s nothing quite like it. By looking at things like consumer behavior, the competitive landscape , market size, and the digital strategies of others; companies at any stage in their lifecycle can stay relevant, maintain a competitive edge, set strategic direction, and experience growth. Doing periodic market research also helps businesses develop a deeper, more informed understanding of a market, its audience, and key players. If you’re seeking financial backing, doing market research is essential to show credibility and build confidence in your plans.

How to conduct market research for a business plan

Good market research for a business plan should be contextualized with information about your company, its goals, products, pricing, and financials. Sounds like a lot of work, right? Read on to learn how to conduct all the market research for a business plan you’re going to need – quickly, using the most up-to-date data there is. I’ll show you how to:

• Understand your audience
• Identify target personas
• Size your market 
• Research the competition 
• Discover your unique sales proposition
• Define marketing priorities 

Before you start, make sure your business planning document includes the following 10 headings:

This format is considered best practice, so I’ve indicated the specific sections that each element of your market research fits into.

Sound good? Then let’s get started.

1. Understand your audience

What it is – A target audience is a social segment of people who are likely to be interested in your products or services. It’s a snapshot of your target customer base, sorted by certain characteristics. It’s also known as audience demographics and can contain data like age, gender, location, values, attitudes, behaviors, and more.     

Where to use this market research in a business plan – Demographical data can help determine the size of your market, which slots into the executive summary, marketing plan, market sizing, and financial sections of the plan. What’s more, when you use it to identify groups of people to target, it can also be used in the products and services, competitive research tools , and SWOT analysis sections.

Bonus: Audience demographics can also help you develop stronger branding by choosing imagery that appeals most to your ideal customers.

How to do a quick audience analysis

Similarweb Research Intelligence gives you the ability to view almost any industry in a few seconds; you can also create a custom industry based on specific players in your market.  Here’s how to see relevant audience demographics in a market. For this example, I chose the airline industry.

View typical audience relevant to your sector with gender and age distribution, along with geographical data . You can see which companies are experiencing growth and at what rate. Audience loyalty is also key to understanding how people behave, if they tend to shop around and what search terms they use to discover sites in any niche.

Read more: Learn more about how to do a demographic analysis of your market’s audience .

2. Identify target personas

What it is – An audience or target persona is a typical customer profile. It starts with audience demographics, and then zooms into a much deeper level. Most organizations develop multiple target personas, based on things like pain points, location, gender, background, occupation, influential factors, decision-making, likes, dislikes, goals, ideals, and more. 

Pro Tip: If you’re in B2B, your target personas are based on the people who make purchasing decisions, not the business itself.

Where to use this market research in a business plan – Creating target personas for your business shows you know whom you’re targeting, and how to market to them. This information will help you complete market sizing, product or service overview, marketing plan, and could fit into the competitive research section too.

How to create a buyer persona in five steps

Guesswork does not equal less work – there’s no place for shortcuts here. Your success depends on developing the most accurate representation of who your customers are, and what they care about. 

1. Research: If you’re already in business, use market research surveys as a tool to collect information about your customers. If you’re a startup or pre-startup, you can use a platform like Similarweb to establish a typical customer profile for your market. Don’t forget to use mobile app intelligence and website analytics in tandem to build a complete picture of your audience. 

Pro Tip: Secondary market research is another good source of intel for startups. You might be able to find published surveys that relate to your products or market to learn more.

2. Analysis: Here, you’re looking to answer key questions to fill in the blanks and build a complete picture of your ideal customer. Tools like Similarweb Digital Research Intelligence, Google Analytics, and competitors’ social media channels can help you find this out. Typical questions include:

• Where is your audience coming from?
• What channels do they use to find your site?
• Do they favor access via mobile site, app, or desktop?
• What are their demographics? Think age, job, salary, location, and gender.

3. Competitive market research: This shows you what marketing channels, referral partners, and keywords are sending traffic to businesses similar to yours When you combine this data with what you learned in sections 1 + 2, you are ready to build your personas.

4. Fill in a buyer persona template: We’ve done the hard work for you. Download a pre-made template below .

Further reading: The complete guide to creating buyer personas

3. Size your market

What it is – Market sizing is a way to determine the potential size of a target market using informed estimation. This is how you find out the potential revenue and market volume applicable to your business . There are three key metrics: total addressable market (TAM), service addressable market (SAM), and service obtainable market (SOM).

Where to use this market research in a business plan – Knowing how big the slice of the pie you’re going after is crucial. It can inform any goal setting and help with forecasting too. This data can be used in your executive summary, marketing plan, competitive research, SWOT analysis, market sizing, operations, and financial sections.

Further reading: How to do market sizing shows you how to calculate the TAM, SAM, and SOM for your business.

4. Research the competition

What it is – Competitive landscaping shows who you’re up against and how your offering stacks up vs others in your space. By evaluating rivals in-depth and looking at things like features, pricing, support, content, and additional products, you can form a detailed picture of the competition.

Where to use this market research in a business plan – The information you gain from performing a competitive analysis can transform what you offer and how you go to market. In business planning, this market research supports the executive summary, product or service overview, marketing plan, competitive research, SWOT analysis, and operation sections.  

How to do competitive landscaping

Using the industry overview section of Similarweb Digital Research Intelligence, competitor research is made quick and easy. Access key metrics on an industry or specific players, then download raw data in a workable excel file or get a PNG image of charts in an instant. Most data can be downloaded via excel or as an image and included in the resource section of your plan.

Here, you can see a summary of a market, yearly growth, and top sites. A quick click to industry leaders shows you market leaders and rising stars. Select any name for a complete picture of their digital presence – use this to spot potential opportunities to gain a competitive advantage.

Read more: See how to do a competitive analysis and get a free template to help you get started.

5. Discover your unique sales proposition

What it is – Not all businesses have them, and that’s OK. A unique selling proposition (USP) is something distinctive your business offers but your rivals don’t . It can be anything that’s unique to a product, service, pricing model, or other.  

Why it’s useful – Having a compelling USP helps your company stand out in a market. It can make your business more valuable to a customer vs the competition, and ultimately help you win and retain more customers.

Where to use this market research in a business plan – Your USP should be highlighted in the executive summary, the product and service overview, and the SWOT analysis.

How to find your USP

Unless you’ve developed a unique product or service, or you’re planning to sell to the market at a lower-than-average price point, you’re going to have to look for some kind of service differentiator that’ll help you stand out. In my experience, the quickest way to discover this is through competitive benchmarking. Here, I’m talking about evaluating your closest rivals to uncover things they’re not doing, or looking for gaps that your business can capitalize on. 

A competitive review of their site should look at things like:

• Customer support: do they have live chat, email support, telephone support, etc.?
• Content: do they produce additional content that offers value, free resources, etc.?
• Offers: what promotions or offers do they run?
• Loyalty or referral programs: do they reward loyalty or referrals?
• Service level agreements: what commitments do they make to their customers?
• Operations: consider delivery methods, lead times, returns policy etc.
• Price promises: what satisfaction or price promises do they offer, if at all?

Go easy on yourself and create a basic template that details each point. Once complete, look for opportunities to provide something unique that nobody else currently offers.

6. Define marketing priorities

What it is – A detailed plan showing how you position and market your products or service. It should define realistic, clear, and measurable goals that articulate tactics, customer profiles, and the position of your products in the market.

Where to use this market research in a business plan – Relevant intel you uncover should inform the marketing plan first and foremost. However, it can also be used in the SWOT analysis, operation, and financial sections.

How to do it – with a market research example

Using the marketing channels within Similarweb Digital Research Intelligence, you can short-cut the lengthy (and often costly) process of trial and error when trying to decide which channels and activities work best.

Let me show you how.

Using Similarweb Digital Research Intelligence, I can hone in on any site I like, and look at key marketing intel to uncover the strategies they’re using, along with insights into what’s driving traffic, and traffic opportunities.

In less than 60 seconds, I can see easyJet’s complete online presence; its marketing and social channels, and a snapshot of every metric that matters, like referrals, organic and paid ads, keywords, and more. Expand any section to get granular data, and view insights that show exactly where key losses, gains, and opportunities exist.

You can take this a step further and add other sites into the mix. Compare sites side-by-side to see who is winning, and how they’re doing it. While this snapshot shows a comparison of a single competitor, you can compare five at any one time. What’s more, I can see industry leaders, rising players, and any relevant mobile app intelligence stats, should a company or its rivals have an app as part of their offering.

Best practice for market research data in business plans

When doing any type of market research , it’s important to use the most up-to-date data you can get your hands on. There are two key factors for data are timeliness and trustworthiness.

For any market, look for data that applies to any period over the last 12 months. With how fast markets evolve and how quickly consumer behaviors change, being able to view dynamic data is key. What’s more, the source of any data matters just as much as its age.

To emphasize the importance of using the right type of data in a business plan, here’s some timely advice from SBA commercial lending expert and VP of Commerce National Bank and Trust, Steve Fulmer. As someone who, in the past 15 years, has approved approximately $150 million in loans to SMBs; his advice is worth paying attention to.

“ For anybody doing market research for a business plan, they must cite sources. Most new or small businesses lack historical performance data, which removes substantial confidence in their plans. As a lender, we cannot support assumptions in their business plan or their projections if their data hasn’t come from a trustworthy source.”

Wrapping up…

Now you know the six ways to do market research for a business plan, it’s time to knuckle down and get started. With Similarweb, you’ve got access to all the market intel you’re going to need to conduct timely, accurate, and reliable market research. What’s more, you can return to the platform anytime to benchmark your performance , get fresh insights, and adapt your strategies to focus on growth – helping you build a sustainable business that can withstand the test of time.

How do I do market research for a business plan?

By using Digital Research Intelligence tools like Similarweb, you can quickly conduct audience research, company research, market analysis, and benchmarking from a single place. Another method is secondary market research, but this takes more time and data isn’t always up to date. 

Why does a business plan need market research?

Doing market research for a business plan is the quickest and easiest way to validate a business idea and establish a clear view of the market and competitive landscape. When done right, it can show you opportunities for growth, strategies to avoid, and effective ways to market your business. 

What is market research in a business plan?

Market research in business planning is one of the most powerful tools you can use to flesh out and validate your company or its products. It can tell you whether there’s a market for your product, and how big that market is – it also helps you discover industry trends, and examine the strategies of the rising stars and industry leaders in detail. 

Related Posts

The Future of UK Finance: Top Trends to Watch in 2024

From AI to Buy: The Role of Artificial Intelligence in Retail

How to Conduct a Social Media Competitor Analysis: 5 Quick Steps

Industry Research: The Data-Backed Approach

How to Do a Competitive Analysis: A Complete Guide

How to Check Website Traffic: Analyzing the Digital Data

Wondering what similarweb can do for you.

Here are two ways you can get started with Similarweb today!

More From Forbes

Understanding market research for your business plan.

• Share to Facebook
• Share to Twitter
• Share to Linkedin

When you’re building a business plan, market research needs to happen pretty early in the process. It’s where you learn about your audience’s wants and needs and the financial trends in your industry, and where you combine the data, and uncover trends that tell you what customers want and how to provide it most effectively.

The results of that research and analysis will shape aspects of the rest of your business plan. Assessments of your market and competition inform critical decisions in areas such as product design or service offerings, price, marketing methods, and business location.

That means accurate and comprehensive market research matters. To be comprehensive, your information and analysis should answer every possible question about the market you plan to enter and the consumers you believe will buy your product or service, including (but not limited to):

• Demand: Do consumers want what you’re offering?

• Economic indicators: Do they have the money to buy your product/service?

• Pricing: How much will they pay for your product/service?

• Location: Where do they live, and where are they likely to make their purchases?

• Saturation: How many other options do they currently have for that product/service?

First Steps: Budget

You can spend a lot answering these questions. Many large businesses hire firms to do the research and analysis, employing large-scale surveys, focus groups and statistical models, among other methods. However, for entrepreneurs just starting out, marketing budgets are typically too slim to cover that kind of research.

So, the work needs to stay in-house and fit a small marketing budget. Affordable, effective market research is possible. It may not be as specific to your market as the big-budget stuff, but it can get you the information you need to work out a solid understanding of your market.

First Steps: Market-Research Objectives

Before you start your research and analysis, determine your objectives. Decide what you want to learn from the process. It will guide the data you search for and how you use it, so be specific. Write down actual goals – what would give you the most accurate, comprehensive and useful picture of your market? This could include areas such as demographics, competitor offerings and customer pain points.

First Steps: Research Terminology

In market research, you’re basically dealing with two types of research and two types of data:

• Primary research: This is research you perform yourself in order to get very specific insights into your very specific business. It includes methods such as surveys, interviews and direct observations (by visiting competitor locations, for instance). It can help you gather qualitative data. This is data that goes beyond statistics and market trends. It can tell you what your consumers want, what they don’t want and how they feel about your offerings.

• Secondary research: This is research other people have performed and analyzed. To conduct secondary research, you can visit government websites such as the U.S. Census Bureau and the Bureau of Labor Statistics, as well as private data collectors such as Google and market-research companies. It can help you gather quantitative data. This is generally statistical data and can reveal insights on consumer demographics, spending patterns, market trends and earnings projections.

Where To Start Your Market Research

There’s a ton of existing research out there, and a lot of it is totally free. The Small Business Administration website has a list of free government sources for various types of quantitative data, such as industry statistics, consumer demographics, consumer demand and spending, and sales indicators. Much of it comes from the U.S. Census Bureau and the Bureau of Labor Statistics. A simple search will turn up enough places to start gathering secondary research to build a picture of your market.

With a good understanding of your market from secondary sources, you’re in a good position to know which types of primary research, if any, would be worth an investment of your time and energy. Maybe a well-designed survey completed by everyone you know could help fill in some holes.

You can also conduct primary research by visiting and speaking with your would-be competition and their customers; through crowdsourcing forums such as Quora, where you can glean raw data from comments and responses and post questions related to your product, service and market; on social-media websites such as Facebook, where you can parse conversations in relevant interest groups; and by reading product and service reviews on sites such as Amazon or Yelp.

Analyzing Your Market Research

Armed with all your data, you’ll draw conclusions that will help guide many of your business decisions.

But first, make sure all of your data will benefit those decisions. Don’t start analyzing until you weed out extraneous information that will waste your time and hinder focused insights. If it doesn’t relate directly to your business and your market, set it aside.

Then organize the relevant data into tables, graphs, lists and pie charts, and see what trends emerge. What do those trends mean for your business? Your product? Your location? Your planned promotions?

Be open to whatever the data tells you. Even if your research findings are unexpected, embrace them, and make any necessary adjustments. Listening to good market research can save you a lot of headaches down the road: The better you know your consumers, the better your chances of successfully selling to them.

• Editorial Standards
• Reprints & Permissions

Do you have the world's best boss? Enter them to win two tickets to Sandals!

• Starting a Business

Our Top Picks

• Best Small Business Loans
• Best Business Internet Service
• Best Online Payroll Service
• Best Business Phone Systems

Our In-Depth Reviews

• OnPay Payroll Review
• ADP Payroll Review
• Ooma Office Review
• RingCentral Review

Explore More

• Business Solutions
• Entrepreneurship
• Franchising
• Best Accounting Software
• Best Merchant Services Providers
• Best Credit Card Processors
• Best Mobile Credit Card Processors
• Clover Review
• Merchant One Review
• QuickBooks Online Review
• Xero Accounting Review
• Financial Solutions

Human Resources

• Best Human Resources Outsourcing Services
• Best Time and Attendance Software
• Best PEO Services
• Best Business Employee Retirement Plans
• Bambee Review
• Rippling HR Software Review
• TriNet Review
• Gusto Payroll Review
• HR Solutions

Marketing and Sales

• Best Text Message Marketing Services
• Best CRM Software
• Best Email Marketing Services
• Best Website Builders
• Textedly Review
• Salesforce Review
• EZ Texting Review
• Textline Review
• Business Intelligence
• Marketing Solutions
• Marketing Strategy
• Public Relations
• Social Media
• Best GPS Fleet Management Software
• Best POS Systems
• Best Employee Monitoring Software
• Best Document Management Software
• Verizon Connect Fleet GPS Review
• Zoom Review
• Samsara Review
• Zoho CRM Review
• Technology Solutions

Business Basics

• 4 Simple Steps to Valuing Your Small Business
• How to Write a Business Growth Plan
• 12 Business Skills You Need to Master
• How to Start a One-Person Business
• FreshBooks vs. QuickBooks Comparison
• Salesforce CRM vs. Zoho CRM
• RingCentral vs. Zoom Comparison
• 10 Ways to Generate More Sales Leads

How to Create a Market Research Plan

Table of Contents

While having a great idea is an important part of establishing a business, you’ll only get so far without laying the proper groundwork. To help your business take off, not only do you need to size up the competition, but you also need to identify who will buy your product, how much it will cost, the best approach to selling it and how many people will demand it.

To get answers to these questions, you’ll need a market research plan, which you can create yourself or pay a specialist to create for you. Market research plans define an existing problem and/or outline an opportunity. From there, the marketing strategy is broken down task by task. Your plan should include objectives and the methods that you’ll use to achieve those objectives, along with a time frame for completing the work.

What should a market research plan include?

A market research plan should provide a thorough examination of how your product or service will fare in a defined area. It should include:

• An examination of the current marketplace and an analysis of the need for your product or service: To know where you fit in the market, it’s important to have a broad understanding of your industry — covering everything from its annual revenue to the industry standards to the total number of businesses operating within it. Start by gathering statistical data from sources like the U.S. Bureau of Labor Statistics and BMI Research and consider the industry’s market size, potential customer base and how external factors such as laws, technology, world events and socioeconomic changes impact it.
• An assessment of the competition: By analyzing your competitors, you can discover strategies to fill market gaps. This involves identifying well-known competitors and noting trends they employ successfully, scrutinizing customer feedback about businesses in your sector, such as through online reviews, and understanding competitors’ product or service offerings. This knowledge can then guide the refinement of your own products or services to differentiate them from others in the market.
• Data about customers: Identify which segment of potential customers in your industry you can effectively target, considering their demographics — such as age, ethnicity, income and location and psychographics, including beliefs, values and lifestyle. Learn about the challenges your customers face in their daily lives and determine how the features and benefits of your offerings address their needs.
• The direction for your marketing in the upcoming year: Your plan should provide a clear roadmap for your marketing strategies for the next year, focusing on approaches to distinguish your brand from competitors. Develop marketing messages that resonate with and display empathy toward your target market and find ways to address customers’ needs and demonstrate value.
• Goals to be met: Outline goals your business would like to achieve and make these goals clear to all employees on your team. Create goals that are realistic and attainable while also making a meaningful impact on the business’s growth. Consider factors including your target number of products or services, the expected number of units to sell based on market size, target market behavior, pricing for each item and the cost of production and advertising.

How to create your market research plan

Doing business without having a marketing plan is like driving without directions. You may eventually reach your destination, but there will be many costly and time-consuming mistakes made along the way.

Many entrepreneurs mistakenly believe there is a big demand for their service or product but, in reality, there may not be, your prices may be too high or too low or you may be going into a business with so many restrictions that it’s almost impossible to be successful. A market research plan will help you uncover significant issues or roadblocks.

Step 1. Conduct a comprehensive situation analysis.

One of the first steps in constructing your marketing plan is to create a strengths, weaknesses, opportunities and threats (SWOT) analysis , which is used to identify your competition, to know how they operate and then to understand their strengths and weaknesses.

When developing a market research plan, it is essential that you do your homework to determine your possible customer base, to gain knowledge about the competition and to have a solid foundation for your marketing strategy.

Step 2: Develop clear marketing objectives.

In this section, describe the desired outcome for your marketing plan with realistic and attainable objectives, the targets and a clear and concise time frame. The most common way to approach this is with marketing objectives, which may include the total number of customers and the retention rate, the average volume of purchases, total market share and the proportion of your potential market that makes purchases.

Step 3: Make a financial plan.

A financial plan is essentia l for creating a solid marketing plan. The financial plan answers a range of questions that are critical components of your business, such as how much you intend to sell, what will you charge, how much will it cost to deliver your services or produce your products, how much will it cost for your basic operating expenses and how much financing will you need to operate your business.

In your business plan, be sure to describe who you are, what your business will be about, your business goals and what your inspiration was to buy, begin or grow your business.

Step 4: Determine your target audience.

Once you know what makes you stand out from your competitors and how you’ll market yourself, you should decide who to target with all this information. That’s why your market research plan should delineate your target audience. What are their demographics and how will these qualities affect your plan? How do your company’s current products and services affect which consumers you can realistically make customers? Will that change in the future? All of these questions should be answered in your plan.

Step 5: List your research methods.

Rarely does one research avenue make for a comprehensive market research plan. Instead, your plan should indicate several methods that will be used to determine the market share you can realistically obtain. This way, you get as much information as possible from as many sources as possible. The result is a more robust path toward establishing the exact footprint you desire for your company.

A good market research plan involves using more than one type of research to obtain the information you need.

Step 6: Establish a timeline.

With your plan in place, you’ll need to figure out how long your market research process will take. Project management charts are often helpful in this regard as they divide tasks and personnel over a timeframe that you have set. No matter which type of project management chart you use, try to build some flexibility into your timeframe. A two-week buffer toward the home stretch comes in handy when a process scheduled for one week takes two — that buffer will keep you on deadline.

Step 7: Acknowledge ethical concerns.

Market research always presents opportunities for ethical missteps. After all, you’ll need to obtain competitor information and sensitive financial data that may not always be readily available. Your market research plan should thus encourage your team to not take any dicey steps to obtain this information. It may be better to state, “we could not obtain this competitor information,” than to spy on the competitor or pressure their current employees for knowledge. Plus, there’s nothing wrong with simply feeling better about the final state of your plan and how you got it there.

Using a market research firm

If the thought of trying to create your own market research plan seems daunting or too time-consuming, there are plenty of other people willing to do the work for you.

You don’t need to pay thousands of dollars for assistance crafting a market research plan. University business schools often provide free resources that can assist you.

Pros of using a market research firm

As an objective third party, businesses can benefit from a market research firm’s impartial perspective and guidance, helping to shape impactful brand strategies and marketing campaigns. These firms, which can help businesses with everything from their marketing campaigns to brand launches, deliver precise results, drawing on their expertise and experience to provide in-depth insights and solutions tailored specifically to your company’s needs. 

Even more, working with a market research firm can elevate a brand above the competition, as they provide credible and unique research that is highly valued by the media, enhancing brand credibility and potentially increasing website traffic, social media shares and online visibility.

Cons of using a market research firm

Although hiring a firm can provide businesses with tremendous results, certain downsides can lead a business toward the do-it-yourself route. Most notably, market research firms can be a costly expense that some businesses can’t afford. However, businesses that can allocate the funds will likely see a positive return on investment, as they are paying for the expertise and proficiency of seasoned professionals in the field.

Additionally, finding the right market research firm for your business’s needs can take some time — and even longer, ranging from weeks to months, for a market research firm to complete a plan. This lack of immediate results can be detrimental for businesses that don’t have the time to wait. 

Market research firms can charge into the thousands of dollars for a market research plan, but there are ways to get help more affordably, including:

• Outline your plans carefully and spell out objectives.
• Examine as many sources as possible.
• Before paying for any information, check with librarians, small business development centers or market research professors to see if they can help you access market research data for free.
• You may think you’ll need to spend a hefty sum to create a market research plan, but there are plenty of free and low-cost sources available, especially through university business schools that will guide you through the process.

Miranda Fraraccio contributed to this article. 

Get Weekly 5-Minute Business Advice

B. newsletter is your digest of bite-sized news, thought & brand leadership, and entertainment. All in one email.

Our mission is to help you take your team, your business and your career to the next level. Whether you're here for product recommendations, research or career advice, we're happy you're here!

• Credit cards
• View all credit cards
• Banking guide
• Loans guide
• Insurance guide
• Personal finance
• View all personal finance
• Small business
• Small business guide
• View all taxes

You’re our first priority. Every time.

We believe everyone should be able to make financial decisions with confidence. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free.

So how do we make money? Our partners compensate us. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services. Here is a list of our partners .

How to Write a Market Analysis for a Business Plan

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money .

A lot of preparation goes into starting a business before you can open your doors to the public or launch your online store. One of your first steps should be to write a business plan . A business plan will serve as your roadmap when building your business.

Within your business plan, there’s an important section you should pay careful attention to: your market analysis. Your market analysis helps you understand your target market and how you can thrive within it.

Simply put, your market analysis shows that you’ve done your research. It also contributes to your marketing strategy by defining your target customer and researching their buying habits. Overall, a market analysis will yield invaluable data if you have limited knowledge about your market, the market has fierce competition, and if you require a business loan. In this guide, we'll explore how to conduct your own market analysis.

How to conduct a market analysis: A step-by-step guide

In your market analysis, you can expect to cover the following:

Industry outlook

Target market

Market value

Competition

Barriers to entry

Let’s dive into an in-depth look into each section:

Step 1: Define your objective

Before you begin your market analysis, it’s important to define your objective for writing a market analysis. Are you writing it for internal purposes or for external purposes?

If you were doing a market analysis for internal purposes, you might be brainstorming new products to launch or adjusting your marketing tactics. An example of an external purpose might be that you need a market analysis to get approved for a business loan .

The comprehensiveness of your market analysis will depend on your objective. If you’re preparing for a new product launch, you might focus more heavily on researching the competition. A market analysis for a loan approval would require heavy data and research into market size and growth, share potential, and pricing.

Step 2: Provide an industry outlook

An industry outlook is a general direction of where your industry is heading. Lenders want to know whether you’re targeting a growing industry or declining industry. For example, if you’re looking to sell VCRs in 2020, it’s unlikely that your business will succeed.

Starting your market analysis with an industry outlook offers a preliminary view of the market and what to expect in your market analysis. When writing this section, you'll want to include:

Market size

Are you chasing big markets or are you targeting very niche markets? If you’re targeting a niche market, are there enough customers to support your business and buy your product?

Product life cycle

If you develop a product, what will its life cycle look like? Lenders want an overview of how your product will come into fruition after it’s developed and launched. In this section, you can discuss your product’s:

Research and development

Projected growth

How do you see your company performing over time? Calculating your year-over-year growth will help you and lenders see how your business has grown thus far. Calculating your projected growth shows how your business will fare in future projected market conditions.

Step 3: Determine your target market

This section of your market analysis is dedicated to your potential customer. Who is your ideal target customer? How can you cater your product to serve them specifically?

Don’t make the mistake of wanting to sell your product to everybody. Your target customer should be specific. For example, if you’re selling mittens, you wouldn’t want to market to warmer climates like Hawaii. You should target customers who live in colder regions. The more nuanced your target market is, the more information you’ll have to inform your business and marketing strategy.

With that in mind, your target market section should include the following points:

Demographics

This is where you leave nothing to mystery about your ideal customer. You want to know every aspect of your customer so you can best serve them. Dedicate time to researching the following demographics:

Income level

Create a customer persona

Creating a customer persona can help you better understand your customer. It can be easier to market to a person than data on paper. You can give this persona a name, background, and job. Mold this persona into your target customer.

What are your customer’s pain points? How do these pain points influence how they buy products? What matters most to them? Why do they choose one brand over another?

Research and supporting material

Information without data are just claims. To add credibility to your market analysis, you need to include data. Some methods for collecting data include:

Target group surveys

Focus groups

Reading reviews

Feedback surveys

You can also consult resources online. For example, the U.S. Census Bureau can help you find demographics in calculating your market share. The U.S. Department of Commerce and the U.S. Small Business Administration also offer general data that can help you research your target industry.

Step 4: Calculate market value

You can use either top-down analysis or bottom-up analysis to calculate an estimate of your market value.

A top-down analysis tends to be the easier option of the two. It requires for you to calculate the entire market and then estimate how much of a share you expect your business to get. For example, let’s assume your target market consists of 100,000 people. If you’re optimistic and manage to get 1% of that market, you can expect to make 1,000 sales.

A bottom-up analysis is more data-driven and requires more research. You calculate the individual factors of your business and then estimate how high you can scale them to arrive at a projected market share. Some factors to consider when doing a bottom-up analysis include:

Where products are sold

Who your competition is

The price per unit

How many consumers you expect to reach

The average amount a customer would buy over time

While a bottom-up analysis requires more data than a top-down analysis, you can usually arrive at a more accurate calculation.

Step 5: Get to know your competition

Before you start a business, you need to research the level of competition within your market. Are there certain companies getting the lion’s share of the market? How can you position yourself to stand out from the competition?

There are two types of competitors that you should be aware of: direct competitors and indirect competitors.

Direct competitors are other businesses who sell the same product as you. If you and the company across town both sell apples, you are direct competitors.

An indirect competitor sells a different but similar product to yours. If that company across town sells oranges instead, they are an indirect competitor. Apples and oranges are different but they still target a similar market: people who eat fruits.

Also, here are some questions you want to answer when writing this section of your market analysis:

What are your competitor’s strengths?

What are your competitor’s weaknesses?

How can you cover your competitor’s weaknesses in your own business?

How can you solve the same problems better or differently than your competitors?

How can you leverage technology to better serve your customers?

How big of a threat are your competitors if you open your business?

Step 6: Identify your barriers

Writing a market analysis can help you identify some glaring barriers to starting your business. Researching these barriers will help you avoid any costly legal or business mistakes down the line. Some entry barriers to address in your marketing analysis include:

Technology: How rapid is technology advancing and can it render your product obsolete within the next five years?

Branding: You need to establish your brand identity to stand out in a saturated market.

Cost of entry: Startup costs, like renting a space and hiring employees, are expensive. Also, specialty equipment often comes with hefty price tags. (Consider researching equipment financing to help finance these purchases.)

Location: You need to secure a prime location if you’re opening a physical store.

Competition: A market with fierce competition can be a steep uphill battle (like attempting to go toe-to-toe with Apple or Amazon).

Step 7: Know the regulations

When starting a business, it’s your responsibility to research governmental and state business regulations within your market. Some regulations to keep in mind include (but aren’t limited to):

Employment and labor laws

Advertising

Environmental regulations

If you’re a newer entrepreneur and this is your first business, this part can be daunting so you might want to consult with a business attorney. A legal professional will help you identify the legal requirements specific to your business. You can also check online legal help sites like LegalZoom or Rocket Lawyer.

Tips when writing your market analysis

We wouldn’t be surprised if you feel overwhelmed by the sheer volume of information needed in a market analysis. Keep in mind, though, this research is key to launching a successful business. You don’t want to cut corners, but here are a few tips to help you out when writing your market analysis:

Use visual aids

Nobody likes 30 pages of nothing but text. Using visual aids can break up those text blocks, making your market analysis more visually appealing. When discussing statistics and metrics, charts and graphs will help you better communicate your data.

Include a summary

If you’ve ever read an article from an academic journal, you’ll notice that writers include an abstract that offers the reader a preview.

Use this same tactic when writing your market analysis. It will prime the reader of your market highlights before they dive into the hard data.

Get to the point

It’s better to keep your market analysis concise than to stuff it with fluff and repetition. You’ll want to present your data, analyze it, and then tie it back into how your business can thrive within your target market.

Revisit your market analysis regularly

Markets are always changing and it's important that your business changes with your target market. Revisiting your market analysis ensures that your business operations align with changing market conditions. The best businesses are the ones that can adapt.

Why should you write a market analysis?

Your market analysis helps you look at factors within your market to determine if it’s a good fit for your business model. A market analysis will help you:

1. Learn how to analyze the market need

Markets are always shifting and it’s a good idea to identify current and projected market conditions. These trends will help you understand the size of your market and whether there are paying customers waiting for you. Doing a market analysis helps you confirm that your target market is a lucrative market.

2. Learn about your customers

The best way to serve your customer is to understand them. A market analysis will examine your customer’s buying habits, pain points, and desires. This information will aid you in developing a business that addresses those points.

3. Get approved for a business loan

Starting a business, especially if it’s your first one, requires startup funding. A good first step is to apply for a business loan with your bank or other financial institution.

A thorough market analysis shows that you’re professional, prepared, and worth the investment from lenders. This preparation inspires confidence within the lender that you can build a business and repay the loan.

4. Beat the competition

Your research will offer valuable insight and certain advantages that the competition might not have. For example, thoroughly understanding your customer’s pain points and desires will help you develop a superior product or service than your competitors. If your business is already up and running, an updated market analysis can upgrade your marketing strategy or help you launch a new product.

Final thoughts

There is a saying that the first step to cutting down a tree is to sharpen an axe. In other words, preparation is the key to success. In business, preparation increases the chances that your business will succeed, even in a competitive market.

The market analysis section of your business plan separates the entrepreneurs who have done their homework from those who haven’t. Now that you’ve learned how to write a market analysis, it’s time for you to sharpen your axe and grow a successful business. And keep in mind, if you need help crafting your business plan, you can always turn to business plan software or a free template to help you stay organized.

This article originally appeared on JustBusiness, a subsidiary of NerdWallet.

On a similar note...

Market Research: A How-To Guide and Template

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

MARKET RESEARCH KIT

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

Updated: 02/21/24

Published: 02/21/24

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

Enter: Market Research.

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

Table of Contents

What is market research?

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

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

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

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

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

How? Consider these two things:

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

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

Free Market Research Kit

• SWOT Analysis Template
• Survey Template
• Focus Group Template

You're all set!

Click this link to access this resource at any time.

Why do market research?

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

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

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

Market research also provides insight into the following:

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

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

As a result, you can make better business decisions.

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

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

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

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

Primary Research

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

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

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

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

Secondary Research

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

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

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

1. Interviews

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

2. Focus Groups

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

3. Product/Service Use Research

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

4. Observation-Based Research

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

5. Buyer Persona Research

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

6. Market Segmentation Research

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

7. Pricing Research

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

8. Competitive Analysis

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

9. Customer Satisfaction and Loyalty Research

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

10. Brand Awareness Research

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

11. Campaign Research

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

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

1. Define your buyer persona.

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

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

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

Don't forget to share this post!

Related articles.

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

20+ Tools & Resources for Conducting Market Research

What's a Competitive Analysis & How Do You Conduct One?

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

How to Run a Competitor Analysis [Free Guide]

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

Causal Research: The Complete Guide

Total Addressable Market (TAM): What It Is & How You Can Calculate It

What Is Market Share & How Do You Calculate It?

3 Ways Data Privacy Changes Benefit Marketers [New Data]

Free Guide & Templates to Help Your Market Research

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

• Pollfish School
• Market Research
• Survey Guides
• Get started

How to Do Market Research for a Business Plan Successfully

The entrepreneurial-minded folks may long have wondered how to do market research for a business plan. 

After all, a business plan lays out the foundation, purpose and expectations of a new business venture. Given that the risks of starting a new business are manifold , entrepreneurs must conduct market research.

20% of American businesses fail after only their first year of operation, a dismal reality that climbs to 30% after two years.

Newfound entrepreneurs and serial entrepreneurs alike should therefore carefully commit to and execute a business plan.

While market research applies to a wide breadth of applications that cover various business cycles and processes, including opening and operating a new business, it too can be used for producing a 

This article expounds upon how to do market research for a business plan — and succeed in your venture.

Defining A Business Plan and Its Needs

Before you set out to formulate a business plan, it is vital to fully understand all that it entails. Usually created for startups, it is necessary for all businesses to implement. 

A business plan is a written document that summarizes the main aspects of starting up and managing a business, making it the foundation for your business .

A business plan specifically details a business’s objectives, along with its financial, marketing and operational needs and a roadmap thereof. 

It is created to guide a business through each stage in its establishment and management.  As such, it allows business owners to lay out their needs and goals and track them as the business grows.

A business plan must be updated at regular intervals , as priorities and goals are subject to change. Additionally, when an established business moves in a different direction, it needs a new or completely updated business plan.  

The Importance of a Business Plan

A business plan is an important document and not merely for the purpose of monitoring your business as it develops. This is because this document is also needed to obtain investment , especially in the early stages of the business, in which it does not have an evidential track record.

Thus, a business plan shows investors whether your business is on the right course and is worth investing their funds into. Lenders will require proof of a business plan when they deliberate the approval of a loan. 

Here are several other reasons as to why creating and updating a business plan is important:

• Making important decisions. It allows you to answer difficult questions at the onset, before they emerge. Understanding these decisions helps you understand how they fit into your overall strategy.
• Addressing key issues to avoid future problems . These include pricing, competition evaluation, market demand, capital and team members.
• Proving the viability of your business . Planning your vision into a full-fledged business bridges the gap between an idea and reality. Market research is essential for this point, as it helps you find key insights on various aspects of your industry, including your competitors and customers. 
• Communicating objectives with team members and all those involved . This is important for larger teams, particularly for assistance when you are too busy to relay information or guidance to your team members. This may also help investors or partners who cannot reach you, as it lays out objectives and criteria.
• Standardizing and carrying out key objectives . Placing your objectives, criteria and other needs gives them more weight and attention. If they aren’t in your business plan, thereby, in writing, they can easily fall by the wayside. A business plan helps avoid this, standardizing key objectives and benchmarks.
• Guiding consultants, freelancers and other workers . When employing freelancers and contractors, you can turn to specific sections of a business plan to guide these workers, to ensure they understand your vision, goal and other key business aspects.
• Obtaining financial support. Whether it is via borrowing from a bank, turning to venture capitalists or putting your business up for an acquisition, a business plan makes your business and its viability clear for these key financial players. 
• Acclimating to market changes . Updating your business plan can help you during periods of critical change in your market. These changes include: changes in customer needs, new regulations, trends or updates in your industry.

Defining Market Research

Market Research is a wide-encompassing practice that involves gathering information to bolster knowledge about a business’s industry, niche and target market . 

It involves the systematic process of amassing, analyzing and interpreting data and information around the state of a business’s industry and its key actors . The key actors entail a business’s target market, competitors and the movers and shakers within its industry.

As such, it involves gathering research around the niche, trends and industry as a whole. 

This involves gathering secondary research , research that has already been conducted and made available, along with primary research , the kind that requires you to conduct yourself. These main types of research gathering involve various means, techniques and tools that researchers can use.

Market research largely deals with evaluating the viability of a new product or service, although this aspect is primarily referred to as customer development . By conducting market research, you can therefore gather information on virtually all areas of your business. 

Why a Business Plan Needs Market Research

A potent document, one that properly lays out the 7 components of a business plan , from the executive summary, to the market analysis, to the strategy, financial plan and all other in-betweens, most use market research to develop it. 

Market research provides the key data, information and nuances your business plan needs. Although a new business or business idea is born on intuition, a business plan must be backed up with data to prove its viability and positioning in its industry. 

As such, market research must be performed in the early stages of the business plan, as it is the phase in which you learn all about your niche, its trends and the demands of your target market (including the makeup of your target market via market segmentation ).

Only after analyzing all of your market research results, will you be able to populate the business plan within key areas such as market analysis, financial projections, strategy and implementation, marketing endeavors, pricing and location . 

A business plan must be comprehensive, another way in which market research is of utmost importance, in that there are various methods and tools you can use to conduct it. By consolidating all of the different market research techniques , you are establishing an exhaustive business plan, the kind that leaves no key consideration out.

The following presents the key data and information of a business plan that market research can extract:

• Demand : Does your product/service have enough market potential to justify a new business?
• Pricing : How will you determine the pricing of your offerings? 
• Target Market : Who makes up your target market? Do they have enough spending power to buy your product or service?
• Location : Does your business require opening a physical store or can it effectively reach its target market via ecommerce? Perhaps it needs both?
• Historic data on your product/ service : How have the products and services in your niche performed over time? How do they perform currently? 
• Marketing and Market Entry : How will you form an explanation on how you’ll enter the market? How will you promote your products/services to solidify your entry?
• Labor Requirements : Do you have enough manpower to form a business? How many employees and contractors will your business require?
• Financial Plan : Do you have the financial means to cover all operations?

How to Conduct Market Research for a Business Plan

Since a business plan ought to include concrete information to pave the way for business success, it requires thorough market research. Given that market research encompasses so many modes and forms, it can be overwhelming and even intimidating to begin to conduct it for your business plan.

The following provides a step-by-step guide on how to do market research for a business plan, so you can craft your plan in an informed manner, equipped with critical market research.

• First, search the secondary sources available; while some are free, there will be many that aren’t.
• Then, narrow it down to a specific niche, with suspected market segments.
• Focus your research via secondary sources on your market. Look at trade publications, new sites dedicated to your market, industry reports, local reports, statistics websites, blogs on the startups in your niche, including their stories of success and failure and other secondary resources.
• Conduct further secondary research on your priorities.
• Then, switch to primary research methods to zero in on your most critical research subjects.
• You can achieve this by conducting secondary research on your target market.
• Use an online survey, a focus group or a survey panel .
• Segment your target market further and start building personas from the shared characteristics they exhibit.
• Be sure to find similar offerings available to identify your competitors.
• Survey your target market on their needs and feelings towards similar products/services, along with their aversions and desires for updates.
• This will help you understand how to set up your prices as well.
• Research the costs of marketing and publicizing the launch of your business.
• Compare all costs and establish a preliminary business budget.
• Jot down their strengths and weaknesses.
• Compare your offering to theirs, does it fill any gaps or voids? Is it better price-wise?
• Break this down from high to low levels of research. Ex: From the general industry to the exact niche, from a large target market, to specific segments, to specific personas.
• Adjust your budget, goals and plans.
• The executive summary, company description, products and services, market analysis, strategy and implementation, organization and management, financial plan and projections.
• Assure that everything makes sense. If there are gaps in the information you have outlined, consider conducting more research.
• Highlight areas of opportunity, along with areas of risk. 
• Edit your business plan as needed.

Empowering Your Market Research-Powered Business Plan

Market research is a wide-reaching practice that blends consumer behavior and economic trends to help you validate and improve a business idea. It can also help you change the course or style of an already established business.

Thus, it is not solely for startups. Market research can be difficult to conduct and manage , as there are so many business aspects you’ll need to consider to lower your risk of failure. Concurrently, there is so many kinds of market research you can stand to conduct.

Even with the steps listed above, navigating through the jungle of market research can be a laborious and difficult task. While you can’t control secondary resources, you can wield control of your primary research endeavors via an online survey platform . 

This kind of market research tool allows you to take the reigns in every aspect: from asking the exact questions you seek answers to , to targeting a specific market segment , to deploying your surveys across the most-frequented websites and apps. 

A potent survey platform will complete all of these crucial tasks , making primary research an easy task. The trick is to find an online survey platform that can handle all of these tasks, along with making it easy to analyze the data.

Do you want to distribute your survey? Pollfish offers you access to millions of targeted consumers to get survey responses from $0.95 per complete. Launch your survey today.

Privacy Preference Center

Privacy preferences.

• Skip to main content
• Skip to primary sidebar
• Skip to footer
• QuestionPro

• Solutions Industries Gaming Automotive Sports and events Education Government Travel & Hospitality Financial Services Healthcare Cannabis Technology Use Case NPS+ Communities Audience Contactless surveys Mobile LivePolls Member Experience GDPR Positive People Science 360 Feedback Surveys
• Resources Blog eBooks Survey Templates Case Studies Training Help center

Home QuestionPro Business

How to Do Market Research for a Business Plan

Business plan research.

For a successful market research and analysis business plan, you will need answers to many critical  market research questions . What demographic is your product or service most likely to appeal to? What is the forecast for the industry you are in? How have other products or services similar to your own done over time? What are your competitors doing right or wrong and how can you capitalize on any market openings?

All these questions have to be addressed to have a strong Market Analysis section within the business plan. If not, when it comes time to deliver your business plan to a potential investor, they will quickly spot the lack of factual data to back up your business promises and they will most likely walk away. To get a strong Market Analysis section, make sure to do your homework and include relevant data, graphs, and charts to make your case.

How to Get Started with Market Research

First, you need to gather your resources and collect data to get the numbers right. Let’s go over how you can do market research for a variety of topics included in your Market Analysis section. They are:

• Demographics – If you have been managing a website, you already know a bit about the demographics your niche attracts. Using Google Analytics or Quantcast.com you can find out not only your own demographics, but those of your top competitors. This can help you find ways to create different sales channels and campaigns to target different demographics from income level and age to other important factors.

• Product or Service Review – The product or service lifecycle will need to be reviewed to make sure you are not trying to promote a product or service in an over-saturated market. You can look at product sales on different websites that specialize in specific industries. For instance, if you’re thinking of promoting a new electronic device, you can obtain market research on product sales information from the Consumer Electronics organization at CE.org.
• Competitors Analysis – You will have to visit your competitor’s websites and do analytical research for traffic, sales, and niche to make sure you can compete successfully. You can also get valuable insights on how well their business is doing by simply adding your name to a marketing list so that they will send you their news more often.
• Risks and Opportunities – This will take a bit of thinking to determine how you can best exploit your competitors weaknesses and emphasize your strengths in the marketplace. You will want to differentiate your offering enough from your competitors so that your target audience has a clear choice. Never compete solely on price as that is a failing strategy that ends up with the lowest price driving everyone out of business. Instead, look at the features and services your competitor offers and improve upon them and/or find a way to widen your market share geographically in ways that they cannot, for whatever reason.

Select your respondents

A business plan is not a document written once and then forgotten. Economic and market forces in your day-to-day operations will cause you to review the document every year to see where you have met your objectives, where you haven’t, and how to revise the business plan when you find out more about the market conditions. New market conditions will also impact how you proceed and will need to be included in a newer version of your business plan so that your business stays nimble and is flexible enough to meet new challenges with clearer insights than before. This will ensure the survival of your business in the short-term and provide a good basis for long-term prosperity.

MORE LIKE THIS

Top 13 A/B Testing Software for Optimizing Your Website

Apr 12, 2024

21 Best Contact Center Experience Software in 2024

Government Customer Experience: Impact on Government Service

Apr 11, 2024

Employee Engagement App: Top 11 For Workforce Improvement 

Apr 10, 2024

Other categories

• Academic Research
• Artificial Intelligence
• Assessments
• Brand Awareness
• Case Studies
• Communities
• Consumer Insights
• Customer effort score
• Customer Engagement
• Customer Experience
• Customer Loyalty
• Customer Research
• Customer Satisfaction
• Employee Benefits
• Employee Engagement
• Employee Retention
• Friday Five
• General Data Protection Regulation
• Insights Hub
• Life@QuestionPro
• Market Research
• Mobile diaries
• Mobile Surveys
• New Features
• Online Communities
• Question Types
• Questionnaire
• QuestionPro Products
• Release Notes
• Research Tools and Apps
• Revenue at Risk
• Survey Templates
• Training Tips
• Uncategorized
• Video Learning Series
• What’s Coming Up
• Workforce Intelligence

• Search Search Please fill out this field.

What Is Market Research?

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

The Bottom Line

• Marketing Essentials

How to Do Market Research, Types, and Example

Joules Garcia / Investopedia

Market research examines consumer behavior and trends in the economy to help a business develop and fine-tune its business idea and strategy. It helps a business understand its target market by gathering and analyzing data.

Market research is the process of evaluating the viability of a new service or product through research conducted directly with potential customers. It allows a company to define its target market and get opinions and other feedback from consumers about their interest in a product or service.

Research may be conducted in-house or by a third party that specializes in market research. It can be done through surveys and focus groups, among other ways. Test subjects are usually compensated with product samples or a small stipend for their time.

Key Takeaways

• Companies conduct market research before introducing new products to determine their appeal to potential customers.
• Tools include focus groups, telephone interviews, and questionnaires.
• The results of market research inform the final design of the product and determine how it will be positioned in the marketplace.
• Market research usually combines primary information, gathered directly from consumers, and secondary information, which is data available from external sources.

Market Research

How market research works.

Market research is used to determine the viability of a new product or service. The results may be used to revise the product design and fine-tune the strategy for introducing it to the public. This can include information gathered for the purpose of determining market segmentation . It also informs product differentiation , which is used to tailor advertising.

A business engages in various tasks to complete the market research process. It gathers information based on the market sector being targeted by the product. This information is then analyzed and relevant data points are interpreted to draw conclusions about how the product may be optimally designed and marketed to the market segment for which it is intended.

It is a critical component in the research and development (R&D) phase of a new product or service introduction. Market research can be conducted in many different ways, including surveys, product testing, interviews, and focus groups.

Market research is a critical tool that companies use to understand what consumers want, develop products that those consumers will use, and maintain a competitive advantage over other companies in their industry.

Primary Market Research vs. Secondary Market Research

Market research usually consists of a combination of:

• Primary research, gathered by the company or by an outside company that it hires
• Secondary research, which draws on external sources of data

Primary Market Research

Primary research generally falls into two categories: exploratory and specific research.

• Exploratory research is less structured and functions via open-ended questions. The questions may be posed in a focus group setting, telephone interviews, or questionnaires. It results in questions or issues that the company needs to address about a product that it has under development.
• Specific research delves more deeply into the problems or issues identified in exploratory research.

Secondary Market Research

All market research is informed by the findings of other researchers about the needs and wants of consumers. Today, much of this research can be found online.

Secondary research can include population information from government census data , trade association research reports , polling results, and research from other businesses operating in the same market sector.

History of Market Research

Formal market research began in Germany during the 1920s. In the United States, it soon took off with the advent of the Golden Age of Radio.

Companies that created advertisements for this new entertainment medium began to look at the demographics of the audiences who listened to each of the radio plays, music programs, and comedy skits that were presented.

They had once tried to reach the widest possible audience by placing their messages on billboards or in the most popular magazines. With radio programming, they had the chance to target rural or urban consumers, teenagers or families, and judge the results by the sales numbers that followed.

Types of Market Research

Face-to-face interviews.

From their earliest days, market research companies would interview people on the street about the newspapers and magazines that they read regularly and ask whether they recalled any of the ads or brands that were published in them. Data collected from these interviews were compared to the circulation of the publication to determine the effectiveness of those ads.

Market research and surveys were adapted from these early techniques.

To get a strong understanding of your market, it’s essential to understand demand, market size, economic indicators, location, market saturation, and pricing.

Focus Groups

A focus group is a small number of representative consumers chosen to try a product or watch an advertisement.

Afterward, the group is asked for feedback on their perceptions of the product, the company’s brand, or competing products. The company then takes that information and makes decisions about what to do with the product or service, whether that's releasing it, making changes, or abandoning it altogether.

Phone Research

The man-on-the-street interview technique soon gave way to the telephone interview. A telephone interviewer could collect information in a more efficient and cost-effective fashion.

Telephone research was a preferred tactic of market researchers for many years. It has become much more difficult in recent years as landline phone service dwindles and is replaced by less accessible mobile phones.

Survey Research

As an alternative to focus groups, surveys represent a cost-effective way to determine consumer attitudes without having to interview anyone in person. Consumers are sent surveys in the mail, usually with a coupon or voucher to incentivize participation. These surveys help determine how consumers feel about the product, brand, and price point.

Online Market Research

With people spending more time online, market research activities have shifted online as well. Data collection still uses a survey-style form. But instead of companies actively seeking participants by finding them on the street or cold calling them on the phone, people can choose to sign up, take surveys, and offer opinions when they have time.

This makes the process far less intrusive and less rushed, since people can participate on their own time and of their own volition.

How to Conduct Market Research

The first step to effective market research is to determine the goals of the study. Each study should seek to answer a clear, well-defined problem. For example, a company might seek to identify consumer preferences, brand recognition, or the comparative effectiveness of different types of ad campaigns.

After that, the next step is to determine who will be included in the research. Market research is an expensive process, and a company cannot waste resources collecting unnecessary data. The firm should decide in advance which types of consumers will be included in the research, and how the data will be collected. They should also account for the probability of statistical errors or sampling bias .

The next step is to collect the data and analyze the results. If the two previous steps have been completed accurately, this should be straightforward. The researchers will collect the results of their study, keeping track of the ages, gender, and other relevant data of each respondent. This is then analyzed in a marketing report that explains the results of their research.

The last step is for company executives to use their market research to make business decisions. Depending on the results of their research, they may choose to target a different group of consumers, or they may change their price point or some product features.

The results of these changes may eventually be measured in further market research, and the process will begin all over again.

Benefits of Market Research

Market research is essential for developing brand loyalty and customer satisfaction. Since it is unlikely for a product to appeal equally to every consumer, a strong market research program can help identify the key demographics and market segments that are most likely to use a given product.

Market research is also important for developing a company’s advertising efforts. For example, if a company’s market research determines that its consumers are more likely to use Facebook than X (formerly Twitter), it can then target its advertisements to one platform instead of another. Or, if they determine that their target market is value-sensitive rather than price-sensitive, they can work on improving the product rather than reducing their prices.

Market research only works when subjects are honest and open to participating.

Example of Market Research

Many companies use market research to test new products or get information from consumers about what kinds of products or services they need and don’t currently have.

For example, a company that’s considering starting a business might conduct market research to test the viability of its product or service. If the market research confirms consumer interest, the business can proceed confidently with its business plan . If not, the company can use the results of the market research to make adjustments to the product to bring it in line with customer desires.

What Are the Main Types of Market Research?

The main types of market research are primary research and secondary research. Primary research includes focus groups, polls, and surveys. Secondary research includes academic articles, infographics, and white papers.

Qualitative research gives insights into how customers feel and think. Quantitative research uses data and statistics such as website views, social media engagement, and subscriber numbers.

What Is Online Market Research?

Online market research uses the same strategies and techniques as traditional primary and secondary market research, but it is conducted on the Internet. Potential customers may be asked to participate in a survey or give feedback on a product. The responses may help the researchers create a profile of the likely customer for a new product.

What Are Paid Market Research Surveys?

Paid market research involves rewarding individuals who agree to participate in a study. They may be offered a small payment for their time or a discount coupon in return for filling out a questionnaire or participating in a focus group.

What Is a Market Study?

A market study is an analysis of consumer demand for a product or service. It looks at all of the factors that influence demand for a product or service. These include the product’s price, location, competition, and substitutes as well as general economic factors that could influence the new product’s adoption, for better or worse.

Market research is a key component of a company’s research and development (R&D) stage. It helps companies understand in advance the viability of a new product that they have in development and to see how it might perform in the real world.

Britannica Money. “ Market Research .”

U.S. Small Business Administration. “ Market Research and Competitive Analysis .”

• How to Start a Business: A Comprehensive Guide and Essential Steps 1 of 25
• How to Do Market Research, Types, and Example 2 of 25
• Marketing Strategy: What It Is, How It Works, and How to Create One 3 of 25
• Marketing in Business: Strategies and Types Explained 4 of 25
• What Is a Marketing Plan? Types and How to Write One 5 of 25
• Business Development: Definition, Strategies, Steps & Skills 6 of 25
• Business Plan: What It Is, What's Included, and How to Write One 7 of 25
• Small Business Development Center (SBDC): Meaning, Types, Impact 8 of 25
• How to Write a Business Plan for a Loan 9 of 25
• Business Startup Costs: It’s in the Details 10 of 25
• Startup Capital Definition, Types, and Risks 11 of 25
• Bootstrapping Definition, Strategies, and Pros/Cons 12 of 25
• Crowdfunding: What It Is, How It Works, and Popular Websites 13 of 25
• Starting a Business with No Money: How to Begin 14 of 25
• A Comprehensive Guide to Establishing Business Credit 15 of 25
• Equity Financing: What It Is, How It Works, Pros and Cons 16 of 25
• Best Startup Business Loans 17 of 25
• Sole Proprietorship: What It Is, Pros and Cons, and Differences From an LLC 18 of 25
• Partnership: Definition, How It Works, Taxation, and Types 19 of 25
• What Is an LLC? Limited Liability Company Structure and Benefits Defined 20 of 25
• Corporation: What It Is and How to Form One 21 of 25
• Starting a Small Business: Your Complete How-to Guide 22 of 25
• Starting an Online Business: A Step-by-Step Guide 23 of 25
• How to Start Your Own Bookkeeping Business: Essential Tips 24 of 25
• How to Start a Successful Dropshipping Business: A Comprehensive Guide 25 of 25

• Terms of Service
• Editorial Policy
• Privacy Policy
• Your Privacy Choices

Ready to level up your insights?

Get ready to streamline, scale and supercharge your research. Fill out this form to request a demo of the InsightHub platform and discover the difference insights empowerment can make. A member of our team will reach out within two working days.

Cost effective insights that scale

Quality insight doesn't need to cost the earth. Our flexible approach helps you make the most of research budgets and build an agile solution that works for you. Fill out this form to request a call back from our team to explore our pricing options.

• What is InsightHub?
• Data Collection
• Data Analysis
• Data Activation
• Research Templates
• Information Security
• Our Expert Services
• Support & Education
• Consultative Services
• Insight Delivery
• Research Methods
• Sectors We Work With
• Meet the team
• Advisory Board
• Press & Media
• Book a Demo
• Request Pricing

Embark on a new adventure. Join Camp InsightHub, our free demo platform, to discover the future of research.

Read a brief overview of the agile research platform enabling brands to inform decisions at speed in this PDF.

InsightHub on the Blog

• Surveys, Video and the Changing Face of Agile Research
• Building a Research Technology Stack for Better Insights
• The Importance of Delegation in Managing Insight Activities
• Common Insight Platform Pitfalls (and How to Avoid Them)
• Support and Education
• Insight Delivery Services

Our services drive operational and strategic success in challenging environments. Find out how.

Close Connections bring stakeholders and customers together for candid, human conversations.

Services on the Blog

• Closing the Client-Agency Divide in Market Research
• How to Speed Up Fieldwork Without Compromising Quality
• Practical Ways to Support Real-Time Decision Making
• Developing a Question Oriented, Not Answer Oriented Culture
• Meet the Team

The FlexMR credentials deck provides a brief introduction to the team, our approach to research and previous work.

We are the insights empowerment company. Our framework addresses the major pressures insight teams face.

Latest News

• Insight as Art Shortlisted for AURA Innovation Award
• FlexMR Launch Video Close Connection Programme
• VideoMR Analysis Tool Added to InsightHub
• FlexMR Makes Shortlist for Quirks Research Supplier Award
• Latest Posts
• Strategic Thinking
• Technology & Trends
• Practical Application
• Insights Empowerment
• View Full Blog Archives

Discover how to build close customer connections to better support real-time decision making.

What is a market research and insights playbook, plus discover why should your team consider building one.

Featured Posts

• Five Strategies for Turning Insight into Action
• How to Design Surveys that Ask the Right Questions
• Scaling Creative Qual for Rich Customer Insight
• How to Measure Brand Awareness: The Complete Guide
• All Resources
• Client Stories
• Whitepapers
• Events & Webinars
• The Open Ideas Panel
• InsightHub Help Centre
• FlexMR Client Network

The insights empowerment readiness calculator measures your progress in building an insight-led culture.

The MRX Lab podcast explores new and novel ideas from the insights industry in 10 minutes or less.

Featured Stories

• Specsavers Informs Key Marketing Decisions with InsightHub
• The Coventry Panel Helps Maintain Award Winning CX
• Isagenix Customer Community Steers New Product Launch
• Curo Engage Residents with InsightHub Community
• Tech & Trends /

How to Write a Market Research Plan (+ Free Template)

Chris martin, 5 design principles to boost your market research.

Design is something we all use, whether consciously or unconsciously in the insights industry. Desig...

Sophie Grieve-Williams

• Insights Empowerment (29)
• Practical Application (168)
• Research Methods (283)
• Strategic Thinking (191)
• Survey Templates (7)
• Tech & Trends (386)

A market research plan, similar to a brief, is a vital document that details important information about your market research project. Though it is often an overlooked step of the market research process , an effective plan is often a critical factor in determining whether or not your market research efforts are successful.

Why? Because a well-thought through plan, more so than objectives alone, can be a vital instrument in focusing your investment. It ensures you know, ahead of the commencement date, the timeline, budget and desired outcomes from the project. It can even be used as a tool for receiving quicker sign-off from management when embarking on a new venture.

But it’s also important to remember that the research plan is not just for your team. To make full use of this document, it should be written in a way that can be distributed to agency partners as well – ensuring that your insight team and specialist partners are all working towards the same goal.

Tips for Crafting a Successful Plan

The first rule of writing a successful market research plan is to keep it short. The perfect length is between 1-2 pages, but as an absolute maximum try to ensure that it never exceeds 3. This will give you enough space to explain the background, scope and practicalities of the project while ensuring it is concise enough to be read in full. Throughout these few short pages, the tone of your plan should be informative. Remember that you are outlining information that you already know.

Write in a way that holistically encompasses all aspects of the project. Throughout the duration of your scripting, data collection, analysis and reporting stages of your project you should always be referring back to this document in order to remain focused. As any researcher knows, one of the biggest challenges in any research project is staying true to your original objectives.

With both exploratory and confirmatory research alike, new information is likely to arise which may spark other ideas or bring light to previously unknown issues. Remember these, but set them aside for further investigation at a later date. Travelling too far down the rabbit hole is the quickest way to overspend and under deliver on your original goal.

The 10 Elements of the Best Research Plans

First, let me preface this with a reminder: every project is different. A long term co-creation community will have different needs and requirements to a customer feedback survey or ad testing project. However, despite this – it is important to give equal consideration to all projects, and plan each with the same high degree of meticulous care. With this in mind, these are the 10 key aspects we recommend that all research plans should include:

1. Overview

Use this first section to outline the background to the problem that you are attempting to solve. Include background information on the business to provide context, as well as the circumstances that have led to the need for research. Overviews should be limited to 200 words at most, with most of the word count dedicated to the business circumstances & challenges surrounding the research.

2. Objectives

Arguably the most important aspect of the entire document, objectives should be in bullet point format. List 3-5 of the decisions or initiatives that the research will inform – this will become the remit of the project. Below are a few examples of both well and poorly written objectives:

Well written research objectives:

• Understand the channels in which our customers are most comfortable shopping, in order to decide which should be prioritised in the 2017 Q1 budget
• Develop an active co-creation community that contributes 2 user-generated product improvements for testing to the R & D team per month
• Learn what is leading to an increase in customer churn so that a new retention strategy can be put in place within 12 weeks

Poorly written research objectives:

• Survey 1,000 potential customers to find out how our products can be improved
• Develop a panel of employees that are able to provide answers to research questions on an ad-hoc basis
• Learn how our company is perceived in comparison to competitors and how we can stand out in the marketplace

3. Deliverable outcomes

This section acts as a list what you expect to be produced at the end of the project. This can include, but is not limited to: a target number of responses you expect to receive, descriptions of how the data should be presented and the extent to which the data will be used to inform future decisions. In long term projects such as panels or communities, this may include a target for the amount of decisions that research is expected to inform and/or a pipeline for new ideas in exploratory studies.

4. Target audience

Different to sample, your target audience describes the population that you wish to research. This can be defined by a number of factors depending on the nature of your project. Some of the most common include: demographics, psychographics, life stages and company/ product interaction.

5. Sample plan

The sample plan should be used to indicate the amount of participants you wish to research, as well as a breakdown of each group. This will be affected by the choice to use qualitative, quantitative or multi-method approaches, as well as the estimated size of the target population.

6. Research Methods

List the different research methods that you plan to use in your project. This will be used by your team and agency partners to ensure that the insight you need comes from the most appropriate tools. Be sure to include any non-traditional methods you plan to use as well – it’s important that your team are aware of how data will be captured, even if it is being gathered by an experimental technique.

7. Timeline

These usually take the form of a Gantt chart, but can vary depending on the scope and length of your project. Try to break down tasks as much as possible but be wary of dependencies within your chart. Be sure to schedule enough time in case some research tasks over-run or response rates are lower than expected.

Perhaps the most dreaded aspect of any research plan, budgeting is never easy. But by providing a breakdown of costs and outlining which elements of the project require most investment, a well-planned budget can be a benefit rather than a hurdle.

9 & 10. Ethical and Further considerations

Finally, you should outline any ethical/ other considerations or issues that may arise throughout the course of your project. Whether these are as simple as a conflict of interest or a concern about supplier relationships – this is your chance to address any problems that may arise before they do.

Free Market Research Plan Template

Use this link to download our   free market research plan template . The template comes complete with each of the sections outlined above, with instructions on usage and tips on how to make the most out of it. Currently available in .docx format, please email   [email protected]  if you have any problems with the download.

What do you believe should be included in a successful market research plan? Share your advice with us in the comments below and join the conversation.

About FlexMR

We are The Insights Empowerment Company. We help research, product and marketing teams drive informed decisions with efficient, scalable & impactful insight.

About Chris Martin

Chris is an experienced executive and marketing strategist in the insight and technology sectors. He also hosts our MRX Lab podcast.

Stay up to date

You might also like....

Delivering AI Powered Qual at Scale...

It’s safe to say artificial intelligence, and more specifically generative AI, has had a transformative impact on the market research sector. From the contentious emergence of synthetic participants t...

How to Use Digital Ethnography and ...

In one way or another, we’ve all encountered social media spaces. Whether you’ve had a Facebook account since it first landed on the internet, created different accounts to keep up with relatives duri...

5 Ways to Power Up Your Insight Pla...

In case you missed it (which seems unlikely), ChatGPT, the Artificial Intelligence model trained for conversation interactions has been making waves in the last few months. But once you’ve finished as...

• Free Resources

14 Market Research Examples

This article was originally published in the MarketingSherpa email newsletter .

Example #1: National bank’s A/B testing

You can learn what customers want by conducting experiments on real-life customer decisions using A/B testing. When you ensure your tests do not have any validity threats, the information you garner can offer very reliable insights into customer behavior.

Here’s an example from Flint McGlaughlin, CEO of MarketingSherpa and MECLABS Institute, and the creator of its  online marketing course .

A national bank was working with MECLABS to discover how to increase the number of sign-ups for new checking accounts.

Customers who were interested in checking accounts could click on an “Open in Minutes” link on the bank’s homepage.

Creative Sample #1: Anonymized bank homepage

After clicking on the homepage link, visitors were taken to a four-question checking account selector tool.

Creative Sample #2: Original checking account landing page — account recommendation selector tool

After filling out the selector tool, visitors were taken to a results page that included a suggested package (“Best Choice”) along with a secondary option (“Second Choice”). The results page had several calls to action (CTAs). Website visitors were able to select an account and begin pre-registration (“Open Now”) or find out more information about the account (“Learn More”), go back and change their answers (“Go back and change answers”), or manually browse other checking options (“Other Checking Options”).

Creative Sample #3: Original checking account landing page — account recommendation selector tool results page

After going through the experience, the MECLABS team hypothesized that the selector tool wasn’t really delivering on the expectation the customer had after clicking on the “Open in Minutes” CTA. They created two treatments (new versions) and tested them against the control experience.

In the first treatment, the checking selector tool was removed, and instead, customers were directly presented with three account options in tabs from which customers could select.

Creative Sample #4: Checking account landing page Treatment #1

The second treatment’s landing page focused on a single product and had only one CTA. The call-to-action was similar to the CTA customers clicked on the homepage to get to this page — “Open Now.”

Creative Sample #5: Checking account landing page Treatment #2

Both treatments increased account applications compared to the control landing page experience, with Treatment #2 generating 65% more applicants at a 98% level of confidence.

Creative Sample #6: Results of bank experiment that used A/B testing

You’ll note the Level of Confidence in the results. With any research tactic or tool you use to learn about customers, you have to consider whether the information you’re getting really represents most customers, or if you’re just seeing outliers or random chance.

With a high Level of Confidence like this, it is more likely the results actually represent a true difference between the control and treatment landing pages and that the results aren’t just a random event.

The other factor to consider is — testing in and of itself will not produce results. You have to use testing as research to actually learn about the customer and then make changes to better serve the customer.

In the video How to Discover Exactly What the Customer Wants to See on the Next Click: 3 critical skills every marketer must master , McGlaughlin discussed this national bank experiment and explained how to use prioritization, identification and deduction to discover what your customers want.

This example was originally published in Marketing Research: 5 examples of discovering what customers want .

Example #2: Consumer Reports’ market intelligence research from third-party sources

The first example covers A/B testing. But keep in mind, ill-informed A/B testing isn’t market research, it’s just hoping for insights from random guesses.

In other words, A/B testing in a vacuum does not provide valuable information about customers. What you are testing is crucial, and then A/B testing is a means to help better understand whether insights you have about the customer are either validated or refuted by actual customer behavior. So it’s important to start with some research into potential customers and competitors to inform your A/B tests.

For example, when MECLABS and MarketingExperiments (sister publisher to MarketingSherpa) worked with Consumer Reports on a public, crowdsourced A/B test, we provided a market intelligence report to our audience to help inform their test suggestions.

Every successful marketing test should confirm or deny an assumption about the customer. You need enough knowledge about the customer to create marketing messages you think will be effective.

For this public experiment to help marketers improve their split testing abilities, we had a real customer to work with — donors to Consumer Reports.

To help our audience better understand the customer, the MECLABS Marketing Intelligence team created the 26-page ConsumerReports Market Intelligence Research document (which you can see for yourself at that link).

This example was originally published in Calling All Writers and Marketers: Write the most effective copy for this Consumer Reports email and win a MarketingSherpa Summit package and Consumer Reports Value Proposition Test: What you can learn from a 29% drop in clickthrough .

Example #3: Virtual event company’s conversation

What if you don’t have the budget for A/B testing? Or any of the other tactics in this article?

Well, if you’re like most people you likely have some relationships with other human beings. A significant other, friends, family, neighbors, co-workers, customers, a nemesis (“Newman!”). While conducting market research by talking to these people has several validity threats, it at least helps you get out of your own head and identify some of your blind spots.

WebBabyShower.com’s lead magnet is a PDF download of a baby shower thank you card ‘swipe file’ plus some extras. “Women want to print it out and have it where they are writing cards, not have a laptop open constantly,” said Kurt Perschke, owner, WebBabyShower.com.

That is not a throwaway quote from Perschke. That is a brilliant insight, so I want to make sure we don’t overlook it. By better understanding customer behavior, you can better serve customers and increase results.

However, you are not your customer. So you must bridge the gap between you and them.

Often you hear marketers or business leaders review an ad or discuss a marketing campaign and say, “Well, I would never read that entire ad” or “I would not be interested in that promotion.” To which I say … who cares? Who cares what you would do? If you are not in the ideal customer set, sorry to dent your ego, but you really don’t matter. Only the customer does.

Perschke is one step ahead of many marketers and business leaders because he readily understands this. “Owning a business whose customers are 95% women has been a great education for me,” he said.

So I had to ask him, how did he get this insight into his customers’ behavior? Frankly, it didn’t take complex market research. He was just aware of this disconnect he had with the customer, and he was alert for ways to bridge the gap. “To be honest, I first saw that with my wife. Then we asked a few customers, and they confirmed it’s what they did also. Writing notes by hand is viewed as a ‘non-digital’ activity and reading from a laptop kinda spoils the mood apparently,” he said.

Back to WebBabyShower. “We've seen a [more than] 100% increase in email signups using this method, which was both inexpensive and evergreen,” Perschke said.

This example was originally published in Digital Marketing: Six specific examples of incentives that worked .

Example #4: Spiceworks Ziff Davis’ research-informed content marketing

Marketing research isn’t just to inform products and advertising messages. Market research can also give your brand a leg up in another highly competitive space – content marketing.

Don’t just jump in and create content expecting it to be successful just because it’s “free.” Conducting research beforehand can help you understand what your potential audience already receives and where they might need help but are currently being served.

When Spiceworks Ziff Davis (SWZD) published its annual State of IT report, it invested months in conducting primary market research, analyzing year-over-year trends, and finally producing the actual report.

“Before getting into the nuts and bolts of writing an asset, look at market shifts and gaps that complement your business and marketing objectives. Then, you can begin to plan, research, write, review and finalize an asset,” said Priscilla Meisel, Content Marketing Director, SWZD.

This example was originally published in Marketing Writing: 3 simple tips that can help any marketer improve results (even if you’re not a copywriter) .

Example #5: Business travel company’s guerilla research

There are many established, expensive tactics you can use to better understand customers.

But if you don’t have the budget for those tactics, and don’t know any potential customers, you might want to brainstorm creative ways you can get valuable information from the right customer target set.

Here’s an example from a former client of Mitch McCasland, Founding Partner and Director, Brand Inquiry Partners. The company sold a product related to frequent business flyers and was interested in finding out information on people who travel for a living. They needed consumer feedback right away.

“I suggested that they go out to the airport with a bunch of 20-dollar bills and wait outside a gate for passengers to come off their flight,” McCasland said. When people came off the flight, they were politely asked if they would answer a few questions in exchange for the incentive (the $20). By targeting the first people off the flight they had a high likelihood of reaching the first-class passengers.

This example was originally published in Guerrilla Market Research Expert Mitch McCasland Tells How You Can Conduct Quick (and Cheap) Research .

Example #6: Intel’s market research database

When conducting market research, it is crucial to organize your data in a way that allows you to easily and quickly report on it. This is especially important for qualitative studies where you are trying to do more than just quantify the data, but need to manage it so it is easier to analyze.

Anne McClard, Senior Researcher, Doxus worked with Shauna Pettit-Brown of Intel on a research project to understand the needs of mobile application developers throughout the world.

Intel needed to be able to analyze the data from several different angles, including segment and geography, a daunting task complicated by the number of interviews, interviewers, and world languages.

“The interviews were about an hour long, and pretty substantial,” McClard says. So, she needed to build a database to organize the transcripts in a way that made sense.

Different types of data are useful for different departments within a company; once your database is organized you can sort it by various threads.

The Intel study had three different internal sponsors. "When it came to doing the analysis, we ended up creating multiple versions of the presentation targeted to individual audiences," Pettit-Brown says.

The organized database enabled her to go back into the data set to answer questions specific to the interests of the three different groups.

This example was originally published in 4 Steps to Building a Qualitative Market Research Database That Works Better .

Example #7: National security survey’s priming

When conducting market research surveys, the way you word your questions can affect customers’ response. Even the way you word previous questions can put customers in a certain mindset that will skew their answers.

For example, when people were asked if they thought the U.S. government should spend money on an anti-missile shield, the results appeared fairly conclusive. Sixty-four percent of those surveyed thought the country should and only six percent were unsure, according to Opinion Makers: An Insider Exposes the Truth Behind the Polls .

But when pollsters added the option, "...or are you unsure?" the level of uncertainty leaped from six percent to 33 percent. When they asked whether respondents would be upset if the government took the opposite course of action from their selection, 59 percent either didn’t have an opinion or didn’t mind if the government did something differently.

This is an example of how the way you word questions can change a survey’s results. You want survey answers to reflect customer’s actual sentiments that are as free of your company’s previously held biases as possible.

This example was originally published in Are Surveys Misleading? 7 Questions for Better Market Research .

Example #8: Visa USA’s approach to getting an accurate answer

As mentioned in the previous example, the way you ask customers questions can skew their responses with your own biases.

However, the way you ask questions to potential customers can also illuminate your understanding of them. Which is why companies field surveys to begin with.

“One thing you learn over time is how to structure questions so you have a greater likelihood of getting an accurate answer. For example, when we want to find out if people are paying off their bills, we'll ask them to think about the card they use most often. We then ask what the balance was on their last bill after they paid it,” said Michael Marx, VP Research Services, Visa USA.

This example was originally published in Tips from Visa USA's Market Research Expert Michael Marx .

Example #9: Hallmark’s private members-only community

Online communities are a way to interact with and learn from customers. Hallmark created a private members-only community called Idea Exchange (an idea you could replicate with a Facebook or LinkedIn Group).

The community helped the greeting cards company learn the customer’s language.

“Communities…let consumers describe issues in their own terms,” explained Tom Brailsford, Manager of Advancing Capabilities, Hallmark Cards. “Lots of times companies use jargon internally.”

At Hallmark they used to talk internally about “channels” of distribution. But consumers talk about stores, not channels. It is much clearer to ask consumers about the stores they shop in than what channels they shop.

For example, Brailsford clarified, “We say we want to nurture, inspire, and lift one’s spirits. We use those terms, and the communities have defined those terms for us. So we have learned how those things play out in their lives. It gives us a much richer vocabulary to talk about these things.”

This example was originally published in Third Year Results from Hallmark's Online Market Research Experiment .

Example #10: L'Oréal’s social media listening

If you don’t want the long-term responsibility that comes with creating an online community, you can use social media listening to understand how customers talking about your products and industry in their own language.

In 2019, L'Oréal felt the need to upgrade one of its top makeup products – L'Oréal Paris Alliance Perfect foundation. Both the formula and the product communication were outdated – multiple ingredients had emerged on the market along with competitive products made from those ingredients.

These new ingredients and products were overwhelming consumers. After implementing new formulas, the competitor brands would advertise their ingredients as the best on the market, providing almost magical results.

So the team at L'Oréal decided to research their consumers’ expectations instead of simply crafting a new formula on their own. The idea was to understand not only which active ingredients are credible among the audience, but also which particular words they use while speaking about foundations in general.

The marketing team decided to combine two research methods: social media listening and traditional questionnaires.

“For the most part, we conduct social media listening research when we need to find out what our customers say about our brand/product/topic and which words they use to do it. We do conduct traditional research as well and ask questions directly. These surveys are different because we provide a variety of readymade answers that respondents choose from. Thus, we limit them in terms of statements and their wording,” says Marina Tarandiuk, marketing research specialist, L'Oréal Ukraine.

“The key value of social media listening (SML) for us is the opportunity to collect people’s opinions that are as ‘natural’ as possible. When someone leaves a review online, they are in a comfortable environment, they use their ‘own’ language to express themselves, there is no interviewer standing next to them and potentially causing shame for their answer. The analytics of ‘natural’ and honest opinions of our customers enables us to implement the results in our communication and use the same language as them,” Tarandiuk said.

The team worked with a social media listening tool vendor to identify the most popular, in-demand ingredients discussed online and detect the most commonly used words and phrases to create a “consumer glossary.”

Questionnaires had to confirm all the hypotheses and insights found while monitoring social media. This part was performed in-house with the dedicated team. They created custom questionnaires aiming to narrow down all the data to a maximum of three variants that could become the base for the whole product line.

“One of our recent studies had a goal to find out which words our clients used to describe positive and negative qualities of [the] foundation. Due to a change in [the] product’s formula, we also decided to change its communication. Based on the opinions of our customers, we can consolidate the existing positive ideas that our clients have about the product,” Tarandiuk said.

To find the related mentions, the team monitored not only the products made by L'Oréal but also the overall category. “The search query contained both brand names and general words like foundation, texture, smell, skin, pores, etc. The problem was that this approach ended up collecting thousands of mentions, not all of which were relevant to the topic,” said Elena Teselko, content marketing manager, YouScan (L'Oréal’s social media listening tool).

So the team used artificial intelligence-based tagging that divided mentions according to the category, features, or product type.

This approach helped the team discover that customers valued such foundation features as not clogging pores, a light texture, and not spreading. Meanwhile, the most discussed and appreciated cosmetics component was hyaluronic acid.

These exact phrases, found with the help of social media monitoring, were later used for marketing communication.

Creative Sample #7: Marketing communicating for personal care company with messaging based on discoveries from market research

“Doing research and detecting audience’s interests BEFORE starting a campaign is an approach that dramatically lowers any risks and increases chances that the campaign would be appreciated by customers,” Teselko said.

This example was originally published in B2C Branding: 3 quick case studies of enhancing the brand with a better customer experience .

Example #11: Levi’s ethnographic research

In a focus group or survey, you are asking customers to explain something they may not even truly understand. Could be why they bought a product. Or what they think of your competitor.

Ethnographic research is a type of anthropology in which you go into customers’ homes or places of business and observe their actual behavior, behavior they may not understand well enough to explain to you.

While cost prohibitive to many brands, and simply unfeasible for others, it can elicit new insights into your customers.

Michael Perman, Senior Director Cultural Insights, Levi Strauss & Co. uses both quantitative and qualitative research on a broad spectrum, but when it comes to gathering consumer insight, he focuses on in-depth ethnographic research provided by partners who specialize in getting deep into the “nooks and crannies of consumer life in America and around the world.” For example, his team spends time in consumers’ homes and in their closets. They shop with consumers, looking for the reality of a consumer’s life and identifying themes that will enable designers and merchandisers to better understand and anticipate consumer needs.

Perman then puts together multi-sensory presentations that illustrate the findings of research. For example, “we might recreate a teenager’s bedroom and show what a teenage girl might have on her dresser.”

This example was originally published in How to Get Your Company to Pay Attention to Market Research Results: Tips from Levi Strauss .

Example #12: eBags’ ethnographic research

Ethnographic research isn’t confined to a physical goods brand like Levi’s. Digital brands can engage in this form of anthropology as well.

While usability testing in a lab is useful, it does miss some of the real-world environmental factors that play a part in the success of a website. Usability testing alone didn’t create a clear enough picture for Gregory Casey, User Experience Designer and Architect, eBags.

“After we had designed our mobile and tablet experience, I wanted to run some contextual user research, which basically meant seeing how people used it in the wild, seeing how people are using it in their homes. So that’s exactly what I did,” Gregory said.

He found consumers willing to open their home to him and be tested in their normal environment. This meant factors like the television, phone calls and other family members played a part in how they experienced the eBags mobile site.

“During these interview sessions, a lot of times we were interrupted by, say, a child coming over and the mother having to do something for the kid … The experience isn’t sovereign. It’s not something where they just sit down, work through a particular user flow and complete their interaction,” Gregory said.

By watching users work through the site as they would in their everyday life, Gregory got to see what parts of the site they actually use.

This example was originally published in Mobile Marketing: 4 takeaways on how to improve your mobile shopping experience beyond just responsive design .

Example #13: John Deere’s shift from product-centric market research to consumer-centric research

One of the major benefits of market research is to overcome company blind spots. However, if you start with your blind spots – i.e., a product focus – you will blunt the effectiveness of your market research.

In the past, “they’d say, Here’s the product, find out how people feel about it,” explained David van Nostrand, Manager, John Deere's Global Market Research. “A lot of companies do that.” Instead, they should be saying, “Let's start with the customers: what do they want, what do they need?”

The solution? A new in-house program called “Category Experts” brings the product-group employees over as full team members working on specific research projects with van Nostrand’s team.

These staffers handle items that don’t require a research background: scheduling, meetings, logistics, communication and vendor management. The actual task they handle is less important than the fact that they serve as human cross-pollinators, bringing consumer-centric sensibility back to their product- focused groups.

For example, if van Nostrand’s team is doing research about a vehicle, they bring in staffers from the Vehicles product groups. “The information about vehicle consumers needs to be out there in the vehicle marketing groups, not locked in here in the heads of the researchers.”

This example was originally published in How John Deere Increased Mass Consumer Market Share by Revamping its Market Research Tactics .

Example #14: LeapFrog’s market research involvement throughout product development (not just at the beginning and the end)

Market research is sometimes thought of as a practice that can either inform the development of a product, or research consumer attitudes about developed products. But what about the middle?

Once the creative people begin working on product designs, the LeapFrog research department stays involved.

They have a lab onsite where they bring moms and kids from the San Francisco Bay area to test preliminary versions of the products. “We do a lot of hands-on, informal qualitative work with kids,” said Craig Spitzer, VP Marketing Research, LeapFrog. “Can they do what they need to do to work the product? Do they go from step A to B to C, or do they go from A to C to B?”

When designing the LeapPad Learning System, for example, the prototype went through the lab “a dozen times or so,” he says.

A key challenge for the research department is keeping and building the list of thousands of families who have agreed to be on call for testing. “We've done everything from recruiting on the Internet to putting out fliers in local schools, working through employees whose kids are in schools, and milking every connection we have,” Spitzer says.

Kids who test products at the lab are compensated with a free, existing product rather than a promise of the getting the product they're testing when it is released in the future.

This example was originally published in How LeapFrog Uses Marketing Research to Launch New Products .

Related resources

The Marketer’s Blind Spot: 3 ways to overcome the marketer’s greatest obstacle to effective messaging

Get Your Free Test Discovery Tool to Help Log all the Results and Discoveries from Your Company’s Marketing Tests

Marketing Research: 5 examples of discovering what customers want

Online Marketing Tests: How do you know you’re really learning anything?

Improve Your Marketing

Join our thousands of weekly case study readers.

Enter your email below to receive MarketingSherpa news, updates, and promotions:

Note: Already a subscriber? Want to add a subscription? Click Here to Manage Subscriptions

Get Better Business Results With a Skillfully Applied Customer-first Marketing Strategy

The customer-first approach of MarketingSherpa’s agency services can help you build the most effective strategy to serve customers and improve results, and then implement it across every customer touchpoint.

Get headlines, value prop, competitive analysis, and more.

Marketer Vs Machine

Marketer Vs Machine: We need to train the marketer to train the machine.

Free Marketing Course

Become a Marketer-Philosopher: Create and optimize high-converting webpages (with this free online marketing course)

Project and Ideas Pitch Template

A free template to help you win approval for your proposed projects and campaigns

Six Quick CTA checklists

These CTA checklists are specifically designed for your team — something practical to hold up against your CTAs to help the time-pressed marketer quickly consider the customer psychology of your “asks” and how you can improve them.

Infographic: How to Create a Model of Your Customer’s Mind

You need a repeatable methodology focused on building your organization’s customer wisdom throughout your campaigns and websites. This infographic can get you started.

Infographic: 21 Psychological Elements that Power Effective Web Design

To build an effective page from scratch, you need to begin with the psychology of your customer. This infographic can get you started.

Receive the latest case studies and data on email, lead gen, and social media along with MarketingSherpa updates and promotions.

• Your Email Account
• Customer Service Q&A
• Search Library
• Content Directory:

Questions? Contact Customer Service at [email protected]

© 2000-2024 MarketingSherpa LLC, ISSN 1559-5137 Editorial HQ: MarketingSherpa LLC, PO Box 50032, Jacksonville Beach, FL 32240

The views and opinions expressed in the articles of this website are strictly those of the author and do not necessarily reflect in any way the views of MarketingSherpa, its affiliates, or its employees.

• Search Search Please fill out this field.
• Building Your Business
• Becoming an Owner
• Business Plans

How to Write a Business Plan: Target Market Analysis

The Business Plan and the Importance of Defining Your Target Market

Susan Ward wrote about small businesses for The Balance for 18 years. She has run an IT consulting firm and designed and presented courses on how to promote small businesses.

Conducting a Market Analysis

Polling your target market, writing the market analysis, online tools for market research, u.s. online market research sources, canadian online market research, local sources of market research, doing your own market research.

 Creative Commons CC0

The market analysis is basically the target market section of your business plan . It is a thorough examination of the ideal people to whom you intend to sell your products or services.  

Even if you intend on selling a product or service only in your community, you won't be selling that service to everyone who lives there. Knowing exactly what type(s) of people might be interested in buying your product or service and how many of them reside in your projected area or region is fundamental in creating your market analysis.

Once target market data has been established, you'll also work on sales projections within specific time frames, as well as how prospective sales might be affected by trends and policies.

Research is key and cornerstone of any solid  business plan .

Don't Skip This Step!

Don't skip market research; otherwise, you could end up starting a business that doesn't have a paying market.

Use these general terms as linchpins in research data for the market analysis section of your business plan, and to identify your target market:

But don't stop here. To succinctly define your target market, poll or survey members of your prospective clients or customers to ask specific questions directly related to your products or services. For instance, if you plan to sell computer-related services, ask questions relating to the number of computing devices your prospective customers own and how often they require servicing. If you plan on selling garden furniture and accessories, ask what kinds of garden furniture or accessories your potential customers have bought in the past, how often, and what they expect to buy within the next one, three, and five years.

Answers to these and other questions related to your market are to help you understand your market potential.

The goal of the information you collect is to help you project how much of your product or service you'll be able to sell. Review these important questions you need to try to answer using the data you collect:

• What proportion of your target market has used a product similar to yours before?
• How much of your product or service might your target market buy? (Estimate this in gross sales and/or in units of product/service sold.)
• What proportion of your target market might be repeat customers?
• How might your target market be affected by demographic shifts?
• How might your target market be affected by economic events (e.g. a local mill closing or a big-box retailer opening locally)?
• How might your target market be affected by larger socio-economic trends?
• How might your target market be affected by government policies (e.g. new bylaws or changes in taxes)?

One purpose of the market analysis is to ensure you have a viable business idea.

Find Your Buying Market

Use your market research to make sure people don't just like your business idea, but they're also willing to pay for it.

If you have information suggesting that you have a large enough market to sustain your business goals, write the market analysis in the form of several short paragraphs using appropriate headings for each. If you have several target markets, you may want to number each. 

Sections of your market analysis should include:

• Industry Description and Outlook
• Target Market
• Market Research Results
• Competitive Analysis

Remember to properly cite your sources of information within the body of your market analysis as you write it. You and other readers of your business plan, such as potential investors, will need to know the sources of the statistics or opinions that you've gathered.

There are several online resources to learn if your business idea is something worth pursing, including:

• Keyword searches can give you an overall sense of potential demand for your product or service based on the number of searches.
• Google Trends analysis can tell you how the number of searches has changed over time.
• Social media campaigns can give you an indication of the potential customer interest in your business idea.

The U.S. Small Business Administration (SBA) has information on doing your market research and analysis , as well as a list of free small business data and trends resources you can use to conduct your research. Consider these sources for data collection:

• SBA  Business Data and Statistics  
• The U.S. Census Bureau maintains a huge database of demographic information that is searchable by state, county, city/town, or zip code using its census data tool . Community, housing, economic, and population surveys are also available.
• The U.S. Department of Commerce Bureau of Economic Analysis (BEA) has extensive statistics on the economy including consumer income/spending/consumption, business activity, GDP, and more, all of which are searchable by location.

The Government of Canada offers a guide on doing market research and tips for understanding the data you collect. Canadian data resources include:

• Statistics Canada  offers demographic and economic data.
• The  Business Development Bank of Canada (BDC)  offers market research and consulting with industry experts.
• The Canada Business Network provides business information to entrepreneurs by province/territory, including market research data.

There are also a great many local resources for building target market information to explore, including:

• Local library
• Local Chamber of Commerce
• Board of Trade
• Economic Development Centre
• Local government agent's office
• Provincial business ministry
• Local phone book

All of these will have information helpful in defining your target market and providing insights into trends.

The above resources are secondary sources of information, in which others have collected and compiled the data. To get specific information about your business, consider conducting your own market research . For instance, you might want to design a questionnaire and survey your target market to learn more about their habits and preferences relating to your product or service.

Market research is time-consuming but is an important step in affording your business plan validity. If you don't have the time or the research skills to thoroughly define your target market yourself, hiring a person or firm to do the research for you can be a wise investment.​

Small Business Administration. " Market Research and Competitive Analysis. " Accessed Jan. 13, 2020.

Business Plan Section 5: Market Analysis

Find out the 9 components to include in the market analysis portion of your business plan, plus 6 sources for market analysis information.

This is the part of your business plan where you really get to shine and show off that awesome idea you have. Of course, your product or service is the best! Now, let’s talk about how you know it’s a hit. Be prepared to show you know your market AND that it’s big enough for you to build a sustainable, successful business .

In writing up your market analysis, you’ll get to demonstrate the knowledge you’ve gained about the industry, the target market you’re planning to sell to, your competition, and how you plan to make yourself stand out.

A market analysis is just that: a look at what the relevant business environment is and where you fit in. It should give a potential lender, investor, or employee no doubt that there is a solid niche for what you’re offering, and you are definitely the person to fill it. It’s both quantitative, spelling out sales projections and other pertinent figures, and qualitative, giving a thoughtful overview of how you fit in with the competition. It needs to look into the potential size of the market, the possible customers you’ll target, and what kind of difficulties you might face as you try to become successful. Let’s break down how to do that.

What Goes Into A Business Plan Market Analysis?

Industry description and outlook.

Describe the industry with enough background so that someone who isn’t familiar with it can understand what it’s like, what the challenges are, and what the outlook is. Talk about its size, how it’s growing, and what the outlook is for the future.

Target Market

Who have you identified as your ideal client or customer ? Include demographic information on the group you’re targeting, including age, gender and income level. This is the place to talk about the size of your potential market, how much it might spend, and how you’ll reach potential customers. For example, if women aged 18 to 54 are your target market, you need to know how many of them there are in your market. Are there 500 or 500,000? It’s imperative to know. Similarly, if your product or service is geared toward a high-end clientele, you need to make sure you’re located in an area that can support it.

Market Need

What factors influence the need for your product or service? Did the need exist before or are you trying to create it? Why will customers want to do business with you, possibly choosing you over someone else? This is where you can briefly introduce the competitive edge you have, although you’ll get into that in more depth in following sections. Focus on how the product or service you’re offering satisfies what’s needed in the market.

Market Growth

While no one can predict the future, it’s important to get a possible idea of what business may be like down the road and make sales projections. Have the number of people in your target market been increasing or decreasing over the last several years? By how much per year? To make an intelligent forecast, you have to start with current conditions, then project changes over the next three to five years.

Market Trends

You need to take a look at trends the same way you look at population and demographics. Is there a shift to more natural or organic ingredients that might impact your business? How might energy prices figure in? The easy availability of the internet and smartphone technology? The questions will be different for every type of business, but it’s important to think about the types of changes that could affect your specific market. In this section, you can cite experts from the research you’ve done-a market expert, market research firm, trade association, or credible journalist.

Market Research Testing

Talk about what kind of testing and information gathering you’ve done to figure out where you stand in the market. Who have you spoken to about the viability of your product? Why are you confident of its success? Again, if you can, cite experts to back up your information.

Competitive Analysis

There’s no way to succeed unless you’ve examined your competition. It might be helpful to try analyzing your position in the market by performing a SWOT analysis. You need to figure out their strengths and the weaknesses you can exploit as you work to build your own business. You do need to be brutally honest here, and also look at what the potential roadblocks are-anything that might potentially stand in your way as you try to meet your goals and grow your business.

Barriers to Entry

Lenders and investors need to have a reasonable assurance they’ll be paid back, so they’ll want to know what would stop someone else from swooping in, doing what you do, and grabbing half the available business. Do you have technical knowledge that’s difficult to get? A specialized product no one else can manufacture? A service that takes years to perfect? It’s possible your industry has strict regulations and licensing requirements. All of these help protect you from new competition, and they’re all selling points for you.

Regulations

As we touched on above, you should cover regulations as a barrier to entry. If your field is covered by regulations, you do need to talk about how they apply to your business and how you’ll comply with them.

Six Sources for Market Analysis Information

The Market Analysis section of your business plan is far more than a theoretical exercise. Doing an analysis of the market really gives YOU the information you need to figure out whether your plans are viable, and tweak them in the early stages before you go wrong.

So, where do you start? Research is the key here, and there are several sources available.

1. The Internet

Some of the first information you need is about population and demographics: who your potential customers are, how many there are, and where they live or work. The U.S. Census Bureau has an impressive amount of these statistics available. USA.gov’s small business site is another good source for links to the U.S. Departments of Labor and Commerce, among others.

2. Local Chamber of Commerce

A lot of local information can be gotten from the chamber of commerce in the area where you plan to operate. Often, they can provide details into what the general business climate is like, and get even more specific about how many and what type of businesses are operating in their jurisdiction.

3. Other Resources

When actual statistical information isn’t available, you’ll often be able to put together a good picture of the market from a variety of other sources. Real estate agents can be a source of information on demographics and population trends in an area. Catalogs and marketing materials from your competition are useful. Many industry associations have a great amount of relevant information to use in putting your analysis together. Trade publications and annual reports from public corporations in your industry also contain a wealth of relevant information.

4. Customer Mindset

Take yourself out of the equation as the owner and stand in your customer’s shoes when you look at the business. As a customer, what problems do you have that need to be solved? What would you like to be able to do better, faster, or cheaper that you can’t do now? How does the competition work to solve those issues? How could this business solve them better?

5. the Competition

If you have a clothing store, visit others in your area. If you’d like to open a pizzeria, try pies from surrounding restaurants. If you’re a salon owner, park across the street and see what the store traffic is like and how customers look when they come out. Check out websites for pricing and other marketing information. Follow their Facebook pages. If you can’t be a customer of the competition, ask your customers and suppliers about them. Always be aware of what’s going on in the market.

6. Traditional Market Research

While you can gather a lot of data online, your best information will come from potential customers themselves. Send out surveys, ask for input and feedback, and conduct focus groups. You can do this yourself or hire a market research firm to do it for you.

What to Do With All That Data

Now that you’ve gathered the statistics and information and you’ve done the math to know there’s a need and customer base for your product or service, you have to show it off to your best advantage. You can start the market analysis section with a simple summary that describes your target customers and explains why you have chosen this as your market. You can also summarize how you see the market growing, and highlight one or two projections for the future.

If your information is dense with numbers and statistics, someone who reads your business plan will probably find it easier to understand if you present it as a chart or graph. You can generate them fairly easily with tools built into Google docs and free infographic apps and software .

Don’t assume that your readers have an understanding of your market, but don’t belabor simple points, either. You want to include pertinent, important information, but you don’t want to drown the reader in facts. Be concise and compelling with the market analysis, and remember that a good graphic can cover a lot of text, and help you make your point. It’s great to say you project sales to increase by 250% over the next five years, but it makes an even bigger wow when you show it in a graphic.

Always relate the data back to your business. Statistics about the market don’t mean much unless you describe how and where you fit in. As you talk about the needs of your target market, remember to focus on how you are uniquely positioned to fill them.

Don’t hesitate to break down your target market into smaller segments, especially if each is likely to respond to a different message about your product or service. You may have one market that consists of homes and another of small businesses. Perhaps you sell to both wholesale and retail customers. Talk about this in the market analysis, and describe briefly how you’ll approach each. (You will have more of an opportunity to do this in detail later in the plan.) Segmentation can help you target specific messages to specific areas, focusing in on the existing needs and how you fill them.

Remember to tailor your information to the purpose at hand. If your business plan is for internal use, you may not have to go into as much detail about the market since you and your team may already know it well. Remember, however, that the very act of doing the research may help you learn things you didn’t know, so don’t skimp on doing the work. This is a great opportunity to get information from outside that might affect your business.

It’s not about your ability to do professional-level market research; a plan intended for a bank or other lender needs to show your understanding of where your business fits into the grand scheme of things. Yes, you need to detail the information, but your main goal is to show how you’ve incorporated that knowledge into making solid decisions about the direction of your company. Use this section of your business plan to explain your understanding of your industry, your market and your individual business so that lenders and investors feel comfortable with your possibility for success.

NEXT ARTICLE > BUSINESS PLAN SECTION 6: SALES AND MARKETING

Apply for a loan, get started.

Loans from $5,000 - $100,000 with transparent terms and no prepayment penalty. Tell us a little about yourself, your business and receive your quote in minutes without impacting your credit score.

Thanks for applying!

Loans are originated and funded through our lending arm, Accion Opportunity Fund Community Development. By clicking “Continue to Application,” you consent to, Accion Opportunity Fund Community Development’s Terms of Use and Privacy Policy ; and to receive emails, calls and texts , potentially for marketing purposes, including autodialed or pre-recorded calls. You may opt out of receiving certain communications as provided in our Privacy Policy .

Root out friction in every digital experience, super-charge conversion rates, and optimize digital self-service

Uncover insights from any interaction, deliver AI-powered agent coaching, and reduce cost to serve

Increase revenue and loyalty with real-time insights and recommendations delivered to teams on the ground

Know how your people feel and empower managers to improve employee engagement, productivity, and retention

Take action in the moments that matter most along the employee journey and drive bottom line growth

Whatever they’re are saying, wherever they’re saying it, know exactly what’s going on with your people

Get faster, richer insights with qual and quant tools that make powerful market research available to everyone

Run concept tests, pricing studies, prototyping + more with fast, powerful studies designed by UX research experts

Track your brand performance 24/7 and act quickly to respond to opportunities and challenges in your market

Explore the platform powering Experience Management

• Free Account
• For Digital
• For Customer Care
• For Human Resources
• For Researchers
• Financial Services
• All Industries

Popular Use Cases

• Customer Experience
• Employee Experience
• Employee Exit Interviews
• Net Promoter Score
• Voice of Customer
• Customer Success Hub
• Product Documentation
• Training & Certification
• XM Institute
• Popular Resources
• Customer Stories

Market Research

• Artificial Intelligence
• Partnerships
• Marketplace

The annual gathering of the experience leaders at the world’s iconic brands building breakthrough business results, live in Salt Lake City.

• English/AU & NZ
• Español/Europa
• Español/América Latina
• Português Brasileiro
• REQUEST DEMO
• Experience Management
• Market Research Templates

Try Qualtrics for free

Market research templates: what they are and how to use them.

18 min read Interested in market research but need some templates to start with? In this guide, we unpack market research, survey planning best practice and share some of our best templates for brand, customer, product and employee research.

What is a market research template?

While you’re no doubt familiar with the concept of market research and how it can help you to reach your target audiences and improve your product or service , the real challenge is designing a market research plan that is conducive to excellent results.

All of this starts with the right market research template(s) to help you analyze specific target audiences, collect the right data and uncover insights that can drive actionable change.

In this article, we’re going to:

• talk about market research and its use cases,
• provide you with a standard template that allows you to plan your research,
• and share several other templates to help you with specific types of market research

You can also check out our free template library.

But first, let’s revisit market research.

What is market research?

Market research is the process of determining the viability of a new service or product through surveys and questionnaires with prospects and/or customers. It involves gathering information about market needs and prospect/customer preferences .

Through market research, you can discover and/or refine your target market, get opinions and feedback on what you provide to them and uncover further prospect/customer pain points and expectations of your service or product .

Market research can be conducted in-house, either by you and your research team, or through a third-party company that specializes in it (they will typically have their own research panels or be capable of creating a research panel to suit your requirements).

The four common types of market research

There are lots of different ways to conduct market research to collect customer data and feedback , test product concepts , and do brand research, but the four most common are:

The most commonly used form of market research, surveys are a form of qualitative research that asks respondents a series of open or closed-ended questions , delivered either as an on-screen questionnaire or email.

Surveys are incredibly popular because they’re cheap, easy to produce, and can capture data very quickly, leading to faster insights.

2) Focus groups

Why not bring together a carefully selected group of people in your target market using focus groups? Though more expensive and complex than surveys and interviews, focus groups can offer deeper insight into prospect and customer behavior – from how users experience your products and services to what marketing messages really resonate with them.

Of course, as a market research method that’s reliant on a moderator to steer conversation, it can be subject to bias (as different moderators might have preferred questions or be more forceful) and if you cut corners (not asking all the necessary questions or making assumptions based on responses), the data could get skewed.

3) Observation

As if you were a fly-on-the-wall, the observation market research method can be incredibly powerful. Rather than interviewing or surveying users, you simply take notes while someone from your target market/target audience engages with your product . How are they using it? What are they struggling with? Do they look as though they have concerns?

Observing your target audience/target market in this fashion is a great alternative to the other more traditional methods on this list. It’s less expensive and far more natural as it isn’t guided by a moderator or a predefined set of questions. The only issue is that you can’t get feedback directly from the mouth of the user, so it’s worth combining this type of research with interviews, surveys, and/or focus groups.

4) Interviews

Interviews allow for face-to-face discussions (both in-person and virtually), allowing for more natural conversations with participants.

For gleaning deeper insights (especially with non-verbal cues giving greater weight to opinions), there’s nothing better than face-to-face interviews. Any kind of interview will provide excellent information, helping you to better understand your prospects and target audience/target market.

Use cases for market research

When you want to understand your prospects and/or customers, but have no existing data to set a benchmark – or want to improve your products and services quickly – market research is often the go-to.

Market research (as mentioned above), helps you to discover how prospects and customers feel about your products and services, as well as what they would like to see .

But there are more use cases and benefits to market research than the above.

Reduce risk of product and business failure

With any new venture, there’s no guarantee that the new idea will be successful. As such, it’s up to you to establish the market’s appetite for your product or service. The easiest way to do this is through market research – you can understand the challenges prospects face and quickly identify where you can help. With the data from your market survey, you can then create a solution that addresses the needs and expectations of would-be customers.

Forecast future trends

Market research doesn’t just help you to understand the current market – it also helps you to forecast future needs. As you conduct your research and analyze the findings, you can identify trends – for example, how brands and businesses are adopting new technology to improve customer experiences or how sustainability is becoming a core focus for packaging. Whatever it is you’re looking to understand about the future of business in your market, comprehensive market research can help you to identify it.

Stay ahead of the competition

Understanding your market and what prospects and customers want from you will help to keep you ahead of the competition . The fact is that the top businesses frequently invest in market research to get an edge, and those that don’t tap into the insights of their audience are missing low-hanging fruit.

As well as helping you to stay in front, you can also use market research to identify gaps in the market, e.g. your competitors’ strengths and weaknesses . Just have participants answer questions about competitor products/services – or even use the products/services – and work out how you can refine your offerings to address these issues.

Plan more strategically

What’s the foundation of your business strategy? If it’s based on evidence, e.g. what people expect of your products and services, it’ll be much easier to deliver something that works. Rather than making assumptions about what you should do, market research gives you a clear, concrete understanding of what people want to see.

Check out our guide to market research for a more comprehensive breakdown.

How do you write a market research plan/template?

A market research plan is very similar to a brief in that it documents the most vital information and steps about your project. Consider it a blueprint that outlines your main objective (summary), key questions and outcomes, target audience and size, your timeline, budget, and other key variables.

Let’s talk about them in more detail.

Elements of a great market research plan

1) overview or summary.

Use the first section of your market research plan to outline the background to the problem that you are attempting to solve (this is usually your problem statement or problem question). Include background information on the study’s purpose and the business to provide context to those who would read the report, as well as the need for the research. Keep the overview simple and concise; focus on the most salient elements.

2) Objectives

What is it that you hope to achieve with this survey? Your objectives are the most important part of the survey. Make sure to list 3-5 of the decisions or initiatives that the research will influence.

For example:

Understand the most-used channels for customer engagement and purchasing to decide where to prioritize marketing and sales budget in Q1 2022. Determine what’s causing customer churn at the later stages of the buyer journey and implement a new retention and sales strategy to address it.

Your objectives should be smart, that is: Specific, Measurable, Attainable, Relevant, and Timely.

3) Deliverables (or outcomes)

This section should focus on what you expect to have at the end of the project. How many responses are you looking for? How will the data be presented? Who will the data be shared with? (Stakeholders, executives) What are your next steps? Make sure you state how you will collect and analyze the data once it’s available.

Products such as Qualtrics CoreXM make this process fast and incredibly easy to do, drastically reducing the time to insights so you can make more meaningful changes, faster.

4) Target audience

Not to be confused with your market research sample, your target audience represents who you want to research. Of course, your sample may include ideal buyers from your target audience. Here you want to define the main variables or factors of your audience: demographic , age, location , product interaction, experience, and so on. It’s worth building out your buyer personas (if you haven’t already) and including a quick breakdown of them here.

5) Sample plan

How many participants do you want to research and what kind of groups do you want to reach? Depending on these two variables, you may have to use qualitative, quantitative , or multi-method approaches.

6) Research methods

What methods will you use in your market research project? The insights (and the granularity of those insights) will depend on the methods and tools you choose. For example, and as mentioned earlier, surveys are often the go-to for many organizations as they’re affordable and straightforward, but if you want to get more personal views from your respondents, one-to-one interviews might be more applicable. You might even want to take a hands-off approach and simply observe participants as they use your products, or try a combination of research methods. Make sure to outline what methods you will use as part of your research plan.

7) Timeline

How long will your research project run? It’s worth putting together a Gantt chart to highlight key milestones in the project, along with dependencies, and to break down tasks as much as possible. Schedule in contingency time in case some tasks or research runs over – or you need more responses.

Set a budget for the overall program and list it in your plan. Though this might be the most difficult aspect of any research plan, it helps you to be more strategic about tasks and hold people accountable at each stage of the process. If costs go over, that’s good to know for future market research. If costs are lower than anticipated, you then have the opportunity to do further research or prop up other areas of the study.

9) Ethical concerns or conflicts of interest

One of the most important parts of your market research plan, you should highlight any ethical concerns. To begin with, it’s your duty to state whether or not responses will be kept confidential and anonymous as part of the study. It’s also important to allow participants to remain anonymous and ensure you protect their privacy at all times.

Another issue to consider is stereotyping. Any analysis of real populations needs to make approximations and place individuals into groups, but if conducted irresponsibly, stereotyping can lead to undesirable results.

Lastly, conflicts of interest – it may be that researchers have interests in the outcome of the project that lead to a personal advantage that might compromise the integrity of your market research project. You should clearly state in your market research report that any potential conflicts of interest are highlighted and addressed before continuing.

But I want a faster solution!

Well, there’s a quicker and far easier way to do all of the above and get the data you need – just use a market research survey template. In our next section, we’re going to share a whole list of templates that you can use.

Free market research survey templates

No matter what kind of research you want to conduct, we have templates that will remove the complexity of the task and empower you to get more from your data. Below we’ve compiled a list of templates for four key experience areas: Brand , Customer , Employee , and Product .

All of our research templates are free. All you need to do is sign up for a free Qualtrics account to access them.

Brand experience market research templates:

• Logo testing : Collect feedback to help you evaluate and iterate on your logo designs and concepts
• Brand awareness : Track the level of brand awareness in your target market, including current and potential future customers
• Ad testing : Evaluate your consumers’ reaction to an advertisement so you know which campaigns to deploy before you invest
• A/B testing : Quickly and easily compare to versions or options in a study, whether it’s a design, headline, color palette or a mock-up of your latest ad campaign

Customer experience market research templates

• Student satisfaction : Gather feedback on how your institution is delivering on the student experience
• Net promoter score (NPS) : Measure customer loyalty and understand how they feel about your product or service using one of the world’s best-recognized metrics
• Customer satisfaction : Evaluate how satisfied your customers are with your company, including the products and services you provide, and how they are treated when they buy from you
• Customer service : Gain insights into the contact center experience, so you can achieve and maintain optimum levels of customer experience (CX) performance
• Event feedback : Measure the effectiveness of your events and how well they meet attendee expectations so that you can continuously improve your offering
• IT help desk : Understand how satisfied your employees and customers are with your IT help desk experience
• Website suggestion box : Collect visitor feedback on how your website can be improved
• Website satisfaction : Find out how satisfied visitors are with your website’s design, usability, and performance
• Store purchase feedback : Capture customer experience data at the point of purchase to help you improve the in-store experience
• Online purchase feedback : Find out how well your online shopping experience performs against customer needs and expectations

Employee experience market research templates

• Employee satisfaction : Get an overview of your current employee experience
• Manager feedback : Improve your skills as a leader with valuable feedback from your team
• Employee engagement : Find out how employees find the current experience at your workplace with this entry-level engagement survey
• Employee exit interview : Understand why your employees are leaving and how they’ll speak about your company once they’re gone with this survey template
• Employee onboarding : Improve your onboarding program by understanding what’s working and what’s not
• Team event planning : Collect inputs from employees to plan a team event that works for everyone
• Meeting feedback : Check-in with team members after a meeting to see how well your company is running and what improvements can be made
• Interview feedback : Improve your candidate experience by gathering actionable insights about the interview process
• Employee suggestion box : Gather anonymous data to help address concerns and improve the employee experience in your organization
• Candidate experience : Improve your candidate experience to increase brand perception, offer acceptance rates, and hiring process efficiency with this single-touchpoint survey template
• Employee suggestion action : Take employee feedback a step further by working with your staff to quantify solutions based on their experience data

Product experience market research templates

• Product research : Evaluate your consumers’ reaction to a new product or product feature across every stage of the product development journey
• Pricing : Understand how to set the exact price point for your product or service, according to your target consumers
• Feature prioritization : Compare and contrast product features using conjoint analysis to find the optimal mix for your customers
• Product package testing : Collect feedback on your product packaging to see how well it meets the needs and expectations of your customers

Armed with the right market research templates, getting the information you need across brand, product, customer and employee disciplines — as well as beyond — is significantly easier.

But if you want help putting together complex market research and scaling your in-house research team to get agile insights, check out our guide to building an agile research function.

Insights are more important than ever, especially during times of change, but building a great team takes a lot of time and money.

In our eBook, we’ll explain how you can:

• Scale your research team
• Build a smart partner strategy
• Ensure you have the right technology for market research and data analysis

Tackle your market research with our agile market research eBook

Related resources

Market intelligence 10 min read, marketing insights 11 min read, ethnographic research 11 min read, qualitative vs quantitative research 13 min read, qualitative research questions 11 min read, qualitative research design 12 min read, primary vs secondary research 14 min read, request demo.

Ready to learn more about Qualtrics?

How to write a business plan for a market research and survey company?

Writing a business plan for a market research and survey company can be an intimidating task, especially for those just starting.

This in-depth guide is designed to help entrepreneurs like you understand how to create a comprehensive business plan so that you can approach the exercise with method and confidence.

We'll cover: why writing a market research and survey company business plan is so important - both when starting up, and when running and growing the business - what information you need to include in your plan, how it should be structured, and what tools you can use to get the job done efficiently.

Let's get started!

In this guide:

Why write a business plan for a market research and survey company?

• What information is needed to create a business plan for a market research and survey company?
• What goes in the financial forecast for a market research and survey company?
• What goes in the written part of a market research and survey company business plan?
• What tool can I use to write my market research and survey company business plan?

Understanding the document's scope and goals will help you easily grasp its structure and content. Before diving into the specifics of the plan, let's take a moment to explore the key reasons why having a market research and survey company business plan is so crucial.

To have a clear roadmap to grow the business

Small businesses rarely experience a constant and predictable environment. Economic cycles go up and down, while the business landscape is mutating constantly with new regulations, technologies, competitors, and consumer behaviours emerging when we least expect it.

In this dynamic context, it's essential to have a clear roadmap for your market research and survey company. Otherwise, you are navigating in the dark which is dangerous given that - as a business owner - your capital is at risk.

That's why crafting a well-thought-out business plan is crucial to ensure the long-term success and sustainability of your venture.

To create an effective business plan, you'll need to take a step-by-step approach. First, you'll have to assess your current position (if you're already in business), and then identify where you'd like your market research and survey company to be in the next three to five years.

Once you have a clear destination for your market research and survey company, you'll focus on three key areas:

• Resources: you'll determine the human, equipment, and capital resources needed to reach your goals successfully.
• Speed: you'll establish the optimal pace at which your business needs to grow if it is to meet its objectives within the desired timeframe.
• Risks: you'll identify and address potential risks you might encounter along the way.

By going through this process regularly, you'll be able to make informed decisions about resource allocation, paving the way for the long-term success of your business.

To anticipate future cash flows

Regularly comparing your actual financial performance to the projections in the financial forecast of your market research and survey company's business plan gives you the ability to monitor your business's financial health and make necessary adjustments as needed.

This practice allows you to detect potential financial issues, such as unexpected cash shortfalls before they escalate into major problems. Giving you time to find additional financing or put in place corrective measures.

Additionally, it helps you identify growth opportunities, like excess cash flow that could be allocated to launch new products and services or expand into new markets.

Staying on track with these regular comparisons enables you to make well-informed decisions about the amount of financing your business might require, or the excess cash flow you can expect to generate from your main business activities.

To secure financing

Whether you are a startup or an existing business, writing a detailed market research and survey company business plan is essential when seeking financing from banks or investors.

This makes sense given what we've just seen: financiers want to ensure you have a clear roadmap and visibility on your future cash flows.

Banks will use the information included in the plan to assess your borrowing capacity (how much debt your business can support) and your ability to repay the loan before deciding whether they will extend credit to your business and on what terms.

Similarly, investors will review your plan carefully to assess if their investment can generate an attractive return on investment.

To do so, they will be looking for evidence that your market research and survey company has the potential for healthy growth, profitability, and cash flow generation over time.

Now that you understand why it is important to create a business plan for a market research and survey company, let's take a look at what information is needed to create one.

Information needed to create a business plan for a market research and survey company

Drafting a market research and survey company business plan requires research so that you can project sales, investments and cost accurately in your financial forecast, and convince the reader that there is a viable commercial opportunity to be seized.

Below, we'll focus on three critical pieces of information you should gather before starting to write your plan.

Carrying out market research for a market research and survey company

As you consider writing your business plan for a market research and survey company, conducting market research becomes a vital step to ensure accurate and realistic financial projections.

Market research provides valuable insights into your target customer base, competitors, pricing strategies, and other key factors that can significantly impact the commercial success of your business.

Through this research, you may uncover trends that could influence your market research and survey company.

1) You could discover that many customers prefer to receive information about products and services through digital channels, such as websites or social media platforms. 2) You might find that customers are increasingly interested in comprehensive market research and survey services, rather than individual surveys.

Such market trends play a significant role in forecasting revenue, as they offer valuable data about potential customers' spending habits and preferences.

By incorporating these findings into your financial projections, you can present investors with more accurate information, helping them make informed decisions about investing in your market research and survey company.

Developing the sales and marketing plan for a market research and survey company

As you embark on creating your market research and survey company business plan, it is crucial to budget sales and marketing expenses beforehand.

A well-defined sales and marketing plan should include precise projections of the actions required to acquire and retain customers. It will also outline the necessary workforce to execute these initiatives and the budget required for promotions, advertising, and other marketing efforts.

This approach ensures that the appropriate amount of resources is allocated to these activities, aligning with the sales and growth objectives outlined in your business plan.

The staffing and equipment needs of a market research and survey company

Whether you are at the beginning stages of your market research and survey company or expanding its horizons, having a clear plan for recruitment and capital expenditures (investment in equipment and real estate) is vital to ensure your business's success.

To achieve this, both the recruitment and investment plans must align coherently with the projected timing and level of growth in your forecast. It is essential to secure appropriate funding for these plans.

A market research and survey company might incur staffing costs such as salaries for research analysts, survey administrators, and data entry personnel. It might also incur costs for equipment such as computers, software licenses, and survey and analysis tools.

To create a financial forecast that accurately represents your business's outlook, remember to factor in other day-to-day operating expenses.

Now that you have all the necessary information, it's time to dive in and start creating your business plan and developing the financial forecast for your market research and survey company.

What goes into your market research and survey company's financial forecast?

The financial forecast of your market research and survey company will enable you to assess the profitability potential of your business in the coming years and how much capital is required to fund the actions planned in the business plan.

The four key outputs of a financial forecast for a market research and survey company are:

• The profit and loss (P&L) statement ,
• The projected balance sheet ,
• The cash flow forecast ,
• And the sources and uses table .

Let's take a closer look at each of these.

The projected P&L statement

The projected P&L statement for a market research and survey company shows how much revenue and profit your business is expected to make in the future.

A healthy market research and survey company's P&L statement should show:

• Sales growing at (minimum) or above (better) inflation
• Stable (minimum) or expanding (better) profit margins
• A healthy level of net profitability

This will of course depend on the stage of your business: numbers for a startup will look different than for an established market research and survey company.

The projected balance sheet of your market research and survey company

Your market research and survey company's forecasted balance sheet enables the reader of your plan to assess your financial structure, working capital, and investment policy.

It is composed of three types of elements: assets, liabilities and equity:

• Assets: represent what the business owns and uses to produce cash flows. It includes resources such as cash, equipment, and accounts receivable (money owed by clients).
• Liabilities: represent funds advanced to the business by lenders and other creditors. It includes items such as accounts payable (money owed to suppliers), taxes due and loans.
• Equity: is the combination of what has been invested by the business owners and the cumulative profits and losses generated by the business to date (which are called retained earnings). Equity is a proxy for the value of the owner's stake in the business.

Your market research and survey company's balance sheet will usually be analyzed in conjunction with the other financial statements included in your forecast.

Two key points of focus will be:

• Your market research and survey company's liquidity: does your business have sufficient cash and short-term assets to pay what it owes over the next 12 months?
• And its solvency: does your business have the capacity to repay its debt over the medium-term?

The cash flow forecast

As we've seen earlier in this guide, monitoring future cash flows is the key to success and the only way of ensuring that your market research and survey company has enough cash to operate.

As you can expect showing future cash flows is the main role of the cash flow forecast in your market research and survey company business plan.

It is best practice to organise the cash flow statement by nature in order to show the cash impact of the following areas:

• Cash flow generated from operations: the operating cash flow shows how much cash is generated or consumed by the business's commercial activities
• Cash flow from investing activities: the investing cash flow shows how much cash is being invested in capital expenditure (equipment, real estate, etc.) either to maintain the business's equipment or to expand its capabilities
• Cash flow from financing activities: the financing cash flow shows how much cash is raised or distributed to financiers

Looking at the cash flow forecast helps you to make sure that your business has enough cash to keep running, and can help you anticipate potential cash shortfalls.

Your market research and survey company business plan will normally include both yearly and monthly cash flow forecasts so that the readers can view the impact of seasonality on your business cash position and generation.

The initial financing plan

The initial financing plan, also known as a sources and uses table, is a valuable resource to have in your business plan when starting your market research and survey company as it reveals the origins of the money needed to establish the business (sources) and how it will be allocated (uses).

Having this table helps show what costs are involved in setting up your market research and survey company, how risks are shared between founders, investors and lenders, and what the starting cash position will be. This cash position needs to be sufficient to sustain operations until the business reaches a break-even point.

Now that you have a clear understanding of what goes into the financial forecast of your market research and survey company business plan, let's shift our focus to the written part of the plan.

The written part of a market research and survey company business plan

The written part of the business plan is where you will explain what your business does and how it operates, what your target market is, whom you compete against, and what strategy you will put in place to seize the commercial opportunity you've identified.

Having this context is key for the reader to form a view on whether or not they believe that your plan is achievable and the numbers in your forecast realistic.

The written part of a market research and survey company business plan is composed of 7 main sections:

• The executive summary
• The presentation of the company
• The products and services
• The market analysis
• The strategy
• The operations
• The financial plan

Let's go through the content of each section in more detail!

1. The executive summary

In your market research and survey company's business plan, the first section is the executive summary — a captivating overview of your plan that aims to pique the reader's interest and leave them eager to learn more about your business.

When crafting the executive summary, start with an introduction to your business, including its name, concept, location, how long it has been running, and what sets it apart. Briefly mention the products and services you plan to offer and your target customer profile.

Following that, provide an overview of the addressable market for your market research and survey company, current trends, and potential growth opportunities.

Next, include a summary of key financial figures like projected revenues, profits, and cash flows.

Finally, in the "ask" section, detail any funding requirements you may have.

2. The presentation of the company

The second section in your market research and survey company's business plan should focus on the structure and ownership, location, and management team of the company.

The structure and ownership part provides an overview of the legal structure of the business, who the owners are and how much each has invested and owns. If you are seeking financing it is important that the reader gets a clear picture of which legal entity is receiving the funds, and who controls the business.

The location part should give an overview of the premises from which the company is operating, and why that location is of particular interest (catchment area, accessibility, amenities nearby, etc.).

When describing the location of your market research and survey company, you could emphasize the potential it has to draw customers from a wide variety of demographics. You may point out that the location could offer access to a diverse range of people who could provide valuable feedback about their experiences with products and services. You could also emphasize the potential for growth in the area, and how the company could benefit from the influx of new customers that could come with a growing population. Additionally, you could talk about the potential for easy access to major transportation hubs, which could make it easier for clients to access the market research and survey services.

Finally, you should introduce the management team. Explain each member's role, background, and experience.

It is also important to emphasize any past successes that the members of the management team have achieved, and how long they've been working together, as this will help potential lenders or investors understand why they should trust in their leadership.

3. The products and services section

The products and services section of your business plan should include a detailed description of what your company offers, who are the target customers, and what distribution channels are part of your go-to-market. 

For example, your market research and survey company might offer services such as designing and executing surveys to measure customer satisfaction, analyzing customer feedback to gain insights into areas needing improvement, and providing detailed reports on customer trends. These services could help businesses better understand their customer base and use the data to make informed decisions in order to improve the customer experience and increase customer loyalty.

4. The market analysis

When you present your market analysis in your market research and survey company business plan, it's crucial to include detailed information about customers' demographics and segmentation, target market, competition, barriers to entry, and any relevant regulations.

The main objective of this section is to help the reader understand the size and attractiveness of the market while demonstrating your solid understanding of the industry.

Begin with the demographics and segmentation subsection, providing an overview of the addressable market for your market research and survey company, the key trends in the marketplace, and introducing different customer segments along with their preferences in terms of purchasing habits and budgets.

Next, focus on your target market, zooming in on the specific customer segments your market research and survey company aims to serve and explaining how your products and services fulfil their distinct needs.

For example, your target market might include small business owners who want to gain a better understanding of their customer base. They may want to conduct surveys to get feedback on their services and products, or to understand the wants and needs of their target audience. This market segment may also want to use market research to compare their own performance to that of their competitors.

Then proceed to the competition subsection, where you introduce your main competitors and highlight what sets you apart from them.

Finally, conclude your market analysis with an overview of the key regulations applicable to your market research and survey company.

5. The strategy section

When you write the strategy section of your market research and survey company business plan, remember to cover key elements such as your competitive edge, pricing strategy, sales & marketing plan, milestones, and risks and mitigants.

In the competitive edge subsection, elaborate on what makes your company stand out from competitors. This becomes especially important if you're a startup, aiming to carve a place for yourself amidst established players in the marketplace.

The pricing strategy subsection should demonstrate how you plan to maintain profitability while offering competitive prices to attract customers.

Outline your sales & marketing plan, detailing how you'll reach out to new customers and retain existing ones through loyalty programs or special offers.

For the milestones subsection, outline your company's achievements to date and your main objectives for the future, complete with specific dates to set clear expectations for progress.

Lastly, the risks and mitigants subsection should address the main risks that could affect your plan's execution. Explain the measures you've put in place to minimize these risks, assuring potential investors or lenders.

Your market research and survey company may face the risk of data breaches and cyber-attacks. With confidential customer data and survey results stored on databases, your company could be vulnerable to hackers and malicious software that could compromise the security of your systems and data. Your company may also face the risk of not being able to accurately measure customer sentiment and market trends. If your surveys and research methods are not effective or are not tailored to the right target audience, there is a risk that they might not provide the necessary insights to help inform your clients’ business decisions.

6. The operations section

The operations of your market research and survey company must be presented in detail in your business plan.

Begin by addressing your staff, specifying the main roles and your recruitment plan to support the anticipated growth. Outline the qualifications and experience needed for each role and discuss your recruitment strategies, which may involve using job boards, referrals, or headhunters.

Next, clearly state your market research and survey company's operating hours, allowing the reader to gauge the adequacy of your staffing levels. Additionally, mention any considerations for varying opening times during peak seasons and your approach to handling customer queries outside regular operating hours.

The key assets and intellectual property (IP) required to run your business should also be highlighted. If you rely on licenses, trademarks, physical structures like equipment or property, or lease agreements, ensure they are well-documented in this section.

You may have key assets such as software and hardware used to conduct market research and surveys. This could include proprietary technology such as survey platforms, data collection tools, and analytics software. Additionally, your company might have intellectual property such as survey designs, data analysis methods, and customer insights. These elements could help set your company apart from the competition and provide a valuable service to clients.

Finally, provide a comprehensive list of suppliers you intend to collaborate with, along with a breakdown of their services and main commercial terms, such as price, payment terms, break clauses and contract duration. Investors often seek insight into the reasons behind your supplier choices, which may include a preference for higher-quality products or established relationships from past ventures.

7. The presentation of the financial plan

The financial plan section is where we will include the financial forecast we talked about earlier in this guide.

Now that you have a clear idea of the content of a market research and survey company business plan, let's look at some of the tools you can use to create yours.

What tool should I use to write my market research and survey company's business plan?

There are two main ways of creating your market research and survey company business plan:

• Using specialized business planning software,
• Hiring a business plan writer.

Using an online business plan software for your market research and survey company's business plan

Using online business planning software is the most efficient and modern way to write a market research and survey company business plan.

There are several advantages to using specialized software:

• You can easily create your financial forecast by letting the software take care of the financial calculations for you without errors
• You are guided through the writing process by detailed instructions and examples for each part of the plan
• You can access a library of dozens of complete business plan samples and templates for inspiration
• You get a professional business plan, formatted and ready to be sent to your bank or investors
• You can easily track your actual financial performance against your financial forecast
• You can create scenarios to stress test your forecast's main assumptions
• You can easily update your forecast as time goes by to maintain visibility on future cash flows
• You have a friendly support team on standby to assist you when you are stuck

If you're interested in using this type of solution, you can try The Business Plan Shop for free by signing up here .

Hiring a business plan writer to write your market research and survey company's business plan

Outsourcing your market research and survey company business plan to a business plan writer can also be a viable option.

Business plan writers are experienced in writing business plans and adept at creating financial forecasts without errors. Furthermore, hiring a consultant can save you time and allow you to focus on the day-to-day operations of your business.

However, hiring business plan writers is expensive as you are paying for the software used by the consultant, plus their time, and their profit margin of course.

From experience, you need to budget at least £1.5k ($2.0k) excluding tax for a complete business plan, more if you need to make changes after the initial version (which happens frequently after the initial meetings with lenders or investors).

You also need to be careful when seeking investment. Investors want their money to be used to grow the business, not spent on consulting fees. Therefore, the amount you spend on business plan writing services (and other consulting services such as legal services) needs to be negligible relative to the amount raised.

The other drawback is that you usually don't own the business plan itself: you just get the output, while the actual document is saved in the consultant's business plan software - which makes it difficult to maintain the document up to date without hiring the consultant on a retainer.

For these reasons, outsourcing the market research and survey company business plan to a business plan writer should be considered carefully, weighing both the advantages and disadvantages of hiring outside help.

Ultimately, it may be the right decision for some businesses, while others may find it beneficial to write their business plan using online software.

Why not create your market research and survey company's business plan using Word or Excel?

Using Microsoft Excel and Word (or their Google, Apple, or open-source equivalents) to write a market research and survey company business plan is a terrible idea.

For starters, creating an accurate and error-free financial forecast on Excel (or any spreadsheet) is very technical and requires both a strong grasp of accounting principles and solid skills in financial modelling.

As a result, it is unlikely anyone will trust your numbers unless - like us at The Business Plan Shop - you hold a degree in finance and accounting and have significant financial modelling experience in your past.

The second reason is that it is inefficient. Building forecasts on spreadsheets was the only option in the 1990s and early 2000s, nowadays technology has advanced and software can do it much faster and much more accurately.

And with the rise of AI, software is also becoming smarter at helping us detect mistakes in our forecasts and helping us analyse the numbers to make better decisions.

Also, using software makes it easy to compare actuals vs. forecasts and maintain our forecasts up to date to maintain visibility on future cash flows - as we discussed earlier in this guide - whereas this is a pain to do with a spreadsheet.

That's for the forecast, but what about the written part of my market research and survey company business plan?

This part is less error-prone, but here also software brings tremendous gains in productivity:

• Word processors don't include instructions and examples for each part of your business plan
• Word processors don't update your numbers automatically when they change in your forecast
• Word processors don't handle the formatting for you

Overall, while Word or Excel may be viable options for creating a market research and survey company business plan for some entrepreneurs, it is by far not the best or most efficient solution.

• Using business plan software is a modern and cost-effective way of writing and maintaining business plans.
• A business plan is not a one-shot exercise as maintaining it current is the only way to keep visibility on your future cash flows.
• A business plan has 2 main parts: a financial forecast outlining the funding requirements of your market research and survey company and the expected growth, profits and cash flows for the next 3 to 5 years; and a written part which gives the reader the information needed to decide if they believe the forecast is achievable.

We hope that this in-depth guide met your expectations and that you now have a clear understanding of how to write your market research and survey company business plan. Do not hesitate to contact our friendly team if you have questions additional questions we haven't addressed here.

Also on The Business Plan Shop

• How to write a business plan to secure a bank loan?
• Key steps to write a business plan?
• Top mistakes to avoid in your business plan

Do you know entrepreneurs interested in starting or growing a market research and survey company? Share this article with them!

Founder & CEO at The Business Plan Shop Ltd

Guillaume Le Brouster is a seasoned entrepreneur and financier.

Guillaume has been an entrepreneur for more than a decade and has first-hand experience of starting, running, and growing a successful business.

Prior to being a business owner, Guillaume worked in investment banking and private equity, where he spent most of his time creating complex financial forecasts, writing business plans, and analysing financial statements to make financing and investment decisions.

Guillaume holds a Master's Degree in Finance from ESCP Business School and a Bachelor of Science in Business & Management from Paris Dauphine University.

Create a convincing business plan

Assess the profitability of your business idea and create a persuasive business plan to pitch to investors

500,000+ entrepreneurs have already tried our solution - why not join them?

Not ready to try our on-line tool ? Learn more about our solution here

Need some inspiration for your business plan?

Subscribe to The Business Plan Shop and gain access to our business plan template library.

Need a professional business plan? Discover our solution

Write your business plan with ease!

It's easy to create a professional business plan with The Business Plan Shop

Want to find out more before you try? Learn more about our solution here

Business Research

• Company Information
• Annual Reports
• Competitors
• Financial Information
• Financial Ratios
• Investment Reports
• Mission Statement
• Leadership Information
• Finding or Creating SWOT Analyses
• Using Hoovers to Create Lists
• Industry Overviews
• Trends and Projections
• Major Companies
• Market Research
• Marketing Plans

Creating a Marketing Plan

I. executive summary, ii. situation analysis, iii. market analysis, iv. market strategy, v. financial analysis, vi. implementation and control, additional sources of information.

• Market Share
• Market Size
• Demographics/Psychographics
• Product Reviews
• Products/Brands
• Business Plans
• Case Studies
• Country Information
• NAICS Codes

A marketing plan is one component of a  business plan. Marketing plans contain information about a company's products and/or services and discuss how potential customers will be identified and how the company's products and/or services will be marketed to them.

Putting together a marketing plan is a time-intensive process that involves conducting a great deal of research using a variety of different resources and then synthesizing that research into one cohesive document that provides a detailed discussion of a company's target market, its competitors, industry trends, etc.

Below is a list of some of the elements generally included in a marketing plan, as well as -- for some of the elements -- suggestions on where to find more information regarding that element.

A brief synopsis of the marketing plan that provides highlights about a company's offerings and marketing strategies

Presents pertinent information about a company. Commonly included sections include:

• Mission statement  - explains a company's purpose, goals, and/or strategy. See  Finding a Company's Mission Statement  for more information about how to find existing company mission statements and how to write a mission statement.  
• Product or service description  - provides a detailed description of a company's products and/or services  
• Value proposition  - explains the benefits that customers will receive from a company's products and/or services. For more information, see  How to Create an Effective Value Proposition .  
• SWOT analysis  - explains a company's internal strengths and weaknesses, as well as its external opportunities and threats. For more information, see  SWOT Analysis Research .  
• Critical issues  - outlines the strategy that would best utilize a company's strengths and opportunities while minimizing the effects of its weaknesses and threats

includes information about market trends and dynamics, as well as about the target market and the competitive environment. Commonly included sections are:

• Macro environment  - includes information about the political, economic, social, and technological factors affecting a company, as well as information about the industry in which the company operates   Suggested resources: For information about establishing a company in another country, see  Finding Country Information . For information about establishing a company in a U.S. city or town, use Google, Bing, or another search engine to find the city's or town's chamber of commerce, which will provide information about existing area businesses and may provide information about establishing a new business in a particular locale, etc. For economic information, see  Economic Surveys in the Economic Census  and/or  Economic Indicators  and/or  Federal Reserve Economic Data . For demographic and psychographic information, see  Finding Demographic or Psychographic Information . For technology research, search in some of the Library's  Marketing databases , using a search strategy such as  [your topic] AND technolog* For industry research, see  Finding Industry Overviews  and  Finding Industry Trends and Projections .
• Market size  - discusses current market size as well as expected growth rate. See  Finding Market Size Information .  
• Market trends  - discusses the market factors that may affect purchasing behavior. See  Conducting Market Research  and/or  Finding Industry Trends and Projections.  
• Target market analysis  - explains which particular population will be the focus of a company's marketing efforts and why the population's characteristics are relevant to the company's marketing plans  
• Consumer analysis  - discusses demographic, psychographic, and behavior characteristics of the target market identified above. Search in some of the Library's  Marketing databases , using a search strategy such as [your target market] AND (demograph* OR psychograph* OR "consumer behavior")  
• Need analysis  - explains what needs the target market has and how a company's products and/or services could meet those needs. Target market needs may be identified from the consumer analysis conducted above.  
• Competitive analysis  - lists a company's major competitors and their marketing strategies. See  Finding a Company's Competitors  to find a company's major competitors. To find those companies' marketing strategies, search in some of the Library's  Marketing databases , using a search strategy such as [company name] AND "market* strategy"

Provides measurable information about how a company will meet its objectives and the time frame in which it will do this

• Marketing objectives  - describes a company's goals, usually in terms of sales (units or dollars) or market share  
• Financial objectives  - describes a company's expected profits or revenue  
• Positioning strategy  - discusses how a company's products or services will be introduced to the marketplace and differentiated from the products or services of its competitors  
• Product strategy  - provides detailed information about a company's products or services, including potential future offerings  
• Price strategy  - explains how a company's products or services will be priced, taking into account internal as well as external factors that may affect supply and demand, etc.  
• Distribution strategy  - describes where and how a company's products or services will be provided to customers  
• Integrated marketing communications strategy  - discusses how customers will be informed about a company's products or services  
• Branding strategy  - describes how a company's name, logo, slogan, design, etc. will be marketed so that they will be increasingly recognized by members of the company's target market. For more information, see  Brand Management .  
• Marketing research  - describes the market research activities that will be conducted during the period for which the marketing plan is being written -- for example, consumer research, industry research, forecasting, competitive analysis, etc.

Provides detailed information about a company's projected financial situation

• Break-even analysis  - estimates how much of a company's products or services need to be sold in order to cover the company's costs  
• Sales forecast  - estimates a company's sales for a given period of time. For more information, see  Business Forecasting .  
• Expense forecast  - lists the marketing expenses needed to achieve a company's marketing objectives

Explains how a company's marketing plan will be implemented and what measures the company could in place in order to handle unexpected events

• Implementation  - provides a detailed timeline for the execution of the various activities described in the company's marketing plan  
• Controls  - discusses the benchmarks a company will use to chart its progress against its implementation schedule  
• Marketing organization chart  - outlines the structure of a company's marketing team, specifying which person is responsible for which marketing activity  
• Contingency planning  - explains how a company will handle unexpected events

The print books, ebooks, and websites listed below are good sources of additional information about marketing plans and the various elements that make up such plans.

Print books

• 30-minute social media marketing: Step-by-step techniques to spread the word about your business fast and free
• Guerrilla marketing in 30 days
• How to make money with social media: An insider's guide on using new and emerging media to grow your business
• Marketing plan handbook: Develop big picture marketing plans for pennies on the dollar
• The procrastinator's guide to marketing, or how to get off your butt and develop your marketing plan!
• 30 minutes to write a marketing plan
• Direct marketing: Strategy, planning, execution
• How to write a successful marketing plan: A disciplined and comprehensive approach
• The marketing plan: How to prepare and implement it
• Understanding consumer decision making: The means-end approach to marketing and advertising strategy
• Entrepreneur: How to create a marketing plan This site, affiliated with the print Entrepreneur magazine, explains what marketing plans are and how to do the research needed to write one.
• Mplans: How to write a marketing plan This site contains links to articles that describe the planning process for creating a marketing plan and that give tips for writing effective plans.
• Mplans: Sample marketing plans This site provides access to hundreds of free sample marketing plans in a variety of categories.
• U.S. Small Business Administration: Developing a marketing plan This site provides numerous links related to creating a marketing plan.
• << Previous: Market Research
• Next: Market Share >>
• Last Updated: Mar 19, 2024 3:23 PM
• URL: https://libguides.umgc.edu/business-research