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<\/a><\/p>\nIn this guide, I\u2019m going to walk you through how to do market research for a business plan, whether you\u2019re an experienced researcher or a newbie, so you can understand your audience, competition, and opportunities.<\/p>\n
Let\u2019s dive in.<\/p>\n
Table of Contents<\/strong><\/p>\n <\/a> <\/p>\n Market research is the process of gathering information about your target market and customers. You can use this data to verify the success of a new product, help your team iterate on an existing product, or understand brand perception. The idea here is to make sure your team is effectively communicating your company\u2019s value.<\/p>\n When I look at how market research has evolved, two realities stand out.<\/p>\n First, your competitors are talking to their customers, too. And they\u2018ve got smart people and solid data just like you do.<\/p>\n I\u2019ve seen companies match each other move for move because they’re all drawing from the same small pool of insights. The real advantage comes from looking beyond the obvious \u2014 diving deeper than your competition is willing to go.<\/p>\n Second, your current customers are just one piece of the puzzle. They chose you for a reason, but what about the ones who didn\u2018t? That\u2019s where the real growth opportunities hide.<\/p>\n Based on insights from over 3,000 researchers across the globe, the 2025 Qualtrics Market Research Trends Report<\/a> reveals that there is a growing demand for extensive research. In fact:<\/p>\n And guess what? The market research industry grew from almost $130 billion in 2022 to $142 billion in 2023, according to ESOMAR\u2019s Global Market Research 2024<\/a> report.<\/p>\n I\u2019ve realized that smart companies aren\u2019t just throwing money at research \u2014 they\u2019re investing because they know gut feelings aren’t enough anymore. So, what makes market research so valuable that companies are pouring billions into it?<\/p>\n I learned the hard way that best practice email copy doesn\u2019t guarantee results. But when I switched to messaging built on real customer research, our conversion rates doubled. That\u2019s the power of knowing what moves your buyers to action, instead of guessing.<\/p>\n Here’s what proper market research<\/a> uncovers:<\/p>\n I’ve seen how good research strips away internal biases and assumptions, replacing them with ground truth about what your buyers actually think, feel, and do.<\/p>\n The result? You stop guessing and start making decisions based on real market intelligence. That’s the difference between marketing that falls flat and marketing that drives real business growth.<\/p>\n Think of market research like being a detective, but the stakes are your business growth. For me, the mystery was why our email campaigns had high open rates but low conversions.<\/p>\n Here\u2019s how I cracked the case.<\/p>\n First, I identified the key question: What messaging would drive more conversions?<\/em> Then, I mapped out my research plan:<\/p>\n Each source revealed different pieces of the puzzle.<\/p>\n I distinctly remember a breakthrough moment during this process. One customer interview revealed that they loved our service but were held back by binding agency contracts.<\/p>\n We had not addressed this in our messaging for leads who wanted to switch to our service. Addressing it immediately led to a measurable uptick in conversions.<\/p>\n When conducting research, I\u2019ve learned to blend quantitative and qualitative methods. Early on, I relied too much on survey data and missed the emotional drivers behind customer decisions. Now, I know that talking to even five customers can uncover insights that hard numbers might miss.<\/p>\n Knowing when to conduct market research is just as important as how you do it. The short answer? Do it before any major business decision. Here are some specific scenarios.<\/p>\n For example, when my client was launching a new feature, we decided to conduct interviews to gauge interest and understand potential concerns.<\/p>\n Customers were excited but confused about how the feature worked. This insight allowed us to refine our messaging before the launch, saving us from what could have been a disappointing rollout.<\/p>\n Even a two-week research sprint can prevent months of costly mistakes. I\u2019ve personally seen this in action \u2014 those two weeks of focused effort often pay dividends for months or even years.<\/p>\n This depends on your resources, expertise, and the scope of your research. Here\u2019s a simple framework I\u2019d recommend.<\/p>\n Do it in-house when:<\/strong><\/p>\n Outsource when:<\/strong><\/p>\n Here\u2019s a concrete example:<\/strong> At one point, my client needed to understand market trends for a new service they wanted to introduce. While we were equipped to handle basic customer surveys, this required expertise in analyzing broader data sets.<\/p>\n Outsourcing to a research firm provided us with insights we couldn\u2019t have gathered on our own, like identifying demand trends that shaped our go-to-market strategy.<\/p>\n At the same time, I\u2019ve found that keeping ongoing research in-house allows for quicker iterations.<\/p>\n For our email campaigns, we conducted the research ourselves, and it paid off \u2014 adjustments to the messaging were implemented in days, not weeks, which wouldn\u2019t have been possible with an external firm.<\/p>\n Pro tip:<\/strong> A hybrid approach often works best. My client now keeps customer feedback and competitor analysis in-house but outsources complex projects that require specialized tools and expertise.<\/p>\n <\/a> <\/p>\n In my experience, I’ve found the most powerful insights come from combining two distinct types of data: the stories your market tells (qualitative) and the patterns in their behavior (quantitative).<\/p>\n When I need to understand the \u201cwhy\u201d behind customer decisions, I dig into qualitative research. Again, it\u2019s like being a detective \u2014 you\u2019re gathering opinions, emotions, and detailed feedback about products in your market.<\/p>\n For instance, in my email campaign work, customer interviews revealed messaging pain points that no amount of data could have shown us.<\/p>\n Quantitative research, on the other hand, gives you the hard numbers to validate these insights. Think purchase patterns, engagement rates, and market trends backed by data. This is where you spot opportunities others miss.<\/p>\n I’ve learned to blend both approaches through two main research channels:<\/p>\n Let me show you how to use each one effectively.<\/p>\n Primary research is where the real magic happens. It’s your chance to gather first-hand information directly from your market, learn how to segment<\/a> your audience, and establish your buyer personas.<\/p>\n But here\u2018s what I\u2019ve learned: The goldmine of insights often starts right in your own backyard. Before you spend resources on external research, mine your internal data first.<\/strong><\/p>\n Here’s my tried-and-tested internal research process.<\/p>\n Start with your existing audience’s voice. I dig through:<\/p>\n Then, analyze your offer through your customers’ eyes:<\/p>\n The game-changer for me? Looking at the gaps between what\u2018s working and what isn\u2019t:<\/p>\n This foundation of internal research is what helped me transform that struggling email campaign I mentioned earlier.<\/p>\n By understanding where our existing message was missing the mark, we could craft a copy that actually spoke to our audience’s true concerns.<\/p>\n Once you\u2018ve done your primary research, it\u2019s time to zoom out and look at the bigger picture through secondary research.<\/p>\n Here\u2018s where I learned something crucial: your market\u2019s truth often lies in the spaces between different data sources.<\/p>\n Let me share my process for secondary research, built from that email campaign turnaround I mentioned.<\/p>\n First, I go straight to the source \u2014 your market’s unfiltered voice:<\/p>\n Then, I layer in competitive intelligence to analyze your competitors<\/a>:<\/p>\n Finally, I validate patterns with authoritative sources:<\/p>\n Here\u2019s the key insight I\u2019ve gained: Secondary research is about connecting the dots, not just aimlessly collecting data.<\/strong><\/p>\n When I revamped that struggling email campaign, it was the combination of customer language from review mining, and unaddressed pain points from competitor analysis, that led to our breakthrough messaging.<\/p>\n Building from my experience with both methods, I\u2019m now going to break down where each type of research shines and where it can trip you up.<\/p>\n What I love about primary research:<\/strong><\/p>\n Where I’ve hit roadblocks with primary research:<\/strong><\/p>\n Why I turn to secondary research:<\/strong><\/p>\n The challenges I’ve faced with secondary research:<\/strong><\/p>\n Here\u2019s what I\u2019ve learned: the magic happens when you combine both.<\/strong><\/p>\n For example, when I was working on that email campaign overhaul, secondary research helped me understand industry-wide pain points \u2014 but primary research revealed how those challenges specifically manifested for our audience.<\/p>\n That combination gave us the messaging precision we needed.<\/p>\n <\/a> <\/p>\n Now, here are the various types of market research I\u2019ve discovered.<\/p>\n When I switched from scripted interviews to more conversational ones, the quality of my insights skyrocketed. The power of interviews lies in their flexibility and depth \u2014 you can follow interesting threads and dig deeper when something surprising emerges.<\/p>\n The advantages are compelling because you:<\/p>\n I’ve found interviews particularly valuable for understanding complex decision processes and uncovering those unspoken pain points that never show up in surveys. However, interviews come with challenges:<\/p>\n They’re best suited for understanding complex decision processes, exploring new market opportunities, and developing detailed buyer personas. That email campaign breakthrough I mentioned earlier came from noticing patterns across just eight in-depth customer interviews.<\/p>\n Pro tip:<\/strong> Record every interview (with permission). I create a simple message map before each interview to stay focused but allow for organic conversation.<\/p>\n Keep your questions open-ended, and always follow up with interesting responses like \u201cCan you tell me more about that?\u201d Resist the urge to fill every pause, as some of the best insights often come after a moment of silence.<\/p>\n I think of focus groups<\/a> as controlled chaos \u2014 in the best way possible. The magic happens when participants build on each other\u2018s ideas, creating insights that wouldn\u2019t emerge in one-on-one conversations.<\/p>\n The real value comes from watching group dynamics unfold. You’ll see immediate reactions to concepts, witness how opinions form and shift, and gather multiple perspectives efficiently.<\/p>\n For product testing, nothing beats watching a room full of potential customers interact with your product. Yet focus groups have their pitfalls:<\/p>\n I\u2019ve learned that they shine brightest for product concept testing, brand perception studies, and understanding group decision dynamics. I’ve seen entire product roadmaps shift based on a single powerful focus group session.<\/p>\n Pro tip: <\/strong>Keep groups small (6-8 people max) for better discussion flow. Have a strong moderator guide, but be ready to abandon it if the group surfaces unexpected gold.<\/p>\n Watch for nonverbal cues \u2014 sometimes, what people don’t say is more revealing than what they do. Always run multiple sessions with different groups to validate your findings.<\/p>\n I’ve learned that what people claim about their usage habits and what they actually do can be worlds apart. The beauty of this research lies in its raw honesty.<\/p>\n However:<\/p>\n I believe they’re most powerful for UX improvements, feature prioritization, and identifying friction points in your user journey. The insights often lead to those \u201caha\u201d moments that transform your product experience.<\/p>\n Pro tip:<\/strong> Use screen recording tools for digital products to capture every click and hesitation. Create specific tasks, but don\u2019t over-direct. Let users explore naturally. Have them think aloud during the process, but don\u2019t interrupt their flow.<\/p>\n This goes way beyond basic demographics to uncover the real story of who your buyers are and why they make the decisions they do. It\u2018s about building a rich, nuanced picture of your ideal customer\u2019s world.<\/p>\n The strength of buyer persona research<\/a> is its ability to align your entire organization around a shared understanding of your customer. It transforms abstract data into a compelling narrative that guides everything from product development to marketing campaigns.<\/p>\n The main challenge is avoiding stereotypes and surface-level insights. It’s easy to create personas that confirm rather than challenge your existing biases. Plus, personas can become outdated quickly in fast-moving markets.<\/p>\n I think this research excels at:<\/p>\n When done right, it becomes the foundation for all your other marketing efforts.<\/p>\n Pro tip:<\/strong> Base personas on real data, not assumptions. Include direct quotes from customer interviews to bring the persona to life. Focus on buying triggers and barriers more than demographic details. Update your personas at least annually, and make sure they represent both existing and aspirational customers.<\/p>\n Market segmentation<\/a> changed my entire approach to messaging. Instead of trying to speak to everyone, I learned how to identify and target specific groups with tailored value propositions that actually resonate.<\/p>\n The true power of segmentation is that it helps you stop wasting resources on poor-fit customers. You discover:<\/p>\n This clarity drives better decision-making across your entire business. The downside:<\/p>\n For me, this research is crucial for launching new products, expanding into new markets, or refining your positioning. It helps you find the sweet spot between a market opportunity and your capabilities.<\/p>\n Pro tip:<\/strong> Start with broad segments and get more granular only where it makes business sense. Validate segments with actual sales data, as theoretical segments mean nothing if they don’t match buying patterns.<\/p>\n This is where art meets science. Good pricing research helps you find the sweet spot between what customers will pay and what you need to charge to be profitable. I’ve seen companies transform their revenue just by improving their pricing strategy<\/a>.<\/p>\n The value of pricing research lies in its ability to prevent costly mistakes. It helps you avoid leaving money on the table or pricing yourself out of the market. Plus, it gives you solid data to back up pricing decisions when stakeholders push back.<\/p>\n But here\u2019s the catch \u2014 people are notoriously bad at predicting what they\u2019ll actually pay. You need to use indirect methods to uncover a true willingness to pay. And markets change quickly \u2014 pricing research has a shorter shelf life than other types of research.<\/p>\n I recommend using this research when you\u2019re:<\/p>\n Pro tip:<\/strong> Test different pricing frameworks (per user, per feature, etc.), not just different prices. Always segment your pricing research by buyer type \u2014 different segments often have vastly different price sensitivity.<\/p>\n Competitive analysis reveals market gaps and opportunities<\/a> others miss. Beyond tracking competitors’ features and pricing, it uncovers their strategic positioning and customer perception.<\/p>\n The key advantage is identifying your true differentiators. You’ll understand which battles to fight and which to ignore. Plus, you gain early warning of market shifts and emerging threats.<\/p>\n The challenge? Avoiding competitive obsession. Too many companies play follow-the-leader instead of focusing on customer needs. Also, public data can be misleading \u2014 you need multiple sources for accurate insights.<\/p>\n I believe this research is essential for positioning, product development, and pricing strategies. It can also help you find underserved niches and predict competitor moves.<\/p>\n Pro tip: <\/strong>Monitor competitors’ customer reviews closely \u2014 they reveal gaps between promises and delivery.<\/p>\n This research type prevents customer churn before it happens. It measures not only satisfaction<\/a> but also loyalty<\/a> and willingness to recommend you to others. The value is in predicting and preventing revenue loss:<\/p>\n The main pitfall is survey fatigue. Over-surveying leads to low response rates and skewed data. Also, satisfaction scores alone don’t tell the whole story \u2014 you need context.<\/p>\n I suggest you use this research to:<\/p>\n Pro tip: <\/strong>Don’t just measure NPS \u2014 understand the \u201cwhy\u201d behind the scores. Use interaction-based triggers for surveys rather than arbitrary timing.<\/p>\n It reveals gaps between your intended brand image and actual market perception. Beyond brand awareness<\/a> levels, you learn about brand associations, sentiment, and consideration rates. This helps align marketing investments with brand goals.<\/p>\n The challenge is measuring actual awareness versus claimed awareness. Brand metrics can be fuzzy and hard to tie to revenue.<\/p>\n Pro tip:<\/strong> Use unaided recall first in surveys before showing brand names. Track social mentions for authentic brand sentiment and compare awareness metrics across different market segments.<\/p>\n Campaign research<\/a> helps optimize marketing performance through pre-launch testing and post-campaign analysis. It prevents costly campaign mistakes and helps replicate successes. You’ll understand which messages resonate and why, improving future campaign ROI.<\/p>\n The risk is over-testing until you lose creative impact. Also, test results don’t always scale to full campaigns.<\/p>\n Pro tip: <\/strong>Use A\/B testing for digital campaigns to validate research findings and always measure against specific campaign objectives, not just engagement metrics.<\/p>\n This ongoing research tracks market dynamics and competitor moves. Unlike basic competitive analysis, it focuses on predicting future market changes. Benefits include early warning of threats and opportunities. You’ll spot emerging trends before they become obvious.<\/p>\n The main challenge is separating signal from noise \u2014 not every competitor’s move matters.<\/p>\n Pro tip:<\/strong> Pay more attention to evolving customer needs than competitor strategies. Use valuable insights from your sales team, who are constantly exposed to competitive intelligence through daily interactions with leads.<\/p>\n <\/a> <\/p>\n 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<\/a> \u2014 sometimes referred to as marketing personas \u2014 are fictional, generalized representations of your ideal customers.<\/p>\n Some key characteristics you should be keen on including in your buyer persona are:<\/p>\n The idea is to use your persona(s) as a guideline for effectively reaching and learning about the real audience members in your industry. If possible, reinforce new personas with concrete data from your already existing audiences.<\/p>\n For example, I like to use marketing analytics tools<\/a> to monitor website traffic and uncover key details, like my visitors\u2019 location, the type of devices they use, the particular traffic sources through which they landed on my web pages, and more.<\/p>\n Free resource:<\/strong> Use HubSpot\u2019s Make My Persona<\/a> tool or check out these free templates<\/a> to create a buyer persona that your entire company can use to market, sell, and serve better.<\/p>\n\n
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What is market research?<\/strong><\/h2>\n
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Why do market research?<\/strong><\/h3>\n
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How does market research work?<\/strong><\/h3>\n
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When should you conduct market research?<\/strong><\/h3>\n
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Should you outsource market research?<\/strong><\/h3>\n
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Primary vs. Secondary Research<\/strong><\/h2>\n
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Primary Research<\/strong><\/h3>\n
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Secondary Research<\/strong><\/h3>\n
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Types of Market Research<\/strong><\/h2>\n
1. Interviews<\/strong><\/h3>\n
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2. Focus Groups<\/strong><\/h3>\n
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3. Product\/Service Use Research<\/strong><\/h3>\n
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<\/p>\n4. Buyer Persona Research<\/strong><\/h3>\n
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5. Market Segmentation Research<\/strong><\/h3>\n
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6. Pricing Research<\/strong><\/h3>\n
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7. Competitive Analysis<\/strong><\/h3>\n
8. Customer Satisfaction and Loyalty Research<\/strong><\/h3>\n
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9. Brand Awareness Research<\/strong><\/h3>\n
10. Campaign Research<\/strong><\/h3>\n
11. Competitive Intelligence Research<\/strong><\/h3>\n
1. Define your buyer persona.<\/strong><\/h3>\n
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