Whether you’re launching your own small business, expanding an existing venture, or simply want to stay ahead of competitors, market research (sometimes also called “market study” or “market analysis”) is the compass that ensures your efforts are guided by data and insights, rather than guesswork and intuition. But what exactly does market research involve, and how can you master it?

In this guide, we break it all down for you. From understanding the fundamentals to choosing the right market research methods, we’ll show you how to conduct market research in five actionable steps. Plus: We will show you how to translate your findings into a compelling market research report that really stands out with Adobe Express.

Get ready to unlock the power of market research and turn data into your business’s signpost. Whether you’re new to market research or a professional marketer or researcher, this article is your roadmap to navigating the world of informed, data-based decision-making.

What is market research?

Market research is the basis of strategic decision-making in any business. Defined as the process of collecting, analysing, and interpreting data about a specific market, its customers, competitors, and developments, market research enables businesses to understand their audience and anticipate changes in their industry. It provides critical insights to guide product development, marketing strategies, and business expansion.

A widely accepted definition of market research comes from the American Marketing Association (AMA) and states: “Market research is the function that links the consumer, customer, and public to the marketer through information – information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process.”

Market research methods you should know.

Now that you know more about market research and its benefits, you might want to conduct your own. But where and how to start? Applying the right market research methods is an important step to gaining valuable insights into your target market, competitors, and industry trends. Market research methods are broadly categorised into primary and secondary research methods, with various techniques allocated to each to suit different objectives. Here’s an overview of the market research methods you should know before you do your own market analysis:

Primary research methods:

Primary research, also called “field research”, is mostly about collecting first-hand data directly from sources. There are multiple methods for primary research:

• Surveys: Surveys are one of the most common methods for gathering quantitative data. Surveys can be conducted online, via email, over the phone, or in person. They help you to understand customer preferences, behaviours, and satisfaction levels.
• Interviews: Interviews are a qualitative approach. They can provide in-depth insights into customer attitudes, motivations, and pain points; and they can be conducted in person, over the phone, or via video calls.
• Focus group interviews/discussions: This is a method where a small group of participants discusses a product, service, or concept. This research method is ideal for brainstorming new ideas or testing reactions to new offerings.
• Observation: Observation as a market research method is all about monitoring customer behaviour in natural settings, such as in stores or online, for example on your website. This is a very useful method to understand how customers interact with products or services.
• Experiments or A/B testing: This is a method where two or more variations of a product, marketing campaign, or website are tested. It is especially useful to measure the impact of changes on customer behaviour or sales performance, as it provides data for optimising strategies.

Secondary research methods:

Secondary research utilises existing data from external sources. This type of research is best for understanding market trends and competitor activities. Here are some possible sources for secondary research data:

• Industry reports: Reports published by market research companies, or also the government. They provide an overview of industry trends, market size, and forecasts.
• Competitor analysis: A competitor analysis is an analysis of competitor websites, marketing materials, pricing strategies, and customer reviews. This research method helps you to understand where you can outperform your competitors, where and how they might be ahead of you, how you can differentiate from them, and where you can learn something for your company.
• Public data: Government publications, such as census data or economic reports, are valuable sources of information. They offer insights into demographics, income levels, and geographic trends.
• Media and online sources: You can also look into articles, blogs, social media platforms, and forums.
• Internal data: Do you have any existing data, such as sales records, website analytics, or CRM databases? This offers valuable insights into customer behaviour and past performance.

Think about which method(s) you want to choose. The best research method for your market research report depends on the objectives of your study, available resources, and the type of data you need. In general, surveys and experiments are good for quantifiable insights, interviews or focus groups will help you explore customer motivations, and secondary research will enrich your results or serve as a foundation for primary research.

How to conduct market in 5 steps research – our guide.

You now know about the basics and the different market research methods, so the next step is to take action. We know that conducting market research can seem a bit overwhelming – so we did our best to break it down for you. Follow these five steps to conduct effective market research:

1. Define your objectives: The first step is to clearly define what you want to achieve with your market research. Outlining your goals will help you determine the type of research (qualitative or quantitative) and the market research method(s).
2. Identify your target audience: Understanding your target audience is critical for collecting meaningful data. Creating buyer personas can help you visualise and segment your audience to make sure your research is relevant.
3. Choose your methodology: Select the most suitable methods for collecting data based on your objectives. In the prior paragraph, we already gave you an overview of the most important market research methods.
4. Collect and analyse data: Once your methodology is set, you can begin collecting your data. After collecting data, organise it systematically. Use tools such as Excel, SPSS, or data visualisation software to analyse trends, patterns, and correlations.
5. Define conclusions and an action plan in your research report: In your research report, translate your findings into actionable insights. Then, you’re all set to share your market research report with stakeholders and incorporate the insights into your business strategies. Don’t worry, we’ll go into more detail about this in our next paragraph – just keep reading!

How to write a market research report.

Your market research is done – it is now time to summarise the newly gathered knowledge. The best way to do so is through a market research report. Whether you’re drafting a report for yourself, for stakeholders, investors, or internal decision-makers, it’s essential to present your findings in a structured, engaging, and actionable manner. Most market research reports include the following sections:

• Title page: Include the title of the report, date, author(s), and the organisation name. A professional and concise title page should reflect the scope of the research.
• Executive summary: Summarise the key findings, conclusions, and recommendations. This section should be short, allowing readers to pick up the essence of the report without delving into all the details.
• Introduction: Provide more context for the market research report. Outline the objectives, scope, and methodology used to gather data. Explain why the research is important and what it aims to achieve.
• Methodology: Describe the research methods you have used. Mention whether qualitative or quantitative data was collected and explain how it was gathered (e.g., surveys, interviews, secondary data). This ensures transparency and credibility.
• Findings and analysis: Present the data in a clear and logical manner. Use headings and subheadings to organise the information and incorporate visuals such as graphs, charts, and tables to make sure the data is easy to read. Provide interpretations to help readers understand what the data implies.
• Conclusions: Summarise the key insights from the findings. Focus on what the data reveals about market opportunities, challenges, or trends.
• Recommendations/roadmap/action plan: Offer actionable advice based on the findings. Highlight how stakeholders can address challenges or capitalise on opportunities.
• Appendices (if needed): Include additional information, such as raw data, survey questions, or detailed charts, to support your market analysis.

By following this outline, you can produce a market research report that is not only informative but also persuasive and impactful. But remember that this is only one possible way to structure your market research report. You will know best at which target group your report is aiming, and what the focal points are. So be careful to structure your report accordingly – there usually isn’t a “one size fits all” research report template!

Make your market research report an eye-catcher with Adobe Express.

Let’s be honest: while a market research report can certainly be interesting, it still consists largely of data, facts, and figures. That is why a truly outstanding market research report needs a little bit of pixie dust – for instance in the form of charts that illustrate the numbers, an appealing cover page and an easy-to-read table of contents. Accomplishing this is not as difficult as it might sound – thanks to Adobe Express. Let us show you how to use our free create-anything app to produce a truly impressive market research report:

1. Open Adobe Express and log in using your Adobe ID or create a new account if you don’t have one.
2. On the dashboard, click on “Templates”. You can also use the search bar to find specific templates. Type “Market Research Report” or “Report” in the search bar and select a template of your choice.
3. Add your market research title, update the header and subheadings, and click on text boxes to edit and paste your content.
4. Choose one or two professional fonts. Be careful to maintain consistency in font sizes across sections.
5. Replace placeholder images or graphics with your own. Click the upload icon to add your charts, graphs, or images; or add images from the Adobe Express library.
6. Customise colours, rearrange elements, and add icons.
7. Double-check the text for errors. Ensure all data is accurate and the layout is consistent. It might help to ask someone to proofread your market research report.
8. Once satisfied, click on “Download” and select your preferred format (PDF is ideal for reports). Print your report, have it printed, or generate a link and share your market research report.

Pro tip: If you want to dive even deeper into one specific aspect of your market research report, you might also want to check our specific templates for charts, cover pages, or data tables.

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Good to know.

Why is market research needed?

Market research is an essential means to understand your target audience, identify market trends, and assess demand for your products or services. It helps businesses make decisions about product development, pricing strategies, and marketing campaigns.

What is a competitor analysis?

A competitor analysis is an analysis that focuses on the strengths, weaknesses, strategies, and performance of your business competitors. This process helps identify gaps in the market, uncover opportunities to differentiate your offering and refine your business strategy. Key aspects of competitor analysis include identifying competitors, analysing their pricing, products, and marketing strategies, plus usually their online presence and customer feedback.

How can I conduct market research effectively?

For effective market research, begin by defining clear research objectives. Use tools like surveys, focus groups, and online analytics to gather data. Supplement this with secondary research from industry reports and competitor analyses. Organise the market research findings into actionable insights and a realistic roadmap.

How can I conduct market research for a small business?

Small businesses can conduct market research on a budget by focusing on cost-effective methods:

1. Customer feedback: Use smaller surveys or social media polls to gather insights.
2. Competitor analysis: Review competitors’ websites, pricing, and customer reviews.
3. (Free) online tools: Leverage free resources like Google Trends or analytics tools for data. Or use Adobe Express to design a market research report.
4. Local insights: Engage directly with your community through events or networking.

Can I use Adobe Express for free?

Yes, Adobe Express offers a free version that includes a wide range of tools for creating professional-quality graphics, social media posts, and marketing materials, allowing users to create visually compelling content at no cost. The free plan provides access to thousands of templates, fonts, and design elements, making it an excellent option for small businesses or individuals starting out.