market research project sample

5 compelling examples of research projects

Last updated

3 April 2024

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Creative and innovative minds dream up big ideas that build the trends of tomorrow, but the research behind the scenes is often the secret sauce to company success. Businesses need a way to learn how their products or services will resonate with the market and where to invest their marketing efforts.

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Research project examples

Data collected from research products can help you verify theories, understand customer behavior , and quantify KPIs for a clear picture of how to improve business practices.

Many types of research projects can help businesses find ways to fuel growth and adapt to market changes. These five examples of market research projects highlight the various ways businesses can use research and measurable data to grow successfully and avoid poor investments.

Example 1: Competitive analysis

It's important for businesses of all sizes to understand the competitive landscape and where they stand in comparison to direct competitors. By identifying your competitors and evaluating their strengths and weaknesses, you can find ways to position your company for greater success.

Competitive analysis can be used to better understand the market, improve marketing methods, and identify underserved customers.

The goals of competitive analysis may include:

Identifying your company's position in the market

Uncovering industry trends

Finding new marketing techniques

Identifying a new target customer base

Planning for new product innovation

Competitive research is conducted by identifying competitors and analyzing their performance. After identifying your direct competitors and gathering data about their products and services, you can dig deeper to learn more about how they serve customers. This may include gathering information about sales and marketing strategies, customer engagement , and social media strategies.

When analyzing direct competitors, organizing information about your competitors' attributes, strategies, strengths, and weaknesses will help you reveal themes that give you greater insight into the market.

Competitor analysis templates

Example 2: market segmentation.

Every business relies on customers for success. Researching your target audience and your potential position in the market is essential to developing strong marketing plans.

Market segmentation can be used to plan marketing campaigns, identify ideal product prices, and personalize your brand.

The goals of market segmentation research may include:

Identifying the target audience

Planning for new products or services

Expanding to a new location

Improving marketing efforts

Personalizing communications with customers

Improving customer satisfaction

There are many ways to collect and organize data for market segmentation research. Depending on your products and services, you might choose to divide your target population into groups based on demographics, location, behavior patterns, lifestyle aspects, etc. Organizing such data allows you to create buyer personas and test marketing strategies.

Example 3: New product development research

Companies must invest significant time and money into the development of a new product . Product development research is an important part of promoting a successful launch of a new product.

The goals of product development research may include:

Forecasting the usage of products

Identifying accurate pricing

How products compare to competitors

Potential barriers to success

How customers will respond to new or updated products

Product development research includes studies conducted during the planning phase all the way through prototype testing and market planning. Research may include online surveys to determine which demographics would be most interested in the product or how a new product might be used. Advanced studies can include product testing to gather feedback about issues customers are having or features that could be improved.

Example 4: Customer satisfaction

According to the CallMiner Churn Index 2020 , U.S. companies lose $168 billion per year due to avoidable consumer switching. Customer satisfaction leads to loyalty and repeat purchases. Furthermore, happy customers leave good reviews and act as natural brand ambassadors.

Findings from customer satisfaction surveys can help companies get a better understanding of the customer journey and develop new processes.

The goals of customer satisfaction research may include:

Understanding overall customer satisfaction

Finding bottlenecks or points along the customer journey that decrease the level of customer satisfaction

Measuring the level of likelihood to recommend to others ( Net Promoter Score )

Measuring customer satisfaction may include surveys to determine satisfaction with the company, opinions about the sales process, or about a specific process like the user-friendliness of an app or company website. This can be achieved by organizing data derived from customer interviews , customer satisfaction surveys , reviews, and customer loyalty programs.

Example 5: Brand research

No product or business is without competition. Establishing your brand in the market can help you stand out from the crowd. Brand research can help you understand whether your marketing campaigns are reaching their goals and how customers perceive your brand.

Some goals of brand research may include:

Positioning your brand more competitively in the marketplace

Measuring the effectiveness of brand marketing

Determining the public perception of your brand

Developing new marketing campaigns

Tracking brand success on a regular basis

There are a variety of ways to conduct research about how consumers perceive your brand. In-person focus groups can help you get an in-depth view of how your brand is perceived and why. Surveys can help you gather data surrounding brand preference, brand loyalty, and what people associate with your brand. Ongoing research in these areas can help you build your brand value over time and find ways to share your company mission and personality with consumers.

How to find ideas for your next research project

Successfully running a business requires you to be well-informed on product development, branding, customer service, industry trends, marketing, sales, organizational processes, employee satisfaction , and more.

Various research products can help you stay informed and up-to-date in all these areas. However, determining where to focus your efforts and invest your capital can be challenging. These actions can help you find ideas for your next research project.

Identify problems or issues

Remember, research is conducted to satisfy a question or reach a goal. Identify problems that impact customer retention , sales, or company performance. Use these problems to determine which types of research topics are most likely to help your company achieve greater success. If performance is low, consider a research project to determine employee satisfaction levels and identify how to improve them. If sales are low, consider research into sales processes or customer satisfaction.

Confirm the potential for a new idea

New products or services help companies grow and attract more customers. However, they require a big upfront investment from your organization. You can prove that your next big idea will be a hit by developing research projects around the need for a new product and your target customers. Solid data is often needed to convince company leaders and stakeholders to invest in a new product or service.

Check out the competition

Where do you stand in comparison to your competitors? If you're unsatisfied with your position in the market, learning more about what your competitors are doing right can help you determine how to improve.

Characteristics of a good market research idea

Shallow or vague research topics can lead to lackluster results that don't really add value to your studies. To conduct a successful research project, it's important to develop a plan that will yield productive data. When choosing a topic for your next research project, look for these characteristics.

The topic is relevant to your current position

The idea is manageable (research can be conducted with your resources and budget)

The project has a specific and focused goal

You can clearly define and outline the scope of the project

The subject matter isn't too broad or narrow to yield useful results

While research can be science-based or for academic purposes, market research is conducted for a variety of reasons to help businesses grow or reach new levels of success. Understanding market research goals is the key to developing highly effective research projects that yield useful data. By examining examples of different research projects and your organizational goals, you can more easily decide where to focus your efforts.

Which topic is best for a research project?

There isn't a single topic that provides the best research project for every researcher. The best research topics serve a purpose like gaining a deeper understanding of a specific phenomenon, solving problems, improving processes, generating ideas, etc. Finding the best topic for research requires an investigation into what type of research project is likely to yield the most effective results.

How do you structure a research project?

The structure of your research project should clarify what you will investigate, why it is important, and how you will conduct your research. To get funding or approval for a research project, researchers are often required to submit a research proposal which acts as a blueprint and guide for a research plan. Any formal or informal research plan should include these features.

The identity and position of the researcher

An introduction of the topic and why it's relevant

The objective of the project and why you think the research is worth doing

An overview of existing knowledge on the topic

A detailed list of practical steps for how you will reach your objective, including gathering data and how you'll gain insights from the data you obtain

A clear timeline of the project and the planned project budget

What's the difference between a project and a research project?

A project is a planned set of activities with a specific outcome, while a research project is the investigation of data, sources, and facts to reach new conclusions. In a business context, a project may be the development of a marketing campaign, planning a new product or service, or establishing new policies. Research projects use relevant data to fuel business projects and activities.

What are some examples of practical research topics?

Practical research projects can range across a variety of subjects and purposes. Research is often conducted to further medical knowledge, change and adapt laws, address economic changes, advance academic studies, or improve business success. Here are a few examples.

How eating a diet high in fruits and vegetables affects advanced Crohn's disease

How to improve customer satisfaction by 20% in six weeks

The impact of increasing voter turnout by 25% on the presidential election

The percentage increase of new customers with the addition of online enrollment for banking services

The most effective way to improve employee retention in a company with 1,000 employees

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How to Do Market Research: The Complete Guide

Learn how to do market research with this step-by-step guide, complete with templates, tools and real-world examples.

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Market research is the systematic process of gathering, analyzing and interpreting information about a specific market or industry.

What are your customers’ needs? How does your product compare to the competition? What are the emerging trends and opportunities in your industry? If these questions keep you up at night, it’s time to conduct market research.

Market research plays a pivotal role in your ability to stay competitive and relevant, helping you anticipate shifts in consumer behavior and industry dynamics. It involves gathering these insights using a wide range of techniques, from surveys and interviews to data analysis and observational studies.

In this guide, we’ll explore why market research is crucial, the various types of market research, the methods used in data collection, and how to effectively conduct market research to drive informed decision-making and success.

What is market research?

The purpose of market research is to offer valuable insight into the preferences and behaviors of your target audience, and anticipate shifts in market trends and the competitive landscape. This information helps you make data-driven decisions, develop effective strategies for your business, and maximize your chances of long-term growth.

Business intelligence insight graphic with hand showing a lightbulb with $ sign in it

Why is market research important?

By understanding the significance of market research, you can make sure you’re asking the right questions and using the process to your advantage. Some of the benefits of market research include:

Informed decision-making: Market research provides you with the data and insights you need to make smart decisions for your business. It helps you identify opportunities, assess risks and tailor your strategies to meet the demands of the market. Without market research, decisions are often based on assumptions or guesswork, leading to costly mistakes.
Customer-centric approach: A cornerstone of market research involves developing a deep understanding of customer needs and preferences. This gives you valuable insights into your target audience, helping you develop products, services and marketing campaigns that resonate with your customers.
Competitive advantage: By conducting market research, you’ll gain a competitive edge. You’ll be able to identify gaps in the market, analyze competitor strengths and weaknesses, and position your business strategically. This enables you to create unique value propositions, differentiate yourself from competitors, and seize opportunities that others may overlook.
Risk mitigation: Market research helps you anticipate market shifts and potential challenges. By identifying threats early, you can proactively adjust their strategies to mitigate risks and respond effectively to changing circumstances. This proactive approach is particularly valuable in volatile industries.
Resource optimization: Conducting market research allows organizations to allocate their time, money and resources more efficiently. It ensures that investments are made in areas with the highest potential return on investment, reducing wasted resources and improving overall business performance.
Adaptation to market trends: Markets evolve rapidly, driven by technological advancements, cultural shifts and changing consumer attitudes. Market research ensures that you stay ahead of these trends and adapt your offerings accordingly so you can avoid becoming obsolete.

As you can see, market research empowers businesses to make data-driven decisions, cater to customer needs, outperform competitors, mitigate risks, optimize resources and stay agile in a dynamic marketplace. These benefits make it a huge industry; the global market research services market is expected to grow from $76.37 billion in 2021 to $108.57 billion in 2026 . Now, let’s dig into the different types of market research that can help you achieve these benefits.

Types of market research

Qualitative research
Quantitative research
Exploratory research
Descriptive research
Causal research
Cross-sectional research
Longitudinal research

Despite its advantages, 23% of organizations don’t have a clear market research strategy. Part of developing a strategy involves choosing the right type of market research for your business goals. The most commonly used approaches include:

1. Qualitative research

Qualitative research focuses on understanding the underlying motivations, attitudes and perceptions of individuals or groups. It is typically conducted through techniques like in-depth interviews, focus groups and content analysis — methods we’ll discuss further in the sections below. Qualitative research provides rich, nuanced insights that can inform product development, marketing strategies and brand positioning.

2. Quantitative research

Quantitative research, in contrast to qualitative research, involves the collection and analysis of numerical data, often through surveys, experiments and structured questionnaires. This approach allows for statistical analysis and the measurement of trends, making it suitable for large-scale market studies and hypothesis testing. While it’s worthwhile using a mix of qualitative and quantitative research, most businesses prioritize the latter because it is scientific, measurable and easily replicated across different experiments.

3. Exploratory research

Whether you’re conducting qualitative or quantitative research or a mix of both, exploratory research is often the first step. Its primary goal is to help you understand a market or problem so you can gain insights and identify potential issues or opportunities. This type of market research is less structured and is typically conducted through open-ended interviews, focus groups or secondary data analysis. Exploratory research is valuable when entering new markets or exploring new product ideas.

4. Descriptive research

As its name implies, descriptive research seeks to describe a market, population or phenomenon in detail. It involves collecting and summarizing data to answer questions about audience demographics and behaviors, market size, and current trends. Surveys, observational studies and content analysis are common methods used in descriptive research.

5. Causal research

Causal research aims to establish cause-and-effect relationships between variables. It investigates whether changes in one variable result in changes in another. Experimental designs, A/B testing and regression analysis are common causal research methods. This sheds light on how specific marketing strategies or product changes impact consumer behavior.

6. Cross-sectional research

Cross-sectional market research involves collecting data from a sample of the population at a single point in time. It is used to analyze differences, relationships or trends among various groups within a population. Cross-sectional studies are helpful for market segmentation, identifying target audiences and assessing market trends at a specific moment.

7. Longitudinal research

Longitudinal research, in contrast to cross-sectional research, collects data from the same subjects over an extended period. This allows for the analysis of trends, changes and developments over time. Longitudinal studies are useful for tracking long-term developments in consumer preferences, brand loyalty and market dynamics.

Each type of market research has its strengths and weaknesses, and the method you choose depends on your specific research goals and the depth of understanding you’re aiming to achieve. In the following sections, we’ll delve into primary and secondary research approaches and specific research methods.

Primary vs. secondary market research

Market research of all types can be broadly categorized into two main approaches: primary research and secondary research. By understanding the differences between these approaches, you can better determine the most appropriate research method for your specific goals.

Primary market research

Primary research involves the collection of original data straight from the source. Typically, this involves communicating directly with your target audience — through surveys, interviews, focus groups and more — to gather information. Here are some key attributes of primary market research:

Customized data: Primary research provides data that is tailored to your research needs. You design a custom research study and gather information specific to your goals.
Up-to-date insights: Because primary research involves communicating with customers, the data you collect reflects the most current market conditions and consumer behaviors.
Time-consuming and resource-intensive: Despite its advantages, primary research can be labor-intensive and costly, especially when dealing with large sample sizes or complex study designs. Whether you hire a market research consultant, agency or use an in-house team, primary research studies consume a large amount of resources and time.

Secondary market research

Secondary research, on the other hand, involves analyzing data that has already been compiled by third-party sources, such as online research tools, databases, news sites, industry reports and academic studies.

Here are the main characteristics of secondary market research:

Cost-effective: Secondary research is generally more cost-effective than primary research since it doesn’t require building a research plan from scratch. You and your team can look at databases, websites and publications on an ongoing basis, without needing to design a custom experiment or hire a consultant.
Leverages multiple sources: Data tools and software extract data from multiple places across the web, and then consolidate that information within a single platform. This means you’ll get a greater amount of data and a wider scope from secondary research.
Quick to access: You can access a wide range of information rapidly — often in seconds — if you’re using online research tools and databases. Because of this, you can act on insights sooner, rather than taking the time to develop an experiment.

So, when should you use primary vs. secondary research? In practice, many market research projects incorporate both primary and secondary research to take advantage of the strengths of each approach.

One rule of thumb is to focus on secondary research to obtain background information, market trends or industry benchmarks. It is especially valuable for conducting preliminary research, competitor analysis, or when time and budget constraints are tight. Then, if you still have knowledge gaps or need to answer specific questions unique to your business model, use primary research to create a custom experiment.

Market research methods

Surveys and questionnaires
Focus groups
Observational research
Online research tools
Experiments
Content analysis
Ethnographic research

How do primary and secondary research approaches translate into specific research methods? Let’s take a look at the different ways you can gather data:

1. Surveys and questionnaires

Surveys and questionnaires are popular methods for collecting structured data from a large number of respondents. They involve a set of predetermined questions that participants answer. Surveys can be conducted through various channels, including online tools, telephone interviews and in-person or online questionnaires. They are useful for gathering quantitative data and assessing customer demographics, opinions, preferences and needs. On average, customer surveys have a 33% response rate , so keep that in mind as you consider your sample size.

2. Interviews

Interviews are in-depth conversations with individuals or groups to gather qualitative insights. They can be structured (with predefined questions) or unstructured (with open-ended discussions). Interviews are valuable for exploring complex topics, uncovering motivations and obtaining detailed feedback.

3. Focus groups

The most common primary research methods are in-depth webcam interviews and focus groups. Focus groups are a small gathering of participants who discuss a specific topic or product under the guidance of a moderator. These discussions are valuable for primary market research because they reveal insights into consumer attitudes, perceptions and emotions. Focus groups are especially useful for idea generation, concept testing and understanding group dynamics within your target audience.

4. Observational research

Observational research involves observing and recording participant behavior in a natural setting. This method is particularly valuable when studying consumer behavior in physical spaces, such as retail stores or public places. In some types of observational research, participants are aware you’re watching them; in other cases, you discreetly watch consumers without their knowledge, as they use your product. Either way, observational research provides firsthand insights into how people interact with products or environments.

5. Online research tools

You and your team can do your own secondary market research using online tools. These tools include data prospecting platforms and databases, as well as online surveys, social media listening, web analytics and sentiment analysis platforms. They help you gather data from online sources, monitor industry trends, track competitors, understand consumer preferences and keep tabs on online behavior. We’ll talk more about choosing the right market research tools in the sections that follow.

6. Experiments

Market research experiments are controlled tests of variables to determine causal relationships. While experiments are often associated with scientific research, they are also used in market research to assess the impact of specific marketing strategies, product features, or pricing and packaging changes.

7. Content analysis

Content analysis involves the systematic examination of textual, visual or audio content to identify patterns, themes and trends. It’s commonly applied to customer reviews, social media posts and other forms of online content to analyze consumer opinions and sentiments.

8. Ethnographic research

Ethnographic research immerses researchers into the daily lives of consumers to understand their behavior and culture. This method is particularly valuable when studying niche markets or exploring the cultural context of consumer choices.

How to do market research

Set clear objectives
Identify your target audience
Choose your research methods
Use the right market research tools
Collect data
Analyze data
Interpret your findings
Identify opportunities and challenges
Make informed business decisions
Monitor and adapt

Now that you have gained insights into the various market research methods at your disposal, let’s delve into the practical aspects of how to conduct market research effectively. Here’s a quick step-by-step overview, from defining objectives to monitoring market shifts.

1. Set clear objectives

When you set clear and specific goals, you’re essentially creating a compass to guide your research questions and methodology. Start by precisely defining what you want to achieve. Are you launching a new product and want to understand its viability in the market? Are you evaluating customer satisfaction with a product redesign?

Start by creating SMART goals — objectives that are specific, measurable, achievable, relevant and time-bound. Not only will this clarify your research focus from the outset, but it will also help you track progress and benchmark your success throughout the process.

You should also consult with key stakeholders and team members to ensure alignment on your research objectives before diving into data collecting. This will help you gain diverse perspectives and insights that will shape your research approach.

2. Identify your target audience

Next, you’ll need to pinpoint your target audience to determine who should be included in your research. Begin by creating detailed buyer personas or stakeholder profiles. Consider demographic factors like age, gender, income and location, but also delve into psychographics, such as interests, values and pain points.

The more specific your target audience, the more accurate and actionable your research will be. Additionally, segment your audience if your research objectives involve studying different groups, such as current customers and potential leads.

If you already have existing customers, you can also hold conversations with them to better understand your target market. From there, you can refine your buyer personas and tailor your research methods accordingly.

3. Choose your research methods

Selecting the right research methods is crucial for gathering high-quality data. Start by considering the nature of your research objectives. If you’re exploring consumer preferences, surveys and interviews can provide valuable insights. For in-depth understanding, focus groups or observational research might be suitable. Consider using a mix of quantitative and qualitative methods to gain a well-rounded perspective.

You’ll also need to consider your budget. Think about what you can realistically achieve using the time and resources available to you. If you have a fairly generous budget, you may want to try a mix of primary and secondary research approaches. If you’re doing market research for a startup , on the other hand, chances are your budget is somewhat limited. If that’s the case, try addressing your goals with secondary research tools before investing time and effort in a primary research study.

4. Use the right market research tools

Whether you’re conducting primary or secondary research, you’ll need to choose the right tools. These can help you do anything from sending surveys to customers to monitoring trends and analyzing data. Here are some examples of popular market research tools:

Market research software: Crunchbase is a platform that provides best-in-class company data, making it valuable for market research on growing companies and industries. You can use Crunchbase to access trusted, first-party funding data, revenue data, news and firmographics, enabling you to monitor industry trends and understand customer needs.

Survey and questionnaire tools: SurveyMonkey is a widely used online survey platform that allows you to create, distribute and analyze surveys. Google Forms is a free tool that lets you create surveys and collect responses through Google Drive.
Data analysis software: Microsoft Excel and Google Sheets are useful for conducting statistical analyses. SPSS is a powerful statistical analysis software used for data processing, analysis and reporting.
Social listening tools: Brandwatch is a social listening and analytics platform that helps you monitor social media conversations, track sentiment and analyze trends. Mention is a media monitoring tool that allows you to track mentions of your brand, competitors and keywords across various online sources.
Data visualization platforms: Tableau is a data visualization tool that helps you create interactive and shareable dashboards and reports. Power BI by Microsoft is a business analytics tool for creating interactive visualizations and reports.

5. Collect data

There’s an infinite amount of data you could be collecting using these tools, so you’ll need to be intentional about going after the data that aligns with your research goals. Implement your chosen research methods, whether it’s distributing surveys, conducting interviews or pulling from secondary research platforms. Pay close attention to data quality and accuracy, and stick to a standardized process to streamline data capture and reduce errors.

6. Analyze data

Once data is collected, you’ll need to analyze it systematically. Use statistical software or analysis tools to identify patterns, trends and correlations. For qualitative data, employ thematic analysis to extract common themes and insights. Visualize your findings with charts, graphs and tables to make complex data more understandable.

If you’re not proficient in data analysis, consider outsourcing or collaborating with a data analyst who can assist in processing and interpreting your data accurately.

7. Interpret your findings

Interpreting your market research findings involves understanding what the data means in the context of your objectives. Are there significant trends that uncover the answers to your initial research questions? Consider the implications of your findings on your business strategy. It’s essential to move beyond raw data and extract actionable insights that inform decision-making.

Hold a cross-functional meeting or workshop with relevant team members to collectively interpret the findings. Different perspectives can lead to more comprehensive insights and innovative solutions.

8. Identify opportunities and challenges

Use your research findings to identify potential growth opportunities and challenges within your market. What segments of your audience are underserved or overlooked? Are there emerging trends you can capitalize on? Conversely, what obstacles or competitors could hinder your progress?

Lay out this information in a clear and organized way by conducting a SWOT analysis, which stands for strengths, weaknesses, opportunities and threats. Jot down notes for each of these areas to provide a structured overview of gaps and hurdles in the market.

9. Make informed business decisions

Market research is only valuable if it leads to informed decisions for your company. Based on your insights, devise actionable strategies and initiatives that align with your research objectives. Whether it’s refining your product, targeting new customer segments or adjusting pricing, ensure your decisions are rooted in the data.

At this point, it’s also crucial to keep your team aligned and accountable. Create an action plan that outlines specific steps, responsibilities and timelines for implementing the recommendations derived from your research.

10. Monitor and adapt

Market research isn’t a one-time activity; it’s an ongoing process. Continuously monitor market conditions, customer behaviors and industry trends. Set up mechanisms to collect real-time data and feedback. As you gather new information, be prepared to adapt your strategies and tactics accordingly. Regularly revisiting your research ensures your business remains agile and reflects changing market dynamics and consumer preferences.

Online market research sources

As you go through the steps above, you’ll want to turn to trusted, reputable sources to gather your data. Here’s a list to get you started:

Crunchbase: As mentioned above, Crunchbase is an online platform with an extensive dataset, allowing you to access in-depth insights on market trends, consumer behavior and competitive analysis. You can also customize your search options to tailor your research to specific industries, geographic regions or customer personas.

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Academic databases: Academic databases, such as ProQuest and JSTOR , are treasure troves of scholarly research papers, studies and academic journals. They offer in-depth analyses of various subjects, including market trends, consumer preferences and industry-specific insights. Researchers can access a wealth of peer-reviewed publications to gain a deeper understanding of their research topics.
Government and NGO databases: Government agencies, nongovernmental organizations and other institutions frequently maintain databases containing valuable economic, demographic and industry-related data. These sources offer credible statistics and reports on a wide range of topics, making them essential for market researchers. Examples include the U.S. Census Bureau , the Bureau of Labor Statistics and the Pew Research Center .
Industry reports: Industry reports and market studies are comprehensive documents prepared by research firms, industry associations and consulting companies. They provide in-depth insights into specific markets, including market size, trends, competitive analysis and consumer behavior. You can find this information by looking at relevant industry association databases; examples include the American Marketing Association and the National Retail Federation .
Social media and online communities: Social media platforms like LinkedIn or Twitter (X) , forums such as Reddit and Quora , and review platforms such as G2 can provide real-time insights into consumer sentiment, opinions and trends.

Market research examples

At this point, you have market research tools and data sources — but how do you act on the data you gather? Let’s go over some real-world examples that illustrate the practical application of market research across various industries. These examples showcase how market research can lead to smart decision-making and successful business decisions.

Example 1: Apple’s iPhone launch

Apple ’s iconic iPhone launch in 2007 serves as a prime example of market research driving product innovation in tech. Before the iPhone’s release, Apple conducted extensive market research to understand consumer preferences, pain points and unmet needs in the mobile phone industry. This research led to the development of a touchscreen smartphone with a user-friendly interface, addressing consumer demands for a more intuitive and versatile device. The result was a revolutionary product that disrupted the market and redefined the smartphone industry.

Example 2: McDonald’s global expansion

McDonald’s successful global expansion strategy demonstrates the importance of market research when expanding into new territories. Before entering a new market, McDonald’s conducts thorough research to understand local tastes, preferences and cultural nuances. This research informs menu customization, marketing strategies and store design. For instance, in India, McDonald’s offers a menu tailored to local preferences, including vegetarian options. This market-specific approach has enabled McDonald’s to adapt and thrive in diverse global markets.

Example 3: Organic and sustainable farming

The shift toward organic and sustainable farming practices in the food industry is driven by market research that indicates increased consumer demand for healthier and environmentally friendly food options. As a result, food producers and retailers invest in sustainable sourcing and organic product lines — such as with these sustainable seafood startups — to align with this shift in consumer values.

The bottom line? Market research has multiple use cases and is a critical practice for any industry. Whether it’s launching groundbreaking products, entering new markets or responding to changing consumer preferences, you can use market research to shape successful strategies and outcomes.

Market research templates

You finally have a strong understanding of how to do market research and apply it in the real world. Before we wrap up, here are some market research templates that you can use as a starting point for your projects:

Smartsheet competitive analysis templates : These spreadsheets can serve as a framework for gathering information about the competitive landscape and obtaining valuable lessons to apply to your business strategy.
SurveyMonkey product survey template : Customize the questions on this survey based on what you want to learn from your target customers.
HubSpot templates : HubSpot offers a wide range of free templates you can use for market research, business planning and more.
SCORE templates : SCORE is a nonprofit organization that provides templates for business plans, market analysis and financial projections.
SBA.gov : The U.S. Small Business Administration offers templates for every aspect of your business, including market research, and is particularly valuable for new startups.

Strengthen your business with market research

When conducted effectively, market research is like a guiding star. Equipped with the right tools and techniques, you can uncover valuable insights, stay competitive, foster innovation and navigate the complexities of your industry.

Throughout this guide, we’ve discussed the definition of market research, different research methods, and how to conduct it effectively. We’ve also explored various types of market research and shared practical insights and templates for getting started.

Now, it’s time to start the research process. Trust in data, listen to the market and make informed decisions that guide your company toward lasting success.