Did you know the revenue of the market research industry exceeded 45.8 billion in 2017?It's not a surprise this number is so high. After all, companies want to engage with their audience to understand their need and provide the products they're looking for.The best way to get to the bottom of it is by creating a market research report. In, this article, we'll go through the basics of how to create a market research report.
Who is Your Buyer?
The first step when you want to create your market research report is to identify who your buyer persona is. As you think about who your buyer persona is, you need to identify who your dream customer is.If you have trouble visualizing who your persona is, think about the following factors that determine it:
- Location
- Gender
- Age range
- Job industry
- Family Size
- Challenges
- Income
The more information you have about them, the easier it will be to compile the information.
Select the Focus Group
Now that you have identified your client's persona, then it's time you narrow it down. As helpful as it would be to talk to everyone, you need to select a focus group.These are the people that you will be reaching out to to get their input. The purpose of engaging them is to find out their characteristics, buying habits, and any specific challenges they might face.You should be able to meet with them via in-person focus groups, online surveys, and/or phone interviews.
Prepare the Research Questions
You need to make the most out of your conversation with your focus group, which is why it's extremely important you're prepared.For starters, start by giving your buyers a little bit of background information. Then, you need to talk to them about awareness -- when did they realize they had a need for the particular product.The next step is to ask them about how they decided to solve their challenge. Make sure every question you ask is open-ended.
Engage Your Participants
Once you're are ready to ask those questions, you need to engage your participants. The best way to do so is by reaching out to your current customers.Start by pulling a list of all of your customers who make a purchase in the last few months. You also want to engage those who didn't make a purchase.Other ways to reach people is by adding an incentive or try to engage participants on social media.
Make a List of Competitors
Part of putting together a market research report is understanding who your competitors are. Learn the basics about your competitors by identifying the industry, the content, and any other relevant information.
Summarize the Findings
The last thing you need to do is summarize your findings. If you find the information overwhelming, try to break it down by sections.For example, the background -- why did you decide to conduct the study. You can also summarize in sections such as participants, competitors, awareness, challenges, action plan, and more.
Making a Market Research Report: The Bottom Line
Now that you know the basics about creating a market research report, you're ready to conduct your own.Remember to identify your buyer persona, select a focus group, prepare the research questions, and engage your buyers.Want to learn more about the differences between digital marketing vs traditional marketing in 2019, check out this article.
