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Market research questions: what to ask and how.

9 min read Whether you’re looking for customer feedback, product suggestions or brand perception in the market, the right market research questions can help you get the best insights. Learn how you can use them correctly and where to begin.

What is market research?

Market research (also called marketing research) is the action or activity of gathering information about market needs and preferences. This helps companies understand their target market — how the audience feels and behaves.

For example, this could be an online questionnaire , shared by email, which has a set of questions that ask an audience about their views. For an audience of target customers, your questions may explore their reaction to a new product that can be used as feedback into the design.

Why do market research?

When you have tangible insights on the audience’s needs, you can then take steps to meet those needs and solve problems. This mitigates the risk of an experience gap – which is what your audience expects you deliver versus what you actually deliver.

In doing this work, you can gain:

• Improved purchase levels – Sales will improve if your product or service is ticking all the right buttons for your customers.
• Improved decision making – You can avoid the risk of losing capital or time by using what your research tells you and acting with insights.
• Real connection with your target market – If you’re investing in understanding your target audience, your product and service will more likely to make an impact.
• Understand new opportunities – it might be that your research indicates a new area for your product to play within, or you find potential for a new service that wasn’t considered before.

Get started with our free survey maker

Who do you ask your questions to?

Who to target in your market research is crucial to getting the right insights and data back. If you don’t have a firm idea on who your target audiences are, then here are some questions that you can ask before you begin writing your market research questions:

• Who is our customer currently and who do we want to attract in the future?
• How do they behave with your brand?
• What do they say, do and think?
• What are their pain points, needs and wants?
• Where do they live? What is the size of our market?
• Why do they use us? Why do they use other brands?

We’ve put together some questions below (Market research questions for your demographics) if you wanted to reach out to your market for this.

With the answers, you can help you segment your customer market, understand key consumer trends , create customer personas and discover the right way to target them.

Market research goals

Give yourself the right direction to work towards.There are different kinds of market research that can happen, but to choose the right market research questions, figure out your market research goals first.

Set a SMART goal that thinks about what you want to achieve and keeps you on track. SMART stands for Specific, Measurable, Attainable, Relevant and Timely. For example, a good SMART business goal would be to increase website sales for a top product by 10% over a period of 6 months.

You may need to review some strategic business information, like customer personas and historical sales data, which can give you the foundation of knowledge (the ‘baseline’) to grow from. This, combined with your business objectives, will help you form the right SMART targets tailored to your teams.

Types of market research questions

Now that you have your SMART target, you can look at which type of market research questions will help you reach your goal. They can be split into these types:

• For demographics
• For customers
• For product

Market research questions for your demographics

Demographic information about your customers is data about gender, age, ethnicity, annual income, education and marital status. It also gives key information about their shopping habits.

Here are some questions you can ask in your market research survey:

• What is your age / gender / ethnicity / marital status?
• What is the highest level of education you have achieved?
• What is your monthly income range?
• What methods of shopping do you use?
• What amount do you spend on [product/brand/shopping] each month?
• How regular do you shop for [product/brand]?

Learn more about the demographic survey questions that yield valuable insights .

Market research questions for your customer

These questions are aimed at your customer to understand the voice of the customer — the customer marketing landscape is not an one-way dialogue for engaging prospects and your customer’s feedback is needed for the development of your products or services.

• How did we do / would you rate us?
• Why did you decide to use [product or service]?
• How does that fit your needs?
• Would you recommend us to your friends?
• Would you buy from us again?
• What could we do better?
• Why did you decide to shop elsewhere?
• In your opinion, why should customers choose us?
• How would you rate our customer experience?

Learn more about why the voice of the customer matters or try running a customer experience survey.

Market research questions for your product

These questions will help you understand how your customers perceive your product, their reactions to it and whether changes need to be made in the development cycle.

• What does our [product or service] do that you like or dislike?
• What do you think about [feature or benefit]?
• How does the product help you solve your problems?
• Which of these features will be the most valuable / useful for you?
• Is our product competitive with other similar products out there? How?
• How does the product score on [cost / service / ease of use, etc.]?
• What changes will customers likely want in the future that technology can provide?

There are also a set of questions you can ask to find out if your product pricing is set at the right mark:

• Does the product value justify the price it’s marketed at?
• Is the pricing set at the right mark?
• How much would you pay for this product?
• Is this similar to what competitors are charging?
• Do you believe the price is fair?
• Do you believe the pricing is right based on the amount of usage you’d get?

Have you tried a pricing and value research survey to see how much your target customers would be willing to pay?

Market research questions for your brand

How does the impact of your products, services and experiences impact your brand’s image? You can find out using these questions:

• What do you think about our brand?
• Have you seen any reviews about us online? What do they say?
• Have you heard about our brand from friends or family? What do they say?
• How likely are you to recommend our brand to a friend?
• Have you read the testimonials on our own channels? Did they have an impact on your decision to purchase? How?
• When you think of our brand, what do you think/ feel / want?
• How did you hear about us?
• Do you feel confident you know what our brand stands for?
• Are you aware of our [channel] account?

Learn more about brand perception surveys and how to carry them out successfully.

How to use market research questions in a survey

For the best research questionnaires, tailoring your market research questions to the goal you want will help you focus the direction of the data received.

You can get started now on your own market research questionnaire, using one of our free survey templates, when you sign up to a free Qualtrics account.

Drag-and-drop interface that requires no coding is easy-to-use, and supported by our award-winning support team.

With Qualtrics, you can distribute, and analyse surveys to find customer, employee, brand, product, and marketing research insights.

More than 11,000 brands and 99 of the top 100 business schools use Qualtrics solutions because of the freedom and power it gives them.

Get started with our free survey maker tool

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.

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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.

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.

• 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.

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Market Research: What It Is and How to Do It

• Linking websites 184

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In other words, it’s the process of understanding who your business is targeting so you can better position your marketing strategy.

In this guide, you’ll learn:

• The role of market research in a marketing strategy
• When to conduct market research

Types of market research

• Market research methods and their benefits
• How to conduct market research (example included)
• Market research tools and resources

What is the role of market research in a marketing strategy?

A marketing strategy is a business’s overall game plan for reaching consumers and turning them into customers.

The key word in the above definition is “game plan”. Entering a market with a product is like starting a new game. Since you’re new to the game, you don’t know the rules, and you don’t know who you’re playing against.

This is exactly where market research comes in . Market research allows you to discover the rules of the marketing game by understanding your target audience. Moreover, it allows you to understand who your opponent is by assessing the strengths and weaknesses of your competition.

Research is what marketing pros do to plan their moves, and outperform their competition.  It’s also what marketing pros use to identify the strengths and weaknesses of their own marketing strategy .

But is market research the ultimate business oracle? Unfortunately no. Even companies that specialize in market research admit it - here’s a quote from one of them :

(…) it cannot be assumed that market research is an exact science, as it would be unrealistic and unreasonable to expect market researchers to predict the precise demand for a new concept, given that there are numerous variables that can impact demand outside of the market researchers’ remit.

That’s why market research with all of its significance is “only” a part of marketing, and it’s “only” an experiment.  It’s up to you whether you will conduct your experiment, and when you will end it.

For example, Crystal Pepsi seemed very promising in the market research phase, yet it failed when released onto the market (a similar thing happened to New Coke). Xerox’s idea for a commercial photocopier was a no-go in the eyes of research analysts; Xerox did it anyway, and the rest is history.

When should you conduct market research?

Paul N. Hauge and Peter Jackson in their book “Do Your Own Market Research” point to three specific situations when market research is really useful:

• Setting goals . Knowing things like the size of the market, or defining your potential customers can help you set your sales goals.
• Problem-solving . Low sales? Low profitability? Market research will help you understand whether your problems are internal, like a low-quality product, or external, like aggressive competition.
• Supporting company growth.  Understanding how and why consumers decide on products will help you decide what products to introduce to the market.

Another answer to the “when” is the importance of the decision that you need to make. The more important the marketing issue you’re tackling, the more market research comes in handy.

For example, launching a new car on the market is quite a big event, right? So maybe Ford could have avoided losing 350 million dollars with the Ford Edsel if they had done their research properly. I mean, with the right methods in place it shouldn’t be that hard to predict that consumers will deem the car overpriced and ugly.

That said, market research doesn’t always have to be a large, complex project. The relatively new trend of agile market research  allows you to research the market regularly and in a cost-effective way. This is where you employ bite-size, iterative, and evolutionary methods to react to fast-changing circumstances and adapt to unknown market territories.

Furthermore, if you’re working in startup conditions, especially if you’re developing an innovative product, you may be interested in customer development . In this methodology market research is at its “agilest” and it’s tightly woven into the product development process.

Take Ahrefs for example. We stick to agile market research hacks anyone can use. As you will see later in the article, we use simple (but effective!) stuff like social media polls, crowdsourcing, in-house competitive analysis, or just tracking the pricing of our competitors.

Case in point, just recently we asked our fellow marketers on Twitter how they go about researching the market. It seems that market research comes in all shapes and sizes:

Have you ever performed “market research?“ What was it for? — Tim Soulo (@timsoulo) May 3, 2021

Just because somebody does market research in a certain way doesn’t mean that you need to copy that. You should know your options, and they start with the different types of market research.

Primary research

Whenever the research is done by you or on your behalf, and you need to create the data to solve a given problem, that is called primary market research.

Examples:  Focus groups, interviews, surveys (more on those later in the article).

Key benefits: It’s specific to your brand and products or services, and you can control the quality of the data.

Secondary research

Whenever you’re using already existing data, such as that put together by other businesses and organizations, you’re doing secondary market research.

Examples: Second-party and third-party sources like articles, whitepapers, reports, industry statistics, already collected internal data.

Key benefits: Get a macro perspective of your marketplace, as secondary research includes other players in the market, and most probably utilizes a bigger set of data than your primary sources.

Primary research vs. secondary research

Primary and secondary market research are different but by no means opposite. It’s actually recommended to use both.

While primary sources will give you a focused, micro perspective of your business, secondary research will tell you how other businesses are doing and how your research findings compare to bigger research sample sizes. 

Market research subtypes

A bit more theory for all you marketing geeks out there. Professional market researchers distinguish between the following primary and secondary market research subtypes:

• Qualitative research.  Think interviews, open-ended questions, results expressed in words rather than numbers and graphs. This type of research is used to understand underlying reasons, opinions, and motivations.
• Quantitative research. Think surveys, polls, usually closed-ended questions, results expressed in numbers and statistics. This type of research is used to test or confirm hypotheses or assumptions by quantifying defined variables (such as opinions or behaviours) and generalizing results from larger data samples.

Overview of market research methods

Let’s go over some popular market research methods you can use yourself and/or outsource.

Internal data analysis

The data you’ve already collected in your company is an invaluable secondary research data source. The more time you’re in the business, the more data you have on your hands.

The best thing about your internal data is that it’s been put into practice in real-life market conditions, so you just need to find the patterns and draw conclusions.

Here are some internal data sources you can leverage :

• Website data (like Google Analytics)
• Past campaigns performance data
• Internal interviews with employees

Interviews allow for face-to-face discussions and are great for exploratory qualitative research.

In unstructured interviews, you have an informal, free-flowing conversation on a given set of topics.

In structured interviews, you prepare a detailed, rigorous interview protocol where you list every question you want to ask and you can’t divert from them.

You can also choose the “middle way” with semi-structured interviews which revolve around predefined themes or questions, but allow for open-ended discussion.

A word of advice here would be to always remain neutral and unbiased, even during unstructured interviews. Also, it’s helpful to perform a pilot test of the interview to quickly spot some defects of your protocol.

Recording the interview may influence the answers, so use it wisely.

Focus groups

Focus groups are where 5 to 10 people with common characteristics take part in an interactive discussion with a moderator. They’re used to learn how a particular group thinks about a given issue or to provide feedback on a product.

Now, you might know that Steve Jobs famously hated focus groups. He’s on record saying:

It’s really hard to design products by focus groups. A lot of times, people don’t know what they want until you show it to them.

If you’re trying to create a leapfrog product like the iPhone, there’s probably some validity to this statement. But most of us aren’t wrestling with that level of ambition. We just want to know if customers will like a proposed new feature or not. For this, focus groups are super useful.

Surveys involve polling your audience. They’re usually performed online for customer satisfaction and loyalty research, and are one of the most popular and cost-effective market research methods.

Some of the tried and tested use cases of online surveys  are:

• Product feature desirability
• User satisfaction feedback
• Quantitative analysis of certain issue occurrences
• Identifying friction points in your customer journey
• Discovering the reasons to convert to or cancel your service
• During product onboarding to create a customer profile (and for marketing automation)
• Opinion about a recently made change

An interesting example of surveying the market is crowdsourcing . That’s what Ahrefs does to understand what features to build, how important they are, and what customers expect from them.

What’s unique about crowdsourcing is that it allows the users to add their own ideas, and upvote or comment on existing ideas rather than answer predetermined questions, so this method leaves less room for marketing myopia. You improve your business, and the users get a better product—everybody wins.

How we crowdsource ideas at Ahrefs

Social media is another great place to survey the marketplace.

How many of you have disavowed links in GSC this year? — Tim Soulo (@timsoulo) October 8, 2020

Market segmentation

Market segmentation is the practice of categorizing a market into homogeneous groups based on specific criteria, also called segmentation variables (like age, sex, company size, country, etc.).

If you think you’re building a product for everyone, think again. Not everyone will want to buy from you.

Smart companies pick their target audience carefully. They pinpoint groups of people or organizations that could be valuable customers for the business. That way they also discover their non-ideal customers and develop a plan to attract customer segments gradually. 

Ever wondered why Procter and Gamble creates so many, often competing, brands? You guessed it: market segmentation. P&G simply divides and conquers. Different people have different needs, so they need different products (and possibly brands).

Competitive analysis

Another powerful, yet often overlooked, market research method is the process of understanding one’s market environment. Seriously, if there’s only one thing you could do to learn what works and what doesn’t in your market, you should do a competitive analysis.

“Whenever we discuss building a certain feature, we would definitely research our competitors and see how they do it.” Tim Soulo, CMO

You’d be surprised by how much you can learn about and from your competition and how much of it can be done online. There are certain tried and tested techniques, hacks, and tools for this type of research, and you can find them in this guide .

Analyze commercial data

Secondary market research data is relatively affordable, fast to acquire, and easy to use. Think market reports, industry insights, and a ton of research data someone has already gathered and analyzed so you don’t have to.

The most reputable sources are Gartner , Forrester , and Pew . Apart from those, make sure to check if there is a trustworthy commercial data source specific to your niche.

Sites like G2, Capterra and Trust Pilot also count. Not only do they give you an overview of your industry, but you can also find some real gems in your users’ reviews and your competitors’ reviews as well. Ahrefs uses that data source regularly internally and externally, like for this section of our Ahrefs vs Semrush vs Moz  landing page:

Benefits of market research - a comparison

Let’s quickly summarize the above 7 different methods of market research by their key benefits.

How to do market research process in 5 key steps

So now we know what market research is, why and when to do it, and we’ve learned about all of the important types and methods.

Let’s see how we can use that knowledge to conduct any type of market research in 5 steps.  As an example of market research, I’ll tell you about some of my past experiences with a 3D printing company.

• Identify the market research problem
• Choose the sample and research method
• Collect the data
• Analyze the data
• Interpret and present conclusions

1. Identify the market research problem

This is where every research project starts. You will also find that market research, in general, follows the pattern of the scientific method . First, you need to establish what exactly you are researching.

Do you have a question about your business you want to answer? Maybe you see an opportunity in the market. Or maybe you’ve observed something curious about your product use and you have a hypothesis that you want to validate? State that in the first step of the market research process.

Let me share an example.

In the past, I ran marketing for a few companies, and one of them was a 3D printer manufacturer. Early on I stumbled upon two problems with that company.

First: one of our market segments was saturated with similar products of similar quality at significantly lower price (classic, right?). Second: more and more 3D printing manufacturers seemed to be drifting away from the hobby segment to tackle the professional segments with more expensive products, yet we remained in the hobby/DIY niche. So we were too expensive for hobbyists but too hobbyist for customers who could afford us.

The hypothesis that I wanted to verify was that if the marketplace was showing a trend towards more professional use cases of 3D printing, our company should follow that trend. In other words, I wanted to check the viability of shifting the brand positioning into the professional/premium sector.

2. Choose the sample and research method

We’ve already covered the main types and methods of market research. You should already have a good idea of the differences between primary and secondary research, or whether qualitative or quantitative methods would best suit your needs.

As for the sample of your research, this refers to the portion of the entire data source in question that you will use. For example, if you want to run a survey among your customers, the sample will refer to the selection of customers you will include in your survey. There are a few options for choosing a sample:

• Use the entire data source . Obviously, it’s not a sample per se. Nevertheless, if sending a survey to all of your customers is doable (and reasonable), this is a perfectly good choice.
• Choose a random sample. Systematic sampling is the easiest way to choose a random sample. This is where you select every x/nth individual for the sample, where x is the population, n is the sample. For example, if you want a sample size of 100 from a population of 1000, select every 1000/100 = 10th member of the population.
• Convenience sampling: choose respondents available and willing to take part in the survey.
• Purposive sampling: choose respondents that in your judgement will be representative or possess some other feature that is important to the research.
• Quota sampling:  choose some arbitrary quota of respondents, e.g. 10 non-paying customers, 10 paying small companies and 10 paying large companies.

Back to our example. As a method for verifying my hypotheses, I chose a mix of:

• Surveys sent to all of our resellers.  We wanted to see if they also had seen a paradigm shift in the market and what segment of clients they had encountered the most. We also wanted to know their perspective on the longevity of that trend, and whether they potentially be interested in a more premium version of our product.
• In-depth interviews  on the phone with our resellers conducted by our sales team. We used purposive sampling here. Our sample comprised resellers with which we had the best relations (we knew they would be more eager to share).
• Competitive analysis.  We were mostly interested in market players who tried to penetrate the professional/industrial segment, so this was our sample ( purposive sampling ). We were interested in stuff like: what features were they building into their 3D printers, what was their brand positioning, what was their pricing, what language they used to communicate with their target audience, etc.
• Wohler’s industry report, anything 3D printing from Gartner and the like, reports by 3D printing services providers, and basically any scrape of serious data we could find ( convenience sampling ).
• Internal data:  customer satisfaction issues, and just general current customer profile based on Google Analytics and Facebook data.

3. Collect the data

Once you’ve got your problem, method, and sample nailed, all you need to do is to gather the data. This is the step where you send out your surveys, conduct your interviews, or reach out for industry insights.

A word of advice, choose your market research tool carefully; it will greatly influence the amount of work you will have with analyzing the data. For example, Google Forms  automatically makes graphs out of quantifiable data (plus it’s free).

Here’s the data we collected for the 3D printing company:

• Reseller survey data (both quantitative and qualitative data).
• Reseller interview data (qualitative data).
• Customer satisfaction issues (qualitative data gathered through all customer support channels, we analysed about 200 issues and requests).
• Competitive analysis data (from about 10 competitors).
• We managed to gather 3 comprehensive, independent industry reports, a few smaller reports made by other 3D printing companies, and dozens of scrapes of data, like statistics and noteworthy insights. We pulled out data like: 3D printer manufacturer market share, market growth in time, market segmentation, key 3D printing applications, 3D printing adoption by region, key players’ sales numbers.
• Any demographic, sociographic and psychographic data on customers and website visitors we could find in our internal data.

4. Analyze the data

Now that you have your data collected, the next step is to look for patterns, trends, concepts, or often repeated words—all dependent on whether your method was qualitative or quantitative (or both).

Simple research performed on a small sample will be relatively easy to analyze, or even analyzed automatically, like with the aforementioned Google Forms. Sometimes you will have to use expensive and harder to master software like Tableau , NVivo , PowerBI , or SPSS . Or you can use Python or R for data analysis (if you have a data analyst or data scientist on board, you’re in luck).

Continuing the example: Google Forms made it easy for us to spot patterns in surveys since quantitative data was calculated automatically. The most time-consuming part was reading through all of the responses and manually looking for patterns (back then I wasn’t aware of any tool that could do the job). Both sales and marketing teams worked on analyzing some of the qualitative data to have more than one reference point.

When it comes to researching the competition, coming up with some kind of data structure makes the work more comprehensive (and saner). We put our competitors’ data in specific categories, like products & services (prices included), target market, benefits, values, and brand message. We also used something called a brand positioning map which looks like this:

Analyzing secondary data was probably the easiest part, as the data we needed was already prepared in ready-to-use graphs, statistics and insights. We just had to sift through the contents to look for answers to our questions.

5. Interpret and present conclusions

Analyzing the data is not enough. You need to compile your data in a communicative, actionable way for the decision makers. A good practice is to include in your report: all your information, a description of your research process, the results, conclusions, and recommended actions.

Summing up my 3D printing example, I hypothesised that our market was experiencing a major shift and that the company should follow that trend. The research we did verified that hypothesis positively:

• Our resellers were getting more and more inquiries about professional/industrial use cases and machines. As you can imagine, the budget of this kind of client was significantly higher than hobbyists but so were the expectations.
• Our resellers indicated that this phenomenon is here to stay. Moreover, they declared interest in a new 3D printer tailored to the needs of their more demanding clientele.
• Our customers were outgrowing their early-adopter habits and wanted something easier to use, something plug-and-play that just worked reliably. Tinkering with the printer was something only hardcore makers were interested in.
• The companies we were interested in had already started adapting to the professional/premium market both with their offer and smart marketing communication.
• We also found a ton of other interesting data that we used later on. For example, we found that apart from engineers and designers, an equally interesting segment was educational institutions.

Our initial market research lasted for about two months. We also came back to it whenever we had the chance (or the necessity) and reiterated it to see if we were on the right track.

Was it worth it? Let me tell you this: it saved the company. Our research showed us that this was the last call to reposition the brand and the product. Our original target segment was being gradually dominated by companies we couldn’t compete with.

It took us some time to get buy-in from key stakeholders and implement the conclusions throughout the whole company (eventually, we got it right). As a result, we increased sales, increased customer satisfaction and put ourselves on a more profitable growth track—a win-win for everyone. We even went as far as merging with another manufacturer to shorten the time to get to that sweet market spot.

Looking back, no one from our close competitors survived. They didn’t adapt as we did, and we owed everything to market research.

Whatever you do, avoid these common market research mistakes :

• Poor sampling.
• Ambiguous questions.
• Leading or loaded questions (questions that show bias or contain controversial assumptions).
• Unclear or too many research objectives.
• Mixing correlation with causation.
• Ignoring competitive analysis.
• Allowing biases to influence your research ( confirmation bias  being arguably the most common and the most dangerous one).
• Not tracking data on a regular basis.

Online market research tools and resources

Market research reaches back to the 1930s and it’s probably rooted even “deeper” than the 20th century. Everything you could do then you can do now better, faster and cheaper thanks to these online tools and resources.

SEO tools - research the market with Ahrefs

I’ve put together 3 quick wins that can help with your market research—and that’s only a taste of what you can do with Ahrefs.

1. Brand awareness

In the early 20th century, you’d have to hire market researchers to spend days or even weeks asking people “have you heard about brand X”. Today, you can simply look up the search volume for that brand.

So let’s say you run a drone manufacturing brand, and you want to check out your competitors’ brand awareness in France. Go to Ahrefs Keywords Explorer , input the names of the brands, select “France” as your market, and in a flash you get:

The branded keyword volume indicates the brand awareness of that brand in a particular market. You can also keep track of that data by performing this search regularly to see if there are significant changes over time (for example, impacted by a recent campaign).

2. Feature demand

The next game-changing feature for electric cars will concern batteries, charging time, and charging cost (and not autopilot). How do I know?

Well, I opened Ahrefs Keywords Explorer , typed in “electric cars”, and went to the Questions report to find out what people search for. This gave me an idea of what problems electric car owners have (and potential owners worry about). You can easily perform similar research for your niche.

3. Understand the language of your market

Gerald Zaltman in his popular book “How Customers Think” proposes the idea that one of the major erroneous assumptions of marketing is that consumers think in words.

On the other hand, when consumers Google something they have to think in words. And when we market to those consumers we have to think in words as well. The question is: which words?

Let’s say that you want to enter a new and innovative market in the USA, for example the synthetic fermentation-derived dairy industry, also called animal-free dairy.

To you, this set of words “animal-free dairy” may be the very center of your business and marketing efforts. But let’s see what other people think. Let’s use Keywords Explorer  to see how many people search Google in the U.S. just for that phrase:

Whoops! Looks like your product category has disappointingly low awareness. Does this mean you’re doomed? Not necessarily. 

Let’s try other words. Words that mean something different, but still closely related to your new product.

Now we’re onto something. People search for “vegan dairy” and “lactose free dairy” more often. Not the same, but closely related. Yet, look at the difference in search volume.

Words make a huge difference.  And Google knows that.

The only reason you were able to put all of those three phrases in the same bucket was that you knew the connection between those words. The problem is that your target audience may not know that connection; they may not even know that this kind of product exists. This quick analysis of search volume shows that you may want to make that connection, for example with content marketing .

If you create content around related higher volume keywords, you can potentially get more organic traffic than simply focusing on the keyword designating your product category.  Look, even though you might believe the main benefit of your animal-free product is something unrelated to lactose, e.g., cruelty-free production, you might want to address the problem of lactose intolerance to appeal to people with this condition.

But that’s not all. You may have noticed “low lactose cheese” in the bottom right corner. This refers to the nifty feature of Ahrefs’ Keyword Explorer called “Parent topic”. Parent topic indicates that Google sees a given keyword as part of a broader topic.

If we click on this Parent topic, we uncover even more search demand:

We can see that the search for the topic “low lactose cheese” exceeds the “vegan dairy” topic by almost 300% in the US. Also, uncovering that parent topic gave us 879 potential keyword ideas (some of them have even higher search volume, like “lactose free cheese”).

Want to discover even more topic associations? No problem. You can dive deeper into this research by using other features of Ahrefs’ Keyword explorer. For example,the  Also rank for  report allows you to see which other keywords (and topics) the top 100 ranking pages for your target keyword also rank for.

This market research quick-win ties into the broader topic of keyword research. If you want to uncover even more keyword ideas and learn how to analyze them, read  our keyword research guide .

Source: https://hubspot.com

Customer Relationship Management software is used to manage and track interactions between a company and its customers and prospects. Usually, it works in tandem with sales or marketing automation software (or has integrations for them). If used properly, it is a true cornucopia of market insight.

As I pointed out earlier, it’s one of those primary data sources that you can leverage to discover patterns in your customer behaviour or characteristics. Popular choices are Hubspot, Salesforce, Intercom, but there is a ton of CRM software out there, so check out a software comparison like G2  to see what best suits your needs.

User feedback tools

This type of tool allows you to carry out our aforementioned survey research method online.

Create targeted, user-specific surveys and analyze answers with tools like Google Forms , SurveyMonkey , Typeform , or Qualaroo .  

Sending out your typical email with a survey is not the only option, for example with Qualaroo you can display surveys:

• In your digital product
• In your SaaS product
• Inside your web app
• Inside your mobile app
• On your website
• On your mobile site
• On your prototypes.
• On most public URLs. Even competitor sites

Need more? No problem, check out SurveyMonkey’s Market Research solution . It taps into the agile market research models we’ve discussed. They’ve got 14 online solutions that help you stay on top of your game, including customer segmentation, monitoring market dynamics, brand, creative analysis, feature importance, finding the right price for your products, and more.

So you think you have a tough business challenge? This daring gentleman is trying to disrupt… eggs. Extremely hard, but doable with market research on his side.

Website/app analytics

Tracking your website or app traffic is absolute marketing basics. Just look at some data dimensions Google Analytics offers:

• Demographics

Sounds familiar? Yup, that sounds like good ol’ market segmentation. Here’s the best part: it’s free, quick to perform and it’s based on your primary data.

If you’ve never dug deeper into Google Analytics, or similar analytics software (e.g., Matomo , Woopra ) here are some questions that this marketing technology can answer for you: 

• What do people search for once they’re on my site?
• What differentiates customers who have made a purchase from the ones that haven’t?
• What are my top countries by revenue?
• What are my best selling products?

If you’re already using Google Analytics, see if you’re not making these Google Analytics tracking mistakes. 

User experience research tools

Commonly used by UX designers, but just listen to the value propositions of these tools:

• “See and hear real people using your website, online shop or app.” ( https://userpeek.com/ )
• “Real-time feedback. From real customers. Wherever you work. So you can create experiences that get real results.” ( https://www.usertesting.com/ )
• “Scalable & Customized User Research” ( https://www.userlytics.com/ )
• “Record video and audio of your users, so you see and hear their exact experience with your product.” ( https://www.loop11.com/ )

Again, sounds much like our market research methods, right? And it’s no joke, thousands of companies use these tools.

User experience research tools allow you to get user feedback and insights on your products, prototypes, websites, and apps.

Testing is based on tasks your test-takers perform. You can either use your own user base or define a custom base using their services. You’ll get written reports and even recorded videos that you can incorporate into your market research and make sure you’re properly taking advantage of that market opportunity.

Ad planning tools

That’s right—the Facebook, LinkedIn, and Twitter ad planner you already use for running ads can give you some insight into the numbers behind the market segments you’re interested in.

30+ males with higher education interested in technology gadgets? No problem. Female C-suite decision-makers from Europe? It’s all there.

Census data

The availability of this kind of data may vary based on your target market. For example, in the US the Census Bureau  offers a free resource for searching the country’s census data. You can filter the data by topics, years, geography, surveys, or industry codes. You can also access premade interactive tables (which you can also download) or simply explore certain regions of the country using their maps.

Business intelligence tools

With business intelligence tools like Tableau , Looker or Sisense , you can connect to any data source to perform data cleaning, statistical operations, and data visualization. They are designed to allow you to glean insights into your data, and communicate effectively with your stakeholders. It’s like SQL combined with R, but you don’t need coding skills and you get a user-friendly interface.

Because these tools are overflowing with functionality and because they are usually pricey, they are overkill for small companies with basic market research needs. Often you will find that the tool that you are already using for your research method comes with some data analysis and visualization functions. And if not, you can always import your data to Excel or Google Docs and use Google Data Studio for a shareable interactive presentation.

Other noteworthy tools and services

• Think with Google
• Living Facts

Final thoughts

Market research is no easy feat. If you feel intimidated by it, you’re not the only one. But don’t shy away from it. The benefits of conducting even sporadic market research can have benefits for your business you simply can’t ignore. You won’t turn into a market research pro overnight, but the good news is you don’t have to. You can go the agile way (like Ahrefs), use affordable self-service online tools and resources, or you can even outsource your research. As long as you base your marketing game plan on valid data, you dramatically improve your chances for success.

Got questions? Ping me on Twitter .

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Market research is a cornerstone of all successful, strategic businesses. It can also be daunting for entrepreneurs looking to launch a startup or start a side hustle . What is market research, anyway? And how do you…do it?

We’ll walk you through absolutely everything you need to know about the market research process so that by the end of this guide, you’ll be an expert in market research too. And what’s more important: you’ll have actionable steps you can take to start collecting your own market research.

What Is Market Research?

Market research is the organized process of gathering information about your target customers and market. Market research can help you better understand customer behavior and competitor strengths and weaknesses, as well as provide insight for the best strategies in launching new businesses and products. There are different ways to approach market research, including primary and secondary research and qualitative and quantitative research. The strongest approaches will include a combination of all four.

“Virtually every business can benefit from conducting some market research,” says Niles Koenigsberg of Real FiG Advertising + Marketing . “Market research can help you piece together your [business’s] strengths and weaknesses, along with your prospective opportunities, so that you can understand where your unique differentiators may lie.” Well-honed market research will help your brand stand out from the competition and help you see what you need to do to lead the market. It can also do so much more.

The Purposes of Market Research

Why do market research? It can help you…

• Pinpoint your target market, create buyer personas, and develop a more holistic understanding of your customer base and market.
• Understand current market conditions to evaluate risks and anticipate how your product or service will perform.
• Validate a concept prior to launch.
• Identify gaps in the market that your competitors have created or overlooked.
• Solve problems that have been left unresolved by the existing product/brand offerings.
• Identify opportunities and solutions for new products or services.
• Develop killer marketing strategies .

What Are the Benefits of Market Research?

Strong market research can help your business in many ways. It can…

• Strengthen your market position.
• Help you identify your strengths and weaknesses.
• Help you identify your competitors’ strengths and weaknesses.
• Minimize risk.
• Center your customers’ experience from the get-go.
• Help you create a dynamic strategy based on market conditions and customer needs/demands.

What Are the Basic Methods of Market Research?

The basic methods of market research include surveys, personal interviews, customer observation, and the review of secondary research. In addition to these basic methods, a forward-thinking market research approach incorporates data from the digital landscape like social media analysis, SEO research, gathering feedback via forums, and more. Throughout this guide, we will cover each of the methods commonly used in market research to give you a comprehensive overview.

Primary vs. Secondary Market Research

Primary and secondary are the two main types of market research you can do. The latter relies on research conducted by others. Primary research, on the other hand, refers to the fact-finding efforts you conduct on your own.

This approach is limited, however. It’s likely that the research objectives of these secondary data points differ from your own, and it can be difficult to confirm the veracity of their findings.

Primary Market Research

Primary research is more labor intensive, but it generally yields data that is exponentially more actionable. It can be conducted through interviews, surveys, online research, and your own data collection. Every new business should engage in primary market research prior to launch. It will help you validate that your idea has traction, and it will give you the information you need to help minimize financial risk.

You can hire an agency to conduct this research on your behalf. This brings the benefit of expertise, as you’ll likely work with a market research analyst. The downside is that hiring an agency can be expensive—too expensive for many burgeoning entrepreneurs. That brings us to the second approach. You can also do the market research yourself, which substantially reduces the financial burden of starting a new business .

Secondary Market Research

Secondary research includes resources like government databases and industry-specific data and publications. It can be beneficial to start your market research with secondary sources because it’s widely available and often free-to-access. This information will help you gain a broad overview of the market conditions for your new business.

Identify Your Goals and Your Audience

Before you begin conducting interviews or sending out surveys, you need to set your market research goals. At the end of your market research process, you want to have a clear idea of who your target market is—including demographic information like age, gender, and where they live—but you also want to start with a rough idea of who your audience might be and what you’re trying to achieve with market research.

You can pinpoint your objectives by asking yourself a series of guiding questions:

• What are you hoping to discover through your research?
• Who are you hoping to serve better because of your findings?
• What do you think your market is?
• Who are your competitors?
• Are you testing the reception of a new product category or do you want to see if your product or service solves the problem left by a current gap in the market?
• Are you just…testing the waters to get a sense of how people would react to a new brand?

Once you’ve narrowed down the “what” of your market research goals, you’re ready to move onto how you can best achieve them. Think of it like algebra. Many math problems start with “solve for x.” Once you know what you’re looking for, you can get to work trying to find it. It’s a heck of a lot easier to solve a problem when you know you’re looking for “x” than if you were to say “I’m gonna throw some numbers out there and see if I find a variable.”

How to Do Market Research

This guide outlines every component of a comprehensive market research effort. Take into consideration the goals you have established for your market research, as they will influence which of these elements you’ll want to include in your market research strategy.

Secondary Data

Secondary data allows you to utilize pre-existing data to garner a sense of market conditions and opportunities. You can rely on published market studies, white papers, and public competitive information to start your market research journey.

Secondary data, while useful, is limited and cannot substitute your own primary data. It’s best used for quantitative data that can provide background to your more specific inquiries.

Find Your Customers Online

Once you’ve identified your target market, you can use online gathering spaces and forums to gain insights and give yourself a competitive advantage. Rebecca McCusker of The Creative Content Shop recommends internet recon as a vital tool for gaining a sense of customer needs and sentiment. “Read their posts and comments on forums, YouTube video comments, Facebook group [comments], and even Amazon/Goodreads book comments to get in their heads and see what people are saying.”

If you’re interested in engaging with your target demographic online, there are some general rules you should follow. First, secure the consent of any group moderators to ensure that you are acting within the group guidelines. Failure to do so could result in your eviction from the group.

Not all comments have the same research value. “Focus on the comments and posts with the most comments and highest engagement,” says McCusker. These high-engagement posts can give you a sense of what is already connecting and gaining traction within the group.

Social media can also be a great avenue for finding interview subjects. “LinkedIn is very useful if your [target customer] has a very specific job or works in a very specific industry or sector. It’s amazing the amount of people that will be willing to help,” explains Miguel González, a marketing executive at Dealers League . “My advice here is BE BRAVE, go to LinkedIn, or even to people you know and ask them, do quick interviews and ask real people that belong to that market and segment and get your buyer persona information first hand.”

Market research interviews can provide direct feedback on your brand, product, or service and give you a better understanding of consumer pain points and interests.

When organizing your market research interviews, you want to pay special attention to the sample group you’re selecting, as it will directly impact the information you receive. According to Tanya Zhang, the co-founder of Nimble Made , you want to first determine whether you want to choose a representative sample—for example, interviewing people who match each of the buyer persona/customer profiles you’ve developed—or a random sample.

“A sampling of your usual persona styles, for example, can validate details that you’ve already established about your product, while a random sampling may [help you] discover a new way people may use your product,” Zhang says.

Market Surveys

Market surveys solicit customer inclinations regarding your potential product or service through a series of open-ended questions. This direct outreach to your target audience can provide information on your customers’ preferences, attitudes, buying potential, and more.

Every expert we asked voiced unanimous support for market surveys as a powerful tool for market research. With the advent of various survey tools with accessible pricing—or free use—it’s never been easier to assemble, disseminate, and gather market surveys. While it should also be noted that surveys shouldn’t replace customer interviews , they can be used to supplement customer interviews to give you feedback from a broader audience.

Who to Include in Market Surveys

• Current customers
• Past customers
• Your existing audience (such as social media/newsletter audiences)

Example Questions to Include in Market Surveys

While the exact questions will vary for each business, here are some common, helpful questions that you may want to consider for your market survey. Demographic Questions: the questions that help you understand, demographically, who your target customers are:

• “What is your age?”
• “Where do you live?”
• “What is your gender identity?”
• “What is your household income?”
• “What is your household size?”
• “What do you do for a living?”
• “What is your highest level of education?”

Product-Based Questions: Whether you’re seeking feedback for an existing brand or an entirely new one, these questions will help you get a sense of how people feel about your business, product, or service:

• “How well does/would our product/service meet your needs?”
• “How does our product/service compare to similar products/services that you use?”
• “How long have you been a customer?” or “What is the likelihood that you would be a customer of our brand?

Personal/Informative Questions: the deeper questions that help you understand how your audience thinks and what they care about.

• “What are your biggest challenges?”
• “What’s most important to you?”
• “What do you do for fun (hobbies, interests, activities)?”
• “Where do you seek new information when researching a new product?”
• “How do you like to make purchases?”
• “What is your preferred method for interacting with a brand?”

Survey Tools

Online survey tools make it easy to distribute surveys and collect responses. The best part is that there are many free tools available. If you’re making your own online survey, you may want to consider SurveyMonkey, Typeform, Google Forms, or Zoho Survey.

Competitive Analysis

A competitive analysis is a breakdown of how your business stacks up against the competition. There are many different ways to conduct this analysis. One of the most popular methods is a SWOT analysis, which stands for “strengths, weaknesses, opportunities, and threats.” This type of analysis is helpful because it gives you a more robust understanding of why a customer might choose a competitor over your business. Seeing how you stack up against the competition can give you the direction you need to carve out your place as a market leader.

Social Media Analysis

Social media has fundamentally changed the market research landscape, making it easier than ever to engage with a wide swath of consumers. Follow your current or potential competitors on social media to see what they’re posting and how their audience is engaging with it. Social media can also give you a lower cost opportunity for testing different messaging and brand positioning.

SEO Analysis and Opportunities

SEO analysis can help you identify the digital competition for getting the word out about your brand, product, or service. You won’t want to overlook this valuable information. Search listening tools offer a novel approach to understanding the market and generating the content strategy that will drive business. Tools like Google Trends and Awario can streamline this process.

Ready to Kick Your Business Into High Gear?

Now that you’ve completed the guide to market research you know you’re ready to put on your researcher hat to give your business the best start. Still not sure how actually… launch the thing? Our free mini-course can run you through the essentials for starting your side hustle .

About Mary Kate Miller

Mary Kate Miller writes about small business, real estate, and finance. In addition to writing for Foundr, her work has been published by The Washington Post, Teen Vogue, Bustle, and more. She lives in Chicago.

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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

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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.

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What is Quantitative Market Research? Definition, Methods, Examples and Best Practices

By Nick Jain

Published on: May 18, 2023

Table of Contents

What is Quantitative Market Research?

Steps for quantitative market research, quantitative market research methods, examples of quantitative market research questions, 9 best practices for quantitative market research.

Quantitative market research is defined as a type of research that involves the collection and analysis of numerical data to understand market trends, consumer behavior, and other business-related variables. It typically involves surveying a large sample of people or a target audience to gather data using surveys, polls, or questionnaires, which is then analyzed using statistical techniques to identify patterns, correlations, and other insights.

Quantitative market research can be used to answer a wide range of questions, such as:

• What are the most popular products or services in a particular market?
• How much are people willing to pay for a particular product or service?
• What factors influence consumer purchasing decisions?
• How satisfied are customers with a particular product or service?
• What is the market share of different companies in a particular industry?

Characteristics of Quantitative Market Research

This type of research involves collecting numerical data and analyzing it using statistical methods to identify patterns, correlations, and other insights that can inform business decisions. Here are some of the key characteristics of quantitative market research:

• Structured data collection methods: Quantitative market research typically involves collecting data through structured qualitative research methods like surveys, experiments, or other techniques that allow for the collection of objective and measurable data. This structured approach helps ensure that the data collected is consistent and reliable.
• Large sample sizes: To ensure statistical significance, quantitative market research typically requires large sample sizes. This means that a large number of individuals need to be surveyed or studied to ensure that the data collected is representative of the broader population.
• Statistical analysis: Quantitative market research relies heavily on statistical analysis to identify patterns and correlations in the data. This involves using techniques like regression analysis, correlation analysis, and hypothesis testing to draw conclusions from the data collected.
• Objectivity: The goal of quantitative market research is to gather objective and unbiased data that can be used to make informed decisions. To achieve this, researchers need to ensure that their methods are objective and that the data collected is free from bias.
• Replicability: One of the strengths of quantitative market research is that it is replicable. This means that other researchers can use the same methods to collect and analyze data, which allows for the results to be verified and validated over time.
• Generalizability: Quantitative market research aims to gather data that is representative of the broader population. This means that the insights and conclusions drawn from the data can be generalized to the broader population with a certain level of confidence.
• Quantification: Quantitative market research involves quantifying data using numerical measurements. This allows for the data to be easily analyzed and compared, and for statistical techniques to be used to draw insights from the data.

Here is a general overview of the methodology involved in conducting quantitative market research:

Step 1. Define the research question: The first step in conducting quantitative market research is to define the research question or problem. This involves identifying the specific information that needs to be gathered and the objectives of the research.

Step 2. Design the study: The next step is to design the study, which involves identifying the target population, selecting a sampling method, and developing a survey instrument or other data collection method. The study design should be tailored to the quantitative research question and the specific objectives of the research.

Step 3. Collect the data: Once the study design is in place, the data collection process can begin. This involves administering surveys or other data collection instruments to the sample population. The data collection process should be structured and standardized to ensure consistency and reliability in the data collected.

Step 4. Analyze the data: After the data has been collected, it is analyzed using statistical techniques such as regression analysis, correlation analysis, and hypothesis testing. This involves identifying patterns and correlations in the data and drawing insights from the data to answer the research question.

Step 5. Draw conclusions: The final step in the quantitative research methodology is to draw conclusions. The method is conducted based on the data analysis. This involves interpreting the data and drawing conclusions that are supported by the data collected. The conclusions should be relevant to the research question and the objectives of the research.

Learn more: What is qualitative market research?

There are several common techniques used in quantitative market research, each with its own advantages and limitations. Here, we will explore some of the most commonly used techniques in quantitative market research.

Surveys are one of the most widely used techniques in quantitative market research. Surveys involve collecting data from a large number of individuals through a structured questionnaire or interview. Surveys can be conducted online, by mail, or over the phone. Surveys are a popular choice because they allow businesses to collect large amounts of data quickly and at a relatively low cost. They are also highly customizable, making it possible to tailor questions to specific research questions and objectives.

Experiments

Experiments are a quantitative market research technique used to test the impact of specific variables on consumer behavior or attitudes. There are two types of experiments. One is the laboratory experiments and the other one is the field experiments. Laboratory experiments are conducted in a controlled environment, while field experiments are conducted in a natural setting. Both types of experiments provide valuable insights into consumer behavior and can help businesses make data-driven decisions.

Observational Studies

Observational studies involve observing individuals in their natural environment and collecting data on their behavior. This can be done through direct observation or through the use of technology like cameras or tracking devices. Observational studies can provide valuable insights into consumer behavior, but they can also be time-consuming and may require a large sample size to be effective.

Secondary Data Analysis

With secondary data analysis, researchers can analyze data that has already been collected by others instead of collecting new data themselves. This can include data from government agencies, industry associations, or other sources. Secondary data analysis can be a cost-effective way to conduct market research , but it may be less customizable than other techniques.

Longitudinal Studies

Longitudinal studies involve collecting data from the same individuals over a period of time. This allows researchers to observe changes in behavior or trends over time. Longitudinal studies can provide valuable insights into consumer behavior, but they can be costly and time-consuming to conduct.

Cross-sectional Studies

Cross-sectional studies involve collecting data from individuals at a single point in time. This allows researchers to compare data from different groups or populations. Cross-sectional studies can provide valuable insights into differences between groups, but they may not provide as much insight into changes over time.

There are several types of quantitative market research questions that can be used in the research process. Here are several of the most frequently used types:

1. Closed-ended questions

Closed-ended questions are questions that have a limited set of response options. Respondents are asked to select one or more options from a list of predefined responses. Closed-ended questions are useful for collecting objective and measurable data that can be analyzed statistically.

Example: How often do you purchase coffee?

2. Open-ended questions

Open-ended questions are questions that allow respondents to provide their own answers, without any predefined response options. Open-ended questions are useful for gathering detailed and nuanced information, but they can be more difficult to analyze statistically.

Example: What factors influence your decision to purchase coffee?

3. Likert scale questions

Likert scale questions are questions that ask respondents to indicate their level of agreement or disagreement with a statement on a scale. The scale typically ranges from strongly agree to strongly disagree, with several points in between. Likert scale questions are useful for gathering data on attitudes and opinions.

Example: The quality of the coffee meets your expectation. What is your thought?

• a) Strongly agree
• d) Disagree
• e) Strongly disagree

4. Rating scale questions

Rating scale questions are questions that ask respondents to rate a particular product or service on a numerical scale. Rating scale questions are useful for gathering data on customer satisfaction and product performance.

Example: On a scale of 1-10, how likely are you to recommend our coffee to a friend?

5. Demographic questions

Demographic questions are questions that ask respondents to provide information about their age, gender, income, education level, and other demographic characteristics. Demographic questions are useful for segmenting the market and understanding differences in consumer behavior across demographic groups.

Example: What is your age?

• a) Under 18
• f) 55 or older

Learn more: What is quantitative research?

Quantitative market research questions are an essential component of the research process. By crafting effective research questions, businesses can gather objective and measurable data that can inform their decision-making processes. By using a combination of closed-ended, open-ended, Likert scale, rating scale, and demographic questions, businesses can gather a comprehensive range of data on consumer behavior, attitudes, preferences, and demographics.

To ensure the accuracy and reliability of quantitative market research, it is essential to follow best practices throughout the research process. Here, we will explore the key best practices for conducting successful quantitative market research.

• Define Clear Research Objectives:  Before initiating any quantitative market research project, it is crucial to define clear research objectives. What specific information or insights are you seeking to obtain? Are you interested in understanding market size, identifying customer segments, or evaluating the effectiveness of a marketing campaign? Defining research objectives will guide the entire research process, from questionnaire design to data analysis.
• Use Valid and Reliable Measurement Tools: Selecting valid and reliable measurement tools is essential for accurate data collection. Whether it is designing surveys, questionnaires, or experiments, the measurement instruments should be well-constructed, properly validated, and free from bias. Pre-testing the measurement tools with a small sample can help identify and address any issues before conducting the full study.
• Ensure a Representative Sample: The sample used in quantitative research should be representative of the target population to generalize findings effectively. Random sampling techniques, such as simple random sampling or stratified sampling, can help ensure that each member of the population has an equal chance of being included in the study. Adequate sample size calculation based on statistical principles should be performed to ensure the study’s power and reliability.
• Design Clear and Unambiguous Questionnaires: The questionnaire design plays a critical role in quantitative market research. Questions should be clear, concise, and unambiguous to minimize response errors and ensure data accuracy. Avoid leading questions or biased language that may influence respondents’ answers. Properly sequencing questions and using appropriate response scales (e.g., Likert scales, multiple-choice options) can also enhance the quality of data collected.
• Pilot Test the Questionnaire: Before conducting the full-scale study, it is advisable to conduct a pilot test with a small sample to identify any potential issues with the questionnaire. Pilot testing helps validate the measurement tools, identify ambiguities, and gauge the time required to complete the survey. Feedback from pilot participants can provide valuable insights for refining and improving the questionnaire.
• Use Robust Data Analysis Techniques: Applying appropriate data analysis techniques is essential for deriving meaningful insights from quantitative research . Statistical methods such as descriptive statistics, correlation analysis, regression analysis, and significance testing can help uncover relationships, trends, and patterns in the data. Employing advanced analytics tools and software can facilitate complex data analysis and visualization.
• Ensure Data Quality and Accuracy: Maintaining data quality and accuracy is crucial in quantitative market research. Data cleaning and validation processes should be employed to identify and rectify errors or inconsistencies in the data. Outliers, missing data, and other anomalies should be addressed appropriately to ensure the reliability and integrity of the data set.
• Interpret Findings with Context: When interpreting quantitative research findings, it is essential to consider the broader context and implications. Avoid overgeneralizing or drawing unwarranted conclusions based on statistical significance alone. Qualitative research methods , such as follow-up interviews or focus groups , can provide additional context and help explain the underlying reasons behind quantitative findings.
• Communicate Results Effectively: Effectively communicating research findings is crucial for driving data-driven decision-making within an organization. Presenting results in a clear, concise, and visually engaging manner helps stakeholders understand the key insights and implications. Visual aids such as charts, graphs, and infographics can effectively convey complex information. Tailor the presentation of findings to the audience, highlighting actionable recommendations.

Learn more: What is Quantitative Observation?

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How To Do Market Research: Definition, Types, Methods

Jan 2, 2024

11 min. read

Market research isn’t just collecting data. It’s a strategic tool that allows businesses to gain a competitive advantage while making the best use of their resources. Research reveals valuable insights into your target audience about their preferences, buying habits, and emerging demands — all of which help you unlock new opportunities to grow your business.

When done correctly, market research can minimize risks and losses, spur growth, and position you as a leader in your industry. 

Let’s explore the basic building blocks of market research and how to collect and use data to move your company forward:

Table of Contents

What Is Market Research?

Why is market research important, market analysis example, 5 types of market research, what are common market research questions, what are the limitations of market research, how to do market research, improving your market research with radarly.

Market Research Definition: The process of gathering, analyzing, and interpreting information about a market or audience.

Market research studies consumer behavior to better understand how they perceive products or services. These insights help businesses identify ways to grow their current offering, create new products or services, and improve brand trust and brand recognition .

You might also hear market research referred to as market analysis or consumer research .

Traditionally, market research has taken the form of focus groups, surveys, interviews, and even competitor analysis . But with modern analytics and research tools, businesses can now capture deeper insights from a wider variety of sources, including social media, online reviews, and customer interactions. These extra layers of intel can help companies gain a more comprehensive understanding of their audience.

With consumer preferences and markets evolving at breakneck speeds, businesses need a way to stay in touch with what people need and want. That’s why the importance of market research cannot be overstated.

Market research offers a proactive way to identify these trends and make adjustments to product development, marketing strategies , and overall operations. This proactive approach can help businesses stay ahead of the curve and remain agile as markets shift.

Market research examples abound — given the number of ways companies can get inside the minds of their customers, simply skimming through your business’s social media comments can be a form of market research.

A restaurant chain might use market research methods to learn more about consumers’ evolving dining habits. These insights might be used to offer new menu items, re-examine their pricing strategies, or even open new locations in different markets, for example.

A consumer electronics company might use market research for similar purposes. For instance, market research may reveal how consumers are using their smart devices so they can develop innovative features.

Market research can be applied to a wide range of use cases, including:

• Testing new product ideas
• Improve existing products
• Entering new markets
• Right-sizing their physical footprints
• Improving brand image and awareness
• Gaining insights into competitors via competitive intelligence

Ultimately, companies can lean on market research techniques to stay ahead of trends and competitors while improving the lives of their customers.

Market research methods take different forms, and you don’t have to limit yourself to just one. Let’s review the most common market research techniques and the insights they deliver.

1. Interviews

3. Focus Groups

4. Observations

5. AI-Driven Market Research

One-on-one interviews are one of the most common market research techniques. Beyond asking direct questions, skilled interviewers can uncover deeper motivations and emotions that drive purchasing decisions. Researchers can elicit more detailed and nuanced responses they might not receive via other methods, such as self-guided surveys.

Interviews also create the opportunity to build rapport with customers and prospects. Establishing a connection with interviewees can encourage them to open up and share their candid thoughts, which can enrich your findings. Researchers also have the opportunity to ask clarifying questions and dig deeper based on individual responses.

Market research surveys provide an easy entry into the consumer psyche. They’re cost-effective to produce and allow researchers to reach lots of people in a short time. They’re also user-friendly for consumers, which allows companies to capture more responses from more people.

Big data and data analytics are making traditional surveys more valuable. Researchers can apply these tools to elicit a deeper understanding from responses and uncover hidden patterns and correlations within survey data that were previously undetectable.

The ways in which surveys are conducted are also changing. With the rise of social media and other online channels, brands and consumers alike have more ways to engage with each other, lending to a continuous approach to market research surveys.

3. Focus groups

Focus groups are “group interviews” designed to gain collective insights. This interactive setting allows participants to express their thoughts and feelings openly, giving researchers richer insights beyond yes-or-no responses.

One of the key benefits of using focus groups is the opportunity for participants to interact with one another. They spark discussions while sharing diverse viewpoints. These sessions can uncover underlying motivations and attitudes that may not be easily expressed through other research methods.

Observing your customers “in the wild” might feel informal, but it can be one of the most revealing market research techniques of all. That’s because you might not always know the right questions to ask. By simply observing, you can surface insights you might not have known to look for otherwise.

This method also delivers raw, authentic, unfiltered data. There’s no room for bias and no potential for participants to accidentally skew the data. Researchers can also pick up on non-verbal cues and gestures that other research methods may fail to capture.

5. AI-driven market research

One of the newer methods of market research is the use of AI-driven market research tools to collect and analyze insights on your behalf. AI customer intelligence tools and consumer insights software like Meltwater Radarly take an always-on approach by going wherever your audience is and continuously predicting behaviors based on current behaviors.

By leveraging advanced algorithms, machine learning, and big data analysis , AI enables companies to uncover deep-seated patterns and correlations within large datasets that would be near impossible for human researchers to identify. This not only leads to more accurate and reliable findings but also allows businesses to make informed decisions with greater confidence.

Tip: Learn how to use Meltwater as a research tool , how Meltwater uses AI , and learn more about consumer insights and about consumer insights in the fashion industry .

No matter the market research methods you use, market research’s effectiveness lies in the questions you ask. These questions should be designed to elicit honest responses that will help you reach your goals.

Examples of common market research questions include:

Demographic market research questions

• What is your age range?
• What is your occupation?
• What is your household income level?
• What is your educational background?
• What is your gender?

Product or service usage market research questions

• How long have you been using [product/service]?
• How frequently do you use [product/service]?
• What do you like most about [product/service]?
• Have you experienced any problems using [product/service]?
• How could we improve [product/service]?
• Why did you choose [product/service] over a competitor’s [product/service]?

Brand perception market research questions

• How familiar are you with our brand?
• What words do you associate with our brand?
• How do you feel about our brand?
• What makes you trust our brand?
• What sets our brand apart from competitors?
• What would make you recommend our brand to others?

Buying behavior market research questions

• What do you look for in a [product/service]?
• What features in a [product/service] are important to you?
• How much time do you need to choose a [product/service]?
• How do you discover new products like [product/service]?
• Do you prefer to purchase [product/service] online or in-store?
• How do you research [product/service] before making a purchase?
• How often do you buy [product/service]?
• How important is pricing when buying [product/service]?
• What would make you switch to another brand of [product/service]?

Customer satisfaction market research questions

• How happy have you been with [product/service]?
• What would make you more satisfied with [product/service]?
• How likely are you to continue using [product/service]?

Bonus Tip: Compiling these questions into a market research template can streamline your efforts.

Market research can offer powerful insights, but it also has some limitations. One key limitation is the potential for bias. Researchers may unconsciously skew results based on their own preconceptions or desires, which can make your findings inaccurate.

• Depending on your market research methods, your findings may be outdated by the time you sit down to analyze and act on them. Some methods struggle to account for rapidly changing consumer preferences and behaviors.
• There’s also the risk of self-reported data (common in online surveys). Consumers might not always accurately convey their true feelings or intentions. They might provide answers they think researchers are looking for or misunderstand the question altogether.
• There’s also the potential to miss emerging or untapped markets . Researchers are digging deeper into what (or who) they already know. This means you might be leaving out a key part of the story without realizing it.

Still, the benefits of market research cannot be understated, especially when you supplement traditional market research methods with modern tools and technology.

Let’s put it all together and explore how to do market research step-by-step to help you leverage all its benefits.

Step 1: Define your objectives

You’ll get more from your market research when you hone in on a specific goal : What do you want to know, and how will this knowledge help your business?

This step will also help you define your target audience. You’ll need to ask the right people the right questions to collect the information you want. Understand the characteristics of the audience and what gives them authority to answer your questions.

Step 2: Select your market research methods

Choose one or more of the market research methods (interviews, surveys, focus groups, observations, and/or AI-driven tools) to fuel your research strategy.

Certain methods might work better than others for specific goals . For example, if you want basic feedback from customers about a product, a simple survey might suffice. If you want to hone in on serious pain points to develop a new product, a focus group or interview might work best.

You can also source secondary research ( complementary research ) via secondary research companies , such as industry reports or analyses from large market research firms. These can help you gather preliminary information and inform your approach.

Step 3: Develop your research tools

Prior to working with participants, you’ll need to craft your survey or interview questions, interview guides, and other tools. These tools will help you capture the right information , weed out non-qualifying participants, and keep your information organized.

You should also have a system for recording responses to ensure data accuracy and privacy. Test your processes before speaking with participants so you can spot and fix inefficiencies or errors.

Step 4: Conduct the market research

With a system in place, you can start looking for candidates to contribute to your market research. This might include distributing surveys to current customers or recruiting participants who fit a specific profile, for example.

Set a time frame for conducting your research. You might collect responses over the course of a few days, weeks, or even months. If you’re using AI tools to gather data, choose a data range for your data to focus on the most relevant information.

Step 5: Analyze and apply your findings

Review your findings while looking for trends and patterns. AI tools can come in handy in this phase by analyzing large amounts of data on your behalf.

Compile your findings into an easy-to-read report and highlight key takeaways and next steps. Reports aren’t useful unless the reader can understand and act on them.

Tip: Learn more about trend forecasting , trend detection , and trendspotting .

Meltwater’s Radarly consumer intelligence suite helps you reap the benefits of market research on an ongoing basis. Using a combination of AI, data science, and market research expertise, Radarly scans multiple global data sources to learn what people are talking about, the actions they’re taking, and how they’re feeling about specific brands.

Our tools are created by market research experts and designed to help researchers uncover what they want to know (and what they don’t know they want to know). Get data-driven insights at scale with information that’s always relevant, always accurate, and always tailored to your organization’s needs.

Learn more when you request a demo by filling out the form below:

Continue Reading

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Market Intelligence 101: What It Is & How To Use It

9 Top Consumer Insights Tools & Companies

• 33 Best Market Research Question Examples

To build a successful business, it is important to gather useful insights through market research. More than anything else, carrying out market research helps you to collect necessary information and make the right business decisions with regard to market segmentation and product differentiation. 

In this article, we will share sample questionnaires for different types of market research; specifically product, client, and customer market research. We will also show you how to use Formplus to create a simple online research questionnaire in no time. 

What is Market Research? 

Market research is the process of gathering valuable information about the needs of your target market, consumer behaviors, and market challenges. Conducting market research helps you to determine the feasibility of a product or service before its introduction to the market. 

During market research , an organization can collect primary and/or secondary data. Primary data refers to information that is collected directly from the research participants and target markets while secondary data refers to already-processed information about the research context and subject(s). 

Importance of Market Research

• Improves Sales

Market research provides unique insights into the expectations of your customers and clients, which helps you tailor your product to meet their specific needs. This would ultimately help to increase your sales.

• Identifying New Business Opportunities

With market research, you’d be able to spot untapped business opportunities in your industry and work on building a product in line with this. You can discover new geographical concentrations for your target market, for instance. 

• Reduces Business Risks

As a business owner, your priority should be taking calculated risks and this can be achieved when you have forehand knowledge of the dynamics of your industry. Conducting market research arms you with useful insights that will help you make the right business decisions.

• Advertising

Market research also improves your advertising by helping you to identify the best channels to reach your customers. You’d better understand market demographics and also know the channels that can yield the best returns in terms of lead generation and sales. 

• Competitive Advantage

With better knowledge of market needs and consumers’ preferences, you’d stay ahead of your competition. For instance, you can identify neglected market segments and focus on penetrating them. 

Market Research Questionnaire Examples for Product 

Product market research questions trigger responses that reveal how well-suited your product is for the target market. The right product-market research questions provide useful insight into the feasibility of the product before it is launched. Here are 11 question samples for your product market research questionnaire. 

• What is your deciding factor for product patronage?

This question would help you focus your product’s unique selling point on what the target market considers valuable. For instance, if the deciding factor for your target market is affordability, you would want to work on a fair pricing rate for your product.

• How likely are you to purchase groceries online?

Since you want to create a product that satisfies a specific need, you need to be sure your target market would be willing to buy into your idea. If the market has no need for an online grocery store, there’s little or no reason for you to launch one.

• Which product features are most valuable to you?

You can tweak this question in line with your specific product. Data gathered via responses would help you identify the product features you need to invest in.

• Would you be willing to subscribe to a weekly business newsletter?

Questions like this would help you decide whether you need to go ahead with a specific development plan for your business. If you want to launch a newsletter, it helps to know if you have a willing audience for it.

• Would you like to process orders and payments in a single form?

This type of question would help you identify the need(s) of the market and you can work on creating a product or developing a feature to meet this need.

• Who is your trusted internet service provider?

If you’re looking to penetrate a new market, it is important for you to identify the existing competition; that is, organizations that provide similar services in your industry. Asking prospective customers to identify the brands they trust is an essential part of your competitive analysis.

• What challenges do you face with 3rd party logistics companies?

This question would help you to identify the specific needs of your target market. You can focus your product on providing solutions to the challenges highlighted.

• Would you find this product useful?

This is a straightforward question to determine whether your product fills a specific need in the market.

• Would you be willing to pay in installments for this service?

Questions like this would help you identify product features that your target market considers to be valuable.

• How much are you willing to pay for this product?

This question would help you fix a reasonable price for your product. While your product may be excellent, ensuring its affordability is key to penetrating the market effectively.

• How much do you spend on groceries every month?

This question would provide insights into the purchasing power of your target market.

Read: Research Questions: Definition, Types, +[Examples]

Market Research Questionnaire Examples for Customer

To better under your customers’ perceptions of your product, you can create and administer a market research questionnaire. A market research questionnaire for your customers should include questions that focus on the usefulness of different aspects of your product delivered to your customers. 

You’d also want to centralize questions that bother on customer demographics, challenges, specific needs of your customers, and how your product meets these needs. Here are 11 specific questions you can include in your market research questionnaire for customers: 

Demographic Questions

These questions will help you better understand who your customers are and also help you create an accurate buyer persona.  Knowing who your customers are and what appeals to them means that you would be able to focus your product on what appeals to them. 

• What is your monthly income range?

Knowing how much your customers earn gives you a hint of their purchasing power and how much they can typically spend on your product. This will inform the pricing of your product so that you do not price yourself out of business.

• How much do you spend on shopping every month?

Just like you, customers work with a budget and are more likely to purchase products whose costs fit into this. Responses to this question will help you fix an appropriate fee on your product.

• Where do you prefer to shop?

Catering to customer preferences is one way of securing repeated patronage. Responses to this question will inform your business expansion plan. For example, if your customers prefer shopping online, you can set up a Formplus online order form to allow them to place orders for items and make payments conveniently. 

• How old are you?

This question will help you identify the age group that your product appeals to the most. Knowing this would help you craft marketing and advertising campaigns that appeal to the members of this group.

Feedback Questions

These questions help you to collect insightful information about customer experience; that is, how customers perceive your product and overall delivery. Responses to these questions would let you know why your customers buy from you and how well your product meets their needs. 

• What specific needs does our product meet for you?

This question helps you to identify the unique selling point of your product. You would know why customers patronize your brand and you can leverage this information for better marketing and advertising.

• How would you rate our product delivery?

Responses to this question are a direct reflection of your customer’s perceptions of your product delivery. For better insight, you can ask them to provide reasons for their ratings.

• What challenges did you encounter while using our product?

These questions help you to identify business weaknesses from the point of view of the end user. If left unattended to, competitors can capitalize on these weaknesses to increase their customer base.

• How likely are you to recommend our product?

Happy customers are one of the most effective marketing tools as customers will only recommend a product they are satisfied with. If more people are eager to recommend your product, it means that your business and brand is on the right track.

Other market research question samples are:

• How would you rate our customer experience?

Feedback on customer experience is important because it helps you improve your brand’s relations with its customers across different business touchpoints.

• What do you think about product pricing?

This question would help you adjust your product pricing appropriately. If customers think your product is too expensive, they may stop buying from you.

• How often do you use our product?

This question would help you track repeated patronage and to know how your product fits into your customers’ everyday lives.

Market Research Questionnaire Examples for Client 

Clients are individuals and organizations that you provide specific services for. Just like with customer market research questions, market research questions for clients help you assess your service delivery, identify clients’ unique needs, and gather useful insights via feedback. Here are 11 sample questions for you: 

• How would you rate our service delivery?

This is a feedback question that will help you understand how well your service meets your client’s needs.

• What challenges are you experiencing with our services?

Responses to this question would highlight areas needing improvement in your overall service delivery.

• Would you be willing to recommend us to your network?

If the answers to this question are in the affirmative, then you can be sure that your clients are quite impressed with the service you provide.

• What specific needs do our services meet for you?

To clearly map out the value of your product from the clients’ perspectives, ask them to identify the specific needs your services meet for them.

• How can our service delivery be better?

This is another feedback question that would help you improve your services to better cater to the needs of your clients.

• For how long have you been a client?

This question helps you to gather meaningful data to improve your client retention strategies.

• What do you like the most about our services?

This question would help you identify the unique selling point of your services.

• How would you rate your last experience with us?

With this question, you’d be able to gather valuable information about a client’s experience with your services.

• What do you dislike about our service delivery?

This question allows clients to highlight areas needing improvement in your service delivery. The data gathered would help you improve your services for the benefit of your clients.

• Are our services helpful?

This is a simple question that requires clients to highlight the value of your services.

• Why did you choose us?

How to Create an Online Research Questionnaire 

With Formplus, it is easier for you to create and administer an online questionnaire for market research. In the drag-and-drop form builder, you can add preferred form fields and edit them to suit specific research needs. Here’s a step-by-step guide on how to go about it: 

• Sign in to your Formplus account. In your dashboard, click on “create new form” to get started on your online research questionnaire.

• Drag and drop preferred fields into your online questionnaire. You can edit form fields to include market research questions. You can also make some fields hidden or read-only depending on your research needs.

• Use the form customization options to tweak the appearance of the online research questionnaire. You can add preferred background images, add your organization’s logo or tweak the form font.

• Finally, copy the form link and share it with form respondents. You can use one or more of the multiple sharing options including the social media direct sharing buttons and the email invitation option.

Conclusion 

While creating your market research questionnaire, it is important for you to tailor its questions to specific contexts. For instance, if you are conducting product market research, you should ask questions that would provide useful information on product feasibility among other things. 

Conducting market research yields multiple benefits for your business. To make the process seamless and easy to coordinate, you can set up an online research questionnaire with Formplus and share this with your customers, clients, and target market(s). 

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Home Market Research

Marketing research: Definition, steps, uses & advantages

What is marketing research?

Marketing research is defined as any technique or a set of practices that companies use to collect information to understand their target market better. Organizations use this data to improve their products, enhance their UX, and offer a better product to their customers. Marketing research is used to determine what the customers want, and how they react to products or features of a product.

Gather research insights

Four standard marketing research methods

The four most common marketing research methods are surveys, interviews, customer observations, and focus groups. You can research various ways without limiting yourself to just one way. Let’s dive deeper into each of these marketing research techniques.

Researchers collect responses by deploying surveys and managing data via online questionnaires or on-screen surveys at the POS. These surveys contain closed-ended and open-ended questions. They are popular and are the most widely used research techniques.

Why are online surveys popular?

Surveys are inexpensive, simple to set-up, deploy, and gather responses. It gets easy to collect multiple answers from a tailored audience group using surveys. Researchers rely on quantitative data, and online surveys provide quick responses compared to the more traditional offline methods. You can collect large amounts of data within minutes from anywhere in the world.

2. Interviews

Face-to-face or personal interviews are a more traditional way of doing marketing research. It is a slow and more expensive way of collecting responses. Researchers doing large scale marketing research do not prefer this method to collect a large number of responses. Interviews are conducted both in-person and on the telephone (CATI). 

Why are interviews important?

Personal interviews may not be widely used but play a significant role in understanding precisely what the respondent feels. You can record more than just verbal responses and understand the customer better. Often, when two humans interact with each other, more information is shared because of the dialogue. Personal interviews are useful in small-scale studies, where the researcher wants to interview a specific group of local respondents. CATI’s are helpful when the respondent base is more expansive.

3. Focus groups

Focus groups or online focus groups involve several respondents who participate in discussions about a particular topic. A researcher conducts focus groups to obtain richer information. The main reason for a focus group is to hold a dialogue between various people on a particular topic of interest. Unlike interviews, focus group members are allowed to interact with each other and influence one another.

Why are focus groups impactful?

It is no secret that focus groups are hugely impactful in decision making. Researchers gain a lot of information by organizing focus groups. Often, focus groups bring up issues not foreseen by researchers. Online or video focus groups have a broad reach, and many organizations have now started creating and nurturing research communities for better respondent handling and data gathering. Direct interaction of business groups and customers positively impacts users because they feel that their voices are heard.

4. Observation

Observation, though not popular and widely used, gives intuitive feedback. Research companies organize customer observation sessions to gather information on how they engage with the product or service (or a similar competitor product or service). Feedback from people’s behavioral attitudes is a powerful tool for researchers looking to improve their products and services.

What makes observation so powerful?

Observational market research is an excellent alternative to focus groups. It’s not only an inexpensive research tool, but you will also witness people interacting with and using your product in a natural environment. The downside is that you will have to make inferences about their feelings and reactions.

LEARN ABOUT: market research trends

How to conduct marketing research

Follow these four marketing research steps to help you understand what your users think and feel about your product, service, or business.

LEARN ABOUT: Behavioral Research

1. Create simple user personas

A user persona is nothing more than a fictional character that represents a user or a customer. Understanding user personas will help you gauge how different persons react to other products and services to understand their needs. To create a persona, your questions must answer these types questions about the user or customer:

• Who are they?
• What’s their primary goal?
• What stops them from achieving that goal?

2. Conduct observational research

Use both overt and covert observation methods to observe and take notes while users use your products or a similar one.

Overt vs. covert observation

• Overt observation asks users if they will allow you to watch them use your product. 
• Covert observation studies users in a natural environment without them knowing. This type of observation generally works only if you sell a product that consumers buy and use regularly. It brings in the purest observational research data as people act naturally while using the products. 

3. Conduct personal interviews

One-on-one conversations with your target population allow you to explore and dig deep into their concerns, revealing answers to many questions. Here are a few tips for conducting personal interviews.

• Be a journalist and not a salesperson. Ask users about their frustrations, needs, and areas where they think they need an improvement in the product. 
• Pose the ‘why’ question to dig deeper. Dive into the details to know more about their past behavior.
• Recording the conversation helps you focus on it rather than take notes simultaneously.

4. Analyze the data

The idea of conducting lean marketing research is to receive quick, actionable insight data. Analyze the information you have collected using various techniques to draw patterns into what customers like and dislike, what they want, and what they do not need. Create a simple visual representation of how people will interact with each other and the product to assess their needs in a better way.

LEARN ABOUT: Marketing Insight

Why is research so valuable?

Without research, it is impossible to gauge and understand your customers. Of course, you will have an idea of what they need and who they are and, but you must dive deeper to win their loyalty. Here is why marketing research matters:

• Attract potential customers: The primary aim of marketing research is to find ways to attract potential customers. It also helps to keep current happy and coming back for more. Understanding your customers entirely is the only way to progress. You’ll lose potential customers if you stop caring about improving your user experience.
• Answer the why’s: Marketing research gives you the answer to the ‘why.’ Make use of user analytics, big data, and reporting dashboards in marketing research to tell you what your users are thinking and why they think and act that way. For example, only marketing research can explain why customers leave you.
• Data-backed decisions: Research beats trends, assumptions, and so-called best business practices. Bad decisions are often taken due to emotional reasoning and guesswork. Focusing on customer experience by listening to your customers directs you in the right direction.
• Better planning: Research keeps you from making absurd decisions by planning in a vacuum. You might not fully gauge what your customers experience and feel while using your product. Customers may use products in a way that surprises you, and they may get confused by features that seem obvious to you. Conducting too much planning but not testing your assumptions will waste your money, time, efforts, and resources. Research helps you save up on all these factors.

LEARN ABOUT: 12 Best Tools for Researchers

Advantages of MKT research

Marketing research and user experience (UX) design help you continuously improve your product by acting on your feedback. Here are the advantages of conducting marketing research:

• Improved efficiency: Efficiency draws you closer to your users. You can improve the efficiency of delivering the product to the market and also increase its usability.
• Cost-effective: Marketing research helps you make the right decisions based on consumer demand, thus saving you costs in creating something that customers do not like or want.

LEARN ABOUT:  Test Market Demand

• Competitive edge: Quicker, more robust insights can help you place your services and products strategically, gaining a competitive advantage over others.
• Build strategies: You can quickly build, alter, or design new approaches to attract your users and consumers.
• Improved communication: Bridge the communication gap by interacting with consumers and hearing them out. This helps consumers feel wanted and special.
• LEARN ABOUT: Market research vs marketing research

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How To Do Market Research: Types and Templates (2024)

Want to do market research for your brand? Get the best templates and a step-by-step guide in this article.

Market research consists of systematically gathering data about people or companies—a market—and then analyzing it to better understand what that group needs. The results of market research are then used to help business owners make informed decisions about the company’s strategies, operations, and potential customer base.

Market research can help businesses run more efficiently and market more effectively. Ahead, you’ll learn how to do market research for your business, whether you’re breaking into a new market or developing a product .

What is market research?

Market research is the process of gathering data about people or companies and analyzing it to figure out what they’re looking for. Using market research, which is usually summarized in a report, you can make better decisions about your company’s strategy, operations, and potential customers. There are two main types of market research: primary and secondary.

Primary market research

Primary data is first-hand information you gather yourself, or with the help of a market research firm. You control it. Common ways to do primary market research include surveys, interviews, focus groups, and observations. 

Doing your own research has its benefits. You’ll learn exactly what customers want, because you’ve asked them directly. Information is fresh, and you can understand the nuances of your customers, like taste preferences or pricing.

Secondary market research

Secondary data is pre-existing public information, such as data shared in magazines and newspapers or government or industry reports. 

Say you’re a fashion brand expanding its product line to sustainable options, you’d use secondary research to understand market potential. You’d read market reports from Mintel or Nielsen Company to understand consumer demands for sustainable products.

Why is market research important?

Reduce risks for entering new markets.

Misjudging market demand for a new product leads to big financial losses. Market research lowers that risk by providing insights to inform your go-to-market plan, such as:

• Market size
• Income range
• Employment rate
• Market saturation

Gathering this information beforehand helps you understand opportunities and challenges for getting new customers. It also helps you understand emerging trends to stay competitive and identify new growth opportunities.

Understand the competition

A competitive analysis helps you understand the business landscape of a new market and uncovers gaps your business can fill. By analyzing your competitors’ offerings, marketing strategies, and customer feedback, you can create a plan to differentiate yourself in a crowded market. 

Make your business customer-centric

Market research reveals the needs, preferences, and behaviors of potential customers in a new market. For example, if you were expanding into South Korea, you’d want to take into account that shoppers value fast delivery times, readily available products, and the best price possible. 

Armed with this information, you’d want to create a seamless mobile shopping experience with quick load times and quick delivery to appeal to the local market. 

Types of market research

Surveys .

Surveys consist of a list of questions that can be shared with an individual by phone, in person, on a card or paper, or online using a survey software like SurveyMonkey or Qualtrics. 

Ask customers a series of questions to better understand how they feel about a product’s features, or about the experience they had. 

Focus groups

Bringing together groups of people with a common characteristic, such as age, hobby, or buying habits, to better understand their likes and dislikes is a focus group. 

Focus groups typically consist of eight to 12 people and a moderator who poses questions for the group to discuss. They are useful ways of getting feedback on a new product, new features, or new ad campaign.

Observation

When the researcher gathers information simply by watching how a subject interacts with a product, the technique is observation. This is often used in comparing preferences for several types of products.

In-depth interviews

Another market research technique is the one-on-one interview with an individual, during which probing questions are posed to better understand that person’s thoughts, opinions, challenges, and product preferences.

Secondary sources

Secondary research is often a good place to start when conducting market research to better understand industry trends and broader shifts. 

Some of the most useful sources include:

• Industry associations and trade groups
• Trade journals specific to your industry
• Government reports, such as the census or annual federal procurement results
• Industry analysts
• University faculty members 

You can also analyze competitor websites and materials to uncover what convinces potential customers to buy from them.

How to conduct market research

1. choose your focus.

Start by defining what you want to achieve from your research. You might want to:

• Understand a target audience
• Develop new product features
• Create a brand identity
• Improve customer experience

If you’re launching a new line of eco-friendly packaging, for example, your focus might be to understand customer attitudes toward sustainability. 

2. Determine your research methods 

Choose how you’ll capture the data based on your objectives and budget. Combine qualitative research (like interviews and focus groups) with quantitative data (like surveys) to understand attitudes and perceptions.

Maybe you’ll decide to conduct a focus group with environmentally conscious consumers to explore their feelings about packaging materials.

3. Collect the data

Depending on your research methods, you might need to prepare questionnaires, conduct interviews, or analyze data courses. You can conduct the process in-house or outsource it to a third party to help speed things along.

4. Analyze the data

Now it’s time to turn that raw data into insights. Identify any patterns or trends that answer your objectives. For example, you may analyze and identify the percentage of customers who prefer sustainable packaging over traditional options.

5. Report your findings

Prepare a report that includes key insights, data, and recommendations based on your findings. Go beyond stating the findings and explain what they mean for your business. What can you conclude about your market, audience, or product? 

For example, if your research finds high demand for eco-friendly packaging amongst the 25-to-34 demographic, you can conclude a targeted marketing campaign to this group could increase sales. 

Market research templates and guides

Behind every successful business is solid market research. But the hardest part is knowing where to start, and that’s where the following templates come in. These guides can help you stay on track and prepare for your market research process. 

• Shopify’s Market Research Competitor Analysis Template : Contains a free template to help you find your product market fit, so you can sell successfully right away. 
• HubSpot’s Market Research Kit : Contains an instructional guide, SWOT analysis template, focus group template, survey template, and more.
• Qualtrics XM : Qualtrics XM offers a collection of pre-made customer, product, and brand survey templates with a free account.

Online vs. offline marketing research

Online marketing research involves using digital platforms and tools to collect data from your audience. It includes surveys, polls, online focus groups, web analytics, and social media listening . 

The benefit of online research is that you can reach a wide audience quickly and at an affordable price. Because it’s done online, it’s convenient for both researchers and participants. However, online marketing research has some drawbacks, like low response rates and poor data quality. People may not give in-depth explanations or observations if they don’t sit in front of you.

In offline research, data is collected through in-person methods, such as interviews or observations. This allows researchers to examine people’s nonverbal cues and emotions in greater detail. However, offline research is expensive to conduct and analyze, and in-person methods may also limit sample size and diversity. 

How market research helps with competitive analysis

Knowing what your competitors are doing makes it easier to break into the market (or stay ahead of it). If you’re starting an ecommerce business , market research can help you:

• Identify industry trends
• Create a benchmark against competitors 
• Determine competitive pricing strategies
• Find gaps in the market

All these elements inform your competitive analysis, whether you’re developing a new product or entering a new market. In this way, you can uncover areas where competition is intense and gain leverage over your competitors.

Free competitor research template

Find a strategic angle to achieve sales success, uncover your product-market fit, and stand out from the competition with our free template.

Market research examples

Before launching a premium cocktail machine into a new category, the team at Bartesian had to identify a common problem: how hard it was to make great-tasting cocktails at home without any professional skill. 

It was a problem the founder, Ryan Close, struggled with himself, as he explains in a Shopify Masters interview . 

“I could never get [drinks] right, so I understood it was difficult to make great tasting cocktails at home if you’re not a bartender,” Ryan says. 

For his market research, Ryan carried a prototype of the machine around the country, getting in-person feedback. He’d go to trade shows and networking events to talk with people, ask about their pain points, and find out what they’d be willing to pay for his cocktail-making machine. These events helped give Ryan the market research needed to launch Bartesian. 

💡 Read more about how Ryan Close launched Bartesian

Beardbrand 

Beardbrand has become a popular men’s grooming brand since its launch in 2012. In 2023, it was estimated to have generated $25.7 million in revenue. Its founder, Eric Bandholz, took an informal approach to market research rooted in his personal experiences. 

He identified the potential for Beardbrand through several key insights:

• Observation: Noticing an increase in beards and mustaches, and a general interest in male grooming in urban areas, Eric recognized a growing trend that had yet to be fully capitalized on.
• Community engagement: By being an active member of the beard community and blogging about beard care and lifestyle, Eric immersed himself in the target market. This direct engagement provided him with firsthand insights into the needs and wants of his potential customers.
• Participation in events: Attending the 2012 West Coast Beard & Mustache Championships in Portland, Oregon, was a pivotal moment. It was here Eric realized the existence of a like-minded community that was underserved in terms of products and content tailored to their interests.
• Using social media for feedback and ideas: Eric leveraged social media platforms, especially Tumblr, to gather product ideas and gauge community interest. This approach allowed for immediate feedback and helped shape the product offering.

Before officially launching Beardbrand, Eric experimented with blogging about beard care products and engaging with the community. This phase acted as an informal market test, providing insights into the market’s receptivity to various products.

Abel Samet and Samuel Bail started Troubadour after unsuccessfully searching for a high-performing weekender bag. This personal experience highlighted a gap in the market for bags that were both aesthetically pleasing and functionally equivalent to sports gear—lightweight, waterproof, and comfortable.

They did market testing by initially offering their products to friends, family, and colleagues, which allowed them to gather valuable feedback. The brand continued to collect qualitative feedback from customers on their likes and dislikes about the bags, as well as quantitative data on sales and returns to understand needs and buying behavior. This allowed them to innovate and expand, taking calculated risks that paid off.

📚  Read: 10 Lessons Learned From Troubadour’s 10 Years in Business

Qualitative vs. quantitative market research

Qualitative and quantitative research are two fundamental approaches to doing market research. 

Qualitative research

Focuses on understanding concepts, thoughts, or experiences through subjective data. It explores the howand why of customers’ behaviors through open-ended questions and discussions. It can involve interviews, observations, and textual analysis to develop a more detailed understanding of the participant. 

Quantitative research

Rooted in quantifying a problem through numerical data, like statistics. You’ll normally use quantitative data to generalize results from a larger sample population. These include surveys, questionnaires, and experiments with fixed questions or conditions. 

Even though these two approaches are different, you can combine them to conduct a mixed methods study. This helps further validate your findings and get a better understanding of the issue at hand. 

Conduct your own market research today

Understanding industry shifts, changing consumer needs and preferences, and legislative trends, among other things, can shape where a business chooses to focus its efforts and resources. That’s the value of market research. Use the templates and market research techniques above to improve your process and grow your business. 

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• Website Builder & Website Maker by Shopify

What is market research? FAQ

What are the 4 types of marketing research.

• Exploratory research
• Descriptive research
• Causal research
• Predictive research

What is an example of market research?

An example of market research would be a company conducting a survey to learn more about their target audience’s preferences and buying habits. They might ask questions about age, gender, income level, and what types of products they purchase. The research would then inform the company’s business and marketing strategy. 

How often should market research be conducted?

Businesses can conduct market research on an as-needed basis. If you are launching a new product or entering a new market, you’ll do market research to support the initiative. Some businesses do market research on an annual basis to stay competitive. 

What are the 4 main purposes of market research?

• Identifying and understanding the target market: Market research helps organizations better identify and understand their target market. It can provide insights into customer demographics, preferences, needs and motivations.
• Product/service development and innovation: Market research helps organizations identify and develop new products or services that meet the needs of their target market. It also helps them understand how new products or services can be positioned in the marketplace.
• Market entry and expansion: Market research helps organizations plan and execute successful market entry and expansion. It can help them identify target markets, assess market potential and evaluate the competitive landscape.
• Brand and reputation management: Market research helps organizations maintain and improve their brand and reputation. It can provide insights into customer perception and help organizations differentiate their brand from competitors.

How much does market research cost?

How much market research costs depends on the research method used. For example, face-to-face interviews are more expensive than phone interviews. The sample size required is also a factor. The larger your sample size, the more expensive it will cost. On average, you can expect to pay between $20,000 and $60,000 for a round of market research from a marketing research firm.

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• 50+ Must-ask questions for your market research surveys

Şeyma Beyazçiçek

Market research is an essential part of finding answers to your questions. For this reason, market research surveys have a big importance. So, market study survey questions, too . These types of questions help you get essential data about the target audience, conduct competitive analysis, get new ones, or protect existing customers .

We have gathered the most essential data to help you gather information on the target market or target customer. In this article, you will find 50+ market research survey questions and examples about customers, products, social media, etc. You need to seriously consider these business survey questions for market research and learn more!

• What is a market research survey?

A market research survey is a document that asks demographic questions or any type of market research questions that aim to collect vital customer feedback to make you better in marketing . The critical point of a market research survey is to learn customer experience and make marketing plans according to it.

A report by Statista shows that since 2008 , the market research sector’s global revenue has increased by more than twice, surpassing $81 billion in 2022 . So, the importance of market research is getting more realized, and you need market analysis survey questions. Good survey questions for market research collect data to help you create definite strategies for a better marketing plan.

• 50+ Market research survey questions you must ask in your surveys

Each company has its own unique priorities and needs. For this reason, companies should choose questions carefully for their survey. 50+ market research survey questions might differ according to the needs and requirements of a company. Nevertheless, we have gathered the most essential and basic ones to make you grow faster. 

If you want to access all these privileges we have discussed so far, you need to have a look at these 50+ must-ask questions for your market research surveys:

Customer survey questions for market research questions

The primary reason for selling a product or service is for customers . Finding the target audience for your company is one of the most important parts of your market research survey. For that reason, you need to have a look at these customer survey questions for market research questions: 

1. How often do you shop from us?

• Once a week
• Twice a week
• Once a month
• Twice a month
• Once every two months
• Once every three months
• Once every six months
• Once a year

2. What is your favorite product/service?

3. What is your least favorite product/service?

4. Why do you choose us?

• Your reputation for quality products and services
• Your competitive pricing
• Your commitment to customer service
• Your convenient location
• Your wide selection of products and services
• Your knowledgeable staff
• Your experience in the industry
• Your commitment to innovation
• Your commitment to sustainability

5. Would you recommend us to your friends/family?

6. Since when do you choose us?

• Two Years Ago
• Three Years Ago

7. Overall, from 1-10, how do you rate us?

An opinion scale question example about satisfaction

Market research questions for a product

A market research question for a product is an excellent helper for companies to understand and collect data about existing. If you want to learn how your customers are satisfied with your exciting product, you only need to ask them these questions. Here are your market research questions for a product: 

8. Have you ever heard of this product before?

9. From 1-10, how would you rate this product?

10. Do you believe this product is useful/helpful for you? 

11. What is the likelihood of buying this product again?

• Very Likely
• Very Unlikely

12. What do you like about this product?

• It is easy to use
• It is cost-effective
• It is reliable
• It has great customer service
• It has a wide range of features

13. What do you dislike about this product?

• Functionality

14. Would you recommend this product to your friends or family?

You can replace the word “ product”  with the name of your own product.

A question example about purchasing behavior

New product market research survey questions

New product market research survey questions are perfect for your company if you plan for a new product. Imagine that you are about to launch a new product. You can take fewer risks if you ask questions about the new product before launching it. So you might need these market research questionnaire questions for your new product: 

15. Have you seen a similar product? 

16. How likely are you to use this product for your business activities?

17. What do you think is the best feature of this new product?

18. What do you think is the least favorite feature of this new product?

19. Do you find the price reasonable?

20. Are you excited about this product?

21. Overall, from 1-10, how do you rate this new product?

A question example about later use

Social media survey questions for market research

Social media is an excellent way of collecting helpful data from your customers because, today, nearly everybody has a social media account. You can have insightful data as long as you know which platform to use and how to use it. So, here are your social media survey questions for market research: 

22. Which social media platforms do you use? ( you can choose more than 1 )

23. In which social media platforms do you spend time the most?

24. Do you follow us on your social media accounts?

25. What do you think about our company’s social media account? 

• It's great!
• It could use some improvement.
• I haven't seen it

26. Do you believe we can use social media effectively?

27. What can we do to improve our social media accounts?

• Post regularly
• Run contests and giveaways
• Use relevant hashtags
• Optimize profile information
• Respond to comments
• Collaborate with influencers

28. Which influencers do you relate to us the most?

A market research survey question example about social media

Market research questions to ask potential customers

As much as trying to hold your existing customers, you should also try to find potential customers and expand your network. Because only in this way you can grow your business. When you have good market research questions to ask potential customers, as given below, you can easily get what you need: 

29. Have you ever heard us before?

30. When you think of our brand, what comes to your mind first? 

31. Who is our rival for you?

32. What is your minimum budget?

33. What is your maximum budget?

34. Would you consider choosing our product/service?

35. What are your best aspects, you think?

Market research questions for B2B companies

Just like any sector, B2B companies need to do their best to run market research. As for their market research survey, the questions will be different because they need to aim at businesses directly. If you need them, here are your market research questions for B2B companies: 

36 . Who is your ideal customer?

37. What really matters to your ideal customer?  

38. Do you think you know your customers?

39. How can you know your customers better?

40. What is your customers’ annual income? 

41. What do your customers do in their free time?

42. What attracts your customer?

Demographic questions for your market research survey

Demographic questions allow your company to understand your customer’s background better. Also, if you want to understand the certain characteristics of your target audience, demographic questions are the best option for you. Have a look at these demographic questions for your market research survey: 

43. What gender do you identify as?

• Genderfluid

44. How old are you?

• 65 or Above

45. What is your marital status?

46. Can you please specify your ethnicity?

• African American
• Asian American
• Hispanic/Latino
• Native American
• Pacific Islander
• White/Caucasian

47. Where are you located?

• United States
• United Kingdom

48. What is your education level?

• High School
• Associate's Degree
• Bachelor's Degree
• Master's Degree
• Doctorate Degree

49. What is your annual income?

• $0 - $25,000
• $25,001 - $50,000
• $50,001 - $75,000
• $75,001 - $100,000
• $100,001 - $150,000
• $150,001 - $200,000
• $200,001 and above

50. What is your current employment situation? 

• Employed full-time
• Employed part-time
• Self-employed
• Not looking for work

A market research survey question example about income

• How can I create a market research survey?

In order to collect essential data for your market research, if you want to handle it the fastest way, you will need an online form builder. Also, if you want to build your form with lots of options and create just like you wish and want to do all of them for free, there is only one option left: forms.app .

As long as you follow some basic steps, you can easily create your market research survey and here are the steps: 

1. Login or create an account

Firstly, you should log in to your existing account if you do not have one; no worries, you can easily and quickly create an account . Also, do not forget that you have the opportunity to log in via Google, Facebook, and Apple accounts. 

2. Start from scratch, choose a temple, or generate with AI

You have access to a wide range of options thanks to forms.app . You must begin from scratch if you wish to pick every aspect of your survey. The site offers pre-made market research survey templates if you do not want to spend too much time on it. However, if you stay current with the latest technology, artificial intelligence can create your survey in seconds!

3. Add your market research survey questions

Based on your company’s primary needs and essential requirements, you should choose your market research survey questions very carefully. Each company’s priorities can differ. For that reason, you need to pay attention while adding them. 

4. Customize your survey form

In this step, you can easily change and personalize your online survey . To give an example, you can change the size and type of the font, colors, and order of questions, add your brand’s logo, etc. 

5. Share your market research survey

In the final step, you can share your survey with your target via many platforms . You can choose the link to be public, limited, or private while sharing. Additionally, you can preview the link to see whether it has any meta titles, descriptions, or images. 

• How can I write good market research questions?

One can randomly create market research questions for the survey; however, if you want to be one step ahead of your rivals and be good at writing market research questions, you need to follow the points given below:

• Consider your company’s needs : You need to have a moment and consider what your company needs the most. What are your priorities or urgent needs? Or what are your urgent deficiencies to be covered? After answering these questions, you can create better questions. 
• Think like the customer: The key point is listening to your customers and trying to think like them. When you think like them, you can come up with better market research questions and collect more valuable data for your survey. 
• Be direct: Questions asked directly are definitely better , instead of asking too many indirect questions or long and complex sentences that might be confusing. So, you need to pay attention at this point. 
• Key points to take away

As we have discussed so far, the importance of market research is undeniable. If you want to increase your market share and be more successful in your sector, there are some key points for your company to take away. You should not ignore these points:

• Design of the survey: Do not forget that the more you pay attention to your market research survey design, the more you will seem professional. 
• Pay attention to the context: Design is an important factor, but context is the exact reason you run a survey. So, you need to be careful with your questions. 
• Check the result: At the end of the survey, checking and analyzing the results is a key point. If you will not do that, there is no need to share the survey, isn’t it?

Now that you have read so far, you know all the critical points about the issue and where to start. Take action now and start finding your own effective data collection methods for market research !

Şeyma is a content writer at forms.app. She loves art and traveling. She is passionate about reading and writing. Şeyma has expertise in surveys, survey questions, giveaways, statistics, and online forms.

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Starting Market Research: Identify Your Marketing Research Problem

How and why to create a problem statement for your market research

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Market research attempts to fill a gap in your knowledge about your business, market, or customers. Before starting, however, you have to articulate your research problem with a statement of the problem you want to solve or the question you want to answer.

Why a Problem Statement Is Useful in Market Research

Before beginning any market research, you need to define the problem that the research will attempt to address, including any decision alternatives and research objectives. Your problem statement will guide every step of your market research. It articulates what you want to accomplish with your research, which guides the type of research you need to conduct. Open research is qualitative and helps you understand a phenomenon, opinion, or set of behaviors. Closed research is quantitative and seeks to identify the relationships among a set of variables.

Once you know the type of research you need, you can decide on your research methods, objectives, and time frame. Knowing these will help you gather the resources you need and begin creating a research plan.

How to Identify Market Research Questions

Market research generally begins with research questions from internal clients or from your marketing department about how to achieve specific marketing objectives or understand consumer behavior.

Using these marketing questions will help you identify your knowledge gaps and create an appropriate research problem statement, which will guide the scope of your research.

• Compile a list of all the questions your marketing staff or researchers have relating to a specific topic or situation.
• Look for categories under which the questions can be grouped.
• Create subcategories with these groups.
• Identify an overarching question that can define the missing knowledge for each subcategory.
• Try to find a single question that unites all the subcategories.

Identifying the proper scope of your problem statement can be challenging. Define the problem too narrowly and you may discover that your market researcher has missed valuable information or failed to consider other important variables. Define the problem too broadly and researchers may waste time and money collecting unnecessary information.

If you can identify a single question that brings together your subcategories, that becomes the first draft of your problem statement. If there is not a single question unifying them, you may need multiple rounds of market research , each with its own problem statement, to address each subcategory individually.

Using Your Market Research Problem Statement

There may be a specific decision for your marketing, products, budget, or brand that an answer to your research question will help you make. In that case, you can use backward mapping to identify the appropriate priorities and aims of your research.

Other times, your problem statement may be more open-ended, which means your research can be exploratory, descriptive, or causal rather than decision-mapped.

• Exploratory market research seeks to provide insights into the nature of a marketing problem, come up with new ideas, or suggest a range of possible solutions to be considered. It can help you identify new decisions or options that you didn't know were available to your business.
• Descriptive market research attempts to determine the magnitude of a marketing variable. This information can be used to identify new opportunities for your business or market, as well as better understand the needs of your target customers.
• Causal market research examines a cause-and-effect relationship. This research is often closed-ended. It can be applied to specific situations or used to identify trade-offs that your business or customers may have to make in the future.

Keep in mind that qualitative research often builds on itself. You may need to alter your focus or refine your research problem once data collection is underway.

A change in the problem statement does not necessarily reflect poor planning. More often, it indicates that your research has been successful and your team has identified where to focus the next round of research in order to completely answer your research questions.

• Advantages and Disadvantages of Quantitative Research
• How to Evaluate a Business Idea Before Taking the Plunge
• What Are Potential Markets?
• 10 Questions You Need to Answer to Create a Powerful Marketing Plan
• Media Buying Made Easy Step-By-Step
• What Is Market Research?
• Market Research 101: Data Analysis
• Quantitative and Qualitative Segmentation Research
• Qualitative and Quantitative Research Methods
• How to Analyze Small Business Qualitative Market Research
• Establishing Trustworthiness in Qualitative Research
• Market Research 101: Develop the Research Plan
• The Difference Between Primary and Secondary Research
• What Is a Market Research Focus Group?
• Target the Right Market With Segmentation
• How to Conduct Market Research Surveys

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Market Research Terms Glossary

Section 1: market research terminology, section 2: question & survey types, section 3: survey bias, section 4: pollfish features.

You can’t become a market research expert without learning the lingo. That’s why we created the Pollfish Market Research Terms Glossary.

This alphabetical listing of key market research terms, concepts and ideas has been segmented into four sections: Market Research Terminology, Survey Design & Question Types, Survey Bias and Pollfish Features.

For basic research concepts, check out the Market Research Terminology section. Survey Design & Question Types gives simple definitions of the different types of surveys and questions you can build with Pollfish. The Survey Bias section takes you through the ways you can bias your results. And the Pollfish Features section gives you definitions of Pollfish-specific tools and features so you’ll always know what’s going on.

Check it out!

The more you read about market research, the more surveys you build and the deeper you sink into the world of consumer insights, the more you translate the language surrounding it.

Here, we define some basic terms that you will need to have an understanding of to become a market research expert.

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Agile market research An approach that values numerous small experiments over a few large bets, rapid iterations over big-bang campaigns and responding to change over following a plan.

Complete A fully completed survey that has been screened for bias, insufficient responses and bots. Completion Rate The rate at which surveys are completed as compared to the number of surveys started by respondents. To calculate completion rate, divide the number of completes by the number of starts. Consumer Insights Valuable information on the preferences, opinions, habits and emotions of your most valuable customers. Consumer insights usually encompass insights related to a product or service. Control Group Survey participants can be split into two groups–an experimental group, exposed to a product or service, and a control group that is neutral. A common example is ad effectiveness testing, where researchers can track a respondent’s exposure to an ad through cookies. They then split those who have viewed the ad and those who have not into separate groups, asking the same questions to see how responses differ. Cost Per Complete The price you pay per completed survey. This calculation is based on certain factors of your survey, including the number of screening questions, quotas, demographic/geographic filtering and more. Learn More > Cross Tabulation (Crosstab) A feature of your survey platform that presents data in a table with rows and columns, designed to help researchers observe two or more variables at the same time. Crosstabs are useful when you want to divide your respondents into subgroups to see how a dependent variable changes the results.

Data Any information collected by your survey, along with any outside information collected, observed, generated or created in service of your research goals. Data Cleaning Removing unqualified, biased or incomplete responses from a survey. This process improves data quality and protects against survey bias. Learn More > Device ID An individually assigned ID given to a Respondent’s device to differentiate them from other respondents. Many survey platforms who deliver surveys via mobile devices will collect or create Device IDs. At Pollfish, these IDs are passed to us from the mobile app publishers where we deliver your survey. This ID, along with demographic information respondents give on their first survey, are collected and used for targeting and filtering purposes in the future. Learn More > DIY market research Market research conducted using a self-service platform, as opposed to partnering with a market research agency or research consultant. Most DIY market research is conducted in-house to avoid the speed and cost limitations of working with outside entities. Learn More > Drop-Offs When a respondent begins a survey and doesn’t complete it. These are also called Starts. Drop-offs are not counted as completes and, therefore, you will not be charged for them.

Engagement Engagement has many meanings. It can refer to a high degree of focus and interest in stimuli. In digital marketing and technology, engagement often refers to metrics surrounding use of platforms, content features or apps (think clicks, time on page, etc). In market research, engagement refers to how users interact with your survey. Does their time spent on each question indicate they are confused or don’t understand how to choose an answer? If so, your completion rate could be impacted.

Feasibility Study A feasibility study is designed to determine the likely success of a project, product or service. There are many factors that go into a feasibility study, including existing competitors, production limitations, timing, estimated pricing and more. Brands or researchers may conduct feasibility studies to determine the market interest in a new product or service, or even to help determine the feasibility of a future research project. Fielding Fielding refers to the distribution of the survey questionnaire. When using Pollfish, you can watch your results roll in in real time using our Results Dashboard.

Implicit data Implicit data refers to information that is not provided from respondents directly, but is gathered from available data. For example, Pollfish collects location data and information on a respondent’s mobile carrier from the App publisher, not from the respondent directly. Incidence Rate Incidence rate is the measure for the rate of occurrence or the percentage of persons eligible to participate in a survey, based on the targeting criteria selected.

Longitudinal Research Researchers performing a longitudinal study will run the same survey many times over short or long periods, in an effort to observe how the opinions, behaviors or habits of the same population change over time. The population can also be randomized to see how time impacts the questions being asked, regardless of population.

Margin of error Margin of error, also called the confidence interval, is a statistical measurement of difference between survey results and the population value, expressed as a percentage. Within the survey ecosystem, the margin of error measures the difference between your survey results and how accurately they reflect the views of the overall population. Learn More > Market research Market research refers to the gathering of consumers’ needs, preferences, habits, behaviors and more in an attempt to better understand a company’s potential customers, brand positioning and potential interest in a product or service. Mobile ID Also known as the Advertising ID, this unique ID number is how mobile advertisers are able to cookie users and keep track of engagement with mobile ads. At Pollfish, we use this id in a similar way, delivering surveys to users in much the same way an app delivers ads. We use the advertising ID to ensure we don’t send the same survey to the same user more than once. Learn More >

Non-Probability Sampling Non-probability sampling excludes some of the population in your sample, and that exact number can not be calculated – meaning there are limits on how much you can determine about the population from the sample. These methods include convenience sampling, quota sampling, judgement sampling and snowball sampling. Learn More >

Online panel Online panels collect responses either via a fully opt-in structure, including a signup page, or start with some form of digital outreach to potential respondents who have agreed to take surveys in advance. Panelists are then recruited to participate in specific surveys, for example via email invitation to the page of the panel provider. Pollfish avoids the pitfalls of traditional online panels by asking users to take surveys while they are using apps or games in real-time, increasing data quality and reducing biased responses. Learn More >

Panel A panel is a collection of potential respondents who have agreed to take a survey in advance of the survey’s fielding process. These respondents are typically promised some type of incentive in exchange for joining the panel, which would effectively pay them for their time. Learn More > Piping Piping allows researchers to personalize surveys by ‘piping’ an answer from a previous question into a later question. For example, you can ask a respondent their name or occupation on the first question, and then add that name or occupation to future questions to make the questions more personalized. Population The population is the total group of respondents who you attempted to survey. If they complete your survey, they become part of your sample. Primary Data Primary data refers to the data collected by researchers directly from respondents using surveys, interviews or direct observation. Primary research Primary research refers to the methodology of using only data collected directly from respondents, rather than relying on data collected during previous research or from some external source (government agencies, employment records, etc). Probability Sampling Probability sampling refers to a randomized method of respondent selection. In order to utilize probability sampling, researchers have to have a method that ensures every member of the population has an equal chance of being chosen to participate (like picking names out of a hat). Psychographic Unlike demographics, which explain who your respondents are, psychographics seek to explain why they do what they do. While any quantitative study, group of screening questions or even secondary location data can net you demographic data, psychographics are more often culled from qualitative studies. For example, is your respondent concerned with health and appearance? Do they enjoy socializing or are they more introverted? You can get answers to these questions from scale-based quantitative questions, but open-ended questioning or interviewing often provides more depth to these groupings. Depending on how you plan to use them, you should consider this before creating your survey. Learn More > Public Opinion Research Public opinion refers to the opinions of a majority of people in a certain population. Polling the public opinion requires taking as broad of a study as possible and asking direct, quantifiable questions about specific issues.

Qualification rate The qualification rate is the estimated percentage of people you expect to qualify for your survey based on your targeting criteria, screening questions and other filters. Qualitative research Qualitative survey questions aim to gather data that is not easily quantified such as attitudes, habits, and challenges. They are often used in an interview-style setting to observe behavioral cues that may help direct the questions. Learn More > Quantitative research Quantitative research is about collecting information that can be expressed numerically. Quantitative research is usually conducted through surveys or web analytics, often including large volumes of people to ensure trends are  statistically representative . Learn More > Questionnaire Your questionnaire is the list of questions you plan to ask your respondents. There are many different types of survey questions you can ask, depending on your survey goals. Learn More > Quota Quotas are limits you can set for the number of responses your survey collects from a particular group. They can be set across the entire survey or on a given question or segment. Unlike weighting, which ties your quotas to existing data sets like a national or local census, quotas can be chosen by the researcher to match the goals of your survey. If, for example, you’d like to survey a population that is 75% female, you can do that.

Respondent A respondent is a person who meets your targeting criteria and completes your survey in full. Response Rate The response rate is the percentage of the total targeted population who responded to your survey. Learn More >

Sample Your sample refers to the respondents who matched your targeting criteria and completed your survey. Sample size Your sample size is the number of completes your survey receives. Learn More > Secondary data Secondary data refers to data that has been collected outside of the bounds of a researcher’s survey, but which the researcher can use to add context. For example, DMV records, national census records and other government information can be used for things like weighting and quotas, or just to show the disparity between perception and reality within a studied population. Secondary research Secondary research refers to the summary or synthesis of existing research towards a new research goal. In this practice, previous primary research projects are used as sources. Segmentation Segmentation studies seek to separate larger audiences into smaller segments based on similar tastes, interests, perceptions and other secondary factors like education, employment or lifestyle. Statistical significance A measurement to quantify whether a result is just due to chance or due to some significant factor. Getting a survey that is not statistically significant comes from sampling error. That’s when your sample doesn’t accurately reflect the population of your survey and, therefore, may cause skewed results. There are two things to contend with when trying to remove sampling error: sample size and variation. The larger the sample size, the less chance there is in the result so that reduces sampling error and increases significance. Controlling for variability of your sample also can impact sampling error–the more variability in your sample, the more prone to error the study will be. Survey In its most basic form, a survey refers to the questionnaire–delivered either in person or online–that a researcher administers in service of a research study. When using Pollfish and other online survey platforms, a survey refers to the targeting you select, the questionnaire you create and the results files created once you run your survey. Each survey’s full info is grouped together in your account dashboard.

Targeting Targeting refers to the criteria you select to screen potential survey respondents. Once targeting is selected, a population is created and your survey is delivered. Tracking Study (Tracker) Tracking studies use the same questionnaire, delivered over time, to track brand awareness, monitor customer satisfaction, study consumer interest in new products or services, analyze the effectiveness of advertising creative and more. Tracking studies may be delivered to the same populations (to gauge how perceptions of the same group changes as time goes on) or different populations to view time as just one factor impacting shifting perceptions.

Section 2: Survey Design & Question Types

When creating your survey design, it is important to start with the type of survey you want to run. Understanding the small but significant differences between survey types is a great first step.

Here, we want to review the different types of studies you can run with Pollfish, as well as the ideal question types for each one.

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Ad Absorption A study designed to show the effectiveness of certain advertising creative. These studies tend to use narrow audience targeting screening questions and even control groups to determine if new ad creative is having statistically significant impact on user experience or understanding of a product, brand or service. Learn More > Attitude & Usage Testing A study that aims to understand the available market for a product or service. This typically involves things like market sizing, general understanding of the product category, questions understanding brand decisions, gathering targeting information and more. Audience Profiling Profiling is a process of collecting demographic information to define an audience or population. Researchers may need to conduct surveys of a population to determine if there are enough available survey takers for the demographic or other targeting they want to run. At Pollfish, we use a rolling profiling model to keep our audience up to date. We also collect most of the demographic data you will need up front, including demographic, gender and mobile usage data. Learn More > Audio question A question that requires the respondent to listen to an audio clip in full before answering.

Brand Awareness Brand awareness is the extent to which consumers are familiar with a brand, the extent to which the brand’s intended perception matches reality and the extent to which a company’s brand is helping or hurting sales.

Closed-ended question Closed ended questions are those that offer a limited selection of answers to choose from, such a single or multiple-selection question, matrix, or scaling question type. Learn More > Competitive Analysis Competitive analysis testing helps you better understand how your potential customers are discovering your competitor’s product, feature preferences, user behavior and more. Learn More > Concept Testing The process of testing a big idea, concept testing allows you to run ideas past a sample of your target market before producing them. These ideas can be new logos, new product ideas, new ad campaign ideas and more. Content Creation Surveys Conducting surveys can reveal gaps in news coverage that can help digital media brands develop a unique editorial voice. By surveying outside of existing readers to prospective readers and even competitive readers, digital media companies can gauge interest in, and existing knowledge of–certain topic areas. Learn More > Creative Testing A test allowing a creative team to gauge the effectiveness of their work at conveying the feelings and emotions they were aiming for. This includes logo testing, ad creative testing and more. Creative testing may ask questions about brand effectiveness, gauge tone and consumer enjoyment and gauge the likelihood of someone to purchase before and after viewing creative assets.

Description question A question in your questionnaire that contains a basic description. This question type is usually used to provide directions to the respondent. Learn More >

Image question A survey question requiring respondents to look at and respond to an image or a group of images.

Likert Scale A Likert Scale is typically a 5 or 7 point scale that asks a respondent to express how much they agree or disagree with a statement. Learn More > Logo Testing A type of creative testing focused on changes, updates or just current opinions of a brand or product logo. This type of survey may contain questions gauging how appealing, authoritative or on-brand a logo is, or even reveal possible changes to a brand logo and ask potential customers to weigh in. Learn More >

Market Analysis Studies that focus on the size, scope and potential of a market. Before launching a new product, companies may want to figure out the size of the potential market by broadly surveying interest for that product across key areas and demographic groups. This helps companies determine how large a product rollout may be needed. Matrix multiple selection question A matrix question asks respondents to make selections for multiple options on a scale. A matrix multiple selection question lets you select multiple responses for a single option. For example, a matrix may contain elements of a hotel, asking respondents to rate elements like the pool or the lobby bar using a variety of potential responses like “Clean” or “Fun.” A multiple selection matrix will allow you to check all descriptions that apply. Learn More > Matrix single selection question A matrix single selection question will ask you to select one answer per option on a scale. For example, a matrix may contain elements of a hotel, asking respondents to rate elements like the pool or the lobby bar using a variety of potential responses. Because responses are single-selection, researchers will often ask something more definitive, like “How likely were you to use these different elements of our hotel?” And ask for a scale of 1-5. Learn More > Multiple selection question Multiple selection questions contain a list of options and ask respondents to select all that apply. For example, the question “what kind of music do you like?” will contain a list of music types so respondents can select all types they prefer. Learn More >

Naming Tests Studies concerning the names of things–new product names, new website URLs, new brand names or even the name of a new film or TV show–naming tests help reveal potential perception issues that can occur. For example, does one title effectively convey what the product or service is? Does the name defy expectations and surprise the user? Net Promoter Score (NPS) Net Promoter Score is a widely used customer/consumer experience test that asks a simple question: on a scale of 1-10, how likely are you to recommend this business, brand, product or service to a friend or colleague? Respondents who rate 0-6 are detractors, 7-8 are considered passive and 9-10 are considered promoters. Learn More > NPS Survey An NPS Survey asks the Net Promoter Score question to a specified target population. This allows companies to gauge how well they are doing on the NPS scale with their specific target customer or potential customer. Learn More > Numeric open-ended question An open-ended question that requires a numeric answer. For example, researchers may ask how much money you’d potentially pay for a product or service. Learn More >

Open-ended question Open-ended questions do not require the respondent to select from a specific list of responses, but instead asks them to type their response into a text box. Open-ended questions, therefore, are less definitive, seeking to gather more qualitative responses, getting at the feelings and broader opinions from the respondent in their own words. Learn More >

Package Testing Studies that provide consumer feedback on product packaging. Would you be more or less likely to buy a product with new packaging? Does the packaging effectively convey what is inside? How do your potential customers feel when they look at your new packaging? Pre/Post Studies A pre-post study examines whether participants in an intervention improve or become worse off during the course of the intervention, and then attributes any such improvement or deterioration to the intervention. Product / Market Fit Product/Market fit is a the degree to which a particular product meets the demands of the market it is in. Have you created the minimum viable product for your market, that solves a problem or need that exists? Product/Market fit studies aim to survey early adopters or potential customers to see if the product meets previously identified criteria for satisfaction within a market. Product Testing A final test of a product, product testing gives users access to a prototype and seeks to identify opinions–positive or negative–of a product before it goes to market.

Qualitative survey question Qualitative research focuses on personalized behavior, such as habits or motivations behind their decisions. This can be gathered through contextual inquiries or interviews to learn more about feelings, attitudes, and habits that are harder to quantify but offer important additional context to support statistical data. Learn More > Quantitative survey question Quantitative survey questions are those that can be expressed numerically, meaning they require respondents to select from a pre-selected list of potential responses. Learn More >

Ranking question Similar to a single-selection matrix, ranking questions ask users to rank different elements of a product or service on a numerical scale. Learn More > Rating stars A question where respondents answer using a scale of a number of stars. Learn More >

Screening question Screening questions help researchers ensure they are getting the exact sample they want using filtering that falls outside of available targeting criteria. For example, if you only want to include people in your survey who have seen the movie Pulp Fiction, your screening question would ask potential respondents if they have seen the film, and screen them based on their answers. Learn More > Single selection question A question providing a list of potential responses, from which respondents may choose one answer. Learn More > Slider question A question where respondents answer by dragging a button across a slider to provide a rating. Learn More >

Usability Testing Usability testing aims to test user experience changes on real users to determine if the experience has been positively or negatively impacted by any changes. Unlike more traditional product testing, usability testing usually focuses more on design changes and more commonly relates to app or software development. UX Testing Any testing related to the overall user experience of a product (usually app or software). UX testing tends to be more holistic than Usability testing, running qualitative and quantitative studies of each phase of the user journey.

Video question A question where respondents much watch a video in its entirety before answering.

One of the most important factors in DIY survey creation is avoiding bias. Survey bias reduces data quality, threatening the integrity of your consumer insights.

We have gone in-depth on ways to root out survey bias here. But to fully understand the different types of bias you may have to contend with, here are some helpful definitions.

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Acquiescence Bias Also referred to as “yea-saying,” Acquiescence bias occurs when respondents are overly agreeable, to the point of contradicting themselves. You can avoid this by limiting the number of questions asking respondents to simply agree or disagree, as these statements often result in over-agreement. Learn More > Alternators Alternators are survey takers that fill in responses in familiar patterns, simply alternating responses but not engaging with the questions. You can avoid this by mixing in some open-ended, audio or video questions. If responses appear to be biased, Pollfish will remove them from your sample. Learn More >

Double-Barreled Questions Double-barrelled questions happen when researchers blend two questions into one, and then allow for only one answer. The respondent must agree in total with a statement they may only partially believe, creating incomplete or biased responses. For example, “Did you find the product interesting and helpful? Yes or no?” Learn More >

Extreme Responding If given the option, some respondents will select only the most extreme option. Make sure to mix up your question types. If you have several scales or rating questions, make sure to mix in some others that require a bit more attention. Learn More >

Leading Question Leading questions use biased language to influence respondents in a direction. Keep questions as simple and direct as possible, taking care to remove any editorializing adjectives that may betray a preference towards one response or another. Learn More > Loaded Question Loaded questions make assumptions. For example, asking “what kind of candy do you get when you go to the movies?” assumes the respondent goes to the movies, eats candy and gets candy at the movies. This creates a biased environment where the respondent may not be able to answer accurately. Learn More >

Order Bias The order you list question responses in a quantitative survey question can bias respondents towards choices higher on the list. If your survey platform has the ability, use answer shuffling to remove the potential for this bias. Learn More >

Prestige Question Inserting prestige into a question by citing an expert opinion one way or another biases the respondent towards the expert’s opinion. For example, “Doctors say smoking causes cancer. Do you agree?” or “Do you support the President’s policy on Zimbabwe?” Learn More >

Self-Selection Bias This occurs when respondents are allowed, through whatever means, to opt out of taking a survey based on its content. This biases the results by oversampling people with a previous interest or overly polarized opinion on a given topic. Learn More > Social Desirability Bias This occurs when respondents will attempt to discern what the researchers want them to say and respond accordingly. This often occurs when participants see the brand or topic ahead of time and try to give answers the company or researcher may want to hear. Avoid exposing this information, or asking any leading or loaded questions that may betray an interest. Learn More > Speeders Respondents who complete surveys far too fast to have actually read the questions or truly contemplated answers. Pollfish removes these respondents through AI and machine learning algorithms. Learn More > Stereotype Question When researchers infuse bias into survey questions, they open the potential for respondents to agree with or defy that bias. If, for example, a survey question reminds respondents that gender stereotypes exist around math, that question may have planted a seed in the mind of respondents that changes responses. Avoid this type of language at all costs. Learn More > Straight-Liners When respondents answer using the first available choice for every question. Respondents answering in familiar patterns in order to complete surveys faster will be removed from the Pollfish sample. Learn More >

Sometimes, we get so excited about the features of Pollfish, we forget to define them all for you!

So we decided to explain them all in one place. Feel free to bookmark this section so you can return to it as you read through resources.pollfish.com.

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Advanced branching Also known as skip logic, advanced branching allows you to show respondents different questions based on responses to earlier questions. For example, if a respondent says they have tried your product, you can show them one set of questions and if they have not, you can show them different questions. Branching provides an alternative to screening questions. Learn More > App Monetization App monetization refers to the method or methods app publishers use to make money on their apps. There are a variety of app monetization strategies and platforms. Pollfish provides a way for app publishers to immediately monetize their creations by installing the Pollfish SDK and exposing their user base to Pollfish surveys. Learn More >

Programmatic Advertising Programmatic advertising refers to the automated buying and selling of online advertising. Pollfish functions on a programmatic advertising model, delivering surveys in much the same way advertisers deliver ads in apps. Learn More >

Quotas If a survey must meet a set percentage of participants from an age or gender group, you can set quotas.

Radius Targeting When setting geographic targeting on your Pollfish survey, you can select a city, congressional district or town. You can also use our Radius Targeting tool to select a specific radius on a map to target your survey. Learn More >

Skip Logic Also known as Branching, skip logic allows you to show respondents different questions based on responses to earlier questions. For example, if a respondent says they have tried your product, you can show them one set of questions and if they have not, you can show them different questions. Skip logic provides an alternative to screening questions. Learn More > Survey Stratification Stratified sampling involves dividing a population into smaller sub-populations called strata. There are many ways of accomplishing this, including balancing using predetermined quotas before you run your survey, or weighting your results after the fact. Learn More >

Weighting A type of stratification where quotas–often pegged to pre-existing data like a local or national census–are used to weight respondent pools to more accurately reflect the population being surveyed. With Pollfish, you can weight your survey results to the local or national census (where available) with the push of a button. Learn More >

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.

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• Knowledge Base

Methodology

• Survey Research | Definition, Examples & Methods

Survey Research | Definition, Examples & Methods

Published on August 20, 2019 by Shona McCombes . Revised on June 22, 2023.

Survey research means collecting information about a group of people by asking them questions and analyzing the results. To conduct an effective survey, follow these six steps:

• Determine who will participate in the survey
• Decide the type of survey (mail, online, or in-person)
• Design the survey questions and layout
• Distribute the survey
• Analyze the responses
• Write up the results

Surveys are a flexible method of data collection that can be used in many different types of research .

Table of contents

What are surveys used for, step 1: define the population and sample, step 2: decide on the type of survey, step 3: design the survey questions, step 4: distribute the survey and collect responses, step 5: analyze the survey results, step 6: write up the survey results, other interesting articles, frequently asked questions about surveys.

Surveys are used as a method of gathering data in many different fields. They are a good choice when you want to find out about the characteristics, preferences, opinions, or beliefs of a group of people.

Common uses of survey research include:

• Social research : investigating the experiences and characteristics of different social groups
• Market research : finding out what customers think about products, services, and companies
• Health research : collecting data from patients about symptoms and treatments
• Politics : measuring public opinion about parties and policies
• Psychology : researching personality traits, preferences and behaviours

Surveys can be used in both cross-sectional studies , where you collect data just once, and in longitudinal studies , where you survey the same sample several times over an extended period.

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Before you start conducting survey research, you should already have a clear research question that defines what you want to find out. Based on this question, you need to determine exactly who you will target to participate in the survey.

Populations

The target population is the specific group of people that you want to find out about. This group can be very broad or relatively narrow. For example:

• The population of Brazil
• US college students
• Second-generation immigrants in the Netherlands
• Customers of a specific company aged 18-24
• British transgender women over the age of 50

Your survey should aim to produce results that can be generalized to the whole population. That means you need to carefully define exactly who you want to draw conclusions about.

Several common research biases can arise if your survey is not generalizable, particularly sampling bias and selection bias . The presence of these biases have serious repercussions for the validity of your results.

It’s rarely possible to survey the entire population of your research – it would be very difficult to get a response from every person in Brazil or every college student in the US. Instead, you will usually survey a sample from the population.

The sample size depends on how big the population is. You can use an online sample calculator to work out how many responses you need.

There are many sampling methods that allow you to generalize to broad populations. In general, though, the sample should aim to be representative of the population as a whole. The larger and more representative your sample, the more valid your conclusions. Again, beware of various types of sampling bias as you design your sample, particularly self-selection bias , nonresponse bias , undercoverage bias , and survivorship bias .

There are two main types of survey:

• A questionnaire , where a list of questions is distributed by mail, online or in person, and respondents fill it out themselves.
• An interview , where the researcher asks a set of questions by phone or in person and records the responses.

Which type you choose depends on the sample size and location, as well as the focus of the research.

Questionnaires

Sending out a paper survey by mail is a common method of gathering demographic information (for example, in a government census of the population).

• You can easily access a large sample.
• You have some control over who is included in the sample (e.g. residents of a specific region).
• The response rate is often low, and at risk for biases like self-selection bias .

Online surveys are a popular choice for students doing dissertation research , due to the low cost and flexibility of this method. There are many online tools available for constructing surveys, such as SurveyMonkey and Google Forms .

• You can quickly access a large sample without constraints on time or location.
• The data is easy to process and analyze.
• The anonymity and accessibility of online surveys mean you have less control over who responds, which can lead to biases like self-selection bias .

If your research focuses on a specific location, you can distribute a written questionnaire to be completed by respondents on the spot. For example, you could approach the customers of a shopping mall or ask all students to complete a questionnaire at the end of a class.

• You can screen respondents to make sure only people in the target population are included in the sample.
• You can collect time- and location-specific data (e.g. the opinions of a store’s weekday customers).
• The sample size will be smaller, so this method is less suitable for collecting data on broad populations and is at risk for sampling bias .

Oral interviews are a useful method for smaller sample sizes. They allow you to gather more in-depth information on people’s opinions and preferences. You can conduct interviews by phone or in person.

• You have personal contact with respondents, so you know exactly who will be included in the sample in advance.
• You can clarify questions and ask for follow-up information when necessary.
• The lack of anonymity may cause respondents to answer less honestly, and there is more risk of researcher bias.

Like questionnaires, interviews can be used to collect quantitative data: the researcher records each response as a category or rating and statistically analyzes the results. But they are more commonly used to collect qualitative data : the interviewees’ full responses are transcribed and analyzed individually to gain a richer understanding of their opinions and feelings.

Next, you need to decide which questions you will ask and how you will ask them. It’s important to consider:

• The type of questions
• The content of the questions
• The phrasing of the questions
• The ordering and layout of the survey

Open-ended vs closed-ended questions

There are two main forms of survey questions: open-ended and closed-ended. Many surveys use a combination of both.

Closed-ended questions give the respondent a predetermined set of answers to choose from. A closed-ended question can include:

• A binary answer (e.g. yes/no or agree/disagree )
• A scale (e.g. a Likert scale with five points ranging from strongly agree to strongly disagree )
• A list of options with a single answer possible (e.g. age categories)
• A list of options with multiple answers possible (e.g. leisure interests)

Closed-ended questions are best for quantitative research . They provide you with numerical data that can be statistically analyzed to find patterns, trends, and correlations .

Open-ended questions are best for qualitative research. This type of question has no predetermined answers to choose from. Instead, the respondent answers in their own words.

Open questions are most common in interviews, but you can also use them in questionnaires. They are often useful as follow-up questions to ask for more detailed explanations of responses to the closed questions.

The content of the survey questions

To ensure the validity and reliability of your results, you need to carefully consider each question in the survey. All questions should be narrowly focused with enough context for the respondent to answer accurately. Avoid questions that are not directly relevant to the survey’s purpose.

When constructing closed-ended questions, ensure that the options cover all possibilities. If you include a list of options that isn’t exhaustive, you can add an “other” field.

Phrasing the survey questions

In terms of language, the survey questions should be as clear and precise as possible. Tailor the questions to your target population, keeping in mind their level of knowledge of the topic. Avoid jargon or industry-specific terminology.

Survey questions are at risk for biases like social desirability bias , the Hawthorne effect , or demand characteristics . It’s critical to use language that respondents will easily understand, and avoid words with vague or ambiguous meanings. Make sure your questions are phrased neutrally, with no indication that you’d prefer a particular answer or emotion.

Ordering the survey questions

The questions should be arranged in a logical order. Start with easy, non-sensitive, closed-ended questions that will encourage the respondent to continue.

If the survey covers several different topics or themes, group together related questions. You can divide a questionnaire into sections to help respondents understand what is being asked in each part.

If a question refers back to or depends on the answer to a previous question, they should be placed directly next to one another.

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Before you start, create a clear plan for where, when, how, and with whom you will conduct the survey. Determine in advance how many responses you require and how you will gain access to the sample.

When you are satisfied that you have created a strong research design suitable for answering your research questions, you can conduct the survey through your method of choice – by mail, online, or in person.

There are many methods of analyzing the results of your survey. First you have to process the data, usually with the help of a computer program to sort all the responses. You should also clean the data by removing incomplete or incorrectly completed responses.

If you asked open-ended questions, you will have to code the responses by assigning labels to each response and organizing them into categories or themes. You can also use more qualitative methods, such as thematic analysis , which is especially suitable for analyzing interviews.

Statistical analysis is usually conducted using programs like SPSS or Stata. The same set of survey data can be subject to many analyses.

Finally, when you have collected and analyzed all the necessary data, you will write it up as part of your thesis, dissertation , or research paper .

In the methodology section, you describe exactly how you conducted the survey. You should explain the types of questions you used, the sampling method, when and where the survey took place, and the response rate. You can include the full questionnaire as an appendix and refer to it in the text if relevant.

Then introduce the analysis by describing how you prepared the data and the statistical methods you used to analyze it. In the results section, you summarize the key results from your analysis.

In the discussion and conclusion , you give your explanations and interpretations of these results, answer your research question, and reflect on the implications and limitations of the research.

If you want to know more about statistics , methodology , or research bias , make sure to check out some of our other articles with explanations and examples.

• Student’s  t -distribution
• Normal distribution
• Null and Alternative Hypotheses
• Chi square tests
• Confidence interval
• Quartiles & Quantiles
• Cluster sampling
• Stratified sampling
• Data cleansing
• Reproducibility vs Replicability
• Peer review
• Prospective cohort study

Research bias

• Implicit bias
• Cognitive bias
• Placebo effect
• Hawthorne effect
• Hindsight bias
• Affect heuristic
• Social desirability bias

A questionnaire is a data collection tool or instrument, while a survey is an overarching research method that involves collecting and analyzing data from people using questionnaires.

A Likert scale is a rating scale that quantitatively assesses opinions, attitudes, or behaviors. It is made up of 4 or more questions that measure a single attitude or trait when response scores are combined.

To use a Likert scale in a survey , you present participants with Likert-type questions or statements, and a continuum of items, usually with 5 or 7 possible responses, to capture their degree of agreement.

Individual Likert-type questions are generally considered ordinal data , because the items have clear rank order, but don’t have an even distribution.

Overall Likert scale scores are sometimes treated as interval data. These scores are considered to have directionality and even spacing between them.

The type of data determines what statistical tests you should use to analyze your data.

The priorities of a research design can vary depending on the field, but you usually have to specify:

• Your research questions and/or hypotheses
• Your overall approach (e.g., qualitative or quantitative )
• The type of design you’re using (e.g., a survey , experiment , or case study )
• Your sampling methods or criteria for selecting subjects
• Your data collection methods (e.g., questionnaires , observations)
• Your data collection procedures (e.g., operationalization , timing and data management)
• Your data analysis methods (e.g., statistical tests  or thematic analysis )

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6 types of market research surveys and how to create one

Continuous improvement is what makes you stand out from other players in your respective industry and helps you engage your target audience.

The preferences of your customers change over time, along with their buying behaviors and market dynamics. To survive the cutthroat competition, it’s vital to constantly improve your solutions.

But how do you identify the changes that need to be made or find where there’s room for improvement? Conducting a market research survey may help.

When it comes to improving your solutions, the best source of information is your current or potential customers. So, reaching out to them will help you access relevant insights that steer you in the right direction.

Market research surveys enable you to collect extensive feedback from your customers. They allow you to explore behavioral dynamics and extract actionable insights from customer experiences.

This makes it easier for you to improve your products and promote them to the right audience in an efficient way.

There are different types of market research surveys. You can go with one or several that pique your interest.

In this article, we’ll explore different types of market research surveys and discuss a step-by-step process to create one.

So, without further ado, let’s get started.

6 types of market research surveys

There are a variety of market research surveys that you can leverage to collect useful information and make data-driven decisions when it comes to improving your products and offering seamless experiences. We’ll be discussing the six of the best.

Online surveys

Online surveys enable you to reach out to your target audience or customers anywhere in the world and collect the required information from them. People only need an internet connection to participate in the survey and share their experiences or preferences with you.

There are a number of solutions that you can leverage to create an online survey. You can either choose to go with free solutions such as Google Forms for simple surveys, or a Google Forms alternative , as well as other premium form builders for more advanced design features.

The tools will generate a survey link for you, which can be easily accessed by the chosen participants.

This survey type is ideal for exploring the changing preferences of your target audience, collecting feedback about your products, and assessing customer satisfaction.

Telephone/virtual call surveys

If you want to access in-depth insights and detailed feedback from your audience, conducting a market research survey via telephone or virtual calls may be your best bet.

Telephone surveys are generally preferred to reach out to participants who are a little less tech-savvy and not acquainted with modern communication methods.

For example, if your audience comprises elderly individuals, reaching out to them via phone may be the best strategy to get useful information. However, you can choose to conduct a survey through a virtual call if the participants prefer using modern communication solutions.

This survey method is best suited when you ask open-ended questions, facilitating your access to detailed responses and valuable insights for decision-making.

Face-to-face surveys

Conducting telephone or virtual call surveys is an effective way to gather useful information by asking open-ended questions. However, you may come across problems like a low response rate.

This is the reason why many resort to face-to-face surveys and personally reach out to the participants. Plus, interacting with the participants face-to-face ensures a high response rate, especially when your survey is lengthy and requires more time to complete.

Face-to-face surveys provide you with the opportunity to connect with your audience on a deeper level. The method enables you to probe for more detailed answers that can help you devise efficient business strategies .

Mobile surveys

Mobile surveys encourage participants to submit their responses using mobile devices. People can respond to your questions using their smartphones or tablets.

Nowadays, people are always on-the-go and use mobile devices to access useful information or interact with their preferred brands.

So, optimizing your surveys with mobile-first experience in mind is an efficient way of collecting relevant insights and required information from your current or potential customers.

Mail/email surveys

People may have diverse preferences when it comes to contacting their preferred brands. However, 60% of people prefer to be contacted by businesses via email .

Hence, conducting email surveys may be an efficient way to engage the intended audience and collect the required information from the participants.

You can ask questions directly in the email sent to the recipients or add a survey link in the email body. It’s one of the most cost-effective ways to gather insightful data at a mass level.

Leveraging social media is one of the most efficient strategies to explore the changing behavioral dynamics of your audience and market trends .

There are over 5 billion social media users worldwide , enabling you to cast a wider net and reach out to your target audience anywhere in the world.

Polls are one of the most common types of market research surveys that brands use to collect useful information from their respective audiences through social media . They generally comprise a single question paired with a variety of responses to choose from.

Polls are best suited to find out what the majority of your audience wants or to know their opinion. For example, you can ask your audience about a particular feature they would like your solution to offer or identify areas for improvement.

You can leverage polls to engage your target audience with ease and gather useful insights from them in no time.

How to create a market research survey

Now that we have discussed different types of market research surveys, let’s dive into the process of creating one that can help you access relevant insights.

Define your objectives

The first step to creating a market research survey is to clearly define your objectives. The goal here is to collect useful data. So, it’s best that you know what to do with it.

For example, you are planning to launch an online project management solution and want to conduct a market research survey to make informed decisions.

In this case, your survey objective may be to know what your target audience expects from an ideal online project management solution.

They must have come across different alternatives in the industry. So, they can share meaningful insights with you that can help you outmaneuver the competition by offering better project management features or capabilities.

Know your audience

Once you have set clear goals for the survey, the next step is to identify an audience best suited to participate in the survey.

Carrying forward the aforementioned example, if your goal is to launch a feature-rich project management solution, your target audience may comprise project managers, entrepreneurs, and small business owners.

Encouraging them to participate in your survey will help you get acquainted with their needs or preferences . As a result, you may be able to design a project management solution that offers a seamless user experience and helps you establish lasting customer relationships.

Craft engaging questions

After identifying your target audience, you should move on to the next step, which is designing the market research survey.

If your goal is to launch a feature-rich online project management solution, you should ask questions that pave the way for you to come up with capabilities superior to the competing products.

Your questions should be clear, concise, relevant, and easy to understand. Your objective is to collect useful information from the participants, not confuse them.

Furthermore, you should refrain from designing lengthy surveys with unending questions, as it will severely affect participation or response rates.

Choose the right survey method

It’s not necessary to stick to a single survey method when it comes to collecting information from your participants. You can leverage different types of surveys to gather relevant insights.

To see which method works for you, you can test them all and go with the one that gives you the best results.

Let’s say your audience comprises project managers, entrepreneurs, and small business owners. These people are less likely to respond to polls, telephone surveys, and emails. Furthermore, you may have to make an appointment to meet with them face-to-face. 

Similarly, if you're conducting ux research to design successful products, you'll probably need to schedule user interviews or card sorting sessions to find out what makes sense to your users.

So, online or mobile surveys may help you engage the intended audience. However, the selection of the right survey method may vary from one scenario to another.

Analyze and interpret data

Once you’ve gathered responses from your participants, the next step is to analyze and interpret the data collected. There are a variety of data analysis solutions that you can leverage to analyze the data and draw conclusions.

The software you choose to go with and the analysis technique depend on the complexity of your potential findings.

If you simply want to discover the most sought-after project management software features by participants, you can simply choose to go with Excel. However, if you want to run complex analysis, you may want to consider solutions like Python, SPSS, Minitab, R, SAS, and more.

Once you’ve analyzed the data, the next step is to interpret the results and make data-driven decisions.

Final thoughts

In this article, we discussed different market research survey types and how you can create a market research survey to gather useful information from your target audience.

Conducting a market research survey helps you get acquainted with the preferences of your current or potential customers and stay tuned to market trends.

The findings from these surveys pave the way for you to make smart decisions and stand out in the competitive landscape .

So, if you’ve been planning to conduct a market research survey, the information laid out in this article may help.

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• Step 1: Figure out your goals 
• Step 2: Determine your budget 
• Step 3: Get acquainted with various stocks and funds 

Step 4: Define your investing strategy

• Step 5: Choose your investing account 
• Step 6: Manage your portfolio 
• Best stocks for beginners

Should you invest in stocks?

Frequently asked questions (faq), how interest rates affect the stock market, how to invest in stocks: a step-by-step guide for beginners.

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• You can start investing in stocks through a brokerage account or by using a robo-advisor.
• But you should establish goals, review your financial situation, and determine your risk tolerance first.
• Rebalancing your portfolio periodically will help you keep your investments in good shape.

Looking to maximize your money and beat the cost of inflation ? You want to invest in the stock market to get higher returns than your average savings account. But learning how to invest in stocks can be daunting for someone just getting started. 

When you invest in stocks , you're purchasing a share of a company. They're basically a slice of ownership in a company that can yield returns if it's successful. There are various ways to invest and leverage your money. But there's a lot to know before you get started investing in stocks. 

Investing for Beginners

Step 1: Figure out your goals 

It's important to know what your fundamental goals are and why you want to start investing in the first place. Knowing this will help you to set clear goals to work toward. This is a crucial first step to take when you're looking to create an investing strategy later on. 

If you're unsure of your goals, first review your financial situation, such as how much debt you have, your after-tax income, and your expected retirement goal date. Knowing when you plan to retire can let you know your overall time horizon — or how much time you plan to hold onto your investments to reach your financial goal. 

Based on that information, you can start figuring out your investing goals. Do you want to invest for the short or long term? Are you saving for a down payment on a house? Or are you trying to build your nest egg for retirement? All of these situations will affect how much — and how aggressively — to invest.

Finally, investing, like life, is inherently risky And you can lose money as easily as you can earn it. For your financial and mental well-being, you want to consider your appetite for risk. This is typically referred to as "risk tolerance" or how much risk you can reasonably take on given your financial situation and feelings about risk. 

Step 2: Determine your budget 

Once you've got some solid goals set, it's time to review your budget. Here are some things to consider:

• Your current after-tax income. Many people look at their pre-tax income, but you want to know how much money you're working with after taxes which can help you create a realistic budget. 
• Your expenses. How much are your monthly expenses? How much do you have left over each month? Is it possible to reduce or cut some expenses? 
• Overall debt. How much debt do you have? List out your monthly payments and compare that against what you're making.
• Net worth. Your net worth is your total assets minus your liabilities. This number can give you an idea of where you're at financially and will allow you to get a "big-picture" snapshot of your financial health. 
• Financial goals. As we mentioned before, knowing your goals is important as it gives your money a purpose. 
• Risk tolerance. How much risk do you feel comfortable taking on? Calculating this will give you a clearer idea of what you can afford to lose.
• Time horizon . How much time do you have before you want to reach your investing goals? This is key to mapping out your finances to ensure you're keeping pace with when and how to invest without disrupting your budget or other goals not related to trading securities.

All of these are key ingredients that can help you determine your budget. 

One last thing to consider: when you expect to retire. For example, if you have 30 years to save for retirement, you can use a retirement calculator to assess how much you might need and how much you should save each month. When setting a budget, make sure you can afford it and that it is helping you reach your goals. 

Step 3: Get acquainted with various stocks and funds 

Now it's time to start doing research on what to invest in. There are different ways to invest in the stock market and there's a lot to know so doing your research is well worth your time. As a regular person who is investing (not a professional trader, accredited trader, or institution), you're what's called a "retail investor." 

Stocks are a good option to consider if you want to invest in specific companies. Just keep in mind that you should look into the company itself and how it's performing over time:

• Stocks — A stock is a security that gives stockholders the opportunity to buy a fractional share of ownership in a particular company. There are many different types of stocks to choose from, such as blue-chip stocks, growth stocks, and penny stocks , so make sure you understand your options, what they offer, and what matches with your budget and investing goals.

"If you're going to pick a stock, look at the [company's] financial statements and select the stock based on the "bucket" you're trying to fill in your portfolio. For example, are you looking for a dividend stock? Look at the dividend history. Are you looking for a growth stock? Look at the earnings per share : Is it showing consistent growth? [Consider] how these indicators measure against [its] peer group," says Amy Irvine, a CFP® professional at Rooted Planning Group. 

So you want to take steps to look at your income and expense balance sheets and make sure you're hitting the right bucket — which refers to the grouping of related assets or categories — for your investing needs. For example, investing in small-cap, mid-cap, or large-cap stocks, are a way to invest in different-sized companies with varying market capitalizations and degrees of risk. 

If you're looking to go the DIY route or want the option to have your securities professionally managed, you can consider ETFs, mutual funds, or index funds:

• Exchange-traded funds (ETFs) — ETFs are a type of exchange-traded investment product that must register with the SEC and allows investors to pool money and invest in stocks, bonds, or assets that are traded on the US stock exchange . There are two types of ETFs: Index-based ETFs and actively managed ETFs. Index-based ETFs track a particular securities index like the S&P 500 and invest in those securities contained within that index. Actively managed ETFs aren't based on an index and instead aim to achieve an investment objective by investing in a portfolio of securities that will meet that goal and are managed by an advisor. 
• Mutual funds — this investment vehicle also allows investors to pool their money to invest in various assets, and are similar to some ETFs in that way. However, mutual funds are always actively managed by a fund manager. Most mutual funds fall into one of four main categories: bond funds, money market funds, stock funds, and target-date funds. 
• Index funds — this type of investment vehicle is a mutual fund that's designed to track a particular index such as the S&P 500. Index funds invest in stocks or bonds of various companies that are listed on a particular index. 

You want to get familiar with the various types of investing vehicles and understand the risks and rewards of each type of security. For example, stocks can be lucrative but also very risky. As we mentioned before, mutual funds are actively managed, whereas index-based ETFs and index funds are passively managed. 

This is important to keep in mind because your costs and responsibilities vary depending on an active versus passive approach. Mutual funds are professionally managed and may have higher fees. With ETFs and index funds, you can purchase them yourself and may have lower fees. Having a diverse portfolio can help you prepare for the risk and not have all of your eggs in one basket. 

"You can choose to invest in individual stocks, a stock mutual fund, or an ETF. ETFs are somewhat similar to mutual funds in that they invest in many stocks, but trade more similarly to an individual stock," explains Kenny Senour, CFP® professional at Millennial Wealth Management. "For example, let's say you open a brokerage account with $1,000. You can use that money to purchase a certain number of shares in ABC Company, the underlying price of which fluctuates while the stock market is open. Or you could choose to invest it in a stock mutual fund, which invests in many different stocks and is priced at the close of each market at the end of the day." 

The main things to consider when defining your investment strategy are your time horizon, your financial goals, risk tolerance, tax bracket, and your time constraints. Based on this information, there are two main approaches to investing.

• Passive investing — an investing strategy that takes a buy-and-hold approach, passive investing is a way to DIY your investments for maximum efficiency over time. In other words, you can do it yourself instead of working with a professional. A buy-and-hold strategy focuses on buying investments and holding on to them as long as possible. Instead of trying to "time" the market, you focus on "time in the market."
• Active investing — an active approach to investing that requires buying and selling, based on market conditions. You can do this yourself or have a professional manager managing your investments. Active investing takes the opposite approach, hoping to maximize gains by buying and selling more frequently and at specific times.

Step 5: Choose your investing account 

After choosing your investment strategy, you want to choose an investing account that can help you get started. Decide if you want to do it yourself or get a professional to help out. 

If you want to be a passive investor and DIY, you can look into:

• Robo-advisors like Betterment or Wealthfront, which uses algorithms to invest for you
• Open a brokerage account with Vanguard, Fidelity, or similar 

If you want to get started with active investing, you can use:

• Use Vanguard actively managed funds
• Use Fidelity actively managed funds 
• Trade using Public 

When considering active versus passive investing and if you should DIY it or get a professional, you want to consider several factors. Look at total fees, the time commitment involved and any account minimums as well. 

The easiest way for many people to get started with investing is to utilize their employer-sponsored 401(k). Talk to your employer about getting started and see if they'll match part of your contributions. 

The key is to choose an investment account that fits with your budget and investment strategy, open an account, and then submit an initial deposit. Just know that when you submit money, it's in a cash settlement account and not yet actively invested (I made this mistake when I first started investing!) 

Step 6: Manage your portfolio 

Now it's time to start managing your portfolio. So that means buying stocks, ETFs, or index funds with their appropriate codes from your account. That is when your money is actually invested. 

But it doesn't stop there — you also want to continue to add to your portfolio so consider setting up auto-deposits each month. You can also re-invest any earnings or dividends to help build growth over time.  

Diversify your portfolio by investing in different types of investment vehicles and industries. A buy-and-hold approach is typically better for beginner investors. It can be tempting to try out day trading, but that can be very risky. 

Lastly, you'll want to rebalance your portfolio at least once a year. As your portfolio grows and dips, your asset allocation — or how much you've invested in stocks, bonds, and cash — will have shifted. Rebalancing is basically resetting that to the proportion you want. 

"Rebalancing is the practice of periodically selling and buying investments in your underlying portfolio to make sure certain target weights are stable over time. For example, let's say you are an aggressive investor with 90% of your portfolio in stocks and 10% of your portfolio in bonds. Over time, as stocks and bonds perform differently, those weights will drift," explains Senour.  

"Without periodic rebalancing, your portfolio could become 95% stocks and 5% bonds which may not be in line with your intended financial goals for the account. There's no "perfect" time frame for rebalancing as some financial professionals suggest doing so every quarter, but conventional wisdom says at a minimum rebalancing at least once per year can make sense."

Continuing to invest money and rebalance your portfolio periodically will help you keep your investments in good shape. 

Stocks for beginners

Choosing stocks can be overwhelming for beginners — but you don't have to just invest in individual stocks. It can be less risky (and good for diversifying your portfolio) to invest in funds.

You may choose to invest in an index fund, which is a group of assets that tracks an index such as the S&P 500 or the Dow Jones Industrial Average.

Investing in individual stocks can be useful. However, you should thoroughly research the company before doing so. And as a beginner, you'll probably want to seek advice from an expert like a financial advisor .

Learning how to invest in stocks can be overwhelming, especially if you're just getting started. Figuring out your goals and determining a budget are the first steps to take.

After that, get acquainted with various investment vehicles and choose the right ones for your financial goals and risk tolerance.

The key is to get started and be consistent. The best investment strategy is the one you'll stick with. Just be aware all investing comes with risk and do your research on any related fees. 

What are the main types of investments? 

Investments come in many forms. If you want to start investing, understanding the main types of investments is helpful. 

You may hear the breakdown of investment types as asset classes. Here's a look at some of the most common types of investments.

• Stocks : A stock is an investment that indicates fractional ownership in a company. When you buy stocks, you have an opportunity to grow your investment if the value of a company's stock increases. Additionally, some stocks pay dividends to their investors. 
• Bonds : A bond represents a loan to a particular entity with set repayment terms. When you buy a bond, the entity agrees to repay you with interest. Both companies and governments can issue bonds. 
• Commodities : Commodities are tangible assets, like natural resources, that are publicly traded. Generally, commodities are considered high-risk due to heightened volatility. 
• Mutual funds : A mutual fund represents a portfolio of investments that uses money from many investors to purchase a selection of securities. Mutual funds are commonly actively managed with the goal of outperforming the market. 
• ETFs : An exchange-traded fund (ETF) represents a selection of securities. You can invest in index-based ETFs or actively managed ETFs. But many ETFs are index-based that track a particular index, like the S&P 500. 
• Real estate : Real estate investing is a broad option that covers investments based on physical property. You can buy individual properties to rent out or shares in a real estate investment trust ( REIT ).

How to invest for inflation

Over time, inflation can erode the purchasing power of your dollar, and also chip away at your investment returns. But with some foresight and planning, it's possible to protect your money. The solution is investing for inflation — choosing investments that will give you a return greater than the current rate of inflation — or at least keep up with it.

Several asset classes in particular lend themselves to inflation-oriented investing. 

• Appreciation-oriented assets: Go for investments that offer growth, or appreciation — not simply income. Company stock is a prime example. 
• Real assets: Inflation devalues nominal assets, like CDs and traditional bonds, because they're priced based on the fixed interest they pay, which will lose value when inflation is increasing. In contrast, real assets are tangible things with fundamental value. So their worth floats up together with inflation.
• Variable interest-rate assets: If something pays a fixed rate, you'll lose money in an inflationary environment. Assets with fluctuating interest rates give your money more of a fighting chance, as they'll also rise with inflation.

Growth stocks vs value stocks

Growth stocks are shares of companies that are expected to experience high growth rates in both their revenue and returns to investors. Growth stocks are those that investors believe will have higher-than-average returns in the short term, while value stocks are those that investors feel are overlooked by the market at large. They are more volatile than value stocks, but they also have the potential to generate higher returns.

Value stocks, on the other hand, are shares of companies that trade at a lower price relative to the company's financial performance. They are measured and defined by their financial performance, such as sales, earnings, and select financial ratios. 

Another way of looking at the difference between the two: Growth stocks would be the expensive designer jacket, value stocks would be the jacket at the thrift store. 

The Fed meets eight times per year to discuss the federal funds rate, and investors tend to react to what occurs once the notes of the meeting have been released. During these meetings, the Fed uses economic data like the Consumer Price Index (CPI), the unemployment rate, and more to determine what the Fed Funds rate should be.

The stock market reacts to the changes in the interest rates because it generally signals whether or not the economy is strong. It could also have an impact on a company's cost to doing business, thus changing how investors may value a company. This is because of the impact that interest rates have on the stock market.   

Here are the ways interest rates affect the stock market:

1. When rates rise, stocks tend to fall — when rates fall, stocks rise

"When interest rates are low, companies can assume debt at a low cost, which they may use to add team members or expand into new ventures," says Harrison. "When rates rise, it's harder for companies to borrow and more costly to manage what debt they already have, which impacts their ability to grow," he adds. These higher costs may result in lower revenues, thus negatively impacting the value of the company.

Also keep in mind that as rates fall on savings accounts and certificates of deposit, investors generally seek out higher paying investments like stocks and are generally seen as a catalyst for growth in the market; in a rising rate environment investors tend to shift away from stock to places with less risk and safer returns. 

2. The rates impacts bonds

Most traditional bonds pay a fixed interest rate through maturity. For example, if you own a 10 year bond paying 3% per year, the 3% annual payment will not fluctuate. However, if interest rates are cut during the life of the bond, the value of the bond rises. This is because as new bonds are issued, it is unlikely that they will be as attractive financially. The opposite is true in a rising rate environment. 

3. Investor expectations can cause volatility

In some cases, how investors feel about the prospects of an interest rate hike or cut can cause the market to swing. Due to announcements by the Fed and other economic data, investors may anticipate a threat of rising rates and begin selling causing short term volatility. This was the case at various points in 2018 and 2021. Investors can do the same and expect a drop in interest rates. In either case, the market can react simply to these expectations of a change in rates without the Fed actually making a move.  

Stock trading vs investing

Trading and investing are two different ways of approaching the stock market. With trading, you're hoping to earn quick returns based on short-term fluctuations in the market. Long-term investors, in contrast, tend to build diversified portfolios of assets and stay in them through the ups and downs of the market.

Trading can be a thrilling way to earn quick cash. However, like with gambling, it can also quickly lead to big losses. Investing usually means smaller short-term wins, but also fewer severe losses.

If you're comfortable with the risks, trading with a portion of your money can be enjoyable and could lead to profits. If reducing risk and exposure to volatility are your main goals, you'll want to stick with long-term investing. But if you're saving for a financial goal you hope to reach by a specific time, a slow-and-steady investing approach is usually best.

The first step is choosing a brokerage account. It may be important to you to use a large, widely recognized company like Charles Schwab or Vanguard. Or you might prefer a robo-advisor, like Wealthfront or Betterment. You'll also want to look at which types of assets you can invest in with a brokerage, and how much each of your top options charges in fees.

Once you've chosen your brokerage, you should be able to apply online. Open the account, deposit money into it, then invest that money in stocks or other assets.

Investing as a beginner can be safe if you do your due diligence. Funds, rather than individual stocks, tend to be safer investments. You can also use a robo-advisor or in-person advisor for a fee to help you decide how to invest. It's important to look at the best financial advisors to ensure you're making wise decisions with your investments.

Yes, it can be worth it. More and more brokerages are starting to offer fractional shares. Let's say a share of a stock costs $100, but you only have $20. With a fractional share, you can buy $20 worth of that share.

Investing in the stock market always comes with risks — it's possible to lose any money you put in. But there's also a chance that your money will grow. If you invest a small amount now, that amount might not be so tiny later.

Investing is the process of putting your money to work for you. Investors buy an asset with the hopes of making money from it either from increases in the price or through regular interest or other income. While investing comes with risks, it offers an opportunity to grow your funds. 

Investors purchase an asset with the hopes that it will appreciate in value or generate income.   Appreciation happens when an asset, like a share of stock, grows in value over time. Many investors purchase assets with the goal of creating an income stream, like a property to producing rental income or securities that make regular payments to the holders. Investors interested in income generation might be drawn to stocks that pay dividends or fixed-income assets like bonds that make regular interest payments.

Also known as ordinary stock, common stock is a type of investment asset or security. Each share of stock represents a tiny portion of ownership of a company. Although you can own shares in any sort of company or investment enterprise, the term "common stock" mainly refers to stock in a publicly traded company, as opposed to a privately held one.

Preferred stock is a type of equity (ownership) security issued by companies to raise money. Preferred stocks pay a higher, fixed dividend than common stock, but their share prices don't appreciate as much as common shares do. Preferreds are best for institutional investors or sophisticated individuals who want them for tax reasons and can weather the risk of the shares being recalled.

A shareholder is an individual or entity — such as a company or organization — that owns stocks in a particular company. If you invest in the stock market, you're already considered a shareholder, or what is also referred to as a stockholder. Shareholders, as part owners of a company, also have the right to vote in some cases regarding matters of the company and can receive dividend payouts when the company is doing well financially. 

Impact investing is buying shares in a company that's designed to have a positive effect on society. These companies have a "double bottom line," focused both on turning a financial profit and making a measurable, positive impact on a social need in the process. This could be through generating renewable energy, making only eco-friendly and sustainably produced products, or financially empowering workers in emerging economies. 

Passive investing, also known as passive management, says that, while the stock market does experience drops and bumps, it inevitably rises over the long haul. So, rather than try to outsmart it, the best course is to mirror the market in your portfolio — usually with investments based on indexes of stocks — and then sit back and enjoy the ride. Simple to understand and easy to execute, passive investing has become the go-to approach for many investors. 

Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards .

Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.

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About this series

Marketing Bootcamp: Intro to Marketing

Table of contents.

To serve your customers best, you have to know who they are. Of course, not everyone who buys your products or services fits the same profile, but as a company you should have a target market and audience  in mind. Not only does it help you streamline your product offerings, it also allows you to give those customers the best possible experience. Here’s how to identify your target market and make the most of that knowledge. 

What is a target market?

Another way to describe your your target market is to think of it as your core customer base. These are the people you think are the most suited to your products and services, so it’s essential that you understand them and consider how to analyze target market data .

Learning how to find target customers is different from making assumptions about them. It’s about trying to figure out the market’s needs and motivations. Demographics such as age, gender, education level, occupation, and family situation can help you determine what your customers need and what they’re willing to spend.

Beyond this, you should also consider who your customers are as people. What do they value? What are their lifestyles? What do they enjoy doing with their spare time? The answers to these questions can help you understand not just how to identify customers, but how to connect with them on a depper level.

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How to identify your target market.

Learning how to identify your target market isn’t as simple as guessing who your customers are or hoping for a certain demographic. It requires an in-depth review of your products and services, the marketplace, your potential (or current) customers, and more.

Here are some tactics to discover how to identify target customers in your market.

1. Analyze your offerings

Ask yourself which problems your products and services solve, and, in turn, to whom they appeal. That’s the most important step in identifying your target market . For example, if you operate a landscaping business, your services would be attractive to homeowners with lawns and, more specifically, to people who are too busy to care for their yard and can afford to pay someone else to do it.

So your target market would include higher-income adults with demanding jobs and/or children, who don’t have time for lawn care but still want it to look good.

2. Conduct market research

Analyzing your target market goes beyond understanding your customers ; you also have to understand the marketplace. Analytics tools like  Quantcast ,  Alexa , and  Google Trends  give you a comprehensive view of the landscape by identifying and assessing competitors, helping you find new customers and enabling you to determine ways to improve.

Check out the  U.S. Small Business Association’s SizeUp tool , which (as the name implies) helps you size up the competition in your market by providing data such as other nearby businesses that offer similar services and local consumer spending in that category. The  U.S. Census Bureau’s site , though a bit unwieldy, can serve as another helpful resource to find local demographic information, such as education level, income, and household size.

Don’t forget that some of the most helpful data on how to find target customers for your product can come from both existing and prospective customers. Tools like surveys, focus groups, and in-person discussions can help you understand what your target market needs, why it is (or isn’t) shopping with you, and what you can do to make your offerings more appealing. You can also look at data from your POS or CRM to glean insights about your customers.

3. Create customer profiles and market segments

Market segmentation is the process of organizing a group based on various categories, like demographics and psychographics.

As discussed earlier, demographics describe the more surface-level, baseline characteristics, such as age, gender, education level, ethnic background, and marital and family status.  Psychographics , on the other hand, offer a deeper look into who people really are, such as behaviors, values, personalities, and lifestyles.

It’s important to consider both demographics and psychographics when mastering how to identify your target market .

4. Assess the competition

Conduct a  competitive analysis  by using a  competitor analysis template  to get a comprehensive view of the competitive landscape. What are the businesses that offer comparable products and services? How much do they charge? What are they doing differently?

Unless you believe you have a significant advantage, avoid going after the same customer, especially in a small market where your competitors’ businesses are well established.

Using your target market analysis

Once you’ve figured out how to identify your target market , put that data to work. Here are some ways to use the information to grow and improve your business.

• Niche markets: Did you identify an underserved population? Instead of going after the same customers as your competitors, explore untapped markets.
• Expansion opportunities: While assessing your local market, you might identify underserved areas. This is valuable information if you’re considering franchising or adding a new location.
• Pricing strategy: As you assess your competition, you might have found that you’re either pricing yourself out of the market or not charging enough. Use comparative data to determine a fair price.
• Curation: There is such a thing as offering too many options, and customers don’t like it. If you offer many of the same items as your competitors (and they aren’t big sellers anyway), pare down your inventory to focus on top-selling and exclusive items.
• Marketing: Your target market should be the foundation of your marketing strategy . Use what you know to determine which channels you should use to communicate with your customers and which messages work with them. Whenever you think about implementing something new, whether it’s a social platform or a promotional campaign, check your analysis to see whether it resonates.
• Product Development : Once you’ve zeroed-in on how to identify your target market, the most important thing is to make sure you’re providing your customers with the best product they can find. If you outperform your competition, your target customers will support you for years to come.

Running a business is no easy feat, but Square is here to help. We have all the tools you need to start, run, and grow your business , whether you’re selling in person, online, or both. All our tools work together as one system, saving you time and money — and making decisions easier. So you can get back to doing the work you love and focusing on whatever’s next.  See how Square works .

More from this series

#8 How to Conduct a Competitor Analysis

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Fact-Checking Trump’s Speech and More: Day 4 of the Republican National Convention

A team of New York Times reporters followed the developments and fact-checked the speakers, providing context and explanation.

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Former President Donald J. Trump accepted his party’s nomination during the final night of the Republican National Convention on Thursday, delivering a freewheeling, factually challenged and often ad-libbed speech.

Mr. Trump began by describing in detail the assassination attempt that left him with a bandaged ear. Then, he essentially staged a campaign rally, repeating familiar boasts and delving into a cascade of false and misleading claims about his own record and the state of the border, the economy and the world.

Here’s a fact-check of his remarks.

“We’ve got Right to Try. They were trying to get that for 52 years.”

— Former President Donald J. Trump

This needs context.

The “right to try” law of 2018 allows terminally ill patients to seek access to experimental medicine that is not yet fully approved by the Food and Drug Administration, but a similar program has been in place since the 1970s.

Jeanna Smialek

An inflation crisis “is just simply crushing our people, like never before — they’ve never seen anything like it.”

This is false..

Inflation peaked at 9.1 percent in the summer of 2022, but that is considerably lower than its peak of nearly 15 percent in the early 1980s.

Republicans will sometimes point out that the inflation methodology has changed since then — meaning that we are measuring price increases differently — but even accounting for those tweaks, economists have said that inflation was lower in 2022 than it was four decades earlier. Inflation is not, based on the data, crushing people like never before.

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“Our planet is teetering on the edge of World War III, and this will be a war like no other.”

This lacks evidence..

While there is an active war between Russia and Ukraine, and between Hamas and Israel, and fighting in Sudan, Myanmar and other countries, there is no evidence that a third world war is imminent.

In terms of previous world wars, according to the Encyclopaedia Britannica, an estimated 8.5 million soldiers were killed in World War I and an estimated 35 million to 60 million people died during World War II.

The concept of World War III has traditionally referred to a potential war between the United States and Russia, which is not imminent. President Biden has often said he is actively trying to avoid such a conflict even as he arms Kyiv in its war with Moscow.

Brad Plumer

“We will drill, baby, drill, and by doing that we will lead to a large-scale decline in prices.”

More drilling doesn’t always cause gasoline prices to plunge. Case in point: The United States is actually producing significantly more crude oil today under the Biden administration than it did under the Trump administration, yet gasoline prices are still higher than they were four years ago.

That’s because gasoline costs are also influenced by broader market forces that can cause the global price of crude oil to rise or fall. For instance, a big reason prices increased in 2022 was Russia’s invasion of Ukraine, which disrupted the flow of crude across the globe. All else equal, an increase in U.S. oil drilling should put downward pressure on prices, but those other global factors also play a considerable role.

Angelo Fichera

“If you look at the arrow at the bottom, that’s the lowest level — the one on the bottom, heavy red arrow — that’s the lowest level of illegal immigrants ever to come into our country in recorded history right there, right there. And that was my last week in office.”

Mr. Trump presented an immigration graphic that he credited with saving his life during an assassination attempt at a rally in Pennsylvania days earlier.

Moments before a gunman opened fire at the rally, Mr. Trump turned to gesture at the chart, a move that he said prevented him from being shot in the head . The shooting left his ear bloodied, killed one spectator and seriously injured two others.

In his acceptance speech on Thursday, he referred to a thick red arrow on the chart, titled “Illegal Immigration Into the U.S.,” that points to a significant drop in migrant crossings at the southern border during his presidency.

But despite text on the chart and Mr. Trump’s description at the convention, the arrow is actually pointing to a dip in early 2020 — when migration slowed globally during the coronavirus pandemic and the restrictions that followed — not during his last week in office. And that low did not last.

In March 2020, there were about 30,000 encounters at the southern border recorded by Border Patrol, according to Customs and Border Protection statistics . That dropped in April 2020 by almost half, to about 16,000.

In the months that followed, however, the number of migrants encountered at the border then climbed back up. During Mr. Trump’s last month in office, there were about 75,000 encounters by Border Patrol.

And contrary to Mr. Trump’s claim, even the low in 2020 was not the lowest “in recorded history.” Earlier in Mr. Trump’s presidency, the number of apprehensions at the border had dipped to about 11,000 in April 2017 , before the flow increased again.

Also, since 1925, total annual apprehensions nationwide by Border Patrol have often been lower than they were under Mr. Trump’s presidency, noted Michelle Mittelstadt, a spokeswoman for the nonpartisan Migration Policy Institute.

There is no arguing that the situation at the southern border grew worse during the Biden administration: In December, there were around 250,000 encounters .

In an effort to reverse course, President Biden recently announced severe restrictions on asylum, and illegal crossings have since significantly dropped . Border Patrol reported about 83,500 encounters in June.

“We gave you the largest tax cuts.”

The $1.5 trillion tax cut, enacted in December 2017, ranks below at least half a dozen other tax cuts by several metrics. The 1981 Reagan tax cut was the largest as a percentage of the economy and by its reduction to federal revenue. The 2012 Obama tax cut amounted to the largest reduction in inflation-adjusted dollars: $321 billion a year.

“We built most of the wall.”

During Mr. Trump’s 2016 campaign, he promised to build a wall spanning at least 1,000 miles along the southern border and have Mexico pay for it. That did not happen. Overall, the Trump administration constructed 458 miles of border barriers — most of which upgraded or replaced existing structures. Officials put up new primary barriers where none previously existed along only 47 miles.

“I will end every single international crisis that the current administration has created — including the horrible war with Russia and Ukraine, which would have never happened if I was president, and the war caused by the attack on Israel, which never would have happened if I were president.”

There is no evidence that President Vladimir V. Putin of Russia would not have invaded Ukraine if Donald J. Trump had been president of the United States in February 2022, when Russian forces began a full-scale war on Ukraine.

In fact, Mr. Trump supported one of Mr. Putin’s greatest desires — weakening the North Atlantic Treaty Organization. Senior administration officials told The New York Times that several times over the course of 2018 Mr. Trump privately said he wanted to withdraw from NATO . And Mr. Trump was impeached for withholding Javelin missiles from Ukraine in 2019. Those missiles proved effective in blunting Russian armor advances into Ukraine in 2022.

“And then we had that horrible, horrible result that we’ll never let happen again. The election result. We’re never going to let that happen again. They used Covid to cheat.”

Mr. Trump has continued to falsely claim that the 2020 election was stolen from him. His assertions about widespread cheating are unsubstantiated. Since the election, the former president has used claims mischaracterizing the voting and counting process, cited baseless examples of fraud and peddled conspiracy theories.

“Just a few short years ago under my presidency, we had the most secure border and the best economy in the history of the world.”

This is exaggerated..

Apprehensions of unauthorized crossings along the southwest border in the 2017 fiscal year, which includes several months of the Obama administration, fell to the lowest point since the 1970s.

But they increased in subsequent years. In the 2019 fiscal year, apprehensions topped 800,000 and were the highest in a decade. And in the 2020 fiscal year, even as the coronavirus pandemic ground global movement to a halt, apprehensions were higher than in 2011, 2012 and 2015.

And when Mr. Trump left office, the coronavirus pandemic had decimated the economy with an unemployment rate of 6.4 percent in January 2021 and gross domestic product had not yet rebounded to pre-Covid levels. But even before all of that, annual average growth was lower under Mr. Trump than under Presidents Bill Clinton and Ronald Reagan.

“We had no inflation.”

The rate of inflation was indeed low under Mr. Trump, but it was not completely nonexistent.

Under Mr. Trump, the rate of inflation measured by the overall Consumer Price Index largely gravitated around 2 percent — with the rate slightly lower and higher some months — according to data from the Bureau of Labor Statistics . That dropped at the onset of the coronavirus pandemic, and inflation reached a low of 0.1 percent in May 2020 before trending upward.

“By the way, you know who’s taking the jobs? The jobs that are created? 107 percent of those jobs are taken by illegal aliens”

Official estimates of employment do not support Mr. Trump’s statement, which makes little sense. And estimates from various groups show that the population of unauthorized immigrants has grown in recent years, but not nearly enough to take all the jobs created during Mr. Biden’s presidency.

The economy has added more than 15 million jobs since January 2021. Two groups that advocate for lower levels of migration and stricter border security have estimated that there are 2.3 million to 2.5 million more unauthorized immigrants in 2023 than in 2020.

Overall, the Bureau of Labor Statistics estimated that 29.9 million foreign-born workers — both authorized and unauthorized — and 131.1 million native-born workers were employed in 2023. That is an increase of 5.1 million in employed foreign-born workers and 8.1 million native-born workers since 2020 .

“Our current administration, groceries are up 57 percent, gasoline is up 60 and 70 percent.”

Grocery prices are up substantially since Joseph R. Biden Jr. took office in early 2021, but not by 57 percent: The Consumer Price Index’s food-at-home index is up about 21 percent . Gas prices are up about 35 percent , depending upon the measure used.

Lisa Friedman

“Under the Trump administration, just three and a half years ago, we were energy independent. But soon we will actually be better than that. We will be energy dominant and supply not only ourselves, but we supply the rest of the world, with numbers that nobody has ever seen.”

This is misleading..

Under the Trump administration, the United States for the first time began to export more oil than it imported. Energy experts say that is not because of Trump’s policies, but because of the fracking boom that began during the George W. Bush administration and soared under President Barack Obama. It’s still happening.

In fact, under President Biden, the United States has become the biggest oil producer in the world and is producing more natural gas than ever before. The phrases “energy independence” and “energy dominance” also fail to take into account wind, solar and other renewable energy, which is growing at a rapid pace.

Alan Rappeport

“We will reduce our debt, $36 trillion, and we will reduce your taxes still further.”

Mr. Trump suggested that the national debt would be paid down by jump-starting economic growth. He made this promise during his first term, promising that $2 trillion of tax cuts would pay for themselves, and ended up approving more than $8 trillion of borrowing. The Republican platform this year makes no mention of debt or deficits but does call for cutting wasteful spending.

Also, the national debt currently stands at $34.9 trillion, not $36 trillion.

“They want to raise your taxes four times.”

Many elements of the 2017 tax cut Mr. Trump signed into law will expire in 2025, and Mr. Biden has proposed some tax increases on high-income earners and corporations. But this does not amount to a quadrupling of taxes.

The 2017 tax cuts are expected to reduce the average tax rate by 1.4 percent in 2025, according to the Urban-Brookings Tax Policy Center, a left-leaning Washington think tank. Most in the top 5 percent of income would see the greatest change, by 2.4 percent. Mr. Biden has also consistently said he does not support raising taxes on people making under $400,000 a year and, in his latest budget, proposed extending tax cuts for those making under that threshold.

Mr. Biden’s proposals would increase the average tax rate by about 1.9 percent, according to a Tax Policy Center analysis . The top 0.1 percent would see the biggest increase of about 13.9 percent, while the low income filers would see a reduction in taxes. That is no nowhere near the 300 percent increase Mr. Trump warned of.

“I will end the electric vehicle mandate on Day 1, thereby saving the U.S. auto industry from complete obliteration, which is happening right now, and saving U.S. customers thousands and thousands per car.”

There is no electric vehicle mandate. The Biden administration has imposed rules requiring carmakers to meet new average emissions limits across their entire product line. It is up to auto manufacturers how to comply. The Environmental Protection Agency has estimated that the rule would mean that by 2032, about 56 percent of new passenger vehicles sold would be electric and another 16 percent would be hybrids. Autoworkers do fear job losses because electric vehicles could require less than half the number of workers to assemble than cars with internal combustion engines do.

There is also no evidence that the rule or other policies aimed at encouraging electric vehicles are leading the automobile industry toward “obliteration.” Many automakers have, in fact, embraced electric vehicle production. General Motors, for example, has been talking about preparing for an “all-electric future” since 2017. The Biden administration has argued that its policies are aimed at moving electric vehicle jobs from China to the United States.

“We’re going to bring back car manufacturing.”

The American auto industry lost jobs under the Trump administration, according to the Bureau of Labor Statistics. General Motors, Ford and Fiat Chrysler all closed factories during Mr. Trump’s presidency.

“Probably the best trade deal was the deal I made with China, where they buy $50 billion worth of our product.”

The trade agreement that Mr. Trump signed with China in 2020 was quickly derailed by the coronavirus pandemic, and China never fulfilled its obligations to purchase American goods. And Mr. Trump gave an incorrect total for how much American product China was supposed to buy. A 2022 analysis by the Peterson Institute for International Economics found that China had bought none of the extra $200 billion of U.S. exports in the trade pact.

“Democrats are going to destroy Social Security and Medicare.”

President Biden has pledged not to make any cuts to America’s social safety net programs. Mr. Trump suggested this year that he was open to scaling back the programs when he said there was “a lot you can do in terms of entitlements in terms of cutting.” He later walked back those comments and pledged to protect the programs. But if changes to the programs are not made, the programs’ benefits will automatically be reduced eventually. Government reports released earlier this year projected that the Social Security and disability insurance programs, if combined, would not have enough money to pay all of their obligations in 2035. Medicare will be unable to pay all its hospital bills starting in 2036.

Hamed Aleaziz

The Biden administration “demolished Title 42.”

The Biden administration kept in place the Trump-era policy, known as Title 42, which allowed border agents to quickly turn back migrants and cut off access to asylum protections for more than a year.

The Biden administration did not move to get rid of Title 42 until spring 2022. The move was later blocked by a federal judge, which forced the administration to keep the policy in place.

During that time, the Biden administration expanded the use of the policy and began expelling Venezuelans to Mexico. It was later rolled back in 2023 by the Biden administration.

“In Venezuela, crime is down 72 percent.”

Mr. Trump claimed that crime had fallen drastically in Venezuela because the country had sent “their murderers” and prisoners to the United States. Annual reports from the Venezuelan Violence Observatory, a research organization based in Caracas, shows a 25 percent decline in the country’s homicide rate from 2022 to 2023 , and a 41 percent decline since 2020 . In comparison, the homicide rate declined even more precipitously while Mr. Trump was president, by almost 50 percent from 2016 .

The Venezuelan Prison Observatory told Univision in 2022, when Mr. Trump first made the claim, that the prisons in the country had not been emptied and rather were at 170 percent capacity. According to the group’s latest annual report, Venezuela’s prison population stood at 33,558 in 2022, about level with its 2021 population of 33,710. Immigration experts have said they could not corroborate Mr. Trump’s claims that other countries were “dumping” their criminal and prison populations into the United States.

“I was the first president in modern times to start no new wars.”

Depending on the definition of “modern times,” President Jimmy Carter started no new wars during his time in office between 1977 and 1981.

“The whole world was at peace. And now the whole world is blowing up around us. Under President Bush, Russia invaded Georgia. Under President Obama, Russia took Crimea. Under the current administration, Russia is after all of Ukraine. Under President Trump, Russia took nothing.”

Under Mr. Trump’s presidency, there was not global peace. While Mr. Trump was in the Oval Office, there was an active war in eastern Ukraine between the Russian and Ukrainian armies, he authorized airstrikes and ground combat operations against fighters of the Islamic State in Iraq and Syria, and he ordered the assassination of an Iranian military leader in Iraq.

“We defeated 100 percent of ISIS in Syria, something that was going to take five years — ‘It’ll take five years, sir’ — and I did it in two months.”

The American-led coalition campaign against the Islamic State began in 2014 . The research firm IHS Markit estimated that the Islamic State lost about a third of its territory from January 2015 to January 2017. Mr. Trump has largely stuck with, and taken advantage of, a strategy that Mr. Obama began , and the Islamic State lost its final territories in March 2019 , two years after Mr. Trump took office, not two months.

“I stopped the missile launches from North Korea.”

North Korea continued to test missiles during Mr. Trump’s time in the White House, a fact that the former president continually dismissed at the time .

“Our opponents inherited a planet at peace and turned it into a planet at war.”

While Russia had not invaded Ukraine and the war between Israel and Hamas had not broken out, it is a stretch to claim that the world was entirely peaceful under the Trump administration.

Average peacefulness declined in 2018 and 2020 , according to the Global Peace Index, an annual measure of violence around the world compiled by the Institute for Economics & Peace. During the Trump administration, the United States was also engaged in military conflicts in Iraq, Syria and Afghanistan and more than 60 American soldiers died in hostile action . When Mr. Trump left office, there were 2,500 troops remaining in Afghanistan.

“We also left $85 billion worth of military equipment” in Afghanistan.

Mr. Trump was once again referring to the total amount that the United States spent on security in Afghanistan over the course of 20 years — not the value of equipment left behind in the 2021 withdrawal.

The United States provided $88.6 billion for security in Afghanistan from October 2001 to July 2021, and disbursed about $75 billion, according to Pentagon figures .

That figure includes the amount spent on training, antidrug trafficking efforts and infrastructure, as well as $18 billion for equipment. CNN previously reported that about $7 billion worth of military equipment that the United States transferred to the Afghan government was left behind during the withdrawal.

“We will replenish our military and build an Iron Dome missile defense system to ensure that no enemy can strike our homeland. And this great Iron Dome will be built entirely in the U.S.A. and Wisconsin.”

The U.S. military’s budget continues to grow year by year, and the Iron Dome missile defense system is effective only against relatively short-range rockets and missiles. Installing an Iron Dome across the country would in no way ensure that an enemy could not strike the United States.

“They spent $9 billion on eight chargers.”

— Former President Donald J. Trump.

This is false .

This is an inflated claim of another false statement Mr. Trump has made on the campaign trail about electric vehicle charging stations. (He recently said that the Biden administration had “opened seven chargers for $8 billion.”)

The Bipartisan Infrastructure Law, which President Biden signed in 2021, allocated $7.5 billion for electric vehicle charging stations, with the goal of installing 500,000 across the country.

So far, only seven chargers have been installed — not a great pace. But the suggestion that the entire amount was used on seven chargers is not accurate. The Biden administration has argued that the pace is the result of wanting to get a complex new national program done right.

“He decided to leave behind the comforts of an unbelievable business empire. To leave behind everything he had ever built. To answer the call to serve our nation. Unlike his predecessor, it was not a decision born out of necessity. Unlike the current president, it was not a decision that would enrich his family.”

— Eric Trump, a son of Donald J. Trump

Former President Donald J. Trump did not divest from his businesses when he assumed the presidency, and his critics argue that his companies did benefit from his being in public office. Mr. Trump’s businesses received nearly $8 million from 20 foreign governments during his time in office, according to documents released by House Democrats this year. Much of that was from China. The nonprofit OpenSecrets has also tracked millions of dollars flowing to Trump properties from political entities and groups in recent years, suggesting that those seeking favor with Mr. Trump may do so through his properties.

“He slashed regulations.”

This needs context ..

As president, Donald J. Trump indeed slashed regulations, rolling back more than 100 environmental protections alone. The bulk of those were aimed at keeping the air and water clean, and cutting planet-warming greenhouse gas emissions from automobiles and power plants.

However, the Trump administration’s attempt to deregulate was also often thwarted by the courts. All told, the Trump administration lost 57 percent of cases challenging its environmental policies, a much higher rate of loss than previous administrations, according to a database maintained by New York University’s Institute for Policy Integrity .

“The U.S. dollar has been diminished.”

The value of the U.S. dollar is stronger than it has been in decades . This year, the dollar index, which measures the strength of the currency against the currencies of six major trading partners, has been hovering at levels last seen in the early 2000s.

Eric Trump’s suggestion that the dollar has been diminished is actually at odds with his father’s recent suggestion that the dollar is too strong, making American exports too expensive abroad.

Former President Donald J. Trump and Senator J.D. Vance, his running mate, have both argued that a weaker dollar would be better for the U.S. economy and have suggested that steps should be taken to depreciate the currency.

“In 2019, I was with him at the United Nations when the first president of history of this country stood there to advocate for religious liberty worldwide.”

— Franklin Graham, the evangelical leader

President Donald J. Trump hosted a United Nations event on religious freedom in 2019 in New York. At the time, he characterized it as the first time a U.S. president had hosted such a meeting. But aside from specific meetings, Mr. Trump’s appearance was certainly not the first time that an American president had championed religious freedom before the United Nations. President Barack Obama did so in a 2012 address to the General Assembly . President George W. Bush pressed the importance of religious liberty in a 2008 interfaith event.

“We’ve lost more Americans from drugs in the past four years than we lost in World War II. Yeah. Our bloodiest war. More than we lost in World War II. Does anybody care? It is pathetic. It is pathetic. And do you hear a single word from Washington about doing anything about it?”

— Tucker Carlson, Trump ally and former Fox News host

Mr. Carlson can certainly argue that lawmakers have not done enough to address the opioid crisis in the United States, but his suggestion that they have done nothing is wrong. The Congressional Research Service listed several major legislative efforts in 2016, 2018, 2019 and 2021.

These laws, according to the research service, “addressed overprescribing and misuse of opioids, expanded substance use disorder prevention and treatment capacities, bolstered drug diversion capabilities, and enhanced international drug interdiction, counternarcotics cooperation and sanctions efforts.”

Annual funding for border security and the Drug Enforcement Administration has tried to directly address drug trafficking. The bipartisan border bill that failed this past spring would have also included increased funding for enforcement efforts and new technology to detect drug smuggling. Former President Donald J. Trump lobbied against its passage.