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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

Joules Garcia / Investopedia

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.

Britannica Money. “ Market Research .”

U.S. Small Business Administration. “ Market Research and Competitive Analysis .”

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The 8 types of market research: definitions, uses and examples.

13 min read What are the different types of market research that can help you stay ahead of the curve with your marketing strategy? Understand how to use each type, and what the advantages and disadvantages are.

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.

There are 8 types of market research, each with their own methods and tools:

• Primary research
• Secondary research
• Qualitative research
• Quantitative research
• Branding research
• Customer research
• Competitor research
• Product research

Let’s start our list by exploring primary and secondary research first.

Free eBook: How to rethink and reinvent market research

1. Primary research

Primary research is research that you collect yourself but going directly to the target market through a range of methods. Because it is data you create, you own the data set.

Two types of results — exploratory information (determines the nature of a problem that hasn’t yet been clearly defined) and conclusive information (carried out to solve a problem that exploratory research identified) — from participants are collected as raw data and then analyzed to gather insights from trends and comparisons.

This method is good for getting the views of a lot of people at one time, especially when time is short, but it comes with its own management issues. The interviewer must prepare a way to gather answers and record these, while engaging in conversation with many people.

Participants may be affected by the group setting, either from acquiescence bias (the desire to say yes to please the interviewer), dominance bias (stronger participants can alter the results from less dominant participants) or researcher bias (where the research leads or impacts the participant responses indirectly).

This provides a structured setting where the interviewer can listen to what’s being said and investigate further into an answer. The interviewer can also pick up on non-verbal cues from body language can help the interview understand where to deep-dive and broaden their understanding.

However, some of the same biases (acquiescence and researcher) still exit in this format. The method is time consuming to do the interviews and collect the data afterwards.

A survey is an excellent method for carrying out primary research as participants do need to be physically present with the interviewer to carry it out. The survey can be completed anywhere there is an internet connection, meaning there is flexibility for the participants to use different devices and for interviewers to contact participants in different geographical time-zones.Preparation is key, however, as the researchers must segment the market and create a list of participants to send the survey to. Hiring a panel or using existing marketing lists can help with this.

2. Secondary research

Secondary research is the use of data that has previously been collected, analysed and published (and therefore you do not own this data). An example of this for market research is:

Most information is freely available, so there are less costs associated with this kind of secondary research over primary research methods.

Secondary research can often be the preparation for primary research activities, providing a knowledge base. The information gathered may not provide the specific information to explain the results, which is where primary market research would be used to enhance understanding.

There is also a logistics planning need for a recording solution that can handle large datasets, since manual management of the volumes of information can be tricky.

Both primary and secondary research have its advantages and disadvantages, as we’ve seen, but they are best used when paired together. Combined, the data can give you the confidence to act knowing that any hypothesis you have is backed up.

Learn more about primary vs secondary research methods

The next market research types can be defined as qualitative and quantitative research types:

3. Qualitative research

Qualitative market research is the collection of primary or secondary data that is non-numerical in nature, and therefore hard to measure.

Researchers collect this market research type because it can add more depth to the data.

This kind of market research is used to summarise and infer, rather than pin-points an exact truth held by a target market. For example, qualitative market research can be done to find out a new target market’s reaction to a new product to translate the reaction into a clear explanation for the company.

4. Quantitative research

Quantitative research is the collection of primary or secondary data that is numerical in nature, and so can be collected more easily.

Researchers collect this market research type because it can provide historical benchmarking, based on facts and figures evidence.

There are a number of ways to collect this data — polls, surveys, desk research, web statistics, financial records — which can be exploratory in nature without a lot of depth at this stage.

Quantitative market research can create the foundation of knowledge needed by researchers to investigate hypotheses further through qualitative market research.

The next four variations of market research are specific to topics areas, that bring about specific information.:

5. Branding research

Branding market research assists a company to create, manage and maintain the company brand. This can relate to the tone, branding, images, values or identity of the company.

Research can be carried out through interviews, focus groups or surveys. For example, brand awareness surveys will ask your participants whether the brand is known to them and whether it is something they would be interested in buying.

Additional areas for brand research is also around brand loyalty, brand perception , brand positioning , brand value and brand identity .

The aim of research will be to understand how to know if:

• Your brand is performing in relation to other competitors
• There are areas to improve your brand activities
• There are positives to showcase to enhance your brand’s image

6. Customer research

Customer market research looks at the key influences on your target customers and how your company can make changes to encourage sales.

The aim of this research is to know your customer inside out, and continuously learn about how they interact with the company. Some themes covered by this include:

• Customer satisfaction – Exploring what keeps customers happy, as higher customer satisfaction is more likely to lead to increased customer retention.
• Customer loyalty – This looks at what experiences have happened to lead to greater customer loyalty across the customer lifecycle.
• Customer segmentation research – Discovering who the customers are, what their behaviour and preferences are and their shared characteristics.

Relevant desk research may look at historical purchase records, customer journey mapping , customer segmentation, demographics and persona templates.

Primary research, such as NPS and customer satisfaction surveys , or customer satisfaction interviews at the end of customer support calls, can also give more details.

7. Competitor research

Competitor market research is about knowing who your competition is and understanding their strengths and weaknesses, in comparison to your organization. It can also be about your competitive offering in the market, or how to approach a new market.

The aim of this research is to find ways to make your organization stand out and future planning through horizon scanning and listening to customer preferences.

For example, for competitive analysis, researchers would create a SWOT for your business and your competitors, to see how your business compares.

Primary research could interview customers about their buying preferences, while secondary sources would look at competitor’s market dominance, sales, structure and so on. With this thorough analysis, you can understand where you can change to be more competitive, and look for ideas that make you stand out.

8. Product research

Product market research is a key way to make sure your products and services are fit for launching in the market, and are performing as well as they can.

The aim of this research is to see how your product is perceived by customers, if they are providing value and working correctly. Ideas can also be formed about upgrades and future product development.

There are a number of avenues within product research:

• Product branding – Does the product brand and design attract customers in the intended way?
• Product feature testing – this can happen at various stages of development with target markets (in early development, between versions, before product launch, etc.) to check if there are positive reaction to new or improved features
• Product design thinking – what solutions would solve your customers’ current or future problems?
• Product marketing – Do the marketing messages help your product’s memorability and saleability, or can they be improved?

Primary research methods have a clear advantage in this kind of market research: Surveys can ask for rankings on the popularity or usefulness of features or conduct conjoint analysis, while in-person observation interviews (where the participant can handle a product) can be particularly useful in seeing what customers do with the product in real time.

How to use market research types in your company

In a good marketing strategy, it’s preferable to have a mixture of data across:

• Qualitative and quantitative research
• Primary and secondary research
• Your specific topic area or area of focus

With these three components, you can make sure your market strategy gives you a complete picture of your market’s operational data and experience data , — what your market does and why .

Economical experience data (O data)

This type of experience data is quantitative in nature (including operations, featuring sales data, finance data and HR data ). As it can be quantified into numerical values, it can be measured over and over, providing datasets.

There is the opportunity to use a data-driven approach to understanding the results and making predictions based on historical trends.

This sort of data can be measured more easily than emotions and feelings. But it can only tell you about past activities and what happened. It can’t tell you what will happen in the future and why things will happen — this is where X data comes in.

Emotional experience data (X data)

This type of experience data seeks to find reasons to explain emotional decisions and how brands ‘sit’ in people’s minds. In this way, this data is qualitative in nature.

Companies that have X data have a ‘mental advantage’ over other companies,  as they are able to understand the perceptions of the customer, their needs and values.

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.

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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Key Facts About the Market Research Industry

by Sarah Schmidt , on October 10, 2022

In this data-driven blog post, we’ll take a look at key statistics and expert analysis from a variety of new reports covering the global market research industry. Read on to gain a quick overview of the industry’s performance and important new trends to watch.

Market Sizing and Forecast

The global market research services market increased from $69.6 billion in 2016 to $76.37 billion in 2021 at a compound annual growth rate (CAGR) of 1.87 percent, according to a recent report by The Business Research Company .

An even higher growth rate is expected in the future. The global market research services market is forecast to grow from $76.37 billion in 2021 to $108.57 billion in 2026 at a CAGR of 7.29 percent.

The Role of Market Research

Companies in this industry gather, analyze, and present marketing and public opinion data. They conduct qualitative and quantitative research on behalf of clients to identify the needs and preferences of specific demographics or consumer groups. These insights can help companies customize their products, services, and marketing efforts to fit the intended target market.

In addition, the market intelligence that research firms provide can help clients make broad strategic decisions such as how to expand business operations, enter new markets, or establish distribution channels effectively.

Top Market Research Companies

Leading market research companies identified by First Research, Inc , include:

• Forrester Research

Key Market Drivers

Demand for market research services is driven by the strength of the economy and corporate profits. When profit margins rise, corporations seek out the help of market research companies to identify avenues for growth and improve their product and service offerings.

The U.S. Market Research Industry

From 2014 to 2019, the U.S. market research industry grew at a strong pace, propelled by increasing expenditures on research and development and internet advertising, according to a report by IBISWorld . Acquisitions were widespread among leading industry players, and large advertising firms also acquired market research companies to expand their portfolio of services.

As noted by First Research, the U.S. market research industry is known to be concentrated. The top 50 companies generate about 60% of industry revenue. “Large companies have advantages in providing a variety of research and ancillary services to large customers, and in achieving economies of scale in marketing and computerized operations,” according to First Research. “Small companies can compete successfully by specializing in a research methodology or in emerging niche knowledge areas.”

U.S. Revenue Forecast to 2029

The U.S. industry for business intelligence, market research, and opinion polling is expected to reach $24.96 billion by 2029. For complete benchmarking of the industry and its top companies, see a 58-page report published by Plunkett Research in September 2022 .

Market Research Trends to Watch

The rising use of the internet among consumers and advertisers created an opening for new market research companies to enter the market and prompted some established firms to adopt more innovative methods.

In the future, increasingly complex data analysis and changing consumption activity is expected to drive the demand for consumer market research, but some headwinds remain.

“Instituted interest rate hikes and increases in commodity prices are projected to put slight downward pressure on corporate profit growth, which typically has a relatively direct downstream impact on advertising and R&D expenditure,” according to IBISWorld.

However, the uncertainty created by supply chain and inflation pressures will also drive a continued need for “greater granularity” in market data, according to Freedonia Custom Research , as clients refine datasets and assumptions “that may have changed over the last 18-24 months that were fairly consistent in the past.”

Where to Find Out More

Whether you are interested in media buying agencies, public opinion polling, or statistical services, MarketResearch.com offers a variety of reports covering different market segments and geographical areas. Search  our website  to find out more.

To keep up with the latest industry trends,  subscribe to the MarketResearch.com blog .

About the Author :  Sarah Schmidt is a Managing Editor at MarketResearch.com, a leading provider of global market intelligence products and services.

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4 Types of Market Research + 6 New Ways to Do It Smarter

In June this year, 500 business leaders shared their favorite types of market research with me via a direct external survey.

Astonishingly, 83% of people said the same thing: favoring qualitative research ( specifically market research surveys ) over anything else.

Having a favorite is all good and well, but as we know, variety is the spice of life. By avoiding dependency on any single type of market research, you get a relevant, unbiased view of your market and opportunities at all times.

Spoiler alert The types of market research I outline in this post will speed up your time to insight significantly. Instead of a process that spans days and weeks, certain tasks can be done and dusted in a few hours at most.

To help you stay on top of your game, I’m outlining the different types of market research, their benefits, and how to use them. As a bonus, I’m sharing six modern ways to do market research using digital research intelligence tools (like Similarweb).

The 4 types of market research

1. Primary research

Primary research is the first-hand collection of data. You go directly to a source instead of relying on existing information. It’s also known as field research.

Who is it for? Doing primary research involves collecting information relevant to a specific research context. For instance, if data is required about the shifting needs of a target market , primary research methods are a great way to explore this.

How to collect the data? Usually, an individual will go into the marketplace (field) to find the information they need.

Benefits of primary research

• You get more control over the research methodologies.
• The information is up-to-date.
• Because data is relevant, it reveals current trends, not outdated ones.
• Most primary research addresses the individual market instead of the mass market.
• The data collector retains ownership of the data.

Types of primary research

The right research method depends on the goal of the research and the resources available. Here are five of the best ways to do primary research.

• Ethnographic or observational research
• Trials or experiments
• Focus groups

2. Secondary research

Secondary research collates existing information or research for analysis. Essentially, it’s a type of market research that uses second-hand data.

Who is it for? Secondary research is ideal for start-ups and small businesses, needing a type of market research that’s low-cost and quick to undertake.

How to collect the data? Secondary data is collected from various places but always comes from existing third-party information.

Benefits of secondary research

• A low-cost type of research
• It’s quick to conduct
• Data is easy to access
• Initial findings can help shape any longer-term investment in primary research
• Anybody can do it; there’s no professional training required
• Gives you a broad understanding of a topic quickly

Types of secondary research

Most secondary market research methods can be done for free. It’s also called desk research . Here are some of the most popular places to obtain that data.

• Internet search engines
• Trade associations
• Research companies
• Media outlets
• Industry experts
• Government and non-government agencies
• Digital intelligence platforms (like Similarweb)
• Educational institutions
• Company reports
• Academic journals
• Public libraries
• Competitor websites

3. Qualitative research

Qualitative research aims to understand opinions, beliefs, experiences, attitudes, and interactions by collecting and analyzing non-numerical data. It helps researchers understand why things are so, through observation or unstructured questioning.

Compared to quantitative methods, this is more of a touchy-feely type of market research. It’s more about emotions and opinions than crunching numbers.

Who is it for? Any business or start-up can use (and benefit from) qualitative research. To understand the sentiment of a target audience or market in detail, this type of research uncovers key insights that help shape and develop products, services, and strategies.

How to collect the data? You can conduct qualitative research remotely or in person. What’s key is that the data is collected first-hand, directly from an individual or group of people.

Benefits of qualitative research

• Captures shifting attitudes or sentiments within a target group.
• Can uncover key insights that numbers alone couldn’t reveal.
• More targeted research, is often more concentrated compared to quantitative research.
• Cost and speed can be managed more effectively with smaller groups.
• Promotes authenticity in discussions as responses aren’t formed by pre-set constraints.
• Greater flexibility than other research methods as questions can be adapted over time.

Types of qualitative research

• Participant observation
• Ethnography
• Case Studies
• Grounded theory (using research to generate a theory)
• Thematic analysis (looks to identify or interpret patterns and their connected meanings)
• Open-ended surveys
• Diary or Journal logging
• Phenomenological study (where you take a customer or individual, and examine things from their perspective)

Read More: 83 Qualitative Research Questions & Examples

4. Quantitative research

Quantitative research is focused on collecting, analyzing, and comparing numerical data. It’s predominantly used to make predictions, spot trends , find patterns, and establish averages. It deals with primary and secondary data, as long as it is represented in numerical form.

Who is it for? Quantitative research provides data that can shed light on statistical information about a market or business. It’s useful for start-ups and established companies and can help with forecasting, market sizing , market validation , and more.

How to collect the data? Using various methods, quantitative research is systematically collected and recorded to do analysis in a database through graphics, charts, and tables.

Benefits of quantitative research

• Data can be analyzed reliably and consistently.
• Studies can be easily replicated in the future or a different market.
• It’s possible to do a broader study with large sample sizes.
• Fewer variables are involved as data is often close-ended.
• Automation makes data collection quicker and easier to conduct.
• More cost-effective than qualitative research.

Types of quantitative research

Due to the often complex nature of this type of market research, I’ve added a quick explainer.

• Experimental research Also referred to as true experimentation, this relies on theory. In most cases, multiple theories that have not yet been proven. An analysis is carried out to prove or disprove the theory.
• Descriptive research This is used better to understand a specific situation, population, or phenomenon. It seeks only to measure (not manipulate) variables through observation to investigate them thoroughly.
• Survey research Quite simply, this uses a range of online or offline polls to understand what customers or a group of people think about products, services, and more.
• Quasi-experimental research Similar to experimental research, it aims to evaluate a cause-and-effect relationship amongst variables. However, it’s a dependent and independent variable in this case.
• Correlational research This is typically undertaken to determine a relationship between two closely related entities. It explores how each entity impacts the other and examines key changes.

Read More: 98 Quantitative Market Research Questions & Examples

Mixed-method research approach

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6 modern types of market research

Outside the four core types of market research, there are modern ways to discover valuable information that can leverage better insights. If you’re looking for new types of research that’ll help you quickly find new opportunities to go after, read on.

1. Competitor research

In-depth competitor analysis allows you to quickly find growth opportunities, by taking a detailed look at what is and isn’t working for your rivals. What’s more, it can help you spot emerging trends and shifts, so you can take action when and where it matters most.

These are some of the things you can expect to uncover with competitive market research:

• Understand how to track and target your competitors’ audiences.
• Discover the best traffic sources to see where rivals are gaining referrals from.
• Establish a clear view of rival’s market share across any industry.
• See traffic changes over time amongst industry leaders and emerging players.
• Find out which channels are working best for competitors.
• Benchmark your business against others in your space.
• Track a customized list of players in your sector to see gains and losses.

2. Audience research

Consumer insights are fundamental to the success of any organization, regardless of size or sector. Through the analysis of consumer behavior, you can drive better engagement, discover new digital strategies , and develop a more detailed understanding of your prospects and customers.

Here are just a few examples of how doing audience-based research can help:

• Better understand audience interests relative to an industry or your rivals.
• Measure audience loyalty .
• See where they spend their time online.
• Build a picture of an audience layered with insights from real-world browsing habits.
• Uncover key demographics , interests, and geographies of an audience.

To help you get started, here are four audience analysis examples .

3. Content and keyword research

At the last count, there were roughly 1.93 billion websites online, and I’m not even going to get into how many social media accounts there are. But with so many digital channels, you must ensure your content and company can be easily found online. This is where ( and why ) content and keyword-based market research deliver immense value.

Get it right, and you’ll reap the benefits through more visitors, leads, conversions, and revenue. The golden nugget you uncover with keyword and content research is a greater understanding of an audience. Although most people would associate keyword research with SEO, it serves a dual purpose.

To get started, do a competitive content analysis within your market.

4. Campaign effectiveness

Knowing how effective a specific type of advertising channel, message, or format is for a target audience can quickly help you determine where’s best to spend your marketing dollars. By researching the effectiveness of ads in your space, you can more easily see the best places to invest your time and effort.

This type of market research helps you:

• Find out if paid advertising is working or not.
• Discover the highest-converting ads.
• See what types of creatives work best for your target audience.
• Look at competitors’ total spend in a specific channel.
• View social media referrals and their impact on website traffic.
• Drill-down into top-performing ads to see messaging, visuals, and more.

5. Mobile app market research

Mobile-first consumer habits have seen industries turned on their heads overnight. For most, it’s not a question of ‘if’ but ‘when’ mobile apps will infiltrate their market. In any industry, seeing the impact of apps in your space is vital. The need to see a complete view of the digital landscape is rising fast.

Some of the key things you can uncover through app intelligence -focused research include:

• Find trending apps in any sector, specifically looking at growth/decline.
• App usage and engagement metrics across multiple markets.
• Analyze an app’s ranking over time.
• Identify underserved markets and spot opportunities to break into new spaces.
• Evaluate iOS vs. Android stats to determine which platform is optimal for an audience.
• View the performance of competitors’ apps over time.
• Compare app performance metrics directly against desktop or mobile web channels.
• Determine whether or not to invest in a mobile app for your business.

6. Market segmentation

Understanding whole market trends are useful. But the real pearls of wisdom can be found when you slice and dice a market into manageable portions. Market segmentation is important for businesses to identify and target specific customer groups, tailor their products and services, and measure their performance. This type of market research helps you:

• Deliver personalized marketing
• Identify market shifts
• Find opportunities for growth in specific segments of a market
• Improve targeting
• Allocate resources more efficiently
• Improve customer engagement and loyalty
• Increase return on investment by identifying opportunity segments

Choosing the right type of market research

Whatever your industry, role, or experience, the type of market research you choose will influence key decisions in your business. With rapid shifts in consumer behavior and emerging threats now virtually an everyday thing, you need a broad and relevant view of the landscape. No single type of market research alone gives a complete picture.

Organizations must keep a finger on the pulse to stay relevant, adapt, and compete. While using traditional types of market research is key, you can gain key insights much quicker, often for a much lower cost, using modern tools like Similarweb Research Intelligence .

Why not take it for a trial run today? For free.

What’s the difference between qualitative and quantitative research? Quantitative research is based on numbers and seeks to explain theories or hypotheses. In contrast, qualitative research is more about understanding the ‘how’ and ‘why’ things happen.

Should I use more than one market research method at a time? Yes, it’s important to take a balanced approach when choosing the best type of research. While it’s vital to clearly understand what is happening, you also need to consider the ‘why’ things happen.

What type of market research is best for start-ups? Most start-ups use secondary research as it’s quick and affordable. However, there are many benefits to conducting first-hand primary research as well.

What types of market research can you do for free? Most secondary research is free to conduct. If you have access to a list of subjects or prospects, you can also use market research surveys to conduct primary market research for free.

Is quantitative research primary or secondary? It can be both. Secondary and primary data can be quantitative (number-based) or qualitative (verbal or opinion-based).

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Market research in U.S. - statistics & facts

The market research industry includes any organized activity to gather information about a specific target market or group of customers. It includes traditional methods of information gathering such as surveys, as well as newer methods of data analytics that have emerged with the increasing digitization of society. In 2019, in the United States, market research companies generated over 47 billion U.S. dollars in revenue, more than half of the total revenue of the market research industry globally . The vast majority of money spent on market research in the U.S. in 2019 was for quantitative research , which accounted for 64 percent of the market. Within the quantitative segment, online research and phone interviews were the most dominant research methods, while face-to-face interviews accounted for only two percent of spending. Customer satisfaction investigations were the main type of project conducted in 2019, constituting 20 percent of of revenue received by market research companies. The next largest source of revenue was media audience measurement, which accounted for 16 percent of revenue. Within the U.S., the market leader was Nielsen Holdings, who reported 3.9 billion U.S. dollars in domestic revenue for 2019. There is a significant difference in revenue to the next largest company in the U.S. market, IQVIA , which reported approximately 2.2 billion U.S. dollars in revenue for the same period. However, this gap is not surprising given IQVIA specializes in research for the healthcare sector, while Nielson provide services regarding goods, consumers. and the media across a broad range of sectors. Other leaders in the U.S. market research industry include Kantar , Information Resources Inc , and Ipsos , each of which generated under one billion of U.S. revenue in that year. This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text. Show more Published by Statista Research Department , Dec 19, 2023

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Market research revenue of Information Resources Inc. (IRI) in the United States from 2013 to 2021 (in million U.S. dollars)

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Market Research Definition, Types, Tools and Benefits

Published on Jul 01, 2022

More than doubling in size from 2008 to 2021, the market research sector brought in over $76.4 (Statista) billion worldwide in 2021.  

What is Market Research?

Market research is the process of gathering, analyzing, and interpreting information about a market, about the product or service to be offered for sale in that market. It is also about the previous, current, and potential customers for the product or service. 

Data collection, analysis, and interpretation are the three main steps in any successful market research project. The data could pertain to a certain demographic, general consumers, rival businesses, or the entire market. This is the cornerstone of any thriving business. The findings can be used for anything from discovering a fresh opportunity to entering the market to developing an entirely new product or service. 

Small business owners can benefit greatly from conducting market research. It can eliminate uncertainty in the creative process and direct energy and funding toward the most promising ideas and initiatives. Many types of market research are conducted by businesses at many different stages. 

Market Research for Businesses  

Accurate and comprehensive data gives a plethora of information on potential and existing customers, competitors, and the industry as a whole, making it the bedrock of any successful commercial endeavor. It helps entrepreneurs weigh the odds of success before sinking a lot of money into a new firm. 

An essential aspect of every successful business plan is conducting market research to gather data that can be used to address potential marketing obstacles. In reality, it is not viable to develop tactics like market segmentation (identifying distinct groups within a market) and product differentiation (establishing a unique selling proposition for a product or service that distinguishes it from the competition) without conducting market research. 

Types of Market Research  

1. quantitative research .

The results of quantitative studies are typically presented using numerical and graphic representations. It's the gold standard for verifying or disproving hypotheses. It is possible to establish broad, overarching truths about a subject by conducting this kind of study. Experiments, numerically recorded observations, and surveys with a limited number of predetermined answer choices are all examples of common quantitative approaches. 

2. Qualitative research 

Words are the currency of qualitative inquiry. It's a tool for making sense of things like ideas and experiences. Using this method, you can learn more about a topic from every angle, which is very useful for researching controversial or poorly understood subjects. Open-ended interviews, written descriptions of observations, and in-depth analyses of the existing literature are all examples of common qualitative techniques. 

Qualitative vs. Quantitative Research 

Quantitative research focuses on numerical and statistical facts, while qualitative research examines concepts and interpretations. Both are necessary to learn various things. Comparatively, qualitative research draws its conclusions from interviews and documents rather than statistics and reasoning. Quantitative studies typically report their findings numerically or graphically, while qualitative studies report their findings verbally. 

3. Primary Research 

Primary data refers to a study that seeks to collect firsthand information from real-world participants. Primary research is data collected by the researcher themselves through various techniques of approaching the target audience directly. You have full legal and ethical rights to the data set you to create. Primary research can be challenging due to the time, money, resources, and familiarity with the topic that it demands. 

4. Secondary Research 

Secondary research is a study that is done after primary research has already been conducted, and it consists of analyzing, interpreting, and summarizing the results of the primary research. A more precise definition of secondary research would be any study that makes use of publicly available data. When conducting secondary research, scholars refer to information that has already been gathered, processed, and made public (and therefore, you do not own this data). Since the accessible data has already been evaluated and interpreted, the researcher just needs to determine the data he wants to use, i.e., the data that is necessary for his project. 

Primary Research vs. Secondary Research

Research that involves the collection of new information, or "primary" research, is distinguished from secondary research by the fact that it is conducted for the first time on a particular topic. Instead, secondary research makes use of information that has previously been gathered through primary research. The fundamental dividing line between primary and secondary research is whether the research has been done before. 

5. Market Research 

Market research on branding can help a business develop, launch, and sustain its brand. This may involve the firm's ethos, branding, visuals, ideals, or very name. Interviews, focus groups, and surveys are all viable options for conducting research. 

6. Customer Research 

Market research on customers is learning what factors most strongly affect your demographic of interest and what adjustments may be made to better attract and retain them as paying customers. The objective of this study is to acquire an intimate understanding of your consumer base and their habits and preferences as they relate to your business. 

7. Competitor Research 

Conducting market research on your competitors entails learning about their businesses and assessing how they stack up against your own. Your competitive product in the market or how to break into a new market could also be a topic of discussion. The study's overarching goal is to help your company prepare for the future by identifying methods to set itself apart from competitors and by learning from customers' opinions and suggestions. 

8. Product Research 

Conducting market research on your items is essential to ensuring they will sell successfully once they hit the shelves. Finding out how people feel about your product and if they feel it's valuable and functioning properly is the goal of this study. The ability to think creatively about enhancements and new features is another benefit. 

Benefits of Market Research 

According to a survey, the market research business is expected to increase at a rate of 12-14% (The Economic Times) per year through FY26, at which point it would have surpassed the $4 billion mark. 

The following is a list of the most important reasons and benefits of marketing research: 

It's a great tool for boosting companies' standing. The ability to think critically and act on that thinking is the key to success. You can keep your business one step ahead of the competition by conducting market research to expand your knowledge of your market or target audience. 

Reduces the potential for loss on an investment. This is a basic point to think about, but it is often crucial to the success of a firm. When starting a firm, it makes sense to spend what amounts to a negligible amount on research and testing the market, product, concept, or idea. 

Possible dangers and benefits are highlighted. Insurance against these two glaring pitfalls lies in both primary research (fieldwork) and secondary research (desk research). Opportunities or red flags may be uncovered through the combination of this with qualitative research for further investigation. 

You can learn more about the advantages and disadvantages of your own business and of your competitors. To achieve entirely objective reporting, it is generally recommended to collaborate with a market research agency. Take advantage of what you've learned from study to improve in areas where you're weak and to gain an edge over the competition. 

Strategic preparation is helped by this. Where do you stand with the core principles of your company plan? If it's supported by data, and you've put in the time and effort to do your own (hopefully continuous) research, you can rest assured that you're giving yourself the best chance of success in your commercial endeavors. 

This aids in the identification of developing tendencies. Being the first, the best, or coming up with the idea that nobody else has is typically what it takes to stay ahead in business. Taking the pulse of your industry on a regular basis is an important habit. You can learn more about the tools available to you to identify and capitalize on these trends by consulting with a research firm or expert. 

Helpful for firms in keeping up with the competition. Being the best calls for an insatiable need for knowledge and a propensity to experiment. The key to success, and the ability to maintain that success, is knowing how to effectively apply the information gleaned from market research, audience research, and data research. 

It includes forecasts for future income. One of the most important parts of any market study is a forecast, which looks into the future and predicts the size, makeup, and trends of the market you're interested in. This allows for the categorization of prospective clients. You should prioritize the market that is the best fit for your business rather than the largest or fastest-growing. 

It's geared toward meeting the wants and desires of its patrons. Many things in business, including research, benefit from keeping clients front and center. By reaching out to individuals through online panels, web forums, telephone surveys, in-depth interviews, and focus groups, market researchers can learn where their business's ideas, services, and products can be strengthened. 

Using this method, one can measure the progress of one's company against predetermined standards. Utilize data gathered from the market to study the competition, gauge employee enthusiasm, identify knowledge or skill shortages, and identify development opportunities. This will allow you to consider novel approaches, ideas, and resources for boosting your company's efficiency. 

Market Research Tools 

In order to better understand your market and target audience, you need to use market research techniques. It's fundamental to every company's success, and in today's more crowded marketplace, a thorough familiarity with your target market is more important than ever. Good news: you don't have to be an "insights genius" to get started collecting the data you need, owing to the proliferation of market research tools. Some of the best and most widely used methods of market research include: 

• Answer the Public 
• Attest 
• Google Trends 
• Social Mention 
• Remesh 
• Heartbeat Ai 
• Think With Google 
• Spyfu 
• Latana 
• BuzzSumo 
• Statista 
• Typeform 
• Otter.ai 
• Dimensions.ai 

How to Conduct Research for Your Business: Market Research Strategies 

Despite their different objectives, market research and marketing research should use the same framework for gathering and analyzing information about your company's target audiences. These help in primary research as well as secondary research.  

Clearly identify the problem at stake. Establish an initial research topic. Having a clear research question in mind will allow you to better organize your findings. 

Start by figuring out your financial and time constraints. How much money do you have to put into your study? When do you anticipate finishing data collection? Research, like any other tactic for expanding your company, should be carried out within your means. Nonetheless, it may be worthwhile to spend more money to receive the most comprehensive results available, especially if the questions you are answering are time-sensitive. 

Planning your approach and requirements. Find out what information needs to be gathered and figure out how to get it. Observation, surveys, phone calls, and focus groups are among the alternatives. Consult a professional research agency if you are unsure of how to organize your data collection. 

Pick a way to sample the data. I need to know how you plan on picking people to take part in your study. You may require a cross-section of the consumer population at large, a subset of the population who share a particular characteristic of their way of life, or just the opinions of those who are already familiar with your brand. Develop a plan for tracking down and contacting the persons who will take part in your research. 

Prepare a data analysis strategy. Think about the methods you'll use to examine the data. Do you require numbers for statistical analysis, or can you get a sense of things from qualitative, observable data? Spend some time learning about the many types of analysis so you can pick the one that will yield the most useful results for your study. 

Gathering information. The next step is data collection, which may begin once you have settled on a research question and developed a strategy for answering it within the bounds of your time and money. Research is often outsourced to professional firms or consultants by many corporations. 

Examining the information. It is important to apply certain methods of analysis to make sense of your data, no matter how simple it may appear at first. Which analytical techniques you employ are most suited to your data is a function of the information you've gathered. Also, this is the time to double-check for any mistakes that might have crept into your data gathering, analysis, or sampling. 

Make the report you need. Concluding your research with a written report is the next to last stage. From formulating a problem statement to discussing the findings of your data study, your report should include it all. 

Why is Market Research Important?

Over 44,000 businesses across the United States provide some form of market research. Their total annual income is around $23 billion (QuestionPro).  

The importance of Market Research is the following -  

1. Identifies new products or services

By conducting market research, a business can learn what consumers want and how to best meet their demands. Identifying the major challenges associated with creating a product or service can help you save money. It's useful for figuring out what customers value most and how to implement that into your product or service offering. 

2. Identifies potential customers

You may learn more about your clientele by analyzing demographic information like their gender, age, income, occupation, and interests. You'll have a better idea of who to target with your future advertising efforts if you have a clear picture of your current clientele. When a product is marketed to the wrong demographic, sales suffer. 

3. Establishes viability of a product or service

If your organization is considering introducing a novel product or service to consumers, you should find out if there is a need for it. Do people need this product? Do the people you plan to sell to actually want this product? Does it have any chance of succeeding, and does it even have a chance of being a viable trend? 

4. Anticipates and discovers future market trends 

If you are familiar with your market and the tendencies that are just beginning to emerge, you will be better prepared to build tactics to combat any negative tendencies that may threaten your company. As a result, you can use rising tendencies to your advantage and propel your company forward. 

5. Keeps your company ahead of competitors

Examining your company's performance in relation to that of its rivals is a prime use for comparative research. If they're much ahead of you, it's a fantastic chance to figure out what you're doing wrong. It is possible to devise business plans that will help you surpass the competition. 

6. Decide the best marketing strategy

Conducting research is helpful for pinpointing the optimal distribution platform for reaching your target audience. If you find out that a large portion of your audience prefers one form of communication over another, it makes sense to concentrate your efforts there. Because of the scarcity of these resources, it only makes sense to direct them toward endeavors with a high probability of success. 

7. Reduces risk and increases profitability

The ability to assess the value of potential risks in light of past performance and anticipated future market behavior is a crucial business skill. The success or failure of a business idea depends heavily on the results of market research. Understanding your consumers and their habits is another crucial step in risk reduction. Taking less risk leads to greater financial rewards. 

8. Identifies threats and opportunities

The SWOT analysis is likely familiar to many of you. The acronym SWOT refers to a company's "strengths," "weaknesses," and "All four of them can be figured out with the use of market research . While a lot of data can be collected through market research, not all of it needs to be used. Use only information that is directly related to your major objective (which you will have established in advance). 

9. Helps to understand existing customers

By conducting market research, you can learn more about your current clientele. Because of this complexity, you can't assume that you know what your clients require. If you want to be successful, you need to take the temperature of your clientele on a frequent basis. Satisfaction levels among customers can also be measured with the help of surveys. You can find out what is bothering them and make adjustments if necessary. If they are already rather high, you can examine the factors that led to this success and implement changes to maintain it. 

10. Assists in realistic goal setting

Goals that are more realistic can be established with the support of up-to-the-minute information on your market and customer base. Knowing what to expect and how to realistically expand growth over time is greatly aided by establishing a growth pattern throughout time. Setting objectives that are too lofty will cause you to waste time and energy trying to achieve something that is impossible. 

How Efficient is Market Research? 

You should only invest time, energy, and money into market research if you expect to see a favorable return on that investment. Because it is so worthwhile, market research continues to play a significant role in the success of any organization. Market research won't ensure your company's success on its own, but it will arm you with the data you need to make the moves that will. 

Many of the advantages of this type of study were examined, but the drawbacks were also taken into account. If you don't conduct market research, you run the danger of losing clients to the competition, missing out on growth prospects, being more susceptible to hazards, making bad business decisions, and more. Some companies succeed without first doing their homework, but those situations are unusual. To build your firm and avoid typical errors, conduct market research. 

Market Research Methods  

Although there are a variety of approaches to conducting market research, the majority of companies opt to utilize one of the following five fundamental approaches: surveys, focus groups, personal interviews, observation, and field trials. Which strategies you decide to implement for your company will depend on the kinds of data you require as well as the amount of money you are ready to pay. Some of the major methods of market research are following - 

1. Surveys 

Surveys ask participants questions. They can use numerous survey methods. Surveys are a cost-effective technique to collect data for the study. Written surveys may encourage truthful responses since participants feel like they're speaking privately. 

2. Discussions 

Focus groups are moderated discussions. Companies assemble consumers to conduct focus groups, pose questions, and record replies. Participants' replies may reveal what consumers want in a firm or a product because they represent a broad group. Focus groups offer longer participant interaction than surveys. 

3. Interviews 

An interview combines focus group and one-on-one survey aspects. It includes recording one participant's comments at a time. Open-ended questions elicit in-depth answers from the interviewee. Researchers can ask follow-up questions and let interviewees ask their own. 

4. Social media listening 

Social media users routinely discuss corporations and their products. Researchers can search for discussion topics and measure consumer sentiment through social media listening. 

5. Observations 

Observation in market research means studying how consumers shop. Filming shoppers in a store and studying their shopping habits is common. This strategy can reveal their natural selves if they are ignorant of the observation. 

6. Experiments 

In a field trial, a corporation lets participants use a product under typical conditions and collects data. Participants' feedback was used to improve the product. 

7. Competitive analysis 

Competitive analysis is a secondary market research process where companies acquire and analyze competition information. It entails identifying primary and secondary rivals and analyzing their offerings, revenues, and marketing methods. 

8. Statistics 

Public data entails seeking and evaluating public market data. This research is often free online or in libraries. Research centers, polls, or government databases may provide this information. Public data is often used to confirm or compare primary market research. 

9. Purchased data 

Companies without the time or resources to perform their own market research can buy it. Several market research companies sell database subscriptions. Small and medium-sized businesses that can't afford primary market research may benefit from this approach. 

10. Analysis of sales data 

Competition analysis is just one way that may be used in tandem with sales data analysis to show how different business tactics affect revenue. It can also reveal consumers' buying behavior and consumer trends. 

Functions of Marketing Research  

The following are the main functions of Marketing Research - 

Description: Marketing research details customers. Age, sex, education, income, etc., are listed. It describes the market and competitors. This description helps marketing decision-makers and problem-solvers. 

Evaluation: Marketing research evaluates firm performance. It evaluates production and marketing policies. It measures customer reactions to product quality, price, packaging, advertising, sales, and promotions. If consumers dislike the company's policies, they must alter them. It contrasts company and rival policies. 

Explanation: Marketing research answers all marketing questions. It explains why sales are declining, why retailers are unhappy, etc. It explains the problem's causes. It gives a solution. 

Prediction: Marketing research forecasts. Predictions are future forecasts. It predicts sales, market prospects, dangers, marketing environment, customer behavior, etc. All predictions may be wrong. Predictions help the organization create plans and policies. It helps seize possibilities. It prevents future hazards. 

Decision Making: Marketing research aids decision-makers. It gives decision-making data. Decision-making involves choosing between options. Decision-making requires accurate data. MR helps the marketer decide. It gives decision-making data. It offers alternatives. It compares each option's pros and cons. It helps marketing managers choose the right action. 

Conclusion 

The world's markets are changing at a dizzying rate, making it more important than ever for companies to adapt quickly enough to be competitive. One method is to conduct market research. The results of your market research and analysis will provide you with a thorough understanding of your target audience's wants and needs, as well as your competitors' strengths and weaknesses. 

The key to making your business successful in the face of intense competition is identifying and fixing your deficiencies. The right market research tools will aid you in doing just that! The time to begin expanding your company is now.  

With a presence in New York, San Francisco, Austin, Seattle, Toronto, London, Zurich, Pune, Bengaluru, and Hyderabad, SG Analytics, a pioneer in Research and Analytics, offers tailor-made services to enterprises worldwide.    

A leader in  Market research services , SG Analytics enables organizations to achieve actionable insights into products, technology, customers, competition, and the marketplace to make insight-driven decisions.  Contact us  today if you are an enterprise looking to make critical data-driven decisions to prompt accelerated growth and breakthrough performance.

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Table of Contents

Everything you want to know about market research.

Nearly 80% of businesses conduct market research to gather targeted insights into their performance, customers, industry, and competition.

While market research offers a variety of benefits, it can be challenging to identify what research to conduct, and when to ensure you get accurate and actionable data for your business decisions.

To cut through information overload and discover how market research can help you, we are breaking down the basics of market research, including what it is, what you can learn, potential benefits, and how to get started.

What is market research?

Market research is the process of collecting, analyzing, and interpreting data about your target market, competitors, and industry. Market research spans a wide range of topics, uncovering insights on various elements that can impact a business. 

Some common subjects of market research include:

• Customer needs, preferences, and behaviors
• Market trends, competitors, and growth opportunities
• Brand awareness, perception, and evaluation amongst competitors
• Product performance, strengths and weaknesses, and customer evaluations

Why do companies conduct market research?

There is a wealth of insights   and benefits  provided by market research, but at its core, the purpose and value of market research is that it helps you make informed decisions by:

Understanding the Market

Market research provides in-depth insights, allowing companies to better understand the market, identify customers’ needs and preferences, discover how their brand is perceived in the market, and measure the impact of investments and strategies.

Identifying Opportunities

Market research spots untapped opportunities for companies to focus on, including how to improve their brand status, identify new customer bases and markets to sell to, and provide insights to help senior leadership prioritize investment opportunities.

Uncovering Risks

Market research also reveals potential risks that, if ignored, can cause considerable damage. This includes insight into competitors, the impact of major challenges or economic influences (i.e., COVID-19, heightened regulatory concerns), and negative perceptions of the company and its brands.

What types of companies use market research?

All types of businesses use market research, Including B2B ( 77% of companies ), B2C (82%), and B2B2C (83%). 

While they conduct research at similar rates, the types of questions they ask are driven by the unique challenges each type of business faces. For example, over half of B2B companies conducted a market share analysis last year, while B2C and B2B2C companies’ top project was evaluating customer satisfaction.

Find out how Hanover can help collect and analyze the data you need for better business decisions.

• Hanover Research Corporate Solutions

What can you learn from market research?

Anything. One of the biggest values of market research is how you can customize your research to gather the insights you need most. Below are some common examples of insights you can learn through market research.

Understand the Market

• Identify and prioritize markets for exploration and entry.
• Identify and build in-depth comparative profiles for your biggest competitors in the market.
• Understand market dynamics and identify potential factors, innovations, and trends that might impact your company.

Optimize Products and Services

• Generate new product ideas or optimize existing products.
• Develop an optimized pricing strategy.
• Evaluate how customers perceive and use your products and services.
• Identify any sales and service gaps or unmet customer needs.

Strengthen Brand Strategy

• Measure and track the strength of your brand and competing brands.
• Measure and improve brand health.
• Evaluate marketing and sales approaches to align with customer needs and preferences.

Understand Customers

• Understand the needs and preferences of your target customers.
• Identify crucial components of the customer experience. including unmet needs, pain points and levels of satisfaction.
• Differentiate customers into targetable segments based on behavioral, attitudinal, demographic, and psychographic data.

What are the most common market research projects?

The most popular market research projects can vary slightly over time, often reflecting market, economic, and societal shifts that impact company performance. Last year, with a focus on expanding to new markets and obtaining new customers, leading projects were analyzing customer satisfaction and needs , evaluating the market and identifying current and upcoming market trends , and measuring the strength of their brand equity .

This year, with inflation affecting customers’ buying power and increased production and resource costs, companies have expressed increased interest in price sensitivity research , making it the fifth-most common market research project. Increased uncertainty has also prompted companies to evaluate sales and renewal performance with win loss analysis projects increasing by 19%. 

Most Common Research Projects

How do you know you need market research?

With endless possibilities for insights, it can be hard to figure out where to start. To identify the type of market research you need, examine your top business priorities and determine if they could benefit from new data and insights. 

Ask yourself these two questions.

• Do you have the information you need to accomplish your goals?
• Is that data comprehensive and recent?

If the answer to either is no, your strategies will benefit from updated research insights.

Need help convincing your executive team to invest in market research?

You can find more stats on the use and impact of market research in our recent study.

• The State of Market Research

When should you conduct market research?

Companies usually conduct market research for one of three reasons: In response to a triggering event, to evaluate past performance, or to measure changes over time and quickly respond to declined performance.

Market Research Triggers

There are a variety of triggering events that prompt businesses to conduct research. Some common situations include:

• Evaluating the impact of external influences (economic factors, political shifts, etc.,)
• Understanding and adjusting to shifting customer needs
• Entering new markets
• New or increased competition
• Developing new products or features
• Merging or acquiring a new company

Evaluating Past Performance

In addition to conducting research to inform upcoming strategies or overcome pressing challenges, companies also conduct market research to evaluate the success of recent strategies or determine the reason for recent declines in performance. Market research allows companies to measure performance and identify areas of improvement. This can include anything from evaluating the performance of recent product launches, assessing the impact of recent sales and marketing strategies, or measuring the impact of recent pricing or service changes.

Recurring Assessments

The final instance of market research is recurring research. Companies conduct recurring research to ensure data is relevant, to evaluate performance over time, and to quickly identify and respond to changes in performance. For example, some companies periodically measure their brand health including brand awareness, perception, and evaluation against their competitors. By consistently assessing their brand health, these companies have updated insights into their presence in the industry, how customers evaluate them, and potential threats from competitors.

How often should you conduct market research?

How much research you should conduct depends on your unique business needs and strategies. Often, the amount you conduct is determined by the market research triggers we mention above. If you are launching a new product, breaking into a new market or customer base, or have noticed a decline in performance, you should conduct market research to address these needs as they arise.

Most businesses conduct multiple market research projects a year depending on their needs and resources. Over 80% of companies conduct market research frequently, and 79% conduct at least five market research projects a year.

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Value of market research

What roi can you expect from market research.

In addition to successful key initiatives, companies that conduct market research say it provides an ROI of over four times the cost.

What challenges does market research address?

The insights market research provides are directly related to businesses’ biggest challenges. In our State of Market Research report , we asked respondents what their company’s biggest challenges were. In addition, we also asked respondents how their companies have benefited from market research findings. 

We found that the benefits they attributed to market research directly addressed their biggest reported challenges. Even those who did not report having a specific challenge reported market research insights helped them accomplish their goals.

What are the benefits of effective market research?

There are a variety of benefits of market research depending on the specific research you conduct.

Market research can benefit your company by helping you:

Companies that leverage market research insights into their strategies are also able to accomplish their goals at a higher rate than those without market research insights.

Companies that conduct market research are:

Discover how Rheem leveraged customer insights to build its sustainability strategy.

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Market research KPIs

Some common KPIs based on the focus of the research can include:

Brand-focused

• Brand recall and recognition
• Brand perception
• Brand preference
• Net promoter score (NPS)

Customer-focused

• Customer retention and churn
• Customer satisfaction (CSAT)
• Cost per acquisition

Product-focused

• Product appeal
• Willingness to pay
• Future purchase consideration
• Post-purchase satisfaction

Market-focused

• Share of market
• Competitive benchmarks
• Total addressable market
• Market demand

How do you evaluate the success of market research?

Market research is successful if the resulting data is accurate, representative, and informative. Accurate data means the data has been cleaned and is a valid response to the study questions. Representative means that the data reflects the target market and is comprehensive. Finally, informative means the data provides insight and is actionable.

See how market research can help you with these key market research stats.

• Market Research Stats You Need to Know

How to perform market research

What are the common market research methods .

There are four main types of market research.

Quantitative Data Analysis

Data analytics involves collecting and analyzing large sets of existing data to uncover patterns and predict future outcomes. These data sets can include information like customer behavior data or historical sales data that allows companies to analyze their current performance and model potential scenarios and outcomes. 

By leveraging existing data, data analytics provides companies with an objective view of the situation, allowing them to identify gaps and discern trends.

Quantitative Survey Research

Surveys pose a set of questions to a targeted group of people. The survey measures the opinions, preferences, perceptions, and experiences of a desired audience and can collect self-reported demographic and geographic data. 

With surveys, companies get an aggregate but statistically valid picture that they can leverage to make decisions. Surveys also offer the ability to segment and further analyze the answers to determine key drivers of behaviors.

Qualitative Primary Research

Qualitative research focuses on targeted insights around concepts, opinions, and preferences. Unlike quantitative methods, these market research methodologies leverage a smaller set of data and respondents but allow for more in-depth answers.

There are two common types of qualitative primary research: in-depth Interviews and focus groups.

• In-depth Interviews In-depth interviews involve one-on-one conversations between interviewers and those from the target audience. The interview follows a pre-determined set of questions, or guide, to reveal sentiment, decision-making processes, and unmet needs.
• Focus Groups Focus groups are facilitator-led group discussions reveal perceptions of or reception to a concept or idea. While the facilitator guides the meeting, the direction of the conversation is determined by the participants creating organic responses that stem from participant perception and reactions.

Secondary Research

Secondary research, also known as desk research, is leveraging data that already exists to answer questions. It can be used to understand what others in the market are doing, identify potential markets for growth or expansion, or allow companies to compare their organization to others on key performance indicators.

What is the market research process?

There are five stages to the market research process.

• Determine your Area of Focus To determine the focus of your market research, look at your goals objectively and determine if you have accurate and effective data to accomplish these goals.  Once you have identified your goal, the next thing is to determine what you need to learn to support it. This could be anything from external information like market trends and competitors or internal information like customer satisfaction with your brand and offerings.

• Gather Your Data With your focus and methodology determined, the next step is to start collecting data. Each methodology has its own methods of data collection. Methods like surveys and interviews require researchers to gather feedback data from a select sample of their intended audience. Data analysis and secondary research entail gathering existing internal or external data related to the primary research focus.
• Analyze the Results Once the data is collected, the next step is to clean and analyze the results. It is essential that data is verified and accessed to ensure the data is valid and is sufficient to provide accurate results. Once the data has been cleaned it should be reviewed for general findings, evaluated against your initial questions, and benchmarked against past performance or competitors.
• Leverage Findings to Inform Your Business Strategies After conducting your initial research, it’s time to reassess your strategies. Look at the strengths, weaknesses, opportunities, and threats that your research has uncovered to see how it might impact your business and existing strategies. Is there a way to enhance your current strategies with the new data? Do you need to alter your strategies and resources to address an uncovered threat? 

Leverage your findings to inform your strategy and determine your next steps, whether they indicate you should stay the course, pivot to tackle a more pressing challenge, or even conduct new research to further understand your recent findings.

Why use both quantitative and qualitative research?

Leveraging both quantitative and qualitative research can provide a more holistic view of a situation. For example, quantitative data analysis offers relevant findings but can sometimes lack context. If it is followed up by qualitative in-depth interviews, companies can gather feedback to understand the factors that lead to the data analysis findings and identify potential solutions or untapped opportunities.

Interviews can help businesses identify customers’ thoughts and opinions and then that feedback can inform a survey that is sent to a wider audience for measurable insights. Companies can also use secondary desktop research to identify market trends and industry benchmarks and combine it with data analysis or surveys to evaluate the company’s performance in the market.

What is a sample in market research?

A sample in research refers to a small but representative group of people whose answers are extrapolated to a larger population.

For example, if a company wants to identify their brand awareness, they will survey a sample of people that have similar characteristics to their target audience. The survey’s findings will then provide a general understanding of how well known the brand is and directions on how to improve their brand’s presence in the market.

Start conducting your own research with this step-by-step guide.

• The Ultimate Guide to Market Research

How companies conduct market research

How can you get market research.

There are three main ways companies can get market research insights.

• Internal non-dedicated research Some companies conduct research with no real dedicated resource, requiring members in the marketing, product, strategy, and business intelligence departments to conduct research themselves. While initially low-cost, this option consumes internal resources and time, can produce incomplete, inaccurate, and biased results, and is often not shared company wide.
• Dedicated internal research team Some companies are big enough or require extensive market research and have therefore invested in building an internal research department. This option produces more accurate and strategic results than the first option. However, it requires a long-term investment and the amount of research and insights you can collect will be limited depending on the amount and expertise of the analysts employed.
• External market research company Many companies partner with an external research company to gain access to research experts, technology, and advice for actionable insights. The price for this option depends on the type and amount of research you do, but it can be less of a burden than maintaining an internal department while still providing the value of research expertise.

What are the types of market research firms?

A market research company is a firm that specializes in conducting research. There are a few different types of market research firms based on the services they provide.

• Custom research providers Custom research companies (like Hanover) design and conduct research centered around client’s unique needs. They often specialize in all four research methodologies to develop research that answers clients’ focus questions and provide findings that connect the data back to the intent of the research.
• Syndicated research providers Syndicated research companies do not conduct client-specific research. Instead, these companies conduct widespread research to offer data such as industry statistics, current best practices, or recent trends. Businesses can then buy this research to gather perspectives on their performance and identify areas where custom research can help provide more insight.
• Self-service platforms Self-service companies provide research technology for companies to conduct their own research. It allows companies to design and administer their own research and analyze and assess the results.

Should you use a market research firm?

Market research companies provide valuable benefits, making them an effective partner for your research needs. In addition to the research they provide, they have added benefits like:

• Removing the influence of preconceived opinions and personal or company bias
• Access to sophisticated analysis software and research methods
• Offering expert insights to help design research that results in accurate and relevant findings
• Offloading time-intensive research and analysis enabling companies to focus internal resources on strategic work
• Access to expert researchers without having to hire a full-time employees

How much does market research cost?

The cost of market research varies based on how you conduct your research. Conducting research in-house vs hiring a research company might be cheaper (but less effective). The type of methodology you use can affect the cost, for example, in-depth interviews can become quite expensive depending on the incentives you offer to participate. Price can also vary depending on the level of service you need, for example some companies will work with you to identify your focus and mythology, conduct the research, and present findings and recommendations while others will only conduct research and deliver the results.

Don’t make the mistake of focusing on costs by itself. Opting for cheaper or quick research can provide you with skewed data that can do more harm than good.

Good research is worth the investment. Over 85% of companies say market research ROI is over four times the investment. The insights and impact market research provides has also led 69% of businesses to increase their investment in market research this year.

Find out how Baltimore Aircoil successfully entered an international market with targeted insights

• Baltimore Aircoil Company Develops HVAC Purchasing Strategy for New International Market

What are some tips for making market research effective?

Market research is instrumental in building effective data-driven strategies. But only if done right. As you begin to plan out your market research and business strategies, keep the following tips in mind.

• Refresh your data to ensure it is accurate and relevant
• Tailor research to your unique needs and challenges
• Use the correct methodology to accurately answer your questions
• Incorporate research findings into your strategies
• Share insights across the company to ensure everyone is operating off the same data
• Leverage outside expertise when you need it

By implementing these tips, you can enhance the quality and effectiveness of your market research efforts, enabling data-driven decision-making and strategic planning that aligns with your business objectives.

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The Types of Market Research [+10 Market Research Methods]

• Market research

Jaclyn Robinson, Senior Manager of Content Marketing at Crunchbase

Market research can help startups understand where they should be placing their resources and time. It can tell you everything from how people are perceiving your company, as well as which features to drop or continue developing. And while there are plenty of ways to conduct market research, not every market research method is right for every situation.

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Market research can help play a major role in developing your product, marketing, and overall business strategy. Understanding the different market research methods can be the difference between wasting months of engineering time or exceeding your ambitious revenue targets.

We review the types of market research as well as the market research methods you can pursue based on your primary objectives and business goals.

The 2 types of market research

All market research falls under two distinct categories: primary research and secondary research.

Primary research looks at any data you collect yourself (or someone you pay). It encompasses analyzing current sales, metrics, and customers. It also takes into account the effectiveness of current practices, while taking competitors into account.

Secondary research looks at data that has already been published by others. It includes reports and studies from other companies, government organizations, and others in your industry.

10 market research methods

The type of data you need will decide which market research technique to use. Here are the most commonly used market research methods:

Primary research methods

These primary research methods will help you identify both qualitative and quantitative data. Qualitative data is information that cannot be measured while qualitative data is taken from a large sample size and is a statistically significant mathematical analysis.

1. Interviews

Great for: expert advice

Consisting of one-on-one discussions, interviews are a great source of qualitative data. You can either perform interviews by telephone, video conference, or face-to-face. Interviews are great for an in-depth look for target audience insights.

In-depth interviews are great when expert advice is needed or when discussing highly complex or sensitive topics. Interviews are usually 10 to 30 minutes long with 25 to 75 respondents.

Great for: understanding brand awareness, satisfaction and loyalty analysis, pricing research, and market segmentation .

One of the most commonly used market research methods, Surveys are an easy way to understand your target audience and allow you to test a large sample size to determine if findings are true across a larger segment of your customers.

3. Questionnaires

Great for: Customer feedback and satisfaction surveys (NPS surveys), and when you want more detail on your target audience and customer base.

Do not confuse questionnaires for surveys !  While surveys are aggregated for statistical analysis, questionnaires are a set of written questions used for collecting information.

Questionnaires are used to collect information rather than draw a conclusion.  Surveys can include a questionnaire, but a survey must aggregate and analyze the responses to the questions.

When writing questionnaires for market research, keep the number of questions in mind.

In one study, SurveyMonkey found that questionnaires with 40 questions have about a 10% lower response rate than questionnaires with 10 questions . The more questions, the less likely people will finish your questionnaire.

4. Focus groups

Great for: Price testing, advertising concepts, product/messaging testing

Even with the rise of big data, focus groups have remained an integral part of how companies build their products, strategy, and messaging. Focus groups are intentionally compromised by a group of purposefully selected individuals. Above all, the collaborative setting ensures that members of the group are able to interact and influence each other.

Typically these open and interactive groups are composed of around five to 12 screened individuals . Make sure that your participants are diverse so you can get a range of opinions and you have enough representation from several segments of your market.

Many smaller startups will conduct DIY focus groups and will use video conferencing technology, which is one of the most cost-effective and time-efficient market research methods.

This is a great resource to see some good questions to ask your focus groups as well as what topics focus groups should touch on.

5. User groups

Great for: Feature testing, UX and web design feedback

User groups are used to gather UX data and provide insight for website design. User groups usually meet regularly to discuss their experience with a product, while researchers capture their comments.

Here’s a great guide on how to format questions for user groups .

6. Test markets

Great for: Testing new marketing campaigns

Test markets represent a larger market. Using a test group as well as a control group can show you the success of a new landing page, messaging copy, or CTA button. We particularly like the free version of Google Optimize to get quantitative data on how your experiment is performing based on a specific goal.

Secondary research methods

Secondary research can help establish a starting point prior to diving into more expensive primary research techniques. While there is a lot of data on the web regarding basic statistics, you may have to purchase a distinct data provider for a more in-depth look at your market.

Crunchbase Pro and Marketplace partners are a great and inexpensive way to start your secondary research directly on Crunchbase.com.

7. Competitor benchmarks

Great for: Understanding your revenue, churn, operating costs, sales, profit margin, and burn rate.

Competitor benchmarks are the most valuable and widely used of the secondary research methods. Moreover, competitor benchmarks measure specific growth metrics or key performance indicators in comparison to business within the same industry and of a similar size.

You can use Crunchbase Pro to find how much companies in a certain industry are raising and who are the leading players with our global coverage on companies ranging from pre-seed to late-stage. So, as one of the most informative of the market research methods, competitive benchmarks are a great way to inform your business strategy. 

Free Crunchbase registered users have access to revenue estimates as well as web traffic data.

8. Sales data

Great for: Understanding your audience and where to place marketing efforts.

Taking a look at internal sales data not only reveals profitability but also helps market researchers segment customer trends.

However, taking a look at competitive sales data is a great way to make sure that you’re meeting the numbers you should be targeting as well as capturing the full potential of the market

9. Government publications and statistics

Great for: General demographic information and larger trends

The U.S. Census Bureau is a great resource of national demographic data. You can also review patents as a preview of industry trends and future innovation.

Also, you can find additional data and research from Data.gov , The World Bank , as well as the Pew Research Center to help inform your market research decisions.

10. Commercial data

Great for: Greater insight into industry trends and reports

If you’re interested in purchasing secondary market research, commercial data is available. For comprehensive reports, Mintel and IBISWorld are both traditional market research companies that provide commercial data.

Additionally, to choose which type of market research method is best for your goal, follow this graph from Relevant Insights. Begin with the metric you’re trying to move and then backtrack into a targeted market research method.

How can Crunchbase help with my market research?

Crunchbase gives market researchers flexible access to Crunchbase’s complete company data. Innovative teams and leaders in market research rely on Crunchbase’s live company data to build powerful internal databases and research insights in respective industries. Learn more about how Crunchbase can help you with your market research .

• Originally published March 14, 2019, updated April 26, 2023

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Types of Market Research Explained and How to Use Them

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Updated October 29, 2023

As a small business, you must understand your market, target customers, and brand. 

This knowledge significantly affects your decision-making, marketing effectiveness, and potential for business growth.

And while the steps to do market research are relatively simple—your research options are far more complex.

Let’s explore the different types of market research and how to apply them to your business.

• 1. Primary research

Primary market research is first-hand information you collect from customers within your market.

For business owners:

Use this method when validating your business idea . Break it down into two result categories — exploratory and specific.

Exploratory is non-quantifiable customer feedback. You’re not looking to measure results but gauge interest or an emotional response.

Now, follow up with very specific questions that can be quantified. Use this to evaluate the value of a product or service, your market direction, and product/market fit. 

Your goal is to come back with numerical (purchases, revenue, estimated sales, etc.) insights to drive and support your decisions.

Research methods:

• 1:1 Interviews
• Focus groups
• Observations

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• 2. Secondary research

Secondary research covers every other piece of data you have available. This includes resources such as:

• Public sources: Typically free and highly accessible information gathered through government-sponsored research projects. 
• Commercial sources: Research studies conducted by private organizations regarding the state of specific markets, industries, or innovations. 
• Internal sources: Data you have collected through everyday business operations.

For business owners: 

Secondary research is a cost-effective way to gather existing information on the industry, market trends, and competitors. It helps you benchmark against industry standards and identify potential market opportunities.

Use this research as a starting point. It can inform the direction of more costly primary research methods. 

• Industry reports
• Market statistics
• Academic publications
• News articles
• In-house data
• 3. Qualitative research

Qualitative research is the collection of information that is not reliant on numbers making it difficult to measure. It adds depth or context to quantitative research by measuring sentiment or collecting responses to open-ended questions.

Qualitative research delves deep into customer psychologies, helping you understand the reasons behind their choices. This can guide product development, branding, and marketing strategies to better resonate with your audience.

• In-depth interviews
• Case studies
• 4. Quantitative research

The collection of numerical data can be easily collected and analyzed. It should be seen as exploratory. Your goal is to uncover evidence or trends that can be explored further through qualitative research. 

Quantitative research provides measurable data that you can then analyze. 

Short-term, it helps you make data-driven decisions, forecast trends, and understand the market size and segmentation. Long-term, it’s your baseline for performance that can be referenced in additional market research efforts. 

• Financial data
• 5. Observational research

Researchers observe and record the actions of participants. This can be done in a formal or informal setting. 

For example, you want to open a coffee shop and need to understand the total foot traffic in a specific area. You could stake out the location and count the number of people that pass by over a set period.

Observational research offers genuine real-time insights into how customers interact with products or services. 

You can identify potential pain points, understand if features meet expectations, and even improve  

• Direct observation
• Participant observation
• Time-lapse videos
• Eye-tracking studies
• 6. Competitive analysis

Research competitors in the market to understand their strategies, strengths, and weaknesses.

A competitive analysis helps position your business. 

You’ll identify your unique selling points, opportunities to improve, and potential threats to your business. 

• SWOT analysis
• Competitor benchmarking
• Mystery shopping
• Online monitoring
• 7. Branding research

This focuses on how a brand is perceived in the market. It relates to your company’s tone, imagery, design, and overall values.

Branding research can help in creating, managing, or maintaining your brand. 

You can research brand awareness, loyalty, perception, value, and positioning. For this research to be effective, you must have a distinct purpose. 

Typically, you’re attempting to gauge overall performance, identify opportunities to enhance your brand or diminish areas that do not reflect it.   

• Brand awareness surveys
• Brand loyalty assessments
• Social listening (brand mentions, interactions, etc.)
• 8. Customer research

This involves gathering insights directly from current or potential customers to understand their needs, preferences, and experiences.

Customer research is pivotal in ensuring your business meets customer needs and expectations. It can guide customer service improvements, enhance loyalty, and increase customer lifetime value.

• Customer satisfaction surveys
• Net Promoter Score (NPS) surveys
• Customer feedback forms
• Customer interviews
• 9. Product research

This focuses on evaluating a product’s performance, acceptance, and potential improvements in the market.

Product research helps refine product features, understand its market fit, and identifying areas for innovation. It ensures that the product meets customer needs and stays competitive.

You can test hypothetical solutions, product features, branding, and marketing collateral. Ideally, you’d test each of these elements in specific phases. And let the results inform the direction of each step.

• Product usage surveys
• Product testing and trials
• Feature preference studies
• Concept testing
• 10. Experimental research

Involves manipulating one variable to determine if it causes a change in another.

Experimental research can help test hypotheses about market behaviors, allowing for optimization of product features, pricing strategies, or marketing campaigns based on actual results.

• Controlled experiments
• Field experiments
• A/B testing
• Lab experiments
• 11. Field trials

Testing products, services, or promotions in a real-world setting before a full-scale launch.

Field trials use a real-world testing ground to gauge the effectiveness of a new product or campaign and make necessary adjustments before a broader rollout.

For physical products, this could be done geographically. Where only a select number of locations receive and sell a given product.

For software or services, you can beta test with a selection of users. Ideally, these are dedicated customers deep in your solution and can provide pointed feedback.

• Product sampling
• Test marketing
• Beta testing
• Store audits
• How to choose the best research method(s) for your business

You’ll end up using several types of market research. You may have even noticed how many of the market research methods overlapped. 

What you start with depends on several factors:

Why you’re doing this research and the desired results will influence your chosen methods. 

For those starting a business, focus on getting market data and direct customer insight. You want a broad understanding of the market you’re entering, your competitors, and where you fit. 

You also need to know your target market. Quantitative data is a great starting point, but you won’t have a clear picture without direct conversation.

Research requires monetary investment. Whether it’s purchasing reports, hiring a research firm, or compensating a tester. You should account for the payroll cost if it’s you or an employee doing the research. 

Research doesn’t have to be expensive. Many online tools offer free or affordable options for surveys and feedback collection. But if you need to go deeper, you’ll likely need to pay more.

Time investment

Research requires time. Time to run, analyze, and report. You need to understand how long a specific method will take and the return you expect.

Remember, it may take time now, but it will ideally save you time (and money) in the future.

• Explore more on marketing research

Choosing how you’ll conduct market research is just part of the process. Check out our curated selection of resources to learn more about: 

• Finding your customer
• Get to know your competitors
• Market research tools

Clarify your ideas and understand how to start your business with LivePlan

Kody Wirth is a content writer and SEO specialist for Palo Alto Software—the creator's of Bplans and LivePlan. He has 3+ years experience covering small business topics and runs a part-time content writing service in his spare time.

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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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Market Research: A How-To Guide and Template

Discover the different types of market research, how to conduct your own market research, and use a free template to help you along the way.

MARKET RESEARCH KIT

5 Research and Planning Templates + a Free Guide on How to Use Them in Your Market Research

Updated: 02/21/24

Published: 02/21/24

Today's consumers have a lot of power. As a business, you must have a deep understanding of who your buyers are and what influences their purchase decisions.

Enter: Market Research.

Whether you're new to market research or not, I created this guide to help you conduct a thorough study of your market, target audience, competition, and more. Let’s dive in.

Table of Contents

What is market research?

Primary vs. secondary research, types of market research, how to do market research, market research report template, market research examples.

Market research is the process of gathering information about your target market and customers to verify the success of a new product, help your team iterate on an existing product, or understand brand perception to ensure your team is effectively communicating your company's value effectively.

Market research can answer various questions about the state of an industry. But if you ask me, it's hardly a crystal ball that marketers can rely on for insights on their customers.

Market researchers investigate several areas of the market, and it can take weeks or even months to paint an accurate picture of the business landscape.

However, researching just one of those areas can make you more intuitive to who your buyers are and how to deliver value that no other business is offering them right now.

How? Consider these two things:

• Your competitors also have experienced individuals in the industry and a customer base. It‘s very possible that your immediate resources are, in many ways, equal to those of your competition’s immediate resources. Seeking a larger sample size for answers can provide a better edge.
• Your customers don't represent the attitudes of an entire market. They represent the attitudes of the part of the market that is already drawn to your brand.

The market research services market is growing rapidly, which signifies a strong interest in market research as we enter 2024. The market is expected to grow from roughly $75 billion in 2021 to $90.79 billion in 2025 .

Free Market Research Kit

• SWOT Analysis Template
• Survey Template
• Focus Group Template

You're all set!

Click this link to access this resource at any time.

Why do market research?

Market research allows you to meet your buyer where they are.

As our world becomes louder and demands more of our attention, this proves invaluable.

By understanding your buyer's problems, pain points, and desired solutions, you can aptly craft your product or service to naturally appeal to them.

Market research also provides insight into the following:

• Where your target audience and current customers conduct their product or service research
• Which of your competitors your target audience looks to for information, options, or purchases
• What's trending in your industry and in the eyes of your buyer
• Who makes up your market and what their challenges are
• What influences purchases and conversions among your target audience
• Consumer attitudes about a particular topic, pain, product, or brand
• Whether there‘s demand for the business initiatives you’re investing in
• Unaddressed or underserved customer needs that can be flipped into selling opportunity
• Attitudes about pricing for a particular product or service

Ultimately, market research allows you to get information from a larger sample size of your target audience, eliminating bias and assumptions so that you can get to the heart of consumer attitudes.

As a result, you can make better business decisions.

To give you an idea of how extensive market research can get , consider that it can either be qualitative or quantitative in nature — depending on the studies you conduct and what you're trying to learn about your industry.

Qualitative research is concerned with public opinion, and explores how the market feels about the products currently available in that market.

Quantitative research is concerned with data, and looks for relevant trends in the information that's gathered from public records.

That said, there are two main types of market research that your business can conduct to collect actionable information on your products: primary research and secondary research.

Primary Research

Primary research is the pursuit of first-hand information about your market and the customers within your market.

It's useful when segmenting your market and establishing your buyer personas.

Primary market research tends to fall into one of two buckets:

• Exploratory Primary Research: This kind of primary market research normally takes place as a first step — before any specific research has been performed — and may involve open-ended interviews or surveys with small numbers of people.
• Specific Primary Research: This type of research often follows exploratory research. In specific research, you take a smaller or more precise segment of your audience and ask questions aimed at solving a suspected problem.

Secondary Research

Secondary research is all the data and public records you have at your disposal to draw conclusions from (e.g. trend reports, market statistics, industry content, and sales data you already have on your business).

Secondary research is particularly useful for analyzing your competitors . The main buckets your secondary market research will fall into include:

• Public Sources: These sources are your first and most-accessible layer of material when conducting secondary market research. They're often free to find and review — like government statistics (e.g., from the U.S. Census Bureau ).
• Commercial Sources: These sources often come in the form of pay-to-access market reports, consisting of industry insight compiled by a research agency like Pew , Gartner , or Forrester .
• Internal Sources: This is the market data your organization already has like average revenue per sale, customer retention rates, and other historical data that can help you draw conclusions on buyer needs.
• Focus Groups
• Product/ Service Use Research
• Observation-Based Research
• Buyer Persona Research
• Market Segmentation Research
• Pricing Research
• Competitive Analysis Research
• Customer Satisfaction and Loyalty Research
• Brand Awareness Research
• Campaign Research

1. Interviews

Interviews allow for face-to-face discussions so you can allow for a natural flow of conversation. Your interviewees can answer questions about themselves to help you design your buyer personas and shape your entire marketing strategy.

2. Focus Groups

Focus groups provide you with a handful of carefully-selected people that can test out your product and provide feedback. This type of market research can give you ideas for product differentiation.

3. Product/Service Use Research

Product or service use research offers insight into how and why your audience uses your product or service. This type of market research also gives you an idea of the product or service's usability for your target audience.

4. Observation-Based Research

Observation-based research allows you to sit back and watch the ways in which your target audience members go about using your product or service, what works well in terms of UX , and which aspects of it could be improved.

5. Buyer Persona Research

Buyer persona research gives you a realistic look at who makes up your target audience, what their challenges are, why they want your product or service, and what they need from your business or brand.

6. Market Segmentation Research

Market segmentation research allows you to categorize your target audience into different groups (or segments) based on specific and defining characteristics. This way, you can determine effective ways to meet their needs.

7. Pricing Research

Pricing research helps you define your pricing strategy . It gives you an idea of what similar products or services in your market sell for and what your target audience is willing to pay.

8. Competitive Analysis

Competitive analyses give you a deep understanding of the competition in your market and industry. You can learn about what's doing well in your industry and how you can separate yourself from the competition .

9. Customer Satisfaction and Loyalty Research

Customer satisfaction and loyalty research gives you a look into how you can get current customers to return for more business and what will motivate them to do so (e.g., loyalty programs , rewards, remarkable customer service).

10. Brand Awareness Research

Brand awareness research tells you what your target audience knows about and recognizes from your brand. It tells you about the associations people make when they think about your business.

11. Campaign Research

Campaign research entails looking into your past campaigns and analyzing their success among your target audience and current customers. The goal is to use these learnings to inform future campaigns.

• Define your buyer persona.
• Identify a persona group to engage.
• Prepare research questions for your market research participants.
• List your primary competitors.
• Summarize your findings.

1. Define your buyer persona.

You have to understand who your customers are and how customers in your industry make buying decisions.

This is where your buyer personas come in handy. Buyer personas — sometimes referred to as marketing personas — are fictional, generalized representations of your ideal customers.

Use a free tool to create a buyer persona that your entire company can use to market, sell, and serve better.

Don't forget to share this post!

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Home Market Research

Types of Market Research: 10 Effective Methods

Either if you’re a company or market researcher, one of the most important things to understand is the different types of market research that are available to you. Each type has its strengths, weaknesses, and unique applications. It’s essential to know which one to use for your research needs. In this post, we’ll break down the most common types of market research and explain when to use each.

LEARN ABOUT: Behavioral Research

What are the Types of Market Research?

When it comes to market research, there are many different types to choose from, each with its strengths, weaknesses, and unique applications. The key is understanding the different types and knowing when to use them to get the most valuable insights for your research goals. Remember, the more you know about the different types of market research, the better equipped you’ll be to make informed business decisions.

LEARN ABOUT: Market research vs marketing research

Companies can use surveys as a type of market research to gather valuable information about their customers, their market, and their competition. Here are a few ways that a business owner can use surveys for market research:

• Customer satisfaction : Surveys can gauge how satisfied customers are with a business’s products or services and identify areas where improvements can be made.
• Market segmentation : Surveys can gather information about a business’s target market, including demographics, behaviors, and preferences. This information can be used to segment the market and tailor products or services to specific groups of customers.
• Product development : Surveys can gather information about customers’ needs and preferences, which can inform the development of new products or services.
• Competitor analysis : Surveys can gather information about competitors, including their products, prices, and marketing strategies. This information can be used to inform a business’s own strategic decisions.
• Brand awareness : Surveys can measure customers’ understanding of a business’s brand and how well the market perceives it.
• Advertising : Surveys can gather information about a business’s advertising campaigns’ effectiveness and identify improvement opportunities.
• Employee satisfaction : Surveys can be used to measure the satisfaction of a business’s employees and identify ways to improve employee morale and productivity.

LEARN ABOUT:  Market Evaluation

2. Exploratory Research

Exploratory research is like going on a treasure hunt, but instead of looking for gold and jewels, you’re searching for valuable insights and information. It’s a way to dive deeper into a topic, uncover new angles, and better understand the subject.

Think of it like a choose-your-own-adventure book, where every turn leads to a new discovery. You might uncover a new market research trend , a gap in the market, or a customer pain point you never knew existed. You never know what you’re going to find, but that’s the fun of it!

Exploratory research is all about asking open-ended questions and taking a flexible approach. It’s not about finding one specific answer but rather gathering as much information as possible. It can include methods such as focus groups, interviews, and literature reviews.

LEARN ABOUT:   Research Process Steps

3. Qualitative Research

This type of research is all about understanding people’s experiences and perspectives. It’s often conducted through interviews, focus groups, or observational studies. The data is then analyzed to identify themes and patterns. Qualitative research is significant for understanding things like consumer attitudes and motivations, and it’s often used to explore new marketing ideas and gain a deeper understanding of a topic.

It is the investigator of the research world, diving deep into the human experience to uncover people’s motivations, perceptions, and attitudes. It’s not just about collecting data but understanding its meaning and the “why” behind the “what.”

4. Quantitative Research

Quantitative research is excellent for understanding consumer behavior and market trends, and it’s often used to test hypotheses and make predictions. This type of research is all about numbers and statistics. It involves collecting data from a large sample of people through surveys, polls, or experiments. The data is then analyzed to identify patterns and trends.

5. Observational Research

This type of research is all about watching and recording what people do. It’s often conducted through ethnography, field studies, or participant observation. Observational research is excellent for understanding consumer behavior and social dynamics, and it’s often used to gain a deeper understanding of a particular group or population.

6. Primary Research

Primary research is a type of research where the researcher collects data themselves rather than using pre-existing sources. It’s a way for the researcher to gather original, firsthand information on a specific topic. This can be done through surveys, interviews, focus groups, and experiments.

This is an example of primary research . For instance, if a company wants to know what its customers think of their new product, it might survey to gather this information. The information collected through this survey is original and managed by the company itself rather than being sourced from elsewhere.

7. Secondary Research

Secondary research is a type of research that involves gathering information that has already been published by someone else. It’s a way to gather information by looking at sources that have already been created, such as market reports, industry publications, and online resources.

For example, suppose you’re a business owner and want to know more about your competitors. In that case, you could use secondary research to find market reports and industry publications that have already been written about your industry. This information can be used to understand the competitive landscape, identify trends, and inform your business strategies.

8. Experimental Research

This type of research is all about testing cause-and-effect relationships. It’s often conducted through experiments, where variables are manipulated to see how they affect the outcome. Experimental research is excellent for understanding consumer preferences and product performance, and it’s often used to test hypotheses and make predictions.

9. Ethnographic Research

This type of market research is a type of qualitative research that involves observing and studying people in their natural settings. It’s a way to understand a culture, community, or group of people and how they interact with a product or service.

Ethnographic research is a valuable tool for businesses because it provides a rich and detailed understanding of the customer experience. It allows the company to see the product or service in the context of the customer’s everyday life and gain insights that may not be apparent through other types of research.

LEARN ABOUT: 5 Ways Market Research

10. Product Testing

Product testing is a type of research that involves evaluating a product or service by using it in a controlled environment. It’s a way to gather information about the product’s performance, usability, and overall customer satisfaction.

For example, you might conduct product testing if you’re a business owner and want to know how customers will react to your new product. You would give the product to a group of testers and ask them to use it sometime, then gather feedback about their experience. This information can be used to identify any issues or improvements that need to be made before the product is released to the market.

Why do Business Owners need to Know the Types of Market Research?

Market research is a way for businesses to gather information about their target market, customers, and industry. It helps companies to make informed decisions about product development, marketing strategies, and overall business direction. There are several types of market research, each with itn purpouse and methods, which any business owner needs to know.

• Making informed decisions: Knowing the different types of market research allows businesses to choose the right kind of research for their specific needs. This can help them make more informed decisions about their products, services, or overall business strategy.
• Identifying opportunities: Market research can help businesses identify new opportunities, such as untapped markets or unmet customer needs. This can help them stay ahead of the competition and grow their business.
• Understanding customers: Market research can help companies understand their customers better. They can learn about their customers’ attitudes, behaviors, and needs by conducting research. This can help them tailor their products and services to meet those needs better.
• Monitoring the market: Market research can also help businesses monitor their market and stay informed about industry trends. This can help them anticipate changes and make strategic adjustments.
• Identifying potential problems: Market research can also help identify potential problems or challenges before they occur. For example, by conducting research, they may discover that a new competitor is about to enter the market or that a change in consumer behavior is affecting their sales. This can help them take proactive measures to address these issues.

Overall, by understanding the different types of market research and how to use them, we can gain valuable insights that can help us make more informed decisions, identify new opportunities, and grow businesses. It’s essential to stay on top of the research trends and industry changes to ensure the company runs smoothly and profitably.

LEARN ABOUT:  Market research industry

Learning about customers, markets, and competition is essential. We’ve covered the types of market research that we can use to gather valuable information. Whether you’re looking to gauge customer satisfaction, segment your market, or conduct competitor analysis, various research methods are available to help you make informed decisions for your business.

LEARN ABOUT: 12 Best Tools for Researchers

But if you’re looking for a powerful survey tool to help you conduct all types of market research, look no further than QuestionPro. With QuestionPro, you’ll have access to a wide range of features to help you create, distribute, and analyze surveys and gather insights that can inform your business strategies. So don’t hesitate. Subscribe to QuestionPro today and start conducting market research like a pro!

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Market Research in the US - Market Size, Industry Analysis, Trends and Forecasts (2024-2029)

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Market Research in the US

Industry Revenue

Total value and annual change from . Includes 5-year outlook.

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Trends and Insights

Market size is projected to over the next five years.

Market share concentration for the Market Research industry in the US is , which means the top four companies generate of industry revenue.

The average concentration in the sector in the United States is .

Products & Services Segmentation

Industry revenue broken down by key product and services lines.

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Table of Contents

About this industry, industry definition, what's included in this industry, industry code, related industries, domestic industries, competitors, complementors, international industries, performance, key takeaways, revenue highlights, employment highlights, business highlights, profit highlights, current performance.

What's driving current industry performance in the Market Research in the US industry?

What's driving the Market Research in the US industry outlook?

What influences volatility in the Market Research in the US industry?

• Industry Volatility vs. Revenue Growth Matrix

What determines the industry life cycle stage in the Market Research in the US industry?

• Industry Life Cycle Matrix

Products and Markets

Products and services.

• Products and Services Segmentation

How are the Market Research in the US industry's products and services performing?

What are innovations in the Market Research in the US industry's products and services?

Major Markets

• Major Market Segmentation

What influences demand in the Market Research in the US industry?

International Trade

• Industry Concentration of Imports by Country
• Industry Concentration of Exports by Country
• Industry Trade Balance by Country

What are the import trends in the Market Research in the US industry?

What are the export trends in the Market Research in the US industry?

Geographic Breakdown

Business locations.

• Share of Total Industry Establishments by Region ( )

Data Tables

• Number of Establishments by Region ( )
• Share of Establishments vs. Population of Each Region

What regions are businesses in the Market Research in the US industry located?

Competitive Forces

Concentration.

• Combined Market Share of the Four Largest Companies in This Industry ( )
• Share of Total Enterprises by Employment Size

What impacts market share in the Market Research in the US industry?

Barriers to Entry

What challenges do potential entrants in the Market Research in the US industry?

Substitutes

What are substitutes in the Market Research in the US industry?

Buyer and Supplier Power

• Upstream Buyers and Downstream Suppliers in the Market Research in the US industry

What power do buyers and suppliers have over the Market Research industry in the US?

Market Share

Top companies by market share:

• Market share
• Profit Margin

Company Snapshots

Company details, summary, charts and analysis available for

Company Details

• Total revenue
• Total operating income
• Total employees
• Industry market share

Company Summary

• Description
• Brands and trading names
• Other industries

What's influencing the company's performance?

External Environment

External drivers.

What demographic and macroeconomic factors impact the Market Research in the US industry?

Regulation and Policy

What regulations impact the Market Research in the US industry?

What assistance is available to the Market Research in the US industry?

Financial Benchmarks

Cost structure.

• Share of Economy vs. Investment Matrix
• Depreciation

What trends impact cost in the Market Research in the US industry?

Financial Ratios

• 3-4 Industry Multiples (2018-2023)
• 15-20 Income Statement Line Items (2018-2023)
• 20-30 Balance Sheet Line Items (2018-2023)
• 7-10 Liquidity Ratios (2018-2023)
• 1-5 Coverage Ratios (2018-2023)
• 3-4 Leverage Ratios (2018-2023)
• 3-5 Operating Ratios (2018-2023)
• 5 Cash Flow and Debt Service Ratios (2018-2023)
• 1 Tax Structure Ratio (2018-2023)

Data tables

• IVA/Revenue ( )
• Imports/Demand ( )
• Exports/Revenue ( )
• Revenue per Employee ( )
• Wages/Revenue ( )
• Employees per Establishment ( )
• Average Wage ( )

Key Statistics

Industry data.

Including values and annual change:

• Revenue ( )
• Establishments ( )
• Enterprises ( )
• Employment ( )
• Exports ( )
• Imports ( )

Frequently Asked Questions

What is the market size of the market research industry in the us.

The market size of the Market Research industry in the US is measured at in .

How fast is the Market Research in the US market projected to grow in the future?

Over the next five years, the Market Research in the US market is expected to . See purchase options to view the full report and get access to IBISWorld's forecast for the Market Research in the US from up to .

What factors are influencing the Market Research industry in the US market trends?

Key drivers of the Market Research in the US market include .

What are the main product lines for the Market Research in the US market?

The Market Research in the US market offers products and services including .

Which companies are the largest players in the Market Research industry in the US?

Top companies in the Market Research industry in the US, based on the revenue generated within the industry, includes .

How many people are employed in the Market Research industry in the US?

The Market Research industry in the US has employees in United States in .

How concentrated is the Market Research market in the United States?

Market share concentration is for the Market Research industry in the US, with the top four companies generating of market revenue in United States in . The level of competition is overall, but is highest among smaller industry players.

Methodology

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How to do market research: The complete guide for your brand

Written by by Jacqueline Zote

Published on  April 13, 2023

Reading time  10 minutes

Blindly putting out content or products and hoping for the best is a thing of the past. Not only is it a waste of time and energy, but you’re wasting valuable marketing dollars in the process. Now you have a wealth of tools and data at your disposal, allowing you to develop data-driven marketing strategies . That’s where market research comes in, allowing you to uncover valuable insights to inform your business decisions.

Conducting market research not only helps you better understand how to sell to customers but also stand out from your competition. In this guide, we break down everything you need to know about market research and how doing your homework can help you grow your business.

Table of contents:

What is market research?

Why is market research important, types of market research, where to conduct market research.

• Steps for conducting market research
• Tools to use for market research

Market research is the process of gathering information surrounding your business opportunities. It identifies key information to better understand your audience. This includes insights related to customer personas and even trends shaping your industry.

Taking time out of your schedule to conduct research is crucial for your brand health. Here are some of the key benefits of market research:

Understand your customers’ motivations and pain points

Most marketers are out of touch with what their customers want. Moreover, these marketers are missing key information on what products their audience wants to buy.

Simply put, you can’t run a business if you don’t know what motivates your customers.

And spoiler alert: Your customers’ wants and needs change. Your customers’ behaviors today might be night and day from what they were a few years ago.

Market research holds the key to understanding your customers better. It helps you uncover their key pain points and motivations and understand how they shape their interests and behavior.

Figure out how to position your brand

Positioning is becoming increasingly important as more and more brands enter the marketplace. Market research enables you to spot opportunities to define yourself against your competitors.

Maybe you’re able to emphasize a lower price point. Perhaps your product has a feature that’s one of a kind. Finding those opportunities goes hand in hand with researching your market.

Maintain a strong pulse on your industry at large

Today’s marketing world evolves at a rate that’s difficult to keep up with.

Fresh products. Up-and-coming brands. New marketing tools. Consumers get bombarded with sales messages from all angles. This can be confusing and overwhelming.

By monitoring market trends, you can figure out the best tactics for reaching your target audience.

Not everyone conducts market research for the same reason. While some may want to understand their audience better, others may want to see how their competitors are doing. As such, there are different types of market research you can conduct depending on your goal.

Interview-based market research allows for one-on-one interactions. This helps the conversation to flow naturally, making it easier to add context. Whether this takes place in person or virtually, it enables you to gather more in-depth qualitative data.

Buyer persona research

Buyer persona research lets you take a closer look at the people who make up your target audience. You can discover the needs, challenges and pain points of each buyer persona to understand what they need from your business. This will then allow you to craft products or campaigns to resonate better with each persona.

Pricing research

In this type of research, brands compare similar products or services with a particular focus on pricing. They look at how much those products or services typically sell for so they can get more competitive with their pricing strategy.

Competitive analysis research

Competitor analysis gives you a realistic understanding of where you stand in the market and how your competitors are doing. You can use this analysis to find out what’s working in your industry and which competitors to watch out for. It even gives you an idea of how well those competitors are meeting consumer needs.

Depending on the competitor analysis tool you use, you can get as granular as you need with your research. For instance, Sprout Social lets you analyze your competitors’ social strategies. You can see what types of content they’re posting and even benchmark your growth against theirs.

Brand awareness research

Conducting brand awareness research allows you to assess your brand’s standing in the market. It tells you how well-known your brand is among your target audience and what they associate with it. This can help you gauge people’s sentiments toward your brand and whether you need to rebrand or reposition.

If you don’t know where to start with your research, you’re in the right place.

There’s no shortage of market research methods out there. In this section, we’ve highlighted research channels for small and big businesses alike.

Considering that Google sees a staggering 8.5 billion searches each day, there’s perhaps no better place to start.

A quick Google search is a potential goldmine for all sorts of questions to kick off your market research. Who’s ranking for keywords related to your industry? Which products and pieces of content are the hottest right now? Who’s running ads related to your business?

For example, Google Product Listing Ads can help highlight all of the above for B2C brands.

The same applies to B2B brands looking to keep tabs on who’s running industry-related ads and ranking for keyword terms too.

There’s no denying that email represents both an aggressive and effective marketing channel for marketers today. Case in point, 44% of online shoppers consider email as the most influential channel in their buying decisions.

Looking through industry and competitor emails is a brilliant way to learn more about your market. For example, what types of offers and deals are your competitors running? How often are they sending emails?

Email is also invaluable for gathering information directly from your customers. This survey message from Asana is a great example of how to pick your customers’ brains to figure out how you can improve your quality of service.

Industry journals, reports and blogs

Don’t neglect the importance of big-picture market research when it comes to tactics and marketing channels to explore. Look to marketing resources such as reports and blogs as well as industry journals

Keeping your ear to the ground on new trends and technologies is a smart move for any business. Sites such as Statista, Marketing Charts, AdWeek and Emarketer are treasure troves of up-to-date data and news for marketers.

And of course, there’s the  Sprout Insights blog . And invaluable resources like The Sprout Social Index™  can keep you updated on the latest social trends.

Social media

If you want to learn more about your target market, look no further than social media. Social offers a place to discover what your customers want to see in future products or which brands are killin’ it. In fact, social media is become more important for businesses than ever with the level of data available.

It represents a massive repository of real-time data and insights that are instantly accessible. Brand monitoring and social listening are effective ways to conduct social media research . You can even be more direct with your approach. Ask questions directly or even poll your audience to understand their needs and preferences.

The 5 steps for how to do market research

Now that we’ve covered the why and where, it’s time to get into the practical aspects of market research. Here are five essential steps on how to do market research effectively.

Step 1: Identify your research topic

First off, what are you researching about? What do you want to find out? Narrow down on a specific research topic so you can start with a clear idea of what to look for.

For example, you may want to learn more about how well your product features are satisfying the needs of existing users. This might potentially lead to feature updates and improvements. Or it might even result in new feature introductions.

Similarly, your research topic may be related to your product or service launch or customer experience. Or you may want to conduct research for an upcoming marketing campaign.

Step 2: Choose a buyer persona to engage

If you’re planning to focus your research on a specific type of audience, decide which buyer persona you want to engage. This persona group will serve as a representative sample of your target audience.

Engaging a specific group of audience lets you streamline your research efforts. As such, it can be a much more effective and organized approach than researching thousands (if not millions) of individuals.

You may be directing your research toward existing users of your product. To get even more granular, you may want to focus on users who have been familiar with the product for at least a year, for example.

Step 3: Start collecting data

The next step is one of the most critical as it involves collecting the data you need for your research. Before you begin, make sure you’ve chosen the right research methods that will uncover the type of data you need. This largely depends on your research topic and goals.

Remember that you don’t necessarily have to stick to one research method. You may use a combination of qualitative and quantitative approaches. So for example, you could use interviews to supplement the data from your surveys. Or you may stick to insights from your social listening efforts.

To keep things consistent, let’s look at this in the context of the example from earlier. Perhaps you can send out a survey to your existing users asking them a bunch of questions. This might include questions like which features they use the most and how often they use them. You can get them to choose an answer from one to five and collect quantitative data.

Plus, for qualitative insights, you could even include a few open-ended questions with the option to write their answers. For instance, you might ask them if there’s any improvement they wish to see in your product.

Step 4: Analyze results

Once you have all the data you need, it’s time to analyze it keeping your research topic in mind. This involves trying to interpret the data to look for a wider meaning, particularly in relation to your research goal.

So let’s say a large percentage of responses were four or five in the satisfaction rating. This means your existing users are mostly satisfied with your current product features. On the other hand, if the responses were mostly ones and twos, you may look for opportunities to improve. The responses to your open-ended questions can give you further context as to why people are disappointed.

Step 5: Make decisions for your business

Now it’s time to take your findings and turn them into actionable insights for your business. In this final step, you need to decide how you want to move forward with your new market insight.

What did you find in your research that would require action? How can you put those findings to good use?

The market research tools you should be using

To wrap things up, let’s talk about the various tools available to conduct speedy, in-depth market research. These tools are essential for conducting market research faster and more efficiently.

Social listening and analytics

Social analytics tools like Sprout can help you keep track of engagement across social media. This goes beyond your own engagement data but also includes that of your competitors. Considering how quickly social media moves, using a third-party analytics tool is ideal. It allows you to make sense of your social data at a glance and ensure that you’re never missing out on important trends.

Email marketing research tools

Keeping track of brand emails is a good idea for any brand looking to stand out in its audience’s inbox.

Tools such as MailCharts ,  Really Good Emails  and  Milled  can show you how different brands run their email campaigns.

Meanwhile, tools like  Owletter  allow you to monitor metrics such as frequency and send-timing. These metrics can help you understand email marketing strategies among competing brands.

Content marketing research

If you’re looking to conduct research on content marketing, tools such as  BuzzSumo  can be of great help. This tool shows you the top-performing industry content based on keywords. Here you can see relevant industry sites and influencers as well as which brands in your industry are scoring the most buzz. It shows you exactly which pieces of content are ranking well in terms of engagements and shares and on which social networks.

SEO and keyword tracking

Monitoring industry keywords is a great way to uncover competitors. It can also help you discover opportunities to advertise your products via organic search. Tools such as  Ahrefs  provide a comprehensive keyword report to help you see how your search efforts stack up against the competition.

Competitor comparison template

For the sake of organizing your market research, consider creating a competitive matrix. The idea is to highlight how you stack up side-by-side against others in your market. Use a  social media competitive analysis template  to track your competitors’ social presence. That way, you can easily compare tactics, messaging and performance. Once you understand your strengths and weaknesses next to your competitors, you’ll find opportunities as well.

Customer persona creator

Finally, customer personas represent a place where all of your market research comes together. You’d need to create a profile of your ideal customer that you can easily refer to. Tools like  Xtensio  can help in outlining your customer motivations and demographics as you zero in on your target market.

Build a solid market research strategy

Having a deeper understanding of the market gives you leverage in a sea of competitors. Use the steps and market research tools we shared above to build an effective market research strategy.

But keep in mind that the accuracy of your research findings depends on the quality of data collected. Turn to Sprout’s social media analytics tools to uncover heaps of high-quality data across social networks.

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• Open access
• Published: 22 April 2024

Genetic insights into agronomic and morphological traits of drug-type cannabis revealed by genome-wide association studies

• Maxime de Ronne 1 , 2 , 3 , 4 ,
• Éliana Lapierre 1 , 2 , 3 , 4 &
• Davoud Torkamaneh 1 , 2 , 3 , 4  

Scientific Reports volume  14 , Article number:  9162 ( 2024 ) Cite this article

Metrics details

• Biotechnology
• Computational biology and bioinformatics
• Plant sciences

Cannabis sativa L., previously concealed by prohibition, is now a versatile and promising plant, thanks to recent legalization, opening doors for medical research and industry growth. However, years of prohibition have left the Cannabis research community lagging behind in understanding Cannabis genetics and trait inheritance compared to other major crops. To address this gap, we conducted a comprehensive genome-wide association study (GWAS) of nine key agronomic and morphological traits, using a panel of 176 drug-type Cannabis accessions from the Canadian legal market. Utilizing high-density genotyping-by-sequencing (HD-GBS), we successfully generated dense genotyping data in Cannabis , resulting in a catalog of 800 K genetic variants, of which 282 K common variants were retained for GWAS analysis. Through GWAS analysis, we identified 18 markers significantly associated with agronomic and morphological traits. Several identified markers exert a substantial phenotypic impact, guided us to putative candidate genes that reside in high linkage-disequilibrium (LD) with the markers. These findings lay a solid foundation for an innovative cannabis research, leveraging genetic markers to inform breeding programs aimed at meeting diverse needs in the industry.

Introduction

Cannabis ( Cannabis sativa L.), an annual and dioecious plant species belonging to the Cannabaceae family, stands as one of the earliest domesticated plants. Its rich history is intertwined with the socioeconomic and cultural development of human societies 1 , 2 . This versatile crop has served a multitude of purposes, offering valuable fibers for ropes and nets, abundant production of protein- and oil-rich seeds, applications in traditional medicine dating back to approximately 8000 BCE, and psychoactive properties 3 . Here, when referring to the plant, we will use its scientific genus name, Cannabis . In Canada, the trajectory of Cannabis cultivation took a significant turn, transitioning from a 1920s prohibition to the legalization of hemp cultivation in 1998, followed by the authorization of medical use in 2001 and recreational use in 2018 4 , 5 . Despite the fact that Cannabis is known to produce over 545 potentially bioactive secondary metabolites 6 , in Canada, the USA and the Europe, it is legally categorised based on the concentration of a single cannabinoid, the Δ 9 -tetrahydrocannabinol (THC), present in the trichomes of female flowers 7 . Cannabis plants with less than 0.3% total THC are classified as hemp-type, while those with greater than 0.3% total THC (calculated as (Tetrahydrocannabinolic acid × 0.877) + THC) are labeled as drug-type Cannabis . The shift in legislation has fueled the development of diverse industries, significantly contributing to Canada's gross domestic product (GDP) and job market, injecting approximately $43.5 billion into the economy and creating over 151,000 jobs in four years (2018–2022) 8 . The historical and societal significance of Cannabis is undeniable, and recent changes in legislation worldwide have propelled it into the forefront of scientific investigation, research and development 9 . Since the discovery of THC in 1964, extensive efforts have been made to characterize the metabolome of hundreds of Cannabis plants, leading to discovery of over 150 terpenoids, 120 cannabinoids and various flavonoids 10 , 11 . Likewise, there have been substantial strides in unraveling the Cannabis genome and creating a worldwide C. sativa genomics resource 3 , 12 , 13 , 14 . Notably, significant progress in Cannabis genome assembly has been achieved through the utilization of long-read sequencing technologies (i.e., PacBio and Oxford Nanopore Technologies) coupled with scaffold anchoring with genetic linkage maps and the integration of Hi-C data. These advancements have led to the development of four chromosome-level assemblies 15 , 16 . Among them, the cs10 v2 assembly (GenBank acc. no. GCA_900626175.2 ) is considered as the most complete and has been proposed as the reference genome for Cannabis by the International Cannabis Research Consortium (ICGRC) 17 . In this assembly, the C. sativa has been estimated to be around 875.7 Mb, characterized by a pair of sex chromosomes and nine autosomes, comprising 31,170 annotated genes 13 . The de novo assembly of Cannabis genomes was fraught with challenges due to a substantial level of heterozygosity (ranging from approximately 12.5–40.5%), and a remarkable abundance of repetitive elements, accounting for roughly 70% of the genome 3 . The in-depth characterization of the metabolome and genome of C. sativa provided new opportunities for medical research, industrial growth and the development of modern agronomic practices.

Despite progress such as increasing cannabinoid concentration, the twentieth century prohibition of Cannabis has hindered its cultivation from fully benefiting from the tools introduced during the Green Revolution 5 . For many years, Cannabis breeding occurred in clandestine operations, relying on undocumented methods and a dearth of modern technologies. Similar to other high-value crops, modern breeding technologies hold the promise of enhancing Cannabis traits to meet diverse needs, spanning manufacturing, medicinal, recreational, and culinary uses 18 . The cannabis research community is hugely undersized and suffers from a scarcity of understanding of Cannabis genetics and how key traits are expressed or inherited 19 . Thus, a better understanding of the genetic basis of agronomic and morphological traits of drug-type Cannabis appears to be a prerequisite for the development of improved Cannabis varieties, optimizing cultivation practices, and conserving valuable genetic resources 3 .

The advent of next-generation sequencing technology (NGS) 20 , which offers cost-effective high-throughput sequencing, coupled with the availability of powerful bioinformatic tools 21 , 22 , have facilitated the widespread adoption of genotype–phenotype association studies to investigate the relationship between genetic variation and phenotypic traits for a wide range of crops 23 . Recent classic quantitative trait loci (QTL) mapping studies have enabled identification of maturity-related QTL in both hemp 24 and drug-type Cannabis 25 . Classic QTL mapping analysis defines molecular markers linked to a phenotype segregating within parental lines, in contrast to modern genome-wide association studies (GWAS) which identify loci related to phenotypes within large populations of unrelated individuals 23 . GWAS use the information of linkage disequilibrium (LD) between a QTL and neighboring genetic markers to identify the regions on the genome that influence traits. However, when applied to a large set of individuals, the sequencing cost remains the most limiting factor, especially in heterozygous organisms like Cannabis where a high sequencing depth per sample is needed to accurately determine genotypes 26 . To address this challenge, cost-effective high-throughput genotyping methods (e.g., restriction-site associated DNA sequencing (RAD-Seq) 27 , genotyping-by-sequencing (GBS) 28 and High-Density GBS (HD-GBS) 29 , based on reduced-representation sequencing approaches (RRS) 30 , have been developed. Recent GWAS studies in hemp-type Cannabis 31 , 32 , 33 to investigate fiber quality, flowering time and sex determination and drug-type Cannabis 34 to investigate genetic basis of terpenes have enabled identification of significant genetic markers. The newly identified QTL will enable the early selection of promising individuals through marker-assisted selection (MAS) 35 , thereby reducing the labor and costs associated with development of improved varieties. Genetic association studies are, therefore, of significant value in advancing breeding programs towards molecular approaches 23 .

While flowering time and sex determination have been focal points in Cannabis breeding, the genetic basis of other important agronomic traits (e.g., yield, height, days to maturity, etc.) remain largely unexplored. Morphological traits should be duly considered due to their established intercorrelations with yield, maturity and cannabinoid profiles 36 . For instance, Cannabis plants cultivated for medicinal and recreational application exhibit shorter stature, have thinner stems, more nodes, higher floral density, and a different cannabinoid profiles compared to industrial hemp plants 37 . On the other hand, genetic backgrounds that prioritize yield may negatively impact THC production, and vice versa 36 . Investigating genetic variations associated with agronomic and morphological traits is essential for establishing the genetic groundwork for developing tailor-made Cannabis varieties, along with breeding tools such as MAS and genomic selection (GS) 38 .

To facilitate the development of molecular tools for Cannabis breeders and researchers, the present study provides high-value markers linked to essential agronomic and morphological traits, identified through GWAS conducted on 176 drug-type Cannabis accessions from the Canadian legal market. Markers associated with essential traits were identified using the multi-locus statistical method Bayesian-information and linkage-disequilibrium iteratively nested keyway (BLINK) 39 . In summary, this study lays the groundwork for a comprehensive understanding of the genetic foundations underpinning the agronomic and morphological traits in Cannabis . The markers identified through this research promise to significantly expedite breeding efforts, empowering us to cultivate Cannabis varieties optimized for various purposes and applications.

Experimental procedures

Plant material and phenotyping data.

All research activities, including the procurement and cultivation of Cannabis plants, were executed in accordance with our Cannabis research license (LIC-QX0ZJC7SIP-2021) and in full compliance with Health Canada’s regulations. In total, in this study, we used 176 drug-type accessions each accompanied by phenotyping data sourced from Lapierre et al . 1 . These accessions were selected from diverse sources to ensure representation of the broad spectrum of the drug-type Cannabis varieties available in the legal market of Canada (Supplementary Table S1 ).

In this study, we used four key productivity-related traits, including fresh biomass (FB; whole Cannabis plant excluding the roots), dried flower weight (DFW; representing yield), sexual maturity (SM; defined as the stage at which the first floral bud could be observed at the base of an axillary stem prior to the initiation of flowering) and harvest maturity (HM; days to maturity). Additionally, we included five morphological traits, namely stem diameter (SD), canopy diameter (CD), height, internode length index (ILI) and node counts (NC). It is worth noting that values were originally recorded in inches and were converted to centimeter for consistency. Histograms representing the distribution of each trait for the 176 accessions were generated using R v4.2.1 40 with the ‘ hist ’ function. Furthermore, a t -test was performed to determine whether the minimum and maximum values of each trait significantly differed from the overall population mean.

Sequencing and genotyping

Dna isolation, library preparation and sequencing.

Approximately 50 mg of young leaf tissue from each accession was collected for DNA extraction. The collected leaf tissues were air-dried for four days using a desiccating agent (Drierite; Xenia, OH, USA) and then ground with metallic beads in a RETSCH MM 400 mixer mill (Fisher Scientific, MA, USA). DNA extraction was carried out using the CTAB-chloroform protocol 41 . In brief, the powdered tissue was treated with a CTAB buffer solution, followed by a phenol–chloroform extraction procedure. The resulting DNA pellet underwent ethanol washing and was subsequently re-suspended in water. DNA quantification was carried out using a Qubit fluorometer with the dsDNA HS assay kit (Thermo Fisher Scientific, MA, USA), and concentrations were adjusted to 10 ng/μl for all samples. Final DNA samples were used to prepare HD-GBS libraries with Bfa I as described in Torkamaneh et al . 29 at the Institut de biologie intégrative et des systèmes (IBIS), Université Laval, QC, Canada. Sequencing was conducted on an Illumina NovaSeq 6000 (Illumina, CA, USA) with 150 paired-end reads at the Genome Quebec Service and Expertise Center (CESGQ), Montreal, QC, Canada.

SNP calling and filtration

Sequencing data were processed with the Fast-GBS v2.0 42 using the C. sativa cs10 v2 reference genome (GenBank acc. no. GCA_900626175.2 ) 15 . For variant calling a prerequisite of a minimum of 6 reads to call a single nucleotide polymorphism (SNP) was opted. Raw SNP data were filtered with VCFtools v0.1.16 43 to remove low-quality SNPs (QUAL < 10 and MQ < 30) and variants with proportion of missing data exceeding 80%. Missing data imputation was performed with BEAGLE 4.1 44 , followed by a second round of filtration, retaining only biallelic variants with heterozygosity less than 50% and a minor allele frequency (MAF) of > 0.06. Additionally, variants residing on unassembled scaffolds were removed. The resulting catalog of ~ 282 K SNPs was used to conducted genetic analysis, population structure assessment and GWAS (Supplementary Tables S2 ).

Genetic analysis

Marker description.

Read counts and coverage were calculated with SAMtools “coverage” parameter 45 . Proportion of heterozygous variants and MAF were estimated using TASSEL5 46 . The proportion of SNPs located within annotated genes was determined with BEDTools 47 by analyzing the number of SNPs overlapping with gene regions 48 (Supplementary Table S3 ). To visualize the distribution of SNP density, a plot was produced with rMVP 22 using ‘ plot.type  =  ”d” ’ parameter, in combination with the gene density distribution. The nucleotide diversity (π) 49 was measured in a sliding windows of 1000 bp across the genome using—window‐pi option of VCFtools 43 . Similarly, the pairwise π was calculated among different clusters.

LD decay and Haplotype block

Pairwise-LD was calculated with PLINK v1.9 50 using ‘ –r2 –ld-window-r2 0 ’ parameters . Long-range LD, measured as the allele frequency correlation (r 2 ), was determined for all pairwise SNPs within each chromosome independently (Supplementary Table S3 ). The LD decay curve line was fitted on the scatterplot using the smoothing spline regression following the procedure of Remington et al. 51 in the R environment (Fig.  2 b). The point of intersection between the LD curve and the predefined r 2 threshold determined the LD decay. Estimation of haplotype blocks (HBs) was performed with PLINK v1.9 using ‘ –blocks no-pheno-req –ld-window-kb 999 ’. A t -test was conducted in R to assess whether the LD decay of the chromosome X significantly differed from that of other chromosomes.

Population structure analysis

Population structure and admixture.

Population admixture was determined using a variational Bayesian inference algorithm implemented in fastStructure v1.0 52 for a number of subpopulations (K) set from 1 to 10. The optimal number of K (i.e., 3) explaining the population complexity was estimated using the ChooseK tool from fastStructure and admixture proportions were visualized using Distruct v2.3 (Fig.  2 c, Supplementary Fig. S1 ). The kinship matrix (K*) was generated using TASSEL5 with the Centered_IBS method and plotted with GAPIT v3 21 (Supplementary Fig. S3 ).

Discriminant analyses of principal components (DAPC) for population structure

Population structure was further investigated using discriminant analyses of principal components (DAPC) 53 using the R package ‘ adegenet ’ version 2.1.10. The number of cluster was estimated using ‘ find.cluster ’ function with a maximum limit set to 40 clusters and 200 principal components (PCs) (Fig.  2 d). Optimal number of clusters (i.e., K = 3) was determined by the minimal Bayesian Information Criterion (BIC) value for different numbers of K (Supplemental Fig. S2 ab). To visualize the DAPC using the ‘ scatter ’ function, the optimal number of PCs was estimated with two cross-validation procedures using ‘ optim.a.score ’ (i.e., PCs = 20, Supplemental Fig. S2 c) and ‘ xvalDapc ’ (i.e., PCs ≤ 20, Supplemental Fig. S2 d).

Comparison of population assignments and trait analysis

Cluster assignments from both fastStructure and DAPC were compared using the ‘ table ’ function for a K value of 3 and 6 (Supplementary Fig. S4 ). An analysis of variance (ANOVA) and permutational ANOVA (PERMANOVA) were performed for traits following and deviating from the normal distribution, respectively, using the ‘ adonis2 ’ function from R package ‘ vegan ’. Cluster assignments obtained from fastStructure were used as covariate. In cases where ANOVA/PERMANOVA indicated a significant difference, the post-hoc Tukey honestly significant difference (HSD) test was performed to determine which pairs were significantly different. Violin plots were generated with ‘ ggplot2 ’ in R and Tukey significant differences were represented by letter (Supplementary Fig. S5 ).

Genome-wide association analysis

Marker-trait association analysis was performed using the method BLINK 39 in GAPIT v3 21 , using the 282 K high-quality SNPs and the phenotyping data for nine different traits. The identification of false positive was minimized by incorporating population structure (i.e., P matrix generated with fastStructure for K = 3) and kinship (i.e., K* matrix generated with TASSEL5) for the analysis. The threshold of significance for marker-trait associations in both methods was set to ensure a false discovery rate < 0.05, adjusted with a Benjamini–Hochberg correction. Markers with a phenotypic variance explained (PVE) less than 3% were excluded from the analysis as they were considered uninformative and of limited interest. Manhattan plots showing –log 10 ( p ) distribution of markers by chromosome were generated with rMVP 22 using ‘ plot.type  =  ”m” ’ and quantile–quantile (QQ) plots were created with GAPIT v3 21 (Supplementary Fig. S6 ). Boxplot of the allelic classes of significant markers were generated with ‘ ggplot2 ’ in R (Supplementary Fig. S7 ).

Preliminary candidate gene identification

Due to the substantial genetic diversity present in Cannabis , only a limited number of SNPs exhibited a strong LD (r 2  ≥ 0.95). Therefore, to pinpoint genetic regions of interest, only markers in high LD (r 2  ≥ 0.75) with significant markers were retained to define haplotype blocks (HBs). Markers failing to form HB and residing outside of genetic regions were removed from the candidate gene investigation. Genes located in the HBs (defined by the 5ʹ-most and 3ʹ-most marker of the HB) were considered as putative candidate genes. The gene ontology (GO) annotations of these candidate genes were examined based on the description provided by the NCBI Cannabis sativa Annotation Release 100. To further confirm and provide a more detailed functional annotation of candidate genes, phylogenetic ortholog inferences were performed using OrthoFinder 54 with the Arabidopsis thaliana transcriptome (TAIR 11) 55 .

Results and discussion

A broad range of phenotypic variation among the 176 drug-type accessions.

The population displayed significant phenotypic diversity ( p  < 0.001) across the nine examined traits (Fig.  1 , Supplemental Table S1 ). For instance, FB exhibited a substantial variation, ranging from 90 to 1260 g, while plant height varied between 22 and 109 cm. SM also showed a significant diversity, with individuals initiating the first flower bud between 20 and 68 days. With the exception of SM, all other traits displayed a unimodal distribution, suggesting a complex genetic control involving multiple QTL. Furthermore, these traits exhibited highly skewed distributions, indicating that some accessions may carry specific alleles or combinations of alleles exerting a substantial impact on these traits. This phenotypic diversity within the Cannabis accessions provides a robust foundation for GWAS, aligning with established criteria for successful GWAS outcomes 23 .

Frequency distribution of phenotypic data for 176 drug-type accessions used in this study. For each trait, the minimum and maximum values significantly differed ( t -test p  < 0.001) from the overall population mean.

Genetic diversity in the GWAS-panel revealed by dense genotyping

To achieve comprehensive marker coverage across the Cannabis genome, an HD-GBS approach was used. Sequencing of HD-GBS libraries generated 486 M reads, averaging 2.8 M reads per sample. This extensive sequencing effort resulted in an average per-sample coverage of 7.7% of the cs10 v2 assembly, achieving a cumulative coverage of 34.1% across the entire genome for the entire population. The analysis of variant calling from our sequencing data initially yielded a substantial dataset of 2.7 M raw variants that met the quality criteria. Following filtering for missing data and minor allele frequency (MAF of 1%), we successfully identified ~ 800 K polymorphic variants, with an overall proportion of missing data reaching 61% before imputation step. This SNP catalog meets the criteria required to perform a relevant missing data imputation 56 . Subsequently, we performed a secondary round of filtering, primarily aimed at retaining common variants, as defined by a MAF of 6%, retaining approximately 39% of the raw data. While this filtering step may exclude rare variants that could potentially influence complex traits, it is essential to reduce the risk of false-positive associations and ensure that a minimum of 10 accessions carries the significant allele, thereby preventing overfitting in GWAS models 23 . The HD-GBS approach and the filtering procedures resulted in a catalog of 282 K high-quality SNPs (all details in Supplemental Table S2 ). Within this catalog, 25.5% of the genotypes were found to be heterozygous and the SNPs exhibited an average MAF of 21.7%. For a detailed overview of filtering steps and the number of variants retained at each stage, refer to Supplementary Table S3 . Overall, this SNP catalog represents an extensive genetic resource for the subsequent GWAS and underscores the robustness of the genotyping strategy used in this study.

Markers were exceptionally well distributed across the genome, ensuring coverage of gene-rich regions. On average, there was one marker per every ~ 3 kb of the genome, which significantly enhances the likelihood of identifying markers in strong LD with putative candidate genes or regions (Fig.  2 a). Across the entire physical map, only 12 gaps exceeding 1 Mb, with the largest being 1.2 Mb, were identified. Comparing our dataset with the RAD-Seq method used in the study of Petit et al. 32 , 33 , by employing comparable filtration criteria, the HD-GBS approach yielded a comparable number of markers while utilizing only one-tenth of the sequencing efforts (averaging 2.8 M vs. 29.7 M reads per sample). Therefore, the density and genomic distribution of SNPs provided by the HD-GBS approach make it a cost-effective option for conducting GWAS on large Cannabis panel. Furthermore, this approach is compatible with the miniaturization of sequencing libraries using the NanoGBS procedure, which further contributes to substantial cost reduction in genotyping 57 .

The average extent of LD decay to its half ranged from 22.6 to 89.0 kb across different chromosomes (Fig.  2 b). It is important to note that LD decay is a relative value and does not precisely reflect to reality recombination rates throughout the entire genome, particularly between heterochromatic and euchromatic regions 58 . However, this measure proved valuable for comparing the impact of domestication and selection on recombination rates among different populations. In this context, the LD observed in the GWAS-panel showed rapid decay compared to modern cultivars of comparable genome size, such as soybean (where LD may extend over 100 kb 59 ) and tomato (where LD can extend over 1 Mb 60 ). Nevertheless, LD decayed to its half more slowly compared to a recent study of 110 domesticated and landrace Cannabis accessions from various worldwide origins, where LD decayed over approximately 10 kb 61 . This resulted in a large number of small HBs with an average size of ~ 4 kb (Supplemental Table S3 ). It is worth noting that the LD decay on the sex chromosome was almost twice slower ( p  < 0.001) compared to autosomes. These observations were consistent with the recent history of Cannabis cultivation in Canada, characterized by extensive hybridization efforts by breeders with a particular focus on sexual characteristics, such as the production of female flowers 2 .

Low level of population structure

The population structure within the GWAS-panel was assessed using the 282 K high-quality SNPs. Initially, the degree of admixture of individuals and clustering inference was estimated by fastStructure (Supplemental Table S4 ). While the model maximizing the marginal likelihood suggested a K value of 6, the optimal number of principal components (PCs) to explain the structure of the population was determined to be 3. The K value of 3 revealed two clusters (clusters 1 and 3, Fig.  2 c) with low admixture compared to a K value of 6 (Supplemental Fig. S1 ), indicating a more robust assignments with more homogeneous individuals within each cluster. Using the BIC criterion, DAPC inferred three clusters (Fig.  2 d, Supplemental Fig. S2 ab, Supplemental Table S4 ). The minimal BIC values were obtained with K values ranging from 3 to 6, consistent with the optimal number of clusters determined by fastStructure, where 3 represents the minimum value. Thus, a K of 3 was chosen to explain the structure of the GWAS panel. Comparing both methods, 94.3% and 90.0% concordant assignment were observed for K values of 3 and 6, respectively (Supplemental Fig. S4 ).

Genome-wide distribution of markers, linkage disequilibrium (LD) and population structure analysis. ( a ) Density plot of markers and genes across the genome. Colors represent the number of SNPs within 1 Mb window size. ( b ) LD decay in each chromosome where LD values of intra-chromosomal pairwise markers were plotted against physical distance. ( c ) Admixture plot for K = 3 using fastStructure. The vertical lines represent the accessions, and the y-axis represents the probability that an individual belongs to a subgroup. ( d ) Discriminant analysis of principal components (DAPC) scatter plot showing population structure.

Nucleotide diversity ( θ π  ) across the three clusters varied from 8.44 × 10 −4 to 1.20 × 10 −3 . A lower level of genome-wide genetic diversity was observed here in drug-type cannabis (mean θ π  = 1.05 × 10 −3 ) compared to broader cannabis populations worldwide ( θ π  = 3.0 × 10 −3 ) 61 . This level of diversity is also lower than that found in other major crops such as soybean (mean  θ π  = 1.36 × 10 −3 ) 62 , rice ( θ π  = 4.0 × 10 −3 ) 63 and corn ( θ π  = 6.6 × 10 −3 ) 64 . Relatedness analysis among individuals revealed low intra- and inter-cluster genetic diversity, with accessions appearing neither significantly similar nor significantly distant (Supplemental Fig. S3 ). This is consistent with the cumulative variance explaining genetic variation in the population, showing gradual increase with number of retained PCs up to 176 PCs (number of accessions in the GWAS panel) rather than reaching a plateau (Supplemental Fig. S2 a). Despite the overall genetic homogeneity, significative differences were observed between clusters for traits such as SM, HM, height, NC and ILI (Supplemental Fig. S5 ). In particular, cluster K3 exhibited significant differences from the cluster K1 for these five traits, while the cluster K2 displayed intermediate trait values between K1 and K3. In different studies, similar clustering patterns related to drug-type and hemp-type accessions 61 , 65 , 66 , 67 or geographic origins 68 were documented, where each clusters grouped independently, albeit with low intra- and inter-cluster genetic diversity. Due to limited information on the pedigree of the GWAS panel, no correlation was observed between cluster assignment and geographic or germplasm origins. Additionally, no correlation was observed between the clustering and cannabinoid composition (data not shown) of these accessions.

The limited genetic diversity observed in cultivated drug-type Cannabis has historically been attributed to intensive clandestine breeding practices since the 1970s 2 , coupled with the impact of the war on drugs, which led to the destruction of many plants and seeds, effectively reducing the gene pool 5 , 69 . Despite the limited genetic diversity, Cannabis exhibits a remarkable phenotypic variation that are highly desirable for breeding programs. Hence, it could be hypothesized that a portion of the observed phenotypic variations in Cannabis may be attributed to transcriptional variations, along with potential contributions from epigenetic factors. In both plants and animals, factors such as variation in the number of gene copies (CNVs) 70 , epigenetic elements 71 , and the insertion/deletion of transposable elements (TEs) in gene control regions 72 , impact phenotypic diversity, especially those crucial in domestication and breeding 73 . Therefore, an associated SNP may be in strong LD with either a candidate gene, where an allelic variant alters the phenotype, or with a regulatory region that either enhances or suppresses the expression of the phenotype 74 .

The constrained availability of germplasm resources and low genetic diversity observed in Cannabis pose significant limitations for breeding, which, in turn, hinder innovation and the long-term sustainability of the crop 7 . In contrast to other crops where wild-type or landrace varieties are promising genetic pools to enrich genetic diversity in breeding programs 75 , the situation in Cannabis is more complex. Although hemp-type and drug-type Cannabis genetically diverged 76 , they still share a considerable common pool of genetic variation, limiting the ability to mine rare alleles 65 . Given the growing demand for cannabis products, there is a critical necessity to pinpoint suitable genetic resources that can not only support production but also serve as a source of genetic diversity to help ongoing breeding efforts 7 .

Identification of genomic regions controlling key agronomic and morphological traits

The GWAS analysis was performed using the method BLINK with the incorporation of population structure (P) and cryptic relatedness (K*) as covariates to minimize the risk of false-positive associations. In total, 18 markers associated with the nine traits were identified (Fig.  3 , Table 1 ). For all significant markers identified, the three genotypes were observed (Supplemental Fig. S7 ). Six of these SNPs (SNP_1, 4, 7, 8, 9 and 11; Table 1 ) demonstrated significant phenotypic impact, with the proportion of phenotypic variance explained (PVE) ranging from 18 to 45% while the remaining identified markers have a modest influence on the phenotype (PVE < 10%). Interestingly, several SNPs associated with different traits were located in close proximity to each other. For instance, SNP_9and _17 were situated within a region of about 38 kb on chromosome 1 (Chr01: 87456694–87494979) and were associated with ILI and height. The identification of 2 SNPs associated with correlated traits is consistent and suggests that this region of chromosome 1 plays a crucial role in modulating plant size in the GWAS panel. These markers are associated with key characteristics for Cannabis cultivation and are therefore of particular interest to breeders and growers. For instance, markers associated with smaller size can be advantageous for maximizing indoor cultivation, where smaller plants are preferred. Regarding the markers associated with a shorter flowering or maturation, they are advantageous for cultivators aiming for a quicker crop turnover. Similarly, the allele T at Chr09:59690286 (SNP_4) is associated with reduces canopy size and slightly the height, which can help maximize plant density in cultivation.

Genome-wide association studies (GWAS) for nine agronomic and morphological traits in drug-type cannabis. Manhattan plot for productivity-related traits ( a ) and morphological traits ( b ). Each circle indicates the degree of association for a marker with a trait (y axis), while the x axis shows the physical position of each marker on a given chromosome across the genome. The horizontal grey line indicates the significance threshold ( p -value = 1.77 × 10 −7 , false discovery rate < 0.05). Marker-trait associations were performed with the Bayesian-information and linkage-disequilibrium iteratively nested keyway (BLINK) method.

Given that the traits under study appear to be governed by a complex genetic control involving multiple QTL, BLINK appeared to be the most suitable method as it can capture intricate interactions among several loci through multi-locus analysis 39 . Furthermore, this method has proven its effectiveness with large catalog of SNPs 77 , 79 , 79 and was ranked as the most statistically powerful method for multi-locus analyzes for GWAS in plants 21 , 39 , 80 . As the identification of high-value markers for Cannabis is in its early stages, the practical implementation of these markers by breeding programs will nevertheless require preliminary cross-validation. This can be achieved through meta-GWAS 81 , QTL mapping with biparental population and BSA. Additionally, comprehensive functional analyses of the candidate genes will be crucial. .

Investigation of putative candidate genes

Among the 18 associated SNPs, 11 were in high LD (r 2  ≥ 0.75) with other SNPs, forming HBs (Table 2 ). Notably, SNP_9 and _17 were part of the same HB, spanning ~ 97 kb on chromosome 1. The SNP _26 was located within LOC115699444 without forming HBs. The 11 HBs spanned ~ 250 kb, within which 21 annotated genes were identified. Consequently, these genes were considered as putative candidates genes associated with different traits. Recent genome annotation of cs10 48 facilitated the investigation of the functions of candidate genes (Table 2 ). An orthology analysis was conducted by comparing the protein sequences of candidate genes with the Arabidopsis proteome 55 . Functional annotations were similar for the majority of candidate genes and their respective orthologs, confirming the robustness of the functional annotation of the cs10 transcriptome.

The SNP_4, which showed associations with DFW, CD, and height, was found to be in high LD with LOC115722258 , associated with chloroplast metabolism and mechanisms. This suggests a potential link between the genetic variation of SNP_4 and the observed variations in these morphological traits through their impact on chloroplast-related processesIn addition to structural genes, regulatory genes, such as transcription factors, were identified among the potential candidate genes (e.g., LOC115706624 ). Approximately one-third of the associated SNPs were not in high LD with putative candidate gene, but they might more likely linked to gene regulatory regions. The in-silico identification of regulatory regions and their interaction with a gene is challenging and complex to link associated SNPs and the phenotype. However, this does not diminish their importance, especially for markers SNP_7 and _8, which were associated with a substantial impact on HM (PVE > 30%). These findings suggest that regulatory elements, such as transcription factors, may play a role in shaping the phenotypic variation in cultivated Cannabis . However, confirming the relevance of these candidate genes will still require further analysis.

In conclusion, this study marks a pioneering exploration of the genetic landscape of Canadian drug-type Cannabis through a comprehensive GWAS analysis, enriched by high-throughput genotyping and precise agronomic phenotyping data. Our findings open new avenues for advancing Cannabis breeding programs and addressing the diverse needs of emerging industries. The application of a high-density genotyping approach yielded an extensive catalog of high-quality SNPs, effectively capturing the genomic diversity of drug-type Cannabis . The distribution of these markers across different chromosomes, coupled with high quality phenotypic data, facilitated the identification of molecular markers associated with complex agronomic and morphological traits. These markers hold great promise for further investigations to elucidate their functional links with phenotype variations, making them valuable assets for precision breeding efforts.

As we move forward, this research paves the way for in-depth studies to uncover the biological mechanisms governing these traits, potentially uncovering hidden genetic potential within Cannabis populations. Furthermore, the implications of our work extend beyond immediate applications, as the identified markers are poised to play a pivotal role in the development of tailor-made Cannabis cultivars, spanning both medicinal and recreational sectors, capable of meeting the dynamic demands of rapidly evolving industries.

Future perspectives in this domain encompass a deeper exploration of the candidate genes associated with the identified markers, seeking to unravel the intricate genetic and molecular underpinnings of these key traits. Additionally, functional validation experiments and expression profiling could elucidate the precise mechanisms through which these markers exert their effects. Collaborative efforts between academia and industry are essential to harness this newfound genetic knowledge and translate it into practical breeding strategies, ensuring the continued innovation and sustainability of the Cannabis crop.

Data availability

The VCF files generated from the sequencing data and used for the analyzes of this study are on FigShare.com and will be accessible after acceptance of the manuscript. This includes the raw SNP data set for the 176 accessions, the 282 K imputed and filtered SNPs and the subdivision of the population by K clusters.

Abbreviations

Δ 9 -Tetrahydrocannabinol

International Cannabis Research Consortium

Next-generation sequencing

Genome-Wide Association Study

Quantitative trait loci

Linkage disequilibrium

Restriction-site associated DNA sequencing

Genotyping-by-sequencing

Marker-assisted selection

Genomic selection

Whole-genome sequencing

High-density GBS

Fresh biomass

Dried flower weight

Sexual maturity

Stem diameter

Canopy diameter

Internode Length Index

Node counts

Minor allele frequency

Haplotype block

Discriminant analyses of principal components

Settlement of MLM under progressively exclusive relationship

Bayesian-information and linkage-disequilibrium iteratively nested keyway

Analyse of variance

Permutational ANOVA

Gene ontology

Quantile–Quantile

Phenotypic variance explained

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Acknowledgements

The authors wish to thank Fuga Group Inc. for supporting this project. The authors also extend their sincere appreciation to Justine Richard-Giroux, Rosemarie Boulanger and Sean Kyne for their valuable contributions to the tedious phenotyping of the GWAS-panel.

This work was conducted as part of a collaborative research project funded by Fuga Group Inc. and NSERC Alliance [#ALLRP 568653-21 to D.T.].

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Maxime de Ronne, Éliana Lapierre & Davoud Torkamaneh

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Maxime de Ronne: Conceptualization and Methodology; Data curation and analysis; Investigation; Visualization; Writing-original draft. Éliana Lapierre: Preparation of phenotypic data. Davoud Torkamaneh: Funding acquisition; Conceptualization and Methodology; Supervision; Writing-review. All authors have reviewed and approved the manuscript.

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de Ronne, M., Lapierre, É. & Torkamaneh, D. Genetic insights into agronomic and morphological traits of drug-type cannabis revealed by genome-wide association studies. Sci Rep 14 , 9162 (2024). https://doi.org/10.1038/s41598-024-58931-w

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DOI : https://doi.org/10.1038/s41598-024-58931-w

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