Companies often conduct market research right before they plan on launching a product or starting a new project. The goals of conducting market research usually include gauging market size, customer interest, trends in the industry, and even competitors’ motives.
Market research is very important and can be extremely significant in turning a profit as it will inform the decisions that stakeholders make. This is why your research report needs to be excellent.
Here are 4 expert tips that can help you get there:
1. Customer Surveys Are Key
The best way to show your stakeholders the importance of a new product or project is to show them what their current customers are saying.
By conducting customer surveys, you can gather valuable information about what else your consumers are looking for and why they might consider going to your competitors.
When writing your report, try to highlight 3-4 customer answers where your theory was proven true based on the surveys you conducted. This will show your audience that your current customers are looking for new products like the one you are considering.
These customer surveys can also help you with your content marketing strategy as you will have collected testimonials from your customers about your products.
2. Secondary Research As Evidence
While having customer feedback to support your claims is great, it is not enough to convince stakeholders to take a certain action or decision. You also need to look into what secondary research shows.
Gathering secondary research data can be painstaking and time-consuming. For this part of the marketing research report, you can enlist the help of research paper writers. They can help you craft a professional report that highlights industry trends to match up with your overall recommendation.
3. Charts Speak Louder Than Words
One thing that all researchers struggle with is trying to explain their procedure and findings in a way that someone who is not familiar with the field at all could understand the conclusions.
Stakeholder meetings oftentimes can consist of upper management and C-suite executives who are not that familiar with the company’s day-to-day workings. They care more about the big picture and the future vision.
These executives also do not have the time to read your detailed methods so you need to present your data in the form of charts and graphs that you can quickly show as soon as a question is asked.
The best way to communicate your findings to such an audience is to put your conclusions in the form of yearly or quarterly impact on the company’s profit as a whole.
4. Recommendations And Implementation Strategy
The final part of the report should not be your findings or conclusions, but rather your recommendation as well as your suggested implementation strategy. Your entire report will not affect your audience if you don’t execute this last part perfectly.
Your recommendation should be derived from all the research you presented and the data should support the decision you are asking stakeholders to make. Along with your recommendations, you should also include the ideal implementation strategy.
Explain how the recommendation you are making can be accomplished and what resources the company will need to make it happen successfully.
Conclusion
Finally, make sure to address any questions that arise during the presentation and create a comfortable environment for any conflicting opinions to be voiced.
These conversations can give you an insight into where your plans might fail and how the company should address these. These will also lead you to do better the next time you create a report.
