Everything You Need to Know About Market Research Reports in Business

What is a Market Research Report?

It is a tool used to analyze public perception or the viability of a company, product, or service. These reports contain valuable and easily understandable information, such as customer survey feedback, details about the social, economic, and geographical aspects.

With the results of market research, you can engage with valuable trends and gain a better understanding of consumer behavior, as well as visual insights that will enable you to effectively analyze competitors. A comprehensive report template will be beneficial for market orientation research, providing users with data analysis tools to formulate feasible strategies based on a wealth of detailed information targeting consumers.

What is marketing Research?

Why do you need a market research report?

Why is a market research report necessary?

“Look before you leap” – that is precisely the purpose of market research reports. With a market research report, businesses gain a comprehensive view of the market: the target market and an understanding of various factors related to purchasing decisions. This allows you to gather crucial industry data.

• Organizing industry information: Whether you are looking to develop your brand, enhance existing services, or introduce new products, time is of the essence. Through the report, you can visualize your data and format it as a story to gain a deeper understanding of your niche market or industry. The features and functions of the market research report will help you quickly grasp the most valuable information for your organization, enabling you to stay ahead in this process.
• Validating internal research: Conducting internal analysis is one thing, but thorough third-party verification is also very helpful in avoiding bias from your own data.
• Using data to make informed decisions: Once you understand consumer behavior as well as the market, competitive rivals, and the issues that will affect your industry in the future, you will be better equipped to position your brand. Combining all this with the quantitative data collected will allow you to develop more successful products.
• Strategic planning: When you want to outline the overarching goals of your organization, initiate the development of new products, plan geographic market expansions, or even mergers and acquisitions, all these strategic thought processes require a solid foundation to address the many challenges ahead.
• Comprehensive consistency: Gathering, presenting, and analyzing your market research data in a smarter, more interactive, and cohesive way will ensure that communication aligns with customer needs, marketing campaigns, user journeys, and your services consistently across the board. The results will help businesses grow faster, increase customer loyalty, and generate more profits.
• Brand credibility: In the digital age, brand credibility is everything. By making significant improvements in all the key areas mentioned above, you will meet customer needs consistently and find creative ways to stand out from competitors. These are crucial elements for long-term success.

The role of research reports and school surveys

Kompa – An Effective Market Research Solution

So, what is Kompa and how can it assist you in your market research endeavors? Kompa is a company that leverages data technology (AI, machine learning) on a big data platform, providing data analysis solutions and equipping customers with valuable insights to optimize marketing and Branding.

For over 10 years, Kompa has been a trusted partner for hundreds of businesses, both small and large, in Vietnam, such as Vingroup, Masterise Homes, Vinamilk, SSI, MB Bank, Tan Hiep Phat, Shopee, Vietjet Air, and many more.

5 Steps to Prepare a Market Research Report

Step 1: Data Segmentation

Your first step is to group all available information into a manageable set. Segmentation is the process of grouping information together in a way that highlights commonalities and minimizes differences. Therefore, in market research, this will help organize all the information you have about a product, service, or target market and identify your focus areas.

Step 2: Create an Outline

Include essential information right from the start to explain who your audience is and what problem you are trying to solve for them.

In the body of the report, include a description of the methodology – Explain to the reader how your research was conducted, what it involved, and why you chose the methods you used.

Additionally, in the body of the report, include the findings of your market research. These can be quantitative or qualitative, but they should answer the questions you posed at the outset.

Include an executive summary – A condensed version of the entire report.

Step 3: Describe the Research Methodology

The market research methodology section includes details about the type of research, sample size, any limitations of the study, research design, sampling approach, data collection procedures, and statistical analysis methods used.

Step 4: Include Visuals with Narrative Explanations

Images are an essential part of the presentation. Even the best-written text can be difficult to understand. Charts and graphs are easier to grasp than text alone, and they help the reader see how the numbers relate to the bigger picture.

However, visuals are not the entire story. They are a cue for the reader. The narrative provides the story, not just the numbers.

Step 5: Conclude the Report with Recommendations

Recommendations tend to follow logically from the conclusions and respond to a specific issue. Recommendations should always be grounded in the research findings, meaning they should be based on the results reported in the body of the report.

Steps to prepare a report for market research

Summary

Above are the general information and basic steps for preparing a market research report that you can refer to and apply to your business to gather useful information and make informed business decisions.