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href="/blog/category/marketing/general-marketing/">General Marketing</a></li></ul></div><h1 data-test="heading-text" class="sc-kLwhqv fjCyHV sc-iFMAIt kcmnyq">Market Research: What It Is & How to Do It</h1><span data-test="text-content" class="sc-kLwhqv gEQrQk sc-eXlEPa jQsfVt"><p data-test="author"><a target="_blank" rel="noopener" role="link" href="/blog/user/145676321/">Natalia Zhukova</a></p><span data-test="date">Mar 22, 2023</span><span data-test="time-to-read">17 min read</span></span></div><div class="sc-gKclnd jomabB sc-gyElHZ kMVYZt"><img src="https://static.semrush.com/blog/uploads/media/98/d6/98d612126ffea1628f52715286bc7acb/market-research-guide.svg" alt="market research and analysis" width="340" height="248" data-test="image"/></div></div></div></div><div data-test="container" class="sc-gKclnd dmOGYZ"><div data-test="template-article-base" class="sc-gKclnd iBtQsf"><div class="sc-eldieg bMorKE"><div class="sc-kiIyQV gvatUw"><button class="sc-cLpAjG kFnqpz">Table of 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href="https://linkedin.com/sharing/share-offsite?url=https%3A%2F%2Fwww.semrush.com%2Fblog%2Fmarket-research-guide%2F%3Futm_source%3Dlinkedin%26utm_medium%3Dblogshare%26utm_campaign%3Dsocialsharing" target="_blank" rel="noopener noreferrer nofollow" title="Share"><svg data-test="svg-icon-linkedin-icon" viewBox="0 0 16 16" width="16" height="16" class="sc-bdvvtL dHnzHm"><use xlink:href="#linkedin-icon"></use></svg></a><a data-test="share-block-link-text-twitter" class="sc-gsDKAQ iavqdd SLink sc-ezbkAF dnAKzL" href="https://twitter.com/intent/tweet?url=https%3A%2F%2Fwww.semrush.com%2Fblog%2Fmarket-research-guide%2F%3Futm_source%3Dtwitter%26utm_medium%3Dblogshare%26utm_campaign%3Dsocialsharing&text=Check+out+this+article+by+%40semrush%3A+%22Market+Research%3A+What+It+Is+%26+How+to+Do+It%22+%23SemrushInsights" target="_blank" rel="noopener noreferrer nofollow" title="Share"><svg data-test="svg-icon-twitter-icon" viewBox="0 0 16 16" width="16" height="16" class="sc-bdvvtL dHnzHm"><use 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xlink:href="#mail-icon"></use></svg></a></div></div></div><div data-test="table-of-content" width="203" class="sc-iqVWFU bsrXeg"><p data-test="text-content" class="sc-kLwhqv deatxS sc-eWfVMQ hTSBMW">TABLE OF CONTENTS</p></div></div><div data-parse="true" class="sc-gKclnd eBribL sc-lkgTHX fnqfqY"><article class="sc-jlRLRk brDSho -table-of-content-show" data-test="article-body"><p>To compete in today’s highly competitive markets, it’s essential to keep your finger on the pulse of what's going on in your industry.</p><p>Well-conducted market research will help you with that. </p><p>In this article, we’ll explore:</p><ul> <li>What market research is and why it's important</li> <li>Different market research types and methods</li> <li>How to do market research</li></ul><p>Let's dive in.</p><h2 id="what-is-market-research">What Is Market Research?</h2><p>Market research is the process of gathering and analyzing information about your business's target market. The main goal is to discover who your customers are and what they want. </p><p>Market research helps you answer questions like the following: </p><ul> <li>What are the demographics of my target audience? </li> <li>What are their interests and buying habits? </li> <li>What do they think about my business or industry? </li> <li>What problems can I help this group of people solve? </li> <li>How can I best connect with them? </li></ul><p>Market research analysis is more than simply tracking numbers. It goes one step further by attempting to uncover the “why” behind the numbers.</p><h3 id="why-should-you-do-market-research">Why Should You Do Market Research?</h3><p>Understanding your target audience allows you to:</p><ul> <li>Identify business opportunities</li> <li>Attract a loyal customer base</li> <li>Find out what influences buying behavior</li> <li>Verify the success of a product</li> <li>Understand your brand perception</li></ul><p>All of these things contribute to a healthy business plan and robust <a href="https://www.semrush.com/blog/how-to-create-effective-marketing-strategies-for-your-business/">marketing strategy</a>. </p><h3 id="when-should-you-conduct-market-research">When Should You Conduct Market Research? </h3><p>Market research can take up time and resources. Be strategic about when you conduct your research studies.</p><p>Here are four times when you should consider conducting market research:</p><ul> <li><strong>Before launching a new business or venture</strong>: Initial market research helps you uncover competing products, pricing structures, and marketing efforts of your competitors </li> <li><strong>Before entering new markets</strong>: It’s crucial to understand your potential customers in <a href="https://www.semrush.com/blog/market-assessment/">new markets</a>. Economic shifts, emerging trends, and cultural values differ from place to place. Market research helps you avoid costly mistakes.</li> <li><strong>Before developing or launching new products or services</strong>: As your company grows, you’ll likely roll out new products and/or services. You’ll want to understand the market conditions before making any big moves. </li> <li><strong>After any of the above</strong>: After launching a new business, entering new markets, or releasing new products or services, conduct follow-up research. This will help you determine what’s working and what needs work.</li></ul><p>Besides the above situations, you should always keep an eye on trends and industry developments. Markets and customers are always changing. It’s important to stay informed. </p><p><em><strong>Further reading</strong>: <a href="https://www.semrush.com/blog/target-audience/">How to Define Your Target Audience</a></em></p><h2 id="types-of-market-research">Types of Market Research</h2><p>Before conducting market research, consider what insights you’re looking for:</p><ul> <li><em>Are you trying to understand your competitors?</em></li> <li><em>Do you want to better market your products?</em></li> <li><em>Looking to address a customer pain point?</em></li></ul><p>There are two main types of market research to address these questions: primary market research and secondary market research.</p><h3 id="primary-market-research">Primary Market Research </h3><p>Primary market research brings you close to the action. You do it yourself, usually up close and personal with the subject of the research.</p><p>For example, primary research methods can include: </p><ul> <li>Focus groups </li> <li>Interviews</li> <li>Observation-based research (like in-person observation)</li></ul><p>These research methods allow you to collect two types of data: </p><ol> <li><strong>Qualitative data</strong>: Descriptive data you cannot express in numbers. Examples include people's preferences, dislikes, and emotional responses. Interviews and discussion groups typically produce qualitative data.</li> <li><strong>Quantitative data</strong>: Number-based data, including page views and social media follows. You usually present this kind of data in charts and graphs. </li></ol><h3 id="secondary-market-research">Secondary Market Research </h3><p>Secondary market research refers to third-party data you collect from public or private records that are not your own. Because the data is already available, it’s typically more cost-effective. And less resource-intensive. </p><p>Here are some examples of secondary sources:</p><ul> <li><strong>Company reports</strong>: Company-created reports about their own businesses (e.g., company websites, investor relation websites, <a href="https://finance.yahoo.com/research?ncid=dcm_306158756_490172245_127172993">Yahoo Finance</a>, <a href="https://www.google.com/finance/">Google Finance</a>)</li> <li><strong>Industry statistics</strong>: Information and data on entire industries, as opposed to single companies (e.g., <a href="https://www.statista.com/studies-and-reports/">Statista</a>, <a href="https://www.pewresearch.org/tools-and-resources/">Pew</a>, <a href="https://www.gartner.com/en">Gartner</a>, <a href="https://www.forrester.com/bold">Forrester</a>)</li> <li><strong>White papers</strong>: Authoritative market analysis written by third parties about a specific topic related to a given industry (e.g., trade magazines, market research companies)</li> <li><strong>Government agency data</strong>: Government-collected data shared with the general public (e.g., <a href="https://www.bls.gov/opub/reports/">Bureau of Labor Statistics</a>, <a href="https://www.census.gov/data.html">Census data</a>, <a href="https://www.sec.gov/edgar/searchedgar/companysearch.html">U.S. Securities and Exchange Commission</a>)</li></ul><p>Secondary sources provide a macro-level view of your industry, plus insights about other competitors in the market. Just make sure the data and insights are accurate and reliable by using reputable sources.</p><h2 id="market-research-methods">Market Research Methods </h2><p>The best market research method depends on what you’re trying to understand about your market. Of course, you can combine multiple methods to get a more comprehensive view.</p><p>Here’s a breakdown of recommended methods based on your market research goal:</p><table> <tbody> <tr> <td> <p>What are you researching?</p> </td> <td> <p>Recommended research methods</p> </td> </tr> <tr> <td> <p>Customer needs, wants, and pain points</p> </td> <td> <ul> <li>Interviews</li> <li>Focus groups</li> <li>Surveys</li> <li>Observational research</li> <li>Market segmentation and demographics</li> </ul> </td> </tr> <tr> <td> <p>Market trends and opportunities</p> </td> <td> <ul> <li>Competitive analysis</li> <li>Secondary market research data</li> <li>Focus groups</li> <li>Market segmentation and demographics</li> </ul> </td> </tr> <tr> <td> <p>Business performance and marketing efforts</p> </td> <td> <ul> <li>Competitive analysis</li> <li>Interviews</li> <li>Focus groups</li> <li>Surveys</li> </ul> </td> </tr> </tbody></table><p>Now, let's take a closer look at seven popular market research methods.</p><h3 id="interviews">Interviews</h3><p>Interviews allow for in-depth discussions with people from your target audience. They can be free-flowing and unstructured. Or structured and detailed. </p><p>Before conducting an interview, think about what kind of information you need and develop a list of questions.</p><p>Here are examples of questions you can ask to address specific areas of business:</p><ul> <li><strong>Customer pain points</strong>: <em>What are the main issues you face with X?</em></li> <li><strong>Customer goals</strong>: <em>What are you looking for in X?</em></li> <li><strong>Brand awareness</strong>: <em>Have you heard of X?</em></li> <li><strong>Brand preferences</strong>: <em>Do you prefer X over Y? Why?</em></li> <li><strong>Pricing</strong>: <em>How much would you pay for X?</em></li> <li><strong>Customer interests and behavior</strong>: <em>How do you spend your free time?</em></li></ul><p><em><strong>Note</strong>: While you can record interviews to help record the data, keep in mind that recording can influence people’s answers.</em></p><h3 id="competitive-analysis">Competitive Analysis </h3><p>Competitive analysis is the process of researching your competitors’ products, services, prices, promotions, and other activities. </p><p>By analyzing competitors, you can avoid their mistakes, replicate their success, and stay on the cutting edge of your industry. </p><p>To do that, try a competitor analysis tool like <a href="https://www.semrush.com/market-explorer/">Market Explorer</a>.</p><p>After entering your domain and your competitors’ domains, you'll get a complete overview of your market (including its size, traffic, and consolidation). Plus detailed information about your top competitors.</p><figure class="easyimage easyimage-side"><picture><source srcSet="https://static.semrush.com/blog/uploads/media/1d/14/1d14f6776bfde271b0110f5b43e2b49f/gabukwUDZGHR38PbuNhcsu2dkZ59CpuadSwInwlrz_mlcmfkXYUHkyMYJFWZGlXJDzZf2s7Eus5wBFnqd2WO1QUURcQX2ISGZ6bQNYBdZjJul377Md2Dnrem_ahMIZHoSFdwb7juD0jnEBxY2WPtS5c.webp" type="image/webp"/><img alt="Market Explorer" data-original="https://static.semrush.com/blog/uploads/media/1d/14/1d14f6776bfde271b0110f5b43e2b49f/original.jpeg" height="577" loading="lazy" src="https://static.semrush.com/blog/uploads/media/1d/14/1d14f6776bfde271b0110f5b43e2b49f/gabukwUDZGHR38PbuNhcsu2dkZ59CpuadSwInwlrz_mlcmfkXYUHkyMYJFWZGlXJDzZf2s7Eus5wBFnqd2WO1QUURcQX2ISGZ6bQNYBdZjJul377Md2Dnrem_ahMIZHoSFdwb7juD0jnEBxY2WPtS5c.jpeg" width="1010"/></picture></figure><p>The tool provides information about your competitors' traffic generation strategies, audience, and top keywords. Use this data to benchmark what success will look like for your business. </p><p><em><strong>Note</strong>: Learn more by reading our detailed <a href="https://www.semrush.com/blog/competitive-analysis/">guide to competitive analysis</a> (with a template).</em></p><h3 id="focus-groups">Focus Groups</h3><p>Focus groups are group interviews where participants can test your product, provide feedback, answer questions, etc.</p><p>They allow you to get insights into your target audience in a way that would not be possible with other methods.</p><p>Focus groups typically consist of five to 10 people who represent your target audience. Sessions are typically recorded.</p><p>Look for the following when you review the data:</p><ul> <li>Repeated words or phrases </li> <li>Similar reactions (confusion, frustration, delight) </li> <li>Inconsistent reactions or outlying opinions </li> <li>Quotes that capture the essence of the group’s feelings, reactions, and opinions </li></ul><p>Collect the data in a spreadsheet so you can organize and categorize it later for deeper analysis.</p><h3 id="market-segmentation">Market Segmentation</h3><p><a href="https://www.semrush.com/blog/market-segmentation-strategy/">Market segmentation</a> is the process of breaking your market’s audience into groups. There are many ways to segment your audience, but here are a few examples:</p><ul> <li><strong>Demographic information</strong> (e.g., age, gender, or location) </li> <li><strong>Socioeconomic factors</strong> (e.g., household income and employment status)</li> <li><strong>Psychographic aspects </strong>(e.g., interests, desires, and preferences) </li></ul><p>Thinking about your market audience in categories allows you to better understand how to meet their needs and make sure your marketing efforts are impactful.</p><p>To unveil demographic, socioeconomic, and psychographic data for any market audience, use <a href="https://www.semrush.com/trends/">Semrush’s .Trends</a> tool set.</p><p>For example, <a href="https://www.semrush.com/market-explorer/">Market Explorer</a> can provide a lot of information about your competitors’ audience. (Or nearly any audience in the market.)</p><p>Let’s use Nike as an example to see what we can learn about their target market audience. This “Audience” report reflects data from the top sites in Nike’s market. </p><figure class="easyimage easyimage-side"><picture><source srcSet="https://static.semrush.com/blog/uploads/media/3d/e4/3de44111ac006f06732c35e7cfb259f0/Bnao4igmPLZXZec5hEVNDOnpyRS9G80BBgUtsF0M9W86vidxxXlo3PwdN_PEXAHSMU-YvG-sqkOtxtAzpAvCCLdx-5k9lslFjqPp6qykFugGDZK0joHpxAXozVKcg_mVsU9BP5ZjJ7vSO3QKGzSJHPU.webp" type="image/webp"/><img alt="market audience summary report for Nike" data-original="https://static.semrush.com/blog/uploads/media/3d/e4/3de44111ac006f06732c35e7cfb259f0/original.jpeg" height="506" loading="lazy" src="https://static.semrush.com/blog/uploads/media/3d/e4/3de44111ac006f06732c35e7cfb259f0/Bnao4igmPLZXZec5hEVNDOnpyRS9G80BBgUtsF0M9W86vidxxXlo3PwdN_PEXAHSMU-YvG-sqkOtxtAzpAvCCLdx-5k9lslFjqPp6qykFugGDZK0joHpxAXozVKcg_mVsU9BP5ZjJ7vSO3QKGzSJHPU.jpeg" width="1010"/></picture></figure><p>A quick look at the data shows important information about Nike’s target market audience.</p><p>For example:</p><ul> <li>The audience is relatively evenly split between male and female, with the 25 to 34 years of age category being the largest segment </li> <li>A majority of the audience prefers YouTube as their social media platform of choice </li> <li>Nike’s target market audience is predominantly interested in retail sites </li></ul><p>This information lets us make educated guesses about what products our audience might be looking for. And market those products on platforms where this demographic spends the most time. </p><p>Next, turn to the <a href="https://www.semrush.com/analytics/one2target/">One2Target</a> tool to gather additional data about a specific competitor’s audience. </p><p>For example, here’s the “<strong>Socioeconomics</strong>” report for nike.com. </p><p>It includes information about the audience's household size and income level, employment status, education level, and much more.</p><figure class="easyimage easyimage-side"><picture><source srcSet="https://static.semrush.com/blog/uploads/media/57/50/57505c74290f588d796be642e127b103/5Ihw6LY4GdtzQCwl6jN4kiMynvgR-Go37-p9DS6mqC_UBPIDMeWIFhSgShZt99Lx5b5V1VI8McKr8RJ7yDqy9wVQU2wtbvWJLMiQiJ8fQVYM26HD9-kuRt2avgIBna49wQTg1LsbuB1bsYoB5qY6V54.webp" type="image/webp"/><img alt="Socioeconomics report for nike.com" data-original="https://static.semrush.com/blog/uploads/media/57/50/57505c74290f588d796be642e127b103/original.png" height="919" loading="lazy" src="https://static.semrush.com/blog/uploads/media/57/50/57505c74290f588d796be642e127b103/5Ihw6LY4GdtzQCwl6jN4kiMynvgR-Go37-p9DS6mqC_UBPIDMeWIFhSgShZt99Lx5b5V1VI8McKr8RJ7yDqy9wVQU2wtbvWJLMiQiJ8fQVYM26HD9-kuRt2avgIBna49wQTg1LsbuB1bsYoB5qY6V54.png" width="1010"/></picture></figure><p>Here are some insights we've gathered about Nike’s target market audience: </p><ul> <li>The majority of Nike’s audience lives in households of three or four people, which indicates Nike is popular among families </li> <li>Most of Nike’s customers fall into the middle- or low-income level </li> <li>The majority of Nike’s audience works full-time, but it’s interesting to notice that a sizable segment of the audience are homemakers </li> <li>Over 90% of the audience has graduated from high school or gone to college </li></ul><p>This additional information helps you create <a href="https://www.semrush.com/blog/buyer-persona/">buyer personas</a>—profile depictions of your ideal customers. So you can target marketing campaigns more effectively.</p><p>You can use our <a href="https://www.semrush.com/persona/">free buyer persona templates</a>. Your final buyer persona profile will look something like this:</p><figure class="easyimage easyimage-side"><picture><source srcSet="https://static.semrush.com/blog/uploads/media/44/18/4418d1a137a40f0a2f14631160ef8d7b/ROW5qw5rGBtgH0kx2a7Ba9KkQOEEVEVXWzMo10Pvp-W3MKOV9h6pVQ_8vfJi28NX5X9MLsdVxyqX2F8AfkueGsIzu0KsrE_6-jQG2o7j6RQEdOLdF8rcjv62mW0qO0alrk0WgtG1qPumn9NKGr9JX5w.webp" type="image/webp"/><img alt="buyer persona template" data-original="https://static.semrush.com/blog/uploads/media/44/18/4418d1a137a40f0a2f14631160ef8d7b/original.jpeg" height="929" loading="lazy" src="https://static.semrush.com/blog/uploads/media/44/18/4418d1a137a40f0a2f14631160ef8d7b/ROW5qw5rGBtgH0kx2a7Ba9KkQOEEVEVXWzMo10Pvp-W3MKOV9h6pVQ_8vfJi28NX5X9MLsdVxyqX2F8AfkueGsIzu0KsrE_6-jQG2o7j6RQEdOLdF8rcjv62mW0qO0alrk0WgtG1qPumn9NKGr9JX5w.jpeg" width="1010"/></picture></figure><p>All of this helps you target your campaigns more effectively by offering messages your customers relate to, in a language they understand, about products they want and can afford.</p><p><em><strong>Further reading</strong>: <a href="https://www.semrush.com/blog/market-segmentation-strategy/">Market Segmentation</a>, <a href="https://www.semrush.com/blog/website-demographics/">Website Demographics</a></em></p><div></div><h3 id="secondary-market-research-data">Secondary Market Research Data </h3><p>Market reports, white papers, and consumer rating sites provide useful data for your business. The same is true of organizations like <a href="https://www.pewresearch.org/tools-and-resources/">Pew</a>, <a href="https://www.gartner.com/en">Gartner</a>, <a href="https://www.ipsos.com/en">Ipsos</a>, and <a href="https://www.forrester.com/bold">Forrester</a>.</p><p>For reviews and ratings, rely on sites like <a href="https://www.g2.com/">G2</a> and <a href="https://www.trustpilot.com/">Trustpilot</a>. They show insights into customer experience and satisfaction with your company and your competitors. </p><p>Here's an example of Semrush's G2 review page:</p><figure class="easyimage easyimage-side"><picture><source srcSet="https://static.semrush.com/blog/uploads/media/f2/b5/f2b5def8125239c4a3d45d7b73b472a0/nbrqNI2qLFab58imNAb1A3NvEM8O2uoO44Nee2p7thjQrK8y5VISjT9Fp3Ds0mk5XSsPm2z6vRdzm7Mb5imi-Yh30tgT9WG0L9rXCrkIFtbH8XAzaBCLJtLgpnxDq2sz9szgLS3G019LWXBKHiK4xME.webp" type="image/webp"/><img alt="Semrush's G2 review page" data-original="https://static.semrush.com/blog/uploads/media/f2/b5/f2b5def8125239c4a3d45d7b73b472a0/original.jpeg" height="644" loading="lazy" src="https://static.semrush.com/blog/uploads/media/f2/b5/f2b5def8125239c4a3d45d7b73b472a0/nbrqNI2qLFab58imNAb1A3NvEM8O2uoO44Nee2p7thjQrK8y5VISjT9Fp3Ds0mk5XSsPm2z6vRdzm7Mb5imi-Yh30tgT9WG0L9rXCrkIFtbH8XAzaBCLJtLgpnxDq2sz9szgLS3G019LWXBKHiK4xME.jpeg" width="1010"/></picture></figure><p><em><strong>Note</strong>: Keep in mind that customers often write reviews when they are extremely satisifed or extremely dissatisfied with a product, so this data may skew in either direction.</em></p><h3 id="observation-based-research">Observation-Based Research</h3><p>Observation-based research involves watching people from your target audience interact with products, services, marketing assets, etc. </p><p>The way they react, ask questions, hit roadblocks, and respond in other ways provides useful information about how to improve. </p><p>For example, you might invite participants to your office to watch them:</p><ul> <li>Navigate through your website</li> <li>Purchase a product through your online store</li> <li>Engage with a physical product </li></ul><p>You may notice they get lost, enjoy something particular, or get frustrated at a certain point. This data provides insights for improvements. </p><h3 id="surveys">Surveys </h3><p>Surveys allow you to connect with your audience and receive direct feedback. Conduct online surveys to reach a large number of participants and get answers quickly.</p><p>Services like <a href="https://www.surveymonkey.com/market-research/solutions/audience-panel/">SurveyMonkey</a> and <a href="https://www.google.com/forms/about/">Google Forms</a> provide survey templates, distribution tools, and data organization and display options. Some social media platforms also allow you to survey your audience. </p><p>Here's an example of a simple poll conducted by <a href="https://www.linkedin.com/company/semrush/">Semrush on LinkedIn</a>: </p><figure class="easyimage easyimage-side"><picture><source srcSet="https://static.semrush.com/blog/uploads/media/1e/ee/1eee1491621af644bf26dd5692a98b9e/VA0kbymKvgGBIGh4-P4CNceRne1VsZIHBxuCTSXTBAMSL8XA5865ZD_NdZ_evqesbEwruX3KOLckD9U7cBJEud_9E5H0aTMSJtdkVnBMHYgIZi-qC_V2WSH7gwBBrMq8qY_0adxORHCxCms7Ryf15Ww.webp" type="image/webp"/><img alt="poll conducted by Semrush on LinkedIn:" data-original="https://static.semrush.com/blog/uploads/media/1e/ee/1eee1491621af644bf26dd5692a98b9e/original.jpeg" height="898" loading="lazy" src="https://static.semrush.com/blog/uploads/media/1e/ee/1eee1491621af644bf26dd5692a98b9e/VA0kbymKvgGBIGh4-P4CNceRne1VsZIHBxuCTSXTBAMSL8XA5865ZD_NdZ_evqesbEwruX3KOLckD9U7cBJEud_9E5H0aTMSJtdkVnBMHYgIZi-qC_V2WSH7gwBBrMq8qY_0adxORHCxCms7Ryf15Ww.jpeg" width="1010"/></picture></figure><p>Surveys allow you to collect both quantitative and qualitative data. Provide a variety of question types—multiple choice, “yes or no,” short answer, and scales—to engage your audience and provide a wide variety of useful data points. </p><h2 id="how-to-do-market-research-(step-by-step)">How to Do Market Research (Step by Step)</h2><p>Now it’s time to make a market research plan for your business.</p><p>Here’s how to conduct market research in five steps:</p><ol> <li>Define the Focus of Your Research</li> <li>Develop a Marketing Research Plan </li> <li>Collect Data </li> <li>Analyze Data and Generate Insights </li> <li>Present Your Findings and Continue Testing </li></ol><p>To walk you through the process, we’ll follow a fictional footwear company seeking to break into the running shoe market.</p><h3 id="step-1:-define-the-focus-of-your-research">Step 1: Define the Focus of Your Research </h3><p>Before you begin collecting data, narrow the focus of your research. This allows you to choose the right methods and tools.</p><p>You may choose to focus on one of the following:</p><ul> <li>A specific question you need to answer to create more effective marketing campaigns</li> <li>Market opportunities you want to explore further</li> <li>Specific topics your target audience seems interested in</li></ul><p>Use your initial observations or questions to determine what issue or topic you want to focus on.</p><p>Then do some general research to get an idea of your audience's thoughts, preferences, and pain points.</p><p>This can be as simple as conducting keyword research with a tool like Semrush's <a href="https://www.semrush.com/analytics/keywordmagic/start">Keyword Magic Tool</a>.</p><p>Type in the seed keyword (any general keyword related to your niche or product), choose the target country, and click “<strong>Search</strong>.”</p><p>Our footwear company launching a new shoe line might choose “running shoes.”</p><figure class="easyimage easyimage-side"><picture><source srcSet="https://static.semrush.com/blog/uploads/media/0e/19/0e1914c928452f4453264be3eea58ff0/vbDwCEU7nq6sGp6FHwQNiUX2p98Q5pJhPhEieExlYkiYXTOe5idHqfiY1Rc9kZ2iv89tL-Ywy9fmzO9fm3ONicUC2kSsKPCJoNhCV7fJfrwjBUA93Kw4nFTYnWC_FYrcZp7pqIO7jQgspHmIoWrQO84.webp" type="image/webp"/><img alt="Keyword Magic Tool running shoes search" data-original="https://static.semrush.com/blog/uploads/media/0e/19/0e1914c928452f4453264be3eea58ff0/original.png" height="263" loading="lazy" src="https://static.semrush.com/blog/uploads/media/0e/19/0e1914c928452f4453264be3eea58ff0/vbDwCEU7nq6sGp6FHwQNiUX2p98Q5pJhPhEieExlYkiYXTOe5idHqfiY1Rc9kZ2iv89tL-Ywy9fmzO9fm3ONicUC2kSsKPCJoNhCV7fJfrwjBUA93Kw4nFTYnWC_FYrcZp7pqIO7jQgspHmIoWrQO84.png" width="1010"/></picture></figure><p>You'll get a list of keyword suggestions:</p><figure class="easyimage easyimage-side"><picture><source srcSet="https://static.semrush.com/blog/uploads/media/f6/ce/f6ce75be39640f3501bf05f6063b7a50/RbGancFVtYev31FbYzobyaHLv66yDOADf2hq4Hix2adH0K_B_09WCWYlJA6aHH9WSek4L24IXLrT5khwn224W-6V-eQLhb-YbzFBGh5ITEJNULXyTozPgqIB7Oiw5j4LjMEmB7EcNuTbuw7qvtQZ_7M.webp" type="image/webp"/><img alt="list of keyword suggestions" data-original="https://static.semrush.com/blog/uploads/media/f6/ce/f6ce75be39640f3501bf05f6063b7a50/original.jpeg" loading="lazy" src="https://static.semrush.com/blog/uploads/media/f6/ce/f6ce75be39640f3501bf05f6063b7a50/RbGancFVtYev31FbYzobyaHLv66yDOADf2hq4Hix2adH0K_B_09WCWYlJA6aHH9WSek4L24IXLrT5khwn224W-6V-eQLhb-YbzFBGh5ITEJNULXyTozPgqIB7Oiw5j4LjMEmB7EcNuTbuw7qvtQZ_7M.jpeg"/></picture></figure><p>Then, switch the search criteria from “All” keywords to “<strong>Questions</strong>.”</p><p>This will help us explore the most common questions people have about running shoes. </p><figure class="easyimage easyimage-side"><picture><source srcSet="https://static.semrush.com/blog/uploads/media/47/c1/47c1b2c97034ccd399b00c34bc91a860/O85K05BJBlG30Ryl8xgC9rQV7q_IUshm14xLGEHcW1dg8U4Q4PP8I2lg9ZJVNfg3V0ATXQJgtnUumx8iXIa1Wb7YeVa_AwK6t-e_fqMwizVA04y2HKrTRmArF5eICymtRm1Q5J7dk0Pu7s2nStgJVbc.webp" type="image/webp"/><img alt="Questions section" data-original="https://static.semrush.com/blog/uploads/media/47/c1/47c1b2c97034ccd399b00c34bc91a860/original.jpeg" height="619" loading="lazy" src="https://static.semrush.com/blog/uploads/media/47/c1/47c1b2c97034ccd399b00c34bc91a860/O85K05BJBlG30Ryl8xgC9rQV7q_IUshm14xLGEHcW1dg8U4Q4PP8I2lg9ZJVNfg3V0ATXQJgtnUumx8iXIa1Wb7YeVa_AwK6t-e_fqMwizVA04y2HKrTRmArF5eICymtRm1Q5J7dk0Pu7s2nStgJVbc.jpeg" width="1010"/></picture></figure><p>The top searches revealed some consistent themes: </p><ul> <li>How long do running shoes last?</li> <li>When should you replace your running shoes? </li> <li>What are the best running shoes? </li></ul><figure class="easyimage easyimage-side"><picture><source srcSet="https://static.semrush.com/blog/uploads/media/b9/f4/b9f45226b811761c3792ea407b5d5b22/_2ouG-wms_UmIp4F1FIpdMzzA1YPb6y7L1Ns3DQKKZQ1k4DWi9rqafFFo1j5I2b179ekZF5oIIDkyccyHEHhHZyUmIDo1nxzPI3kScCvx6jgRdsNaBbOBKXepVI6hZ3BJGmGc9oH4S40_7Fj884HrSw.webp" type="image/webp"/><img alt="top question searches" data-original="https://static.semrush.com/blog/uploads/media/b9/f4/b9f45226b811761c3792ea407b5d5b22/original.jpeg" height="686" loading="lazy" src="https://static.semrush.com/blog/uploads/media/b9/f4/b9f45226b811761c3792ea407b5d5b22/_2ouG-wms_UmIp4F1FIpdMzzA1YPb6y7L1Ns3DQKKZQ1k4DWi9rqafFFo1j5I2b179ekZF5oIIDkyccyHEHhHZyUmIDo1nxzPI3kScCvx6jgRdsNaBbOBKXepVI6hZ3BJGmGc9oH4S40_7Fj884HrSw.jpeg" width="1010"/></picture></figure><p>We can narrow down the results to only see keywords with commercial <a href="https://www.semrush.com/blog/search-intent/">search intent</a>. These are keywords people use when researching a product before making a purchase.</p><p>To do so, select “<strong>Commercial</strong>” in the “Intent” filter at the top. </p><figure class="easyimage easyimage-side"><picture><source srcSet="https://static.semrush.com/blog/uploads/media/c5/e8/c5e8601deab6fa76063694e7cfee0129/m4DM6i8M_MjHecEx9geMBWJf8K9u3CvqsPXmzCJUbR_QBzTreBcXQYgvNqd4HuS6jxMl4o4wJ7X1RgxjkcoXnpSFL-83ur4NI-YkCqR1DTh1xSd0utzUUZB4GDu5GQy7yCZwRhjIaznkbwIS4VGZb5U.webp" type="image/webp"/><img alt="filter by intent" data-original="https://static.semrush.com/blog/uploads/media/c5/e8/c5e8601deab6fa76063694e7cfee0129/original.jpeg" height="683" loading="lazy" src="https://static.semrush.com/blog/uploads/media/c5/e8/c5e8601deab6fa76063694e7cfee0129/m4DM6i8M_MjHecEx9geMBWJf8K9u3CvqsPXmzCJUbR_QBzTreBcXQYgvNqd4HuS6jxMl4o4wJ7X1RgxjkcoXnpSFL-83ur4NI-YkCqR1DTh1xSd0utzUUZB4GDu5GQy7yCZwRhjIaznkbwIS4VGZb5U.jpeg" width="1010"/></picture></figure><p>This initial search provides some ideas about where to focus our research. </p><p>For the sake of this example, let’s explore what running shoes consumers think are the best and why. </p><div></div><h3 id="step-2:-develop-a-market-research-plan">Step 2: Develop a Market Research Plan </h3><p>After you determine your research goals, develop a plan to get more data. </p><p>Start by answering some basic questions about methods you could use. </p><p><strong>Primary source methods</strong>:</p><ul> <li>Will you interview key individuals? </li> <li>Will you hold a focus group? </li> <li>Could you survey people about their experiences? </li></ul><p><strong>Secondary source methods</strong>:</p><ul> <li>What third-party research companies have researched your market? </li> <li>Could you access customer reviews? </li> <li>Can you look at other companies' marketing efforts?</li></ul><p>Let’s return to our example shoe company. If we want to understand more about what shoes runners like best and why, we could pick three methods:</p><ol> <li><strong>Review studies</strong> conducted by third-party market researchers about product quality (manufacturing, features, life span, etc.) </li> <li><strong>Interview</strong> runners about their experiences with various shoes </li> <li>Hold <strong>focus groups</strong> to understand how people think, feel, and talk about their favorite brands</li></ol><p>Before beginning the hands-on research, get <strong>a</strong> <strong>bird’s-eye view of the market</strong>. This will help you pinpoint industry leaders. And see what their strategies and growth prospects look like. </p><p><a href="https://www.semrush.com/trends/">Semrush’s .Trends tools</a> can help you do this. </p><p>Open the <a href="https://www.semrush.com/market-explorer/">Market Explorer</a> tool and choose one of three options:</p><ul> <li><strong>Create List</strong>: Create a custom market with competitors of your choice</li> <li><strong>Find Competitors</strong>: Have the tool compile and analyze a list of competitors</li> <li><strong>Analyze Category</strong>: Examine an entire industry</li></ul><figure class="easyimage easyimage-side"><picture><source srcSet="https://static.semrush.com/blog/uploads/media/99/45/9945fb8b8f80f11a88284bc48df53600/hB9R3KlUX1gPWMsFZYMN9Ph2Yumrs0cSU_Cuo_7-sHu5gK5L_7iNnKp3V5_O3ehNmfahdDIPnXr-Xq70j017Ht4Ic7Vdcf9QxOHaZQYE7W6jhDKi1vLCxasJUbcujkgrhwPDtkUBRWCJc_FytzVLYpc.webp" type="image/webp"/><img alt="Market Explorer tool" data-original="https://static.semrush.com/blog/uploads/media/99/45/9945fb8b8f80f11a88284bc48df53600/original.jpeg" height="492" loading="lazy" src="https://static.semrush.com/blog/uploads/media/99/45/9945fb8b8f80f11a88284bc48df53600/hB9R3KlUX1gPWMsFZYMN9Ph2Yumrs0cSU_Cuo_7-sHu5gK5L_7iNnKp3V5_O3ehNmfahdDIPnXr-Xq70j017Ht4Ic7Vdcf9QxOHaZQYE7W6jhDKi1vLCxasJUbcujkgrhwPDtkUBRWCJc_FytzVLYpc.jpeg" width="1010"/></picture></figure><p>Let's say you want to create your own custom list. </p><p>First, select the location and enter the competitors. In our example, we'll enter six domains of popular running shoe brands:</p><ul> <li><em>nike.com</em></li> <li><em>adidas.com</em></li> <li><em>saucony.com</em></li> <li><em>hoka.com</em></li> <li><em>asics.com</em></li> <li><em>brooks.com</em></li></ul><figure class="easyimage easyimage-side"><picture><source srcSet="https://static.semrush.com/blog/uploads/media/57/2f/572fec555c7ec7c1729e01a80ea7f096/c7Was_8lo2D8YKRVMoX7uAgK4-rBsC3N4m1y-rNMCEQTR2QX8kG6E8kmnZg4Bm9gniu99o4gB5xSpRmrsutm0FCBJSNq_Fb5L8_0T914im4x0vsirGyIXDpcv-OBVZyPukhxGyrsdN5Y9CiFsC-lzIg.webp" type="image/webp"/><img alt="select the location and enter the competitors" data-original="https://static.semrush.com/blog/uploads/media/57/2f/572fec555c7ec7c1729e01a80ea7f096/original.jpeg" loading="lazy" src="https://static.semrush.com/blog/uploads/media/57/2f/572fec555c7ec7c1729e01a80ea7f096/c7Was_8lo2D8YKRVMoX7uAgK4-rBsC3N4m1y-rNMCEQTR2QX8kG6E8kmnZg4Bm9gniu99o4gB5xSpRmrsutm0FCBJSNq_Fb5L8_0T914im4x0vsirGyIXDpcv-OBVZyPukhxGyrsdN5Y9CiFsC-lzIg.jpeg" width="1010" height="544"/></picture></figure><p>Then, name the list. We’ll name our list “Running shoe brands.” </p><p>Hit “<strong>Create and analyze</strong>.”</p><figure class="easyimage easyimage-side"><picture><source srcSet="https://static.semrush.com/blog/uploads/media/25/ac/25ac729cac8a047e7fcdffa9334c6cbb/_m1bI8XyFVSKj6T_dhadrnt1RCH4zTJvXhBTcTq6MV_w7cy9a5nSsJaMSoZ5R55vDQ_0bMud-8THaiykem2LNLZ7z3IOk0xwBDPSlc8sdNQahi7478oOvJsAJalDFY_qQngrjQFu6l_X_yuZEumzvE4.webp" type="image/webp"/><img alt="Create and analyze button highlighted" data-original="https://static.semrush.com/blog/uploads/media/25/ac/25ac729cac8a047e7fcdffa9334c6cbb/original.jpeg" loading="lazy" src="https://static.semrush.com/blog/uploads/media/25/ac/25ac729cac8a047e7fcdffa9334c6cbb/_m1bI8XyFVSKj6T_dhadrnt1RCH4zTJvXhBTcTq6MV_w7cy9a5nSsJaMSoZ5R55vDQ_0bMud-8THaiykem2LNLZ7z3IOk0xwBDPSlc8sdNQahi7478oOvJsAJalDFY_qQngrjQFu6l_X_yuZEumzvE4.jpeg" width="1010" height="547"/></picture></figure><p>The first thing you’ll notice in the “Overview” report is the “Market Summary” widget.</p><figure class="easyimage easyimage-side"><picture><source srcSet="https://static.semrush.com/blog/uploads/media/99/73/9973c9620f1f03c151a188c9ac5e4f39/pLqmq9KAA7dvr-5Oxix-CjllKmxo3IwlbegL3stXJHfNU9Cb_c6Ue92oRMxQbwLN4YbO09eO81KoBWdKlyjMg_9S2bx8zib6oFcPEV-k9zxF_pz9Q0H4rrwaP2-OZD7OPJAfhz9fG_D7vXZ6SNZMktc.webp" type="image/webp"/><img alt="Market Summary" data-original="https://static.semrush.com/blog/uploads/media/99/73/9973c9620f1f03c151a188c9ac5e4f39/original.jpeg" height="574" loading="lazy" src="https://static.semrush.com/blog/uploads/media/99/73/9973c9620f1f03c151a188c9ac5e4f39/pLqmq9KAA7dvr-5Oxix-CjllKmxo3IwlbegL3stXJHfNU9Cb_c6Ue92oRMxQbwLN4YbO09eO81KoBWdKlyjMg_9S2bx8zib6oFcPEV-k9zxF_pz9Q0H4rrwaP2-OZD7OPJAfhz9fG_D7vXZ6SNZMktc.jpeg" width="1010"/></picture></figure><p>This widget provides an overview of the market including the level of consolidation, the key players and their market share percentage, the market size, and more.</p><p>In our case, we see that the market has a moderately high consolidation level. This means most of the market share is owned (or “consolidated”) by one large player, with a few smaller players owning the remaining share.</p><p>We see nike.com is the market leader, owning 66.2% of the market. Followed by adidas.com (20.77%) and hoka.com (7.06%).</p><p>Finally, the Market Size is large with a Total Addressable Market of 807.6M. This means there are approximately 807 million individuals who need your product or service (though not all of them may be willing, ready, or able to make a purchase).</p><p>Scroll down to discover the “<strong>Growth Quadrant</strong>.” This helps you understand how competitors are growing over time in relation to one another.</p><p>The Growth Quadrant contains four sections:</p><ul> <li><strong>Game Changers</strong>: Emerging websites with a high growth potential</li> <li><strong>Leaders</strong>: Big, well-known companies whose website traffic is growing</li> <li><strong>Niche Players</strong>: Companies with smaller presence</li> <li><strong>Established Players</strong>: Stable, popular websites </li></ul><figure class="easyimage easyimage-side"><picture><source srcSet="https://static.semrush.com/blog/uploads/media/09/b6/09b6a4001afeb9ea13f4492cd0c1a6d4/MRz58E1nFJKHizqEoyUQkKHbPtFow4a2N5E7Xc9Oh0aS9R8i0or3B8s_W3HlpVUQPzPh2rZBUgYNNkWHSULjoj-O-zsFNRwk7pRQTex6H8dprnx4nrBUljdAu41vcjWRfu-k8qOarx6Z7xD-cBeqaYY.webp" type="image/webp"/><img alt="Growth Quadrant" data-original="https://static.semrush.com/blog/uploads/media/09/b6/09b6a4001afeb9ea13f4492cd0c1a6d4/original.jpeg" height="572" loading="lazy" src="https://static.semrush.com/blog/uploads/media/09/b6/09b6a4001afeb9ea13f4492cd0c1a6d4/MRz58E1nFJKHizqEoyUQkKHbPtFow4a2N5E7Xc9Oh0aS9R8i0or3B8s_W3HlpVUQPzPh2rZBUgYNNkWHSULjoj-O-zsFNRwk7pRQTex6H8dprnx4nrBUljdAu41vcjWRfu-k8qOarx6Z7xD-cBeqaYY.jpeg" width="1010"/></picture></figure><p>Nike holds the lead in terms of traffic. And Adidas saw a large gain in traffic growth percentage. </p><p>This growth pushed them closer to the “<strong>Leaders</strong>” quadrant from the “<strong>Established Players</strong>” category.</p><p>Looking at some of the minor players, Saucony moved to the “<strong>Game Changers</strong>” quadrant. In this case, we’d definitely want to look into what they’re doing to drive traffic and ask our research subjects questions about this brand.</p><p>Overall, these broad insights help us determine what research methods we want to use and what questions we’d like to ask our target audience.</p><p>Once you’ve decided which direction to go in, come up with a timeline, delegate responsibilities, and execute your research. </p><h3 id="step-3:-collect-data">Step 3: Collect Data </h3><p>How you collect data will depend on the type of research method you choose.</p><p>For <strong>qualitative research</strong>, like focus groups or interviews, write out answers and compare notes later. With surveys, you might produce reports.</p><p>Tools like <a href="https://www.google.com/forms/about/">Google Forms</a> and <a href="https://www.surveymonkey.com/">Survey Monkey</a> offer reports that organize your data and even include illustrations where applicable. </p><p>For <strong>quantitative research</strong>, collect raw data using a simple spreadsheet or more advanced data storage software. Tools like <a href="https://lookerstudio.google.com/">Google Looker Studio</a> (formerly Google Data Studio) and <a href="https://www.tableau.com/data-insights/dashboard-showcase">Tableau</a> allow you to organize and depict data as graphs or charts. </p><p>For our footwear company example, we might collect qualitative data through our focus groups and interviews. For quantitative data, we could use the Semrush .Trends tools. </p><p>For example, <a href="https://www.semrush.com/analytics/traffic/">Traffic Analytics</a> provides traffic numbers for competitors’ websites. </p><p>First, select your target location and enter up to five competitors' domains.</p><p>Then, hit “<strong>Analyze</strong>.”</p><figure class="easyimage easyimage-side"><picture><source srcSet="https://static.semrush.com/blog/uploads/media/d0/34/d0349e97eb463586e16e1683c9df1c34/xuZH-GcL8qrjWY6s74jRZRYN9mW2gwVxYpCwlyJOsvG05yhl2M6sWGK_A9VsGadnj1KJkfzmeSTbEvJbK2VissHHJw9aXfTMwn2wxZQGqXZofN8sqit9zfm1MfnoxfUyAK6PlIVVgS4lvTMlrqSMwjw.webp" type="image/webp"/><img alt="Traffic Analytics" data-original="https://static.semrush.com/blog/uploads/media/d0/34/d0349e97eb463586e16e1683c9df1c34/original.jpeg" height="449" loading="lazy" src="https://static.semrush.com/blog/uploads/media/d0/34/d0349e97eb463586e16e1683c9df1c34/xuZH-GcL8qrjWY6s74jRZRYN9mW2gwVxYpCwlyJOsvG05yhl2M6sWGK_A9VsGadnj1KJkfzmeSTbEvJbK2VissHHJw9aXfTMwn2wxZQGqXZofN8sqit9zfm1MfnoxfUyAK6PlIVVgS4lvTMlrqSMwjw.jpeg" width="1010"/></picture></figure><p>You'll get useful insights into your competitors’ traffic—including the trends, traffic sources, geo-distribution, etc. </p><p>Here’s a look at saucony.com’s “Top Pages” report:</p><figure class="easyimage easyimage-side"><picture><source srcSet="https://static.semrush.com/blog/uploads/media/84/a5/84a571b720e1ec33caf4390946677a03/spjE6Tk5UVzBzPiZapKbtBvaIfKhrn-M8e_7HTtHCT3h7ii4y6NVR1EdnNPZbEsjxXz7srqGkpmguIWCO7gSjGt7eKixWKn7W9IxIGDNAuVQ8gj-4D3sH0nqZgyS9uYp0BNE4BaB-XLkmqdXiLc29w0.webp" type="image/webp"/><img alt="saucony.com’s top pages report" data-original="https://static.semrush.com/blog/uploads/media/84/a5/84a571b720e1ec33caf4390946677a03/original.jpeg" height="579" loading="lazy" src="https://static.semrush.com/blog/uploads/media/84/a5/84a571b720e1ec33caf4390946677a03/spjE6Tk5UVzBzPiZapKbtBvaIfKhrn-M8e_7HTtHCT3h7ii4y6NVR1EdnNPZbEsjxXz7srqGkpmguIWCO7gSjGt7eKixWKn7W9IxIGDNAuVQ8gj-4D3sH0nqZgyS9uYp0BNE4BaB-XLkmqdXiLc29w0.jpeg" width="1010"/></picture></figure><p>It allows us to see which pages have shown significant growth in traffic in the last 12 months.</p><p>In our example, it is the <em>/endorphin-2-collection/</em> page:</p><figure class="easyimage easyimage-side"><picture><source srcSet="https://static.semrush.com/blog/uploads/media/4e/10/4e1095d566f15bd82640c99a958ce4ab/n2QFVH9KjWX4d9yo4wK7AiqRKTZ776y6jpqA66NpnESnoi0uXeSTrJ_M2o-KzBLFnjskYB9usrJ18cg6DCG5EKtLfC2rs7BgenGCipoZkX7geYZLSHwOgEM9ymJfsWWo9Sgw6Ms4pYqjsJpOQc1Q8-E.webp" type="image/webp"/><img alt="/endorphin-2-collection/ page highlighted" data-original="https://static.semrush.com/blog/uploads/media/4e/10/4e1095d566f15bd82640c99a958ce4ab/original.jpeg" height="306" loading="lazy" src="https://static.semrush.com/blog/uploads/media/4e/10/4e1095d566f15bd82640c99a958ce4ab/n2QFVH9KjWX4d9yo4wK7AiqRKTZ776y6jpqA66NpnESnoi0uXeSTrJ_M2o-KzBLFnjskYB9usrJ18cg6DCG5EKtLfC2rs7BgenGCipoZkX7geYZLSHwOgEM9ymJfsWWo9Sgw6Ms4pYqjsJpOQc1Q8-E.jpeg" width="1010"/></picture></figure><p>In this example, we've discovered a page with an upcoming product launch—Endorphin Pro+ shoes. </p><figure class="easyimage easyimage-side"><picture><source srcSet="https://static.semrush.com/blog/uploads/media/5f/09/5f09987035cd81ce1e9d001b9a4b4d4f/ylkwrrfh0yuXWftCsLKtaJH-3XBpSsSIzVpyoG_PNpQeQEgexmqTr0zDI7vmz4xwVZhZ4bwVt85b5JxvaCf03KhomSbpz4LBPIr6A9hqDrWFmQwANbL1VRBSCfWwJMlrGEJU9M_Sdkjvy5dNI6iIfa4.webp" type="image/webp"/><img alt="Endorphin Pro+ upcoming launch" data-original="https://static.semrush.com/blog/uploads/media/5f/09/5f09987035cd81ce1e9d001b9a4b4d4f/original.jpeg" height="535" loading="lazy" src="https://static.semrush.com/blog/uploads/media/5f/09/5f09987035cd81ce1e9d001b9a4b4d4f/ylkwrrfh0yuXWftCsLKtaJH-3XBpSsSIzVpyoG_PNpQeQEgexmqTr0zDI7vmz4xwVZhZ4bwVt85b5JxvaCf03KhomSbpz4LBPIr6A9hqDrWFmQwANbL1VRBSCfWwJMlrGEJU9M_Sdkjvy5dNI6iIfa4.jpeg" width="1010"/></picture></figure><p>In our focus groups, we could study customer responses to this launch or compare the traffic numbers or sources with new releases coming from competitors.</p><h3 id="step-4:-analyze-data-and-generate-insights">Step 4: Analyze Data and Generate Insights</h3><p>Analyzing data helps you discover answers to your initial research question(s) and turn those answers into strategies. This process begins by organizing the data. </p><p>With <strong>quantitative data</strong>, add everything up and enter it into a central location. Like a spreadsheet. </p><p>Organize ratings, rankings, “yes and no” answers, selections of multiple choice questions, and any other data. Once it’s organized, crunch the numbers to look for averages, ranges, or other important statistics. </p><p>For <strong>qualitative data</strong>, review all of the collected data and sort it into categories.For example: </p><ul> <li>Concerns</li> <li>Questions</li> <li>Frustrations</li> <li>Strengths</li> <li>Weaknesses</li> <li>Recommendations </li></ul><p>Organizing this data will help clarify themes. </p><p>Once you organize your data, review your initial research goals. </p><p>Here are some guiding questions:</p><ul> <li>Does the data illuminate any trends? </li> <li>Can I think of any explanations for these trends? </li> <li>What’s surprising or interesting about the data? </li> <li>Does the collected data help answer my original questions? </li> <li>Does it lead to any other interesting questions? </li></ul><p>As you notice trends or themes, present them visually. Tools like <a href="https://miro.com/online-brainstorm-tool/">Miro</a> and <a href="https://www.mural.co/templates/conducting-a-brainstorm">Mural</a> can help you brainstorm, discover connections, and invite different people to the table to help interpret the data. </p><figure class="easyimage easyimage-side"><picture><source srcSet="https://static.semrush.com/blog/uploads/media/2f/e5/2fe5b1142316e153f77f9557f9bbfee2/uzRhb0QvAU3DA2lFOrQa44l4XEbZvnj5mjRE-JtVzj3fxs4durRMRg8bNqLN9WCQXL4Cr4_mbOI8v85Ge5Fk8HYrvildqYBezE22smLGXHCY32Ly_Cl2va8K0O666-LjW5dUI-4_hQOWdA1_tpPk3hQ.webp" type="image/webp"/><img alt="Miro board overview" data-original="https://static.semrush.com/blog/uploads/media/2f/e5/2fe5b1142316e153f77f9557f9bbfee2/original.png" height="715" loading="lazy" src="https://static.semrush.com/blog/uploads/media/2f/e5/2fe5b1142316e153f77f9557f9bbfee2/uzRhb0QvAU3DA2lFOrQa44l4XEbZvnj5mjRE-JtVzj3fxs4durRMRg8bNqLN9WCQXL4Cr4_mbOI8v85Ge5Fk8HYrvildqYBezE22smLGXHCY32Ly_Cl2va8K0O666-LjW5dUI-4_hQOWdA1_tpPk3hQ.png" width="1010"/></picture></figure><p>To continue with our footwear company example, let’s pretend we discovered these five insights based on the data:</p><ol> <li>Customers like durable running shoes; their favorite shoes last a long time </li> <li>Customers are willing to pay more for quality running shoes </li> <li>Customers are less likely to be loyal to one brand; quality matters over brand </li> <li>Customers respond best to ads that depict professional runners </li> <li>Customers like flashy designs and colors on their running shoes</li></ol><p>Highlight data that supports your argument or solves the problems you’re researching.</p><p>Don’t worry if you discover negative results or trends. This gives you a chance to change direction and drop projects or strategies that aren't working. Which can save you time and money.</p><h3 id="step-5:-present-your-findings-and-continue-testing">Step 5: Present Your Findings and Continue Testing </h3><p>Now that you’ve done the heavy lifting, it’s time to put your findings to good use. </p><p>Typically, this involves presenting your research to stakeholders and discussing improvements to your business or marketing plan.</p><p>When presenting data, it helps to show:</p><ul> <li>How the research produced the data </li> <li>How the data led to your insights</li> <li>How your insights led to actionable suggestions</li></ul><figure class="easyimage easyimage-side"><picture><source srcSet="https://static.semrush.com/blog/uploads/media/b5/6a/b56a7c09538a6b62603b8045ae0934b3/UgHFXnVUxtnM13W6zKjM_YEu516kkRQZhCXinkZ30RxcQG3sql6wMTHHI8ssLI--FDtbO_khxwwaVTJJUJgV6whowaxgkvgHAxPSNBvzuVUg7A_ktEqJ1gp_oP74eeD_Tj5s7_yfCM6obpbCdRwe6eU.webp" type="image/webp"/><img alt="what presenting data helps show" data-original="https://static.semrush.com/blog/uploads/media/b5/6a/b56a7c09538a6b62603b8045ae0934b3/original.png" height="362" loading="lazy" src="https://static.semrush.com/blog/uploads/media/b5/6a/b56a7c09538a6b62603b8045ae0934b3/UgHFXnVUxtnM13W6zKjM_YEu516kkRQZhCXinkZ30RxcQG3sql6wMTHHI8ssLI--FDtbO_khxwwaVTJJUJgV6whowaxgkvgHAxPSNBvzuVUg7A_ktEqJ1gp_oP74eeD_Tj5s7_yfCM6obpbCdRwe6eU.png" width="1010"/></picture></figure><p>Let’s return to our running shoe company. If we wanted to present information about pricing to our stakeholders, we might structure it like this:</p><ol> <li><strong>We looked at which shoes avid runners prefer and why</strong>. The top shoes tend to be more expensive than less popular shoes. We asked about this in focus groups and interviews. </li> <li><strong>Participants told us they’re willing to invest more money into a good pair of shoes</strong>. High quality matters more than lower prices. Along with this, runners who pay more expect greater durability. </li> <li><strong>Based on this data, our business might benefit from using quality materials and manufacturing processes instead of cutting costs with cheap materials and labor</strong>. We could improve our marketing strategy by highlighting the high-quality materials and care we put into manufacturing each pair. </li></ol><p>Once you've made adjustments to your business or marketing plan based on the data, continue your research to see if your strategies are successful. </p><p>A great way to follow up on the moves you’ve made based on your in-depth market research studies is <strong>agile market research</strong>. </p><p>The “agile” part means gathering data quickly and being able to iterate the process at any time.</p><p>While it won’t replace in-depth market research, agile market research allows you to test hypotheses, receive feedback, and make swift changes. </p><p>Let’s say we conducted a large-scale study on running shoes and launched our new product. Here’s an example of what the agile market research process might look like after that: </p><ol> <li><strong>Ask questions</strong>: Are the new shoes we developed comfortable? </li> <li><strong>Review customer feedback for trends</strong>: E.g., many customers said the shoes were too tight on their toes.</li> <li><strong>Generate insights</strong>: The design of the toe in our shoes needs improvement </li> <li><strong>Make improvements</strong>: Adjust the shape of the shoes in the toe and release new model </li> <li><strong>Ask questions</strong>: How do your toes feel in our new shoes? </li></ol><p>Complete the agile market research process over and over again for continuous improvement. </p><figure class="easyimage easyimage-side"><picture><source srcSet="https://static.semrush.com/blog/uploads/media/80/75/8075186c4defc513c0e0c23fd2cf0f37/q6mQCAAdCguyr6_LKlzNAgIzRsV_S_hUqyKUmiSWixQmvmNojjBqoqUp0JumiNP9X9Do2-2zME3UA30EMAVxPsCPZ7fXF1mIAWhek7HEfl4wv_tsDapp3JhR2JD5F1OwV02nyV_YSZyDErpyY-tOjTo.webp" type="image/webp"/><img alt="agile market research process" data-original="https://static.semrush.com/blog/uploads/media/80/75/8075186c4defc513c0e0c23fd2cf0f37/original.png" height="657" loading="lazy" src="https://static.semrush.com/blog/uploads/media/80/75/8075186c4defc513c0e0c23fd2cf0f37/q6mQCAAdCguyr6_LKlzNAgIzRsV_S_hUqyKUmiSWixQmvmNojjBqoqUp0JumiNP9X9Do2-2zME3UA30EMAVxPsCPZ7fXF1mIAWhek7HEfl4wv_tsDapp3JhR2JD5F1OwV02nyV_YSZyDErpyY-tOjTo.png" width="1010"/></picture></figure><h2 id="before-you-start-your-research">Before You Start Your Research</h2><p>Though market research is a big undertaking, it’s necessary for survival in a competitive marketplace. </p><p>A good place to start is the <strong><a href="https://www.semrush.com/trends/">Semrush .Trends toolkit</a></strong>. The tools it contains provide you with quantitative data that will give you instant insights into your specific market and competitors.</p><p>This way, you can make informed decisions about your further data collection methods (e.g., focus groups, surveys, etc.).</p><p>You may also try the so-called <strong>SWOT analysis</strong>—a technique that helps you assess your business's strengths, weaknesses, opportunities, and threats. Read our <a href="https://www.semrush.com/blog/swot-analysis-examples/">guide to SWOT analysis</a> that also includes a free template.</p><p>Keep an eye out, stay curious, and good luck out there! </p><div></div></article><div class="sc-gKclnd gIVKXH sc-jlsrNB fGSkWh"><span data-test="share-block-description" class="sc-kLwhqv bAMHOQ">Share</span><div data-test="share-block" class="sc-gKclnd jVrJcj"><div class="sc-giYglK fSiAZB"><a data-test="share-block-link-text-linkedin" class="sc-gsDKAQ iavqdd SLink sc-ezbkAF dnAKzL" href="https://linkedin.com/sharing/share-offsite?url=https%3A%2F%2Fwww.semrush.com%2Fblog%2Fmarket-research-guide%2F%3Futm_source%3Dlinkedin%26utm_medium%3Dblogshare%26utm_campaign%3Dsocialsharing" target="_blank" rel="noopener noreferrer nofollow" title="Share"><svg data-test="svg-icon-linkedin-icon" viewBox="0 0 24 24" width="24" height="24" class="sc-bdvvtL dHnzHm"><use xlink:href="#linkedin-icon"></use></svg></a><a data-test="share-block-link-text-twitter" class="sc-gsDKAQ iavqdd SLink sc-ezbkAF dnAKzL" href="https://twitter.com/intent/tweet?url=https%3A%2F%2Fwww.semrush.com%2Fblog%2Fmarket-research-guide%2F%3Futm_source%3Dtwitter%26utm_medium%3Dblogshare%26utm_campaign%3Dsocialsharing&text=Check+out+this+article+by+%40semrush%3A+%22Market+Research%3A+What+It+Is+%26+How+to+Do+It%22+%23SemrushInsights" target="_blank" rel="noopener noreferrer nofollow" title="Share"><svg data-test="svg-icon-twitter-icon" viewBox="0 0 24 24" width="24" height="24" class="sc-bdvvtL dHnzHm"><use xlink:href="#twitter-icon"></use></svg></a><a data-test="share-block-link-text-facebook" class="sc-gsDKAQ iavqdd SLink sc-ezbkAF dnAKzL" href="https://facebook.com/sharer/sharer.php?u=https%3A%2F%2Fwww.semrush.com%2Fblog%2Fmarket-research-guide%2F%3Futm_medium%3Dblogsharefacebook%26utm_campaign%3Dsocialsharing" target="_blank" rel="noopener noreferrer nofollow" title="Share"><svg data-test="svg-icon-facebook-icon" viewBox="0 0 24 24" width="24" height="24" class="sc-bdvvtL dHnzHm"><use xlink:href="#facebook-icon"></use></svg></a><a data-test="share-block-link-text-mail" class="sc-gsDKAQ iavqdd SLink sc-ezbkAF dnAKzL" href="mailto:?body=Market Research: What It Is & How to Do It%0D%0Ahttps://www.semrush.com/blog/market-research-guide/?utm_source=socialsharing_email&utm_medium=blogshare&utm_campaign=socialsharing" target="_blank" rel="noopener noreferrer nofollow" title="Share"><svg data-test="svg-icon-mail-icon" viewBox="0 0 24 24" width="24" height="24" class="sc-bdvvtL dHnzHm"><use xlink:href="#mail-icon"></use></svg></a></div></div></div></div><div class="sc-gKclnd kcZgbH right-article-section"><section class="sc-bSqaIl eNgeub"></section></div></div></div><div data-test="container" class="sc-gKclnd fYleTp"><div class="sc-gKclnd eYTkOv"><div data-test="wrapper-for-author-bio" class="sc-gKclnd hrZfTH"></div><div data-test="wrapper-for-subscription" class="sc-gKclnd hrZfTH"></div></div></div><div data-test="wrapper-for-more-on-this" class="sc-gKclnd hrZfTH"></div><div data-test="wrapper-for-trial" class="sc-gKclnd hrZfTH"></div></main><div data-test="wrapper-for-footer" class="sc-gKclnd hrZfTH"></div></div></div><script id="__NEXT_DATA__" type="application/json">{"props":{"pageProps":{"canonicalSubdomain":"www","locale":"en","breakpoint":{"isPhone":false,"isTablet":false,"isDesktop":true},"page":{"id":6237,"status":"published","url":"market-research-guide","template":"article-base","title":"Market Research: What It Is \u0026 How to Do It","preview":"Learn to do market research, the process of gathering information about your target market and customers.","previewImage":"https://static.semrush.com/blog/uploads/media/98/d6/98d612126ffea1628f52715286bc7acb/market-research-guide.svg","socialImage":"https://static.semrush.com/blog/uploads/media/e1/6b/e16be3bf0764a23f8b727321c5a02953/market-research-guide-sm.png","extraImage":"https://static.semrush.com/blog/uploads/media/98/d6/98d612126ffea1628f52715286bc7acb/extra.png","altPreviewImage":"market research and analysis","altSocialImage":"market research and analysis","hidePreviewImage":0,"publishedAt":1633095000000,"editedAt":1679483820000,"metaTitle":"Market Research: What It Is \u0026 How to Do It","metaDescription":"Learn to do market research, the process of gathering information about your target market and customers.","schemaOrg":"{}","author":{"id":145676321,"alias":"","name":"Natalia Zhukova","photo":"https://static.semrush.com/blog/uploads/user/de/13/de136a57edad1742a511aaab647428a2/7450ff047ff6f0f89d6cf0ff5552205c.png","photoMask":"star","company":"SEMrush","position":"Head of Marketing, Market Research","bio":"Natalia is a data-driven marketer focusing on market research and strategy development. Having a solid experience in digital marketing, Natalia has a passion in SEO, content marketing and multilingual website creation and optimization.","socials":{"webSite":"https://fr.semrush.com","twitter":"nataliwithme","facebook":"natalia.zhukova.75457","instagram":"","linkedin":"nataliazhu"},"isPublic":true,"expertise":[],"education":[]},"blocks":{"articleContent":{"code":"article-content","itemId":31090,"enabled":false,"value":[]}},"critical":{"article-content":{"id":31090,"content":"\u003cp\u003eTo compete in today’s highly competitive markets, it’s essential to keep your finger on the pulse of what's going on in your industry.\u003c/p\u003e\u003cp\u003eWell-conducted market research will help you with that. \u003c/p\u003e\u003cp\u003eIn this article, we’ll explore:\u003c/p\u003e\u003cul\u003e \u003cli\u003eWhat market research is and why it's important\u003c/li\u003e \u003cli\u003eDifferent market research types and methods\u003c/li\u003e \u003cli\u003eHow to do market research\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eLet's dive in.\u003c/p\u003e\u003ch2\u003eWhat Is Market Research?\u003c/h2\u003e\u003cp\u003eMarket research is the process of gathering and analyzing information about your business's target market. The main goal is to discover who your customers are and what they want. \u003c/p\u003e\u003cp\u003eMarket research helps you answer questions like the following: \u003c/p\u003e\u003cul\u003e \u003cli\u003eWhat are the demographics of my target audience? \u003c/li\u003e \u003cli\u003eWhat are their interests and buying habits? \u003c/li\u003e \u003cli\u003eWhat do they think about my business or industry? \u003c/li\u003e \u003cli\u003eWhat problems can I help this group of people solve? \u003c/li\u003e \u003cli\u003eHow can I best connect with them? \u003c/li\u003e\u003c/ul\u003e\u003cp\u003eMarket research analysis is more than simply tracking numbers. It goes one step further by attempting to uncover the “why” behind the numbers.\u003c/p\u003e\u003ch3\u003eWhy Should You Do Market Research?\u003c/h3\u003e\u003cp\u003eUnderstanding your target audience allows you to:\u003c/p\u003e\u003cul\u003e \u003cli\u003eIdentify business opportunities\u003c/li\u003e \u003cli\u003eAttract a loyal customer base\u003c/li\u003e \u003cli\u003eFind out what influences buying behavior\u003c/li\u003e \u003cli\u003eVerify the success of a product\u003c/li\u003e \u003cli\u003eUnderstand your brand perception\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eAll of these things contribute to a healthy business plan and robust \u003ca href=\"https://www.semrush.com/blog/how-to-create-effective-marketing-strategies-for-your-business/\"\u003emarketing strategy\u003c/a\u003e. \u003c/p\u003e\u003ch3\u003eWhen Should You Conduct Market Research? \u003c/h3\u003e\u003cp\u003eMarket research can take up time and resources. Be strategic about when you conduct your research studies.\u003c/p\u003e\u003cp\u003eHere are four times when you should consider conducting market research:\u003c/p\u003e\u003cul\u003e \u003cli\u003e\u003cstrong\u003eBefore launching a new business or venture\u003c/strong\u003e: Initial market research helps you uncover competing products, pricing structures, and marketing efforts of your competitors \u003c/li\u003e \u003cli\u003e\u003cstrong\u003eBefore entering new markets\u003c/strong\u003e: It’s crucial to understand your potential customers in \u003ca href=\"https://www.semrush.com/blog/market-assessment/\"\u003enew markets\u003c/a\u003e. Economic shifts, emerging trends, and cultural values differ from place to place. Market research helps you avoid costly mistakes.\u003c/li\u003e \u003cli\u003e\u003cstrong\u003eBefore developing or launching new products or services\u003c/strong\u003e: As your company grows, you’ll likely roll out new products and/or services. You’ll want to understand the market conditions before making any big moves. \u003c/li\u003e \u003cli\u003e\u003cstrong\u003eAfter any of the above\u003c/strong\u003e: After launching a new business, entering new markets, or releasing new products or services, conduct follow-up research. This will help you determine what’s working and what needs work.\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eBesides the above situations, you should always keep an eye on trends and industry developments. Markets and customers are always changing. It’s important to stay informed. \u003c/p\u003e\u003cp\u003e\u003cem\u003e\u003cstrong\u003eFurther reading\u003c/strong\u003e: \u003ca href=\"https://www.semrush.com/blog/target-audience/\"\u003eHow to Define Your Target Audience\u003c/a\u003e\u003c/em\u003e\u003c/p\u003e\u003ch2\u003eTypes of Market Research\u003c/h2\u003e\u003cp\u003eBefore conducting market research, consider what insights you’re looking for:\u003c/p\u003e\u003cul\u003e \u003cli\u003e\u003cem\u003eAre you trying to understand your competitors?\u003c/em\u003e\u003c/li\u003e \u003cli\u003e\u003cem\u003eDo you want to better market your products?\u003c/em\u003e\u003c/li\u003e \u003cli\u003e\u003cem\u003eLooking to address a customer pain point?\u003c/em\u003e\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eThere are two main types of market research to address these questions: primary market research and secondary market research.\u003c/p\u003e\u003ch3\u003ePrimary Market Research \u003c/h3\u003e\u003cp\u003ePrimary market research brings you close to the action. You do it yourself, usually up close and personal with the subject of the research.\u003c/p\u003e\u003cp\u003eFor example, primary research methods can include: \u003c/p\u003e\u003cul\u003e \u003cli\u003eFocus groups \u003c/li\u003e \u003cli\u003eInterviews\u003c/li\u003e \u003cli\u003eObservation-based research (like in-person observation)\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eThese research methods allow you to collect two types of data: \u003c/p\u003e\u003col\u003e \u003cli\u003e\u003cstrong\u003eQualitative data\u003c/strong\u003e: Descriptive data you cannot express in numbers. Examples include people's preferences, dislikes, and emotional responses. Interviews and discussion groups typically produce qualitative data.\u003c/li\u003e \u003cli\u003e\u003cstrong\u003eQuantitative data\u003c/strong\u003e: Number-based data, including page views and social media follows. You usually present this kind of data in charts and graphs. \u003c/li\u003e\u003c/ol\u003e\u003ch3\u003eSecondary Market Research \u003c/h3\u003e\u003cp\u003eSecondary market research refers to third-party data you collect from public or private records that are not your own. Because the data is already available, it’s typically more cost-effective. And less resource-intensive. \u003c/p\u003e\u003cp\u003eHere are some examples of secondary sources:\u003c/p\u003e\u003cul\u003e \u003cli\u003e\u003cstrong\u003eCompany reports\u003c/strong\u003e: Company-created reports about their own businesses (e.g., company websites, investor relation websites, \u003ca href=\"https://finance.yahoo.com/research?ncid=dcm_306158756_490172245_127172993\"\u003eYahoo Finance\u003c/a\u003e, \u003ca href=\"https://www.google.com/finance/\"\u003eGoogle Finance\u003c/a\u003e)\u003c/li\u003e \u003cli\u003e\u003cstrong\u003eIndustry statistics\u003c/strong\u003e: Information and data on entire industries, as opposed to single companies (e.g., \u003ca href=\"https://www.statista.com/studies-and-reports/\"\u003eStatista\u003c/a\u003e, \u003ca href=\"https://www.pewresearch.org/tools-and-resources/\"\u003ePew\u003c/a\u003e, \u003ca href=\"https://www.gartner.com/en\"\u003eGartner\u003c/a\u003e, \u003ca href=\"https://www.forrester.com/bold\"\u003eForrester\u003c/a\u003e)\u003c/li\u003e \u003cli\u003e\u003cstrong\u003eWhite papers\u003c/strong\u003e: Authoritative market analysis written by third parties about a specific topic related to a given industry (e.g., trade magazines, market research companies)\u003c/li\u003e \u003cli\u003e\u003cstrong\u003eGovernment agency data\u003c/strong\u003e: Government-collected data shared with the general public (e.g., \u003ca href=\"https://www.bls.gov/opub/reports/\"\u003eBureau of Labor Statistics\u003c/a\u003e, \u003ca href=\"https://www.census.gov/data.html\"\u003eCensus data\u003c/a\u003e, \u003ca href=\"https://www.sec.gov/edgar/searchedgar/companysearch.html\"\u003eU.S. Securities and Exchange Commission\u003c/a\u003e)\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eSecondary sources provide a macro-level view of your industry, plus insights about other competitors in the market. Just make sure the data and insights are accurate and reliable by using reputable sources.\u003c/p\u003e\u003ch2\u003eMarket Research Methods \u003c/h2\u003e\u003cp\u003eThe best market research method depends on what you’re trying to understand about your market. Of course, you can combine multiple methods to get a more comprehensive view.\u003c/p\u003e\u003cp\u003eHere’s a breakdown of recommended methods based on your market research goal:\u003c/p\u003e\u003ctable\u003e \u003ctbody\u003e \u003ctr\u003e \u003ctd\u003e \u003cp\u003eWhat are you researching?\u003c/p\u003e \u003c/td\u003e \u003ctd\u003e \u003cp\u003eRecommended research methods\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd\u003e \u003cp\u003eCustomer needs, wants, and pain points\u003c/p\u003e \u003c/td\u003e \u003ctd\u003e \u003cul\u003e \u003cli\u003eInterviews\u003c/li\u003e \u003cli\u003eFocus groups\u003c/li\u003e \u003cli\u003eSurveys\u003c/li\u003e \u003cli\u003eObservational research\u003c/li\u003e \u003cli\u003eMarket segmentation and demographics\u003c/li\u003e \u003c/ul\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd\u003e \u003cp\u003eMarket trends and opportunities\u003c/p\u003e \u003c/td\u003e \u003ctd\u003e \u003cul\u003e \u003cli\u003eCompetitive analysis\u003c/li\u003e \u003cli\u003eSecondary market research data\u003c/li\u003e \u003cli\u003eFocus groups\u003c/li\u003e \u003cli\u003eMarket segmentation and demographics\u003c/li\u003e \u003c/ul\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd\u003e \u003cp\u003eBusiness performance and marketing efforts\u003c/p\u003e \u003c/td\u003e \u003ctd\u003e \u003cul\u003e \u003cli\u003eCompetitive analysis\u003c/li\u003e \u003cli\u003eInterviews\u003c/li\u003e \u003cli\u003eFocus groups\u003c/li\u003e \u003cli\u003eSurveys\u003c/li\u003e \u003c/ul\u003e \u003c/td\u003e \u003c/tr\u003e \u003c/tbody\u003e\u003c/table\u003e\u003cp\u003eNow, let's take a closer look at seven popular market research methods.\u003c/p\u003e\u003ch3\u003eInterviews\u003c/h3\u003e\u003cp\u003eInterviews allow for in-depth discussions with people from your target audience. They can be free-flowing and unstructured. Or structured and detailed. \u003c/p\u003e\u003cp\u003eBefore conducting an interview, think about what kind of information you need and develop a list of questions.\u003c/p\u003e\u003cp\u003eHere are examples of questions you can ask to address specific areas of business:\u003c/p\u003e\u003cul\u003e \u003cli\u003e\u003cstrong\u003eCustomer pain points\u003c/strong\u003e: \u003cem\u003eWhat are the main issues you face with X?\u003c/em\u003e\u003c/li\u003e \u003cli\u003e\u003cstrong\u003eCustomer goals\u003c/strong\u003e: \u003cem\u003eWhat are you looking for in X?\u003c/em\u003e\u003c/li\u003e \u003cli\u003e\u003cstrong\u003eBrand awareness\u003c/strong\u003e: \u003cem\u003eHave you heard of X?\u003c/em\u003e\u003c/li\u003e \u003cli\u003e\u003cstrong\u003eBrand preferences\u003c/strong\u003e: \u003cem\u003eDo you prefer X over Y? Why?\u003c/em\u003e\u003c/li\u003e \u003cli\u003e\u003cstrong\u003ePricing\u003c/strong\u003e: \u003cem\u003eHow much would you pay for X?\u003c/em\u003e\u003c/li\u003e \u003cli\u003e\u003cstrong\u003eCustomer interests and behavior\u003c/strong\u003e: \u003cem\u003eHow do you spend your free time?\u003c/em\u003e\u003c/li\u003e\u003c/ul\u003e\u003cp\u003e\u003cem\u003e\u003cstrong\u003eNote\u003c/strong\u003e: While you can record interviews to help record the data, keep in mind that recording can influence people’s answers.\u003c/em\u003e\u003c/p\u003e\u003ch3\u003eCompetitive Analysis \u003c/h3\u003e\u003cp\u003eCompetitive analysis is the process of researching your competitors’ products, services, prices, promotions, and other activities. \u003c/p\u003e\u003cp\u003eBy analyzing competitors, you can avoid their mistakes, replicate their success, and stay on the cutting edge of your industry. \u003c/p\u003e\u003cp\u003eTo do that, try a competitor analysis tool like \u003ca href=\"https://www.semrush.com/market-explorer/\"\u003eMarket Explorer\u003c/a\u003e.\u003c/p\u003e\u003cp\u003eAfter entering your domain and your competitors’ domains, you'll get a complete overview of your market (including its size, traffic, and consolidation). Plus detailed information about your top competitors.\u003c/p\u003e\u003cfigure class=\"easyimage easyimage-side\"\u003e\u003cpicture\u003e\u003csource srcset=\"https://static.semrush.com/blog/uploads/media/1d/14/1d14f6776bfde271b0110f5b43e2b49f/gabukwUDZGHR38PbuNhcsu2dkZ59CpuadSwInwlrz_mlcmfkXYUHkyMYJFWZGlXJDzZf2s7Eus5wBFnqd2WO1QUURcQX2ISGZ6bQNYBdZjJul377Md2Dnrem_ahMIZHoSFdwb7juD0jnEBxY2WPtS5c.webp\" type=\"image/webp\"\u003e\u003c/source\u003e\u003cimg alt=\"Market Explorer\" data-original=\"https://static.semrush.com/blog/uploads/media/1d/14/1d14f6776bfde271b0110f5b43e2b49f/original.jpeg\" height=\"577\" loading=\"lazy\" src=\"https://static.semrush.com/blog/uploads/media/1d/14/1d14f6776bfde271b0110f5b43e2b49f/gabukwUDZGHR38PbuNhcsu2dkZ59CpuadSwInwlrz_mlcmfkXYUHkyMYJFWZGlXJDzZf2s7Eus5wBFnqd2WO1QUURcQX2ISGZ6bQNYBdZjJul377Md2Dnrem_ahMIZHoSFdwb7juD0jnEBxY2WPtS5c.jpeg\" width=\"1010\"\u003e\u003c/picture\u003e\u003c/figure\u003e\u003cp\u003eThe tool provides information about your competitors' traffic generation strategies, audience, and top keywords. Use this data to benchmark what success will look like for your business. \u003c/p\u003e\u003cp\u003e\u003cem\u003e\u003cstrong\u003eNote\u003c/strong\u003e: Learn more by reading our detailed \u003ca href=\"https://www.semrush.com/blog/competitive-analysis/\"\u003eguide to competitive analysis\u003c/a\u003e (with a template).\u003c/em\u003e\u003c/p\u003e\u003ch3\u003eFocus Groups\u003c/h3\u003e\u003cp\u003eFocus groups are group interviews where participants can test your product, provide feedback, answer questions, etc.\u003c/p\u003e\u003cp\u003eThey allow you to get insights into your target audience in a way that would not be possible with other methods.\u003c/p\u003e\u003cp\u003eFocus groups typically consist of five to 10 people who represent your target audience. Sessions are typically recorded.\u003c/p\u003e\u003cp\u003eLook for the following when you review the data:\u003c/p\u003e\u003cul\u003e \u003cli\u003eRepeated words or phrases \u003c/li\u003e \u003cli\u003eSimilar reactions (confusion, frustration, delight) \u003c/li\u003e \u003cli\u003eInconsistent reactions or outlying opinions \u003c/li\u003e \u003cli\u003eQuotes that capture the essence of the group’s feelings, reactions, and opinions \u003c/li\u003e\u003c/ul\u003e\u003cp\u003eCollect the data in a spreadsheet so you can organize and categorize it later for deeper analysis.\u003c/p\u003e\u003ch3\u003eMarket Segmentation\u003c/h3\u003e\u003cp\u003e\u003ca href=\"https://www.semrush.com/blog/market-segmentation-strategy/\"\u003eMarket segmentation\u003c/a\u003e is the process of breaking your market’s audience into groups. There are many ways to segment your audience, but here are a few examples:\u003c/p\u003e\u003cul\u003e \u003cli\u003e\u003cstrong\u003eDemographic information\u003c/strong\u003e (e.g., age, gender, or location) \u003c/li\u003e \u003cli\u003e\u003cstrong\u003eSocioeconomic factors\u003c/strong\u003e (e.g., household income and employment status)\u003c/li\u003e \u003cli\u003e\u003cstrong\u003ePsychographic aspects \u003c/strong\u003e(e.g., interests, desires, and preferences) \u003c/li\u003e\u003c/ul\u003e\u003cp\u003eThinking about your market audience in categories allows you to better understand how to meet their needs and make sure your marketing efforts are impactful.\u003c/p\u003e\u003cp\u003eTo unveil demographic, socioeconomic, and psychographic data for any market audience, use \u003ca href=\"https://www.semrush.com/trends/\"\u003eSemrush’s .Trends\u003c/a\u003e tool set.\u003c/p\u003e\u003cp\u003eFor example, \u003ca href=\"https://www.semrush.com/market-explorer/\"\u003eMarket Explorer\u003c/a\u003e can provide a lot of information about your competitors’ audience. (Or nearly any audience in the market.)\u003c/p\u003e\u003cp\u003eLet’s use Nike as an example to see what we can learn about their target market audience. This “Audience” report reflects data from the top sites in Nike’s market. \u003c/p\u003e\u003cfigure class=\"easyimage easyimage-side\"\u003e\u003cpicture\u003e\u003csource srcset=\"https://static.semrush.com/blog/uploads/media/3d/e4/3de44111ac006f06732c35e7cfb259f0/Bnao4igmPLZXZec5hEVNDOnpyRS9G80BBgUtsF0M9W86vidxxXlo3PwdN_PEXAHSMU-YvG-sqkOtxtAzpAvCCLdx-5k9lslFjqPp6qykFugGDZK0joHpxAXozVKcg_mVsU9BP5ZjJ7vSO3QKGzSJHPU.webp\" type=\"image/webp\"\u003e\u003c/source\u003e\u003cimg alt=\"market audience summary report for Nike\" data-original=\"https://static.semrush.com/blog/uploads/media/3d/e4/3de44111ac006f06732c35e7cfb259f0/original.jpeg\" height=\"506\" loading=\"lazy\" src=\"https://static.semrush.com/blog/uploads/media/3d/e4/3de44111ac006f06732c35e7cfb259f0/Bnao4igmPLZXZec5hEVNDOnpyRS9G80BBgUtsF0M9W86vidxxXlo3PwdN_PEXAHSMU-YvG-sqkOtxtAzpAvCCLdx-5k9lslFjqPp6qykFugGDZK0joHpxAXozVKcg_mVsU9BP5ZjJ7vSO3QKGzSJHPU.jpeg\" width=\"1010\"\u003e\u003c/picture\u003e\u003c/figure\u003e\u003cp\u003eA quick look at the data shows important information about Nike’s target market audience.\u003c/p\u003e\u003cp\u003eFor example:\u003c/p\u003e\u003cul\u003e \u003cli\u003eThe audience is relatively evenly split between male and female, with the 25 to 34 years of age category being the largest segment \u003c/li\u003e \u003cli\u003eA majority of the audience prefers YouTube as their social media platform of choice \u003c/li\u003e \u003cli\u003eNike’s target market audience is predominantly interested in retail sites \u003c/li\u003e\u003c/ul\u003e\u003cp\u003eThis information lets us make educated guesses about what products our audience might be looking for. And market those products on platforms where this demographic spends the most time. \u003c/p\u003e\u003cp\u003eNext, turn to the \u003ca href=\"https://www.semrush.com/analytics/one2target/\"\u003eOne2Target\u003c/a\u003e tool to gather additional data about a specific competitor’s audience. \u003c/p\u003e\u003cp\u003eFor example, here’s the “\u003cstrong\u003eSocioeconomics\u003c/strong\u003e” report for nike.com. \u003c/p\u003e\u003cp\u003eIt includes information about the audience's household size and income level, employment status, education level, and much more.\u003c/p\u003e\u003cfigure class=\"easyimage easyimage-side\"\u003e\u003cpicture\u003e\u003csource srcset=\"https://static.semrush.com/blog/uploads/media/57/50/57505c74290f588d796be642e127b103/5Ihw6LY4GdtzQCwl6jN4kiMynvgR-Go37-p9DS6mqC_UBPIDMeWIFhSgShZt99Lx5b5V1VI8McKr8RJ7yDqy9wVQU2wtbvWJLMiQiJ8fQVYM26HD9-kuRt2avgIBna49wQTg1LsbuB1bsYoB5qY6V54.webp\" type=\"image/webp\"\u003e\u003c/source\u003e\u003cimg alt=\"Socioeconomics report for nike.com\" data-original=\"https://static.semrush.com/blog/uploads/media/57/50/57505c74290f588d796be642e127b103/original.png\" height=\"919\" loading=\"lazy\" src=\"https://static.semrush.com/blog/uploads/media/57/50/57505c74290f588d796be642e127b103/5Ihw6LY4GdtzQCwl6jN4kiMynvgR-Go37-p9DS6mqC_UBPIDMeWIFhSgShZt99Lx5b5V1VI8McKr8RJ7yDqy9wVQU2wtbvWJLMiQiJ8fQVYM26HD9-kuRt2avgIBna49wQTg1LsbuB1bsYoB5qY6V54.png\" width=\"1010\"\u003e\u003c/picture\u003e\u003c/figure\u003e\u003cp\u003eHere are some insights we've gathered about Nike’s target market audience: \u003c/p\u003e\u003cul\u003e \u003cli\u003eThe majority of Nike’s audience lives in households of three or four people, which indicates Nike is popular among families \u003c/li\u003e \u003cli\u003eMost of Nike’s customers fall into the middle- or low-income level \u003c/li\u003e \u003cli\u003eThe majority of Nike’s audience works full-time, but it’s interesting to notice that a sizable segment of the audience are homemakers \u003c/li\u003e \u003cli\u003eOver 90% of the audience has graduated from high school or gone to college \u003c/li\u003e\u003c/ul\u003e\u003cp\u003eThis additional information helps you create \u003ca href=\"https://www.semrush.com/blog/buyer-persona/\"\u003ebuyer personas\u003c/a\u003e—profile depictions of your ideal customers. So you can target marketing campaigns more effectively.\u003c/p\u003e\u003cp\u003eYou can use our \u003ca href=\"https://www.semrush.com/persona/\"\u003efree buyer persona templates\u003c/a\u003e. Your final buyer persona profile will look something like this:\u003c/p\u003e\u003cfigure class=\"easyimage easyimage-side\"\u003e\u003cpicture\u003e\u003csource srcset=\"https://static.semrush.com/blog/uploads/media/44/18/4418d1a137a40f0a2f14631160ef8d7b/ROW5qw5rGBtgH0kx2a7Ba9KkQOEEVEVXWzMo10Pvp-W3MKOV9h6pVQ_8vfJi28NX5X9MLsdVxyqX2F8AfkueGsIzu0KsrE_6-jQG2o7j6RQEdOLdF8rcjv62mW0qO0alrk0WgtG1qPumn9NKGr9JX5w.webp\" type=\"image/webp\"\u003e\u003c/source\u003e\u003cimg alt=\"buyer persona template\" data-original=\"https://static.semrush.com/blog/uploads/media/44/18/4418d1a137a40f0a2f14631160ef8d7b/original.jpeg\" height=\"929\" loading=\"lazy\" src=\"https://static.semrush.com/blog/uploads/media/44/18/4418d1a137a40f0a2f14631160ef8d7b/ROW5qw5rGBtgH0kx2a7Ba9KkQOEEVEVXWzMo10Pvp-W3MKOV9h6pVQ_8vfJi28NX5X9MLsdVxyqX2F8AfkueGsIzu0KsrE_6-jQG2o7j6RQEdOLdF8rcjv62mW0qO0alrk0WgtG1qPumn9NKGr9JX5w.jpeg\" width=\"1010\"\u003e\u003c/picture\u003e\u003c/figure\u003e\u003cp\u003eAll of this helps you target your campaigns more effectively by offering messages your customers relate to, in a language they understand, about products they want and can afford.\u003c/p\u003e\u003cp\u003e\u003cem\u003e\u003cstrong\u003eFurther reading\u003c/strong\u003e: \u003ca href=\"https://www.semrush.com/blog/market-segmentation-strategy/\"\u003eMarket Segmentation\u003c/a\u003e, \u003ca href=\"https://www.semrush.com/blog/website-demographics/\"\u003eWebsite Demographics\u003c/a\u003e\u003c/em\u003e\u003c/p\u003e\u003cp\u003e[create-campaign destination_url=\"https://www.semrush.com/market-explorer/\" show_input=\"false\"header=\"Discover Competitive And Market Benchmarks\" text=\"with Market Explorer\" button_text=\"Try It Now\"bg_images=\"https://static.semrush.com/blog/uploads/media/96/fd/96fd495930d058321d5f78f5554aff88/trial-superbanner-1.png\"bg_button=\"-success\"]\u003c/p\u003e\u003ch3\u003eSecondary Market Research Data \u003c/h3\u003e\u003cp\u003eMarket reports, white papers, and consumer rating sites provide useful data for your business. The same is true of organizations like \u003ca href=\"https://www.pewresearch.org/tools-and-resources/\"\u003ePew\u003c/a\u003e, \u003ca href=\"https://www.gartner.com/en\"\u003eGartner\u003c/a\u003e, \u003ca href=\"https://www.ipsos.com/en\"\u003eIpsos\u003c/a\u003e, and \u003ca href=\"https://www.forrester.com/bold\"\u003eForrester\u003c/a\u003e.\u003c/p\u003e\u003cp\u003eFor reviews and ratings, rely on sites like \u003ca href=\"https://www.g2.com/\"\u003eG2\u003c/a\u003e and \u003ca href=\"https://www.trustpilot.com/\"\u003eTrustpilot\u003c/a\u003e. They show insights into customer experience and satisfaction with your company and your competitors. \u003c/p\u003e\u003cp\u003eHere's an example of Semrush's G2 review page:\u003c/p\u003e\u003cfigure class=\"easyimage easyimage-side\"\u003e\u003cpicture\u003e\u003csource srcset=\"https://static.semrush.com/blog/uploads/media/f2/b5/f2b5def8125239c4a3d45d7b73b472a0/nbrqNI2qLFab58imNAb1A3NvEM8O2uoO44Nee2p7thjQrK8y5VISjT9Fp3Ds0mk5XSsPm2z6vRdzm7Mb5imi-Yh30tgT9WG0L9rXCrkIFtbH8XAzaBCLJtLgpnxDq2sz9szgLS3G019LWXBKHiK4xME.webp\" type=\"image/webp\"\u003e\u003c/source\u003e\u003cimg alt=\"Semrush's G2 review page\" data-original=\"https://static.semrush.com/blog/uploads/media/f2/b5/f2b5def8125239c4a3d45d7b73b472a0/original.jpeg\" height=\"644\" loading=\"lazy\" src=\"https://static.semrush.com/blog/uploads/media/f2/b5/f2b5def8125239c4a3d45d7b73b472a0/nbrqNI2qLFab58imNAb1A3NvEM8O2uoO44Nee2p7thjQrK8y5VISjT9Fp3Ds0mk5XSsPm2z6vRdzm7Mb5imi-Yh30tgT9WG0L9rXCrkIFtbH8XAzaBCLJtLgpnxDq2sz9szgLS3G019LWXBKHiK4xME.jpeg\" width=\"1010\"\u003e\u003c/picture\u003e\u003c/figure\u003e\u003cp\u003e\u003cem\u003e\u003cstrong\u003eNote\u003c/strong\u003e: Keep in mind that customers often write reviews when they are extremely satisifed or extremely dissatisfied with a product, so this data may skew in either direction.\u003c/em\u003e\u003c/p\u003e\u003ch3\u003eObservation-Based Research\u003c/h3\u003e\u003cp\u003eObservation-based research involves watching people from your target audience interact with products, services, marketing assets, etc. \u003c/p\u003e\u003cp\u003eThe way they react, ask questions, hit roadblocks, and respond in other ways provides useful information about how to improve. \u003c/p\u003e\u003cp\u003eFor example, you might invite participants to your office to watch them:\u003c/p\u003e\u003cul\u003e \u003cli\u003eNavigate through your website\u003c/li\u003e \u003cli\u003ePurchase a product through your online store\u003c/li\u003e \u003cli\u003eEngage with a physical product \u003c/li\u003e\u003c/ul\u003e\u003cp\u003eYou may notice they get lost, enjoy something particular, or get frustrated at a certain point. This data provides insights for improvements. \u003c/p\u003e\u003ch3\u003eSurveys \u003c/h3\u003e\u003cp\u003eSurveys allow you to connect with your audience and receive direct feedback. Conduct online surveys to reach a large number of participants and get answers quickly.\u003c/p\u003e\u003cp\u003eServices like \u003ca href=\"https://www.surveymonkey.com/market-research/solutions/audience-panel/\"\u003eSurveyMonkey\u003c/a\u003e and \u003ca href=\"https://www.google.com/forms/about/\"\u003eGoogle Forms\u003c/a\u003e provide survey templates, distribution tools, and data organization and display options. Some social media platforms also allow you to survey your audience. \u003c/p\u003e\u003cp\u003eHere's an example of a simple poll conducted by \u003ca href=\"https://www.linkedin.com/company/semrush/\"\u003eSemrush on LinkedIn\u003c/a\u003e: \u003c/p\u003e\u003cfigure class=\"easyimage easyimage-side\"\u003e\u003cpicture\u003e\u003csource srcset=\"https://static.semrush.com/blog/uploads/media/1e/ee/1eee1491621af644bf26dd5692a98b9e/VA0kbymKvgGBIGh4-P4CNceRne1VsZIHBxuCTSXTBAMSL8XA5865ZD_NdZ_evqesbEwruX3KOLckD9U7cBJEud_9E5H0aTMSJtdkVnBMHYgIZi-qC_V2WSH7gwBBrMq8qY_0adxORHCxCms7Ryf15Ww.webp\" type=\"image/webp\"\u003e\u003c/source\u003e\u003cimg alt=\"poll conducted by Semrush on LinkedIn:\" data-original=\"https://static.semrush.com/blog/uploads/media/1e/ee/1eee1491621af644bf26dd5692a98b9e/original.jpeg\" height=\"898\" loading=\"lazy\" src=\"https://static.semrush.com/blog/uploads/media/1e/ee/1eee1491621af644bf26dd5692a98b9e/VA0kbymKvgGBIGh4-P4CNceRne1VsZIHBxuCTSXTBAMSL8XA5865ZD_NdZ_evqesbEwruX3KOLckD9U7cBJEud_9E5H0aTMSJtdkVnBMHYgIZi-qC_V2WSH7gwBBrMq8qY_0adxORHCxCms7Ryf15Ww.jpeg\" width=\"1010\"\u003e\u003c/picture\u003e\u003c/figure\u003e\u003cp\u003eSurveys allow you to collect both quantitative and qualitative data. Provide a variety of question types—multiple choice, “yes or no,” short answer, and scales—to engage your audience and provide a wide variety of useful data points. \u003c/p\u003e\u003ch2\u003eHow to Do Market Research (Step by Step)\u003c/h2\u003e\u003cp\u003eNow it’s time to make a market research plan for your business.\u003c/p\u003e\u003cp\u003eHere’s how to conduct market research in five steps:\u003c/p\u003e\u003col\u003e \u003cli\u003eDefine the Focus of Your Research\u003c/li\u003e \u003cli\u003eDevelop a Marketing Research Plan \u003c/li\u003e \u003cli\u003eCollect Data \u003c/li\u003e \u003cli\u003eAnalyze Data and Generate Insights \u003c/li\u003e \u003cli\u003ePresent Your Findings and Continue Testing \u003c/li\u003e\u003c/ol\u003e\u003cp\u003eTo walk you through the process, we’ll follow a fictional footwear company seeking to break into the running shoe market.\u003c/p\u003e\u003ch3\u003eStep 1: Define the Focus of Your Research \u003c/h3\u003e\u003cp\u003eBefore you begin collecting data, narrow the focus of your research. This allows you to choose the right methods and tools.\u003c/p\u003e\u003cp\u003eYou may choose to focus on one of the following:\u003c/p\u003e\u003cul\u003e \u003cli\u003eA specific question you need to answer to create more effective marketing campaigns\u003c/li\u003e \u003cli\u003eMarket opportunities you want to explore further\u003c/li\u003e \u003cli\u003eSpecific topics your target audience seems interested in\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eUse your initial observations or questions to determine what issue or topic you want to focus on.\u003c/p\u003e\u003cp\u003eThen do some general research to get an idea of your audience's thoughts, preferences, and pain points.\u003c/p\u003e\u003cp\u003eThis can be as simple as conducting keyword research with a tool like Semrush's \u003ca href=\"https://www.semrush.com/analytics/keywordmagic/start\"\u003eKeyword Magic Tool\u003c/a\u003e.\u003c/p\u003e\u003cp\u003eType in the seed keyword (any general keyword related to your niche or product), choose the target country, and click “\u003cstrong\u003eSearch\u003c/strong\u003e.”\u003c/p\u003e\u003cp\u003eOur footwear company launching a new shoe line might choose “running shoes.”\u003c/p\u003e\u003cfigure class=\"easyimage easyimage-side\"\u003e\u003cpicture\u003e\u003csource srcset=\"https://static.semrush.com/blog/uploads/media/0e/19/0e1914c928452f4453264be3eea58ff0/vbDwCEU7nq6sGp6FHwQNiUX2p98Q5pJhPhEieExlYkiYXTOe5idHqfiY1Rc9kZ2iv89tL-Ywy9fmzO9fm3ONicUC2kSsKPCJoNhCV7fJfrwjBUA93Kw4nFTYnWC_FYrcZp7pqIO7jQgspHmIoWrQO84.webp\" type=\"image/webp\"\u003e\u003c/source\u003e\u003cimg alt=\"Keyword Magic Tool running shoes search\" data-original=\"https://static.semrush.com/blog/uploads/media/0e/19/0e1914c928452f4453264be3eea58ff0/original.png\" height=\"263\" loading=\"lazy\" src=\"https://static.semrush.com/blog/uploads/media/0e/19/0e1914c928452f4453264be3eea58ff0/vbDwCEU7nq6sGp6FHwQNiUX2p98Q5pJhPhEieExlYkiYXTOe5idHqfiY1Rc9kZ2iv89tL-Ywy9fmzO9fm3ONicUC2kSsKPCJoNhCV7fJfrwjBUA93Kw4nFTYnWC_FYrcZp7pqIO7jQgspHmIoWrQO84.png\" width=\"1010\"\u003e\u003c/picture\u003e\u003c/figure\u003e\u003cp\u003eYou'll get a list of keyword suggestions:\u003c/p\u003e\u003cfigure class=\"easyimage easyimage-side\"\u003e\u003cpicture\u003e\u003csource srcset=\"https://static.semrush.com/blog/uploads/media/f6/ce/f6ce75be39640f3501bf05f6063b7a50/RbGancFVtYev31FbYzobyaHLv66yDOADf2hq4Hix2adH0K_B_09WCWYlJA6aHH9WSek4L24IXLrT5khwn224W-6V-eQLhb-YbzFBGh5ITEJNULXyTozPgqIB7Oiw5j4LjMEmB7EcNuTbuw7qvtQZ_7M.webp\" type=\"image/webp\"\u003e\u003c/source\u003e\u003cimg alt=\"list of keyword suggestions\" data-original=\"https://static.semrush.com/blog/uploads/media/f6/ce/f6ce75be39640f3501bf05f6063b7a50/original.jpeg\" loading=\"lazy\" src=\"https://static.semrush.com/blog/uploads/media/f6/ce/f6ce75be39640f3501bf05f6063b7a50/RbGancFVtYev31FbYzobyaHLv66yDOADf2hq4Hix2adH0K_B_09WCWYlJA6aHH9WSek4L24IXLrT5khwn224W-6V-eQLhb-YbzFBGh5ITEJNULXyTozPgqIB7Oiw5j4LjMEmB7EcNuTbuw7qvtQZ_7M.jpeg\"\u003e\u003c/picture\u003e\u003c/figure\u003e\u003cp\u003eThen, switch the search criteria from “All” keywords to “\u003cstrong\u003eQuestions\u003c/strong\u003e.”\u003c/p\u003e\u003cp\u003eThis will help us explore the most common questions people have about running shoes. \u003c/p\u003e\u003cfigure class=\"easyimage easyimage-side\"\u003e\u003cpicture\u003e\u003csource srcset=\"https://static.semrush.com/blog/uploads/media/47/c1/47c1b2c97034ccd399b00c34bc91a860/O85K05BJBlG30Ryl8xgC9rQV7q_IUshm14xLGEHcW1dg8U4Q4PP8I2lg9ZJVNfg3V0ATXQJgtnUumx8iXIa1Wb7YeVa_AwK6t-e_fqMwizVA04y2HKrTRmArF5eICymtRm1Q5J7dk0Pu7s2nStgJVbc.webp\" type=\"image/webp\"\u003e\u003c/source\u003e\u003cimg alt=\"Questions section\" data-original=\"https://static.semrush.com/blog/uploads/media/47/c1/47c1b2c97034ccd399b00c34bc91a860/original.jpeg\" height=\"619\" loading=\"lazy\" src=\"https://static.semrush.com/blog/uploads/media/47/c1/47c1b2c97034ccd399b00c34bc91a860/O85K05BJBlG30Ryl8xgC9rQV7q_IUshm14xLGEHcW1dg8U4Q4PP8I2lg9ZJVNfg3V0ATXQJgtnUumx8iXIa1Wb7YeVa_AwK6t-e_fqMwizVA04y2HKrTRmArF5eICymtRm1Q5J7dk0Pu7s2nStgJVbc.jpeg\" width=\"1010\"\u003e\u003c/picture\u003e\u003c/figure\u003e\u003cp\u003eThe top searches revealed some consistent themes: \u003c/p\u003e\u003cul\u003e \u003cli\u003eHow long do running shoes last?\u003c/li\u003e \u003cli\u003eWhen should you replace your running shoes? \u003c/li\u003e \u003cli\u003eWhat are the best running shoes? \u003c/li\u003e\u003c/ul\u003e\u003cfigure class=\"easyimage easyimage-side\"\u003e\u003cpicture\u003e\u003csource srcset=\"https://static.semrush.com/blog/uploads/media/b9/f4/b9f45226b811761c3792ea407b5d5b22/_2ouG-wms_UmIp4F1FIpdMzzA1YPb6y7L1Ns3DQKKZQ1k4DWi9rqafFFo1j5I2b179ekZF5oIIDkyccyHEHhHZyUmIDo1nxzPI3kScCvx6jgRdsNaBbOBKXepVI6hZ3BJGmGc9oH4S40_7Fj884HrSw.webp\" type=\"image/webp\"\u003e\u003c/source\u003e\u003cimg alt=\"top question searches\" data-original=\"https://static.semrush.com/blog/uploads/media/b9/f4/b9f45226b811761c3792ea407b5d5b22/original.jpeg\" height=\"686\" loading=\"lazy\" src=\"https://static.semrush.com/blog/uploads/media/b9/f4/b9f45226b811761c3792ea407b5d5b22/_2ouG-wms_UmIp4F1FIpdMzzA1YPb6y7L1Ns3DQKKZQ1k4DWi9rqafFFo1j5I2b179ekZF5oIIDkyccyHEHhHZyUmIDo1nxzPI3kScCvx6jgRdsNaBbOBKXepVI6hZ3BJGmGc9oH4S40_7Fj884HrSw.jpeg\" width=\"1010\"\u003e\u003c/picture\u003e\u003c/figure\u003e\u003cp\u003eWe can narrow down the results to only see keywords with commercial \u003ca href=\"https://www.semrush.com/blog/search-intent/\"\u003esearch intent\u003c/a\u003e. These are keywords people use when researching a product before making a purchase.\u003c/p\u003e\u003cp\u003eTo do so, select “\u003cstrong\u003eCommercial\u003c/strong\u003e” in the “Intent” filter at the top. \u003c/p\u003e\u003cfigure class=\"easyimage easyimage-side\"\u003e\u003cpicture\u003e\u003csource srcset=\"https://static.semrush.com/blog/uploads/media/c5/e8/c5e8601deab6fa76063694e7cfee0129/m4DM6i8M_MjHecEx9geMBWJf8K9u3CvqsPXmzCJUbR_QBzTreBcXQYgvNqd4HuS6jxMl4o4wJ7X1RgxjkcoXnpSFL-83ur4NI-YkCqR1DTh1xSd0utzUUZB4GDu5GQy7yCZwRhjIaznkbwIS4VGZb5U.webp\" type=\"image/webp\"\u003e\u003c/source\u003e\u003cimg alt=\"filter by intent\" data-original=\"https://static.semrush.com/blog/uploads/media/c5/e8/c5e8601deab6fa76063694e7cfee0129/original.jpeg\" height=\"683\" loading=\"lazy\" src=\"https://static.semrush.com/blog/uploads/media/c5/e8/c5e8601deab6fa76063694e7cfee0129/m4DM6i8M_MjHecEx9geMBWJf8K9u3CvqsPXmzCJUbR_QBzTreBcXQYgvNqd4HuS6jxMl4o4wJ7X1RgxjkcoXnpSFL-83ur4NI-YkCqR1DTh1xSd0utzUUZB4GDu5GQy7yCZwRhjIaznkbwIS4VGZb5U.jpeg\" width=\"1010\"\u003e\u003c/picture\u003e\u003c/figure\u003e\u003cp\u003eThis initial search provides some ideas about where to focus our research. \u003c/p\u003e\u003cp\u003eFor the sake of this example, let’s explore what running shoes consumers think are the best and why. \u003c/p\u003e\u003cp\u003e[create-campaign destination_url=\"https://www.semrush.com/features/keyword-magic-tool/\" show_input=\"false\"header=\"Get Keyword Suggestions\" text=\"with the Keyword Magic Tool, the Biggest Keyword Database on the Market\" button_text=\"Try for Free\"bg_images=\"https://static.semrush.com/blog/uploads/media/96/fd/96fd495930d058321d5f78f5554aff88/trial-superbanner-1.png\"bg_button=\"-success\"]\u003c/p\u003e\u003ch3\u003eStep 2: Develop a Market Research Plan \u003c/h3\u003e\u003cp\u003eAfter you determine your research goals, develop a plan to get more data. \u003c/p\u003e\u003cp\u003eStart by answering some basic questions about methods you could use. \u003c/p\u003e\u003cp\u003e\u003cstrong\u003ePrimary source methods\u003c/strong\u003e:\u003c/p\u003e\u003cul\u003e \u003cli\u003eWill you interview key individuals? \u003c/li\u003e \u003cli\u003eWill you hold a focus group? \u003c/li\u003e \u003cli\u003eCould you survey people about their experiences? \u003c/li\u003e\u003c/ul\u003e\u003cp\u003e\u003cstrong\u003eSecondary source methods\u003c/strong\u003e:\u003c/p\u003e\u003cul\u003e \u003cli\u003eWhat third-party research companies have researched your market? \u003c/li\u003e \u003cli\u003eCould you access customer reviews? \u003c/li\u003e \u003cli\u003eCan you look at other companies' marketing efforts?\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eLet’s return to our example shoe company. If we want to understand more about what shoes runners like best and why, we could pick three methods:\u003c/p\u003e\u003col\u003e \u003cli\u003e\u003cstrong\u003eReview studies\u003c/strong\u003e conducted by third-party market researchers about product quality (manufacturing, features, life span, etc.) \u003c/li\u003e \u003cli\u003e\u003cstrong\u003eInterview\u003c/strong\u003e runners about their experiences with various shoes \u003c/li\u003e \u003cli\u003eHold \u003cstrong\u003efocus groups\u003c/strong\u003e to understand how people think, feel, and talk about their favorite brands\u003c/li\u003e\u003c/ol\u003e\u003cp\u003eBefore beginning the hands-on research, get \u003cstrong\u003ea\u003c/strong\u003e \u003cstrong\u003ebird’s-eye view of the market\u003c/strong\u003e. This will help you pinpoint industry leaders. And see what their strategies and growth prospects look like. \u003c/p\u003e\u003cp\u003e\u003ca href=\"https://www.semrush.com/trends/\"\u003eSemrush’s .Trends tools\u003c/a\u003e can help you do this. \u003c/p\u003e\u003cp\u003eOpen the \u003ca href=\"https://www.semrush.com/market-explorer/\"\u003eMarket Explorer\u003c/a\u003e tool and choose one of three options:\u003c/p\u003e\u003cul\u003e \u003cli\u003e\u003cstrong\u003eCreate List\u003c/strong\u003e: Create a custom market with competitors of your choice\u003c/li\u003e \u003cli\u003e\u003cstrong\u003eFind Competitors\u003c/strong\u003e: Have the tool compile and analyze a list of competitors\u003c/li\u003e \u003cli\u003e\u003cstrong\u003eAnalyze Category\u003c/strong\u003e: Examine an entire industry\u003c/li\u003e\u003c/ul\u003e\u003cfigure class=\"easyimage easyimage-side\"\u003e\u003cpicture\u003e\u003csource srcset=\"https://static.semrush.com/blog/uploads/media/99/45/9945fb8b8f80f11a88284bc48df53600/hB9R3KlUX1gPWMsFZYMN9Ph2Yumrs0cSU_Cuo_7-sHu5gK5L_7iNnKp3V5_O3ehNmfahdDIPnXr-Xq70j017Ht4Ic7Vdcf9QxOHaZQYE7W6jhDKi1vLCxasJUbcujkgrhwPDtkUBRWCJc_FytzVLYpc.webp\" type=\"image/webp\"\u003e\u003c/source\u003e\u003cimg alt=\"Market Explorer tool\" data-original=\"https://static.semrush.com/blog/uploads/media/99/45/9945fb8b8f80f11a88284bc48df53600/original.jpeg\" height=\"492\" loading=\"lazy\" src=\"https://static.semrush.com/blog/uploads/media/99/45/9945fb8b8f80f11a88284bc48df53600/hB9R3KlUX1gPWMsFZYMN9Ph2Yumrs0cSU_Cuo_7-sHu5gK5L_7iNnKp3V5_O3ehNmfahdDIPnXr-Xq70j017Ht4Ic7Vdcf9QxOHaZQYE7W6jhDKi1vLCxasJUbcujkgrhwPDtkUBRWCJc_FytzVLYpc.jpeg\" width=\"1010\"\u003e\u003c/picture\u003e\u003c/figure\u003e\u003cp\u003eLet's say you want to create your own custom list. \u003c/p\u003e\u003cp\u003eFirst, select the location and enter the competitors. In our example, we'll enter six domains of popular running shoe brands:\u003c/p\u003e\u003cul\u003e \u003cli\u003e\u003cem\u003enike.com\u003c/em\u003e\u003c/li\u003e \u003cli\u003e\u003cem\u003eadidas.com\u003c/em\u003e\u003c/li\u003e \u003cli\u003e\u003cem\u003esaucony.com\u003c/em\u003e\u003c/li\u003e \u003cli\u003e\u003cem\u003ehoka.com\u003c/em\u003e\u003c/li\u003e \u003cli\u003e\u003cem\u003easics.com\u003c/em\u003e\u003c/li\u003e \u003cli\u003e\u003cem\u003ebrooks.com\u003c/em\u003e\u003c/li\u003e\u003c/ul\u003e\u003cfigure class=\"easyimage easyimage-side\"\u003e\u003cpicture\u003e\u003csource srcset=\"https://static.semrush.com/blog/uploads/media/57/2f/572fec555c7ec7c1729e01a80ea7f096/c7Was_8lo2D8YKRVMoX7uAgK4-rBsC3N4m1y-rNMCEQTR2QX8kG6E8kmnZg4Bm9gniu99o4gB5xSpRmrsutm0FCBJSNq_Fb5L8_0T914im4x0vsirGyIXDpcv-OBVZyPukhxGyrsdN5Y9CiFsC-lzIg.webp\" type=\"image/webp\"\u003e\u003c/source\u003e\u003cimg alt=\"select the location and enter the competitors\" data-original=\"https://static.semrush.com/blog/uploads/media/57/2f/572fec555c7ec7c1729e01a80ea7f096/original.jpeg\" loading=\"lazy\" src=\"https://static.semrush.com/blog/uploads/media/57/2f/572fec555c7ec7c1729e01a80ea7f096/c7Was_8lo2D8YKRVMoX7uAgK4-rBsC3N4m1y-rNMCEQTR2QX8kG6E8kmnZg4Bm9gniu99o4gB5xSpRmrsutm0FCBJSNq_Fb5L8_0T914im4x0vsirGyIXDpcv-OBVZyPukhxGyrsdN5Y9CiFsC-lzIg.jpeg\" width=\"1010\" height=\"544\"\u003e\u003c/picture\u003e\u003c/figure\u003e\u003cp\u003eThen, name the list. We’ll name our list “Running shoe brands.” \u003c/p\u003e\u003cp\u003eHit “\u003cstrong\u003eCreate and analyze\u003c/strong\u003e.”\u003c/p\u003e\u003cfigure class=\"easyimage easyimage-side\"\u003e\u003cpicture\u003e\u003csource srcset=\"https://static.semrush.com/blog/uploads/media/25/ac/25ac729cac8a047e7fcdffa9334c6cbb/_m1bI8XyFVSKj6T_dhadrnt1RCH4zTJvXhBTcTq6MV_w7cy9a5nSsJaMSoZ5R55vDQ_0bMud-8THaiykem2LNLZ7z3IOk0xwBDPSlc8sdNQahi7478oOvJsAJalDFY_qQngrjQFu6l_X_yuZEumzvE4.webp\" type=\"image/webp\"\u003e\u003c/source\u003e\u003cimg alt=\"Create and analyze button highlighted\" data-original=\"https://static.semrush.com/blog/uploads/media/25/ac/25ac729cac8a047e7fcdffa9334c6cbb/original.jpeg\" loading=\"lazy\" src=\"https://static.semrush.com/blog/uploads/media/25/ac/25ac729cac8a047e7fcdffa9334c6cbb/_m1bI8XyFVSKj6T_dhadrnt1RCH4zTJvXhBTcTq6MV_w7cy9a5nSsJaMSoZ5R55vDQ_0bMud-8THaiykem2LNLZ7z3IOk0xwBDPSlc8sdNQahi7478oOvJsAJalDFY_qQngrjQFu6l_X_yuZEumzvE4.jpeg\" width=\"1010\" height=\"547\"\u003e\u003c/picture\u003e\u003c/figure\u003e\u003cp\u003eThe first thing you’ll notice in the “Overview” report is the “Market Summary” widget.\u003c/p\u003e\u003cfigure class=\"easyimage easyimage-side\"\u003e\u003cpicture\u003e\u003csource srcset=\"https://static.semrush.com/blog/uploads/media/99/73/9973c9620f1f03c151a188c9ac5e4f39/pLqmq9KAA7dvr-5Oxix-CjllKmxo3IwlbegL3stXJHfNU9Cb_c6Ue92oRMxQbwLN4YbO09eO81KoBWdKlyjMg_9S2bx8zib6oFcPEV-k9zxF_pz9Q0H4rrwaP2-OZD7OPJAfhz9fG_D7vXZ6SNZMktc.webp\" type=\"image/webp\"\u003e\u003c/source\u003e\u003cimg alt=\"Market Summary\" data-original=\"https://static.semrush.com/blog/uploads/media/99/73/9973c9620f1f03c151a188c9ac5e4f39/original.jpeg\" height=\"574\" loading=\"lazy\" src=\"https://static.semrush.com/blog/uploads/media/99/73/9973c9620f1f03c151a188c9ac5e4f39/pLqmq9KAA7dvr-5Oxix-CjllKmxo3IwlbegL3stXJHfNU9Cb_c6Ue92oRMxQbwLN4YbO09eO81KoBWdKlyjMg_9S2bx8zib6oFcPEV-k9zxF_pz9Q0H4rrwaP2-OZD7OPJAfhz9fG_D7vXZ6SNZMktc.jpeg\" width=\"1010\"\u003e\u003c/picture\u003e\u003c/figure\u003e\u003cp\u003eThis widget provides an overview of the market including the level of consolidation, the key players and their market share percentage, the market size, and more.\u003c/p\u003e\u003cp\u003eIn our case, we see that the market has a moderately high consolidation level. This means most of the market share is owned (or “consolidated”) by one large player, with a few smaller players owning the remaining share.\u003c/p\u003e\u003cp\u003eWe see nike.com is the market leader, owning 66.2% of the market. Followed by adidas.com (20.77%) and hoka.com (7.06%).\u003c/p\u003e\u003cp\u003eFinally, the Market Size is large with a Total Addressable Market of 807.6M. This means there are approximately 807 million individuals who need your product or service (though not all of them may be willing, ready, or able to make a purchase).\u003c/p\u003e\u003cp\u003eScroll down to discover the “\u003cstrong\u003eGrowth Quadrant\u003c/strong\u003e.” This helps you understand how competitors are growing over time in relation to one another.\u003c/p\u003e\u003cp\u003eThe Growth Quadrant contains four sections:\u003c/p\u003e\u003cul\u003e \u003cli\u003e\u003cstrong\u003eGame Changers\u003c/strong\u003e: Emerging websites with a high growth potential\u003c/li\u003e \u003cli\u003e\u003cstrong\u003eLeaders\u003c/strong\u003e: Big, well-known companies whose website traffic is growing\u003c/li\u003e \u003cli\u003e\u003cstrong\u003eNiche Players\u003c/strong\u003e: Companies with smaller presence\u003c/li\u003e \u003cli\u003e\u003cstrong\u003eEstablished Players\u003c/strong\u003e: Stable, popular websites \u003c/li\u003e\u003c/ul\u003e\u003cfigure class=\"easyimage easyimage-side\"\u003e\u003cpicture\u003e\u003csource srcset=\"https://static.semrush.com/blog/uploads/media/09/b6/09b6a4001afeb9ea13f4492cd0c1a6d4/MRz58E1nFJKHizqEoyUQkKHbPtFow4a2N5E7Xc9Oh0aS9R8i0or3B8s_W3HlpVUQPzPh2rZBUgYNNkWHSULjoj-O-zsFNRwk7pRQTex6H8dprnx4nrBUljdAu41vcjWRfu-k8qOarx6Z7xD-cBeqaYY.webp\" type=\"image/webp\"\u003e\u003c/source\u003e\u003cimg alt=\"Growth Quadrant\" data-original=\"https://static.semrush.com/blog/uploads/media/09/b6/09b6a4001afeb9ea13f4492cd0c1a6d4/original.jpeg\" height=\"572\" loading=\"lazy\" src=\"https://static.semrush.com/blog/uploads/media/09/b6/09b6a4001afeb9ea13f4492cd0c1a6d4/MRz58E1nFJKHizqEoyUQkKHbPtFow4a2N5E7Xc9Oh0aS9R8i0or3B8s_W3HlpVUQPzPh2rZBUgYNNkWHSULjoj-O-zsFNRwk7pRQTex6H8dprnx4nrBUljdAu41vcjWRfu-k8qOarx6Z7xD-cBeqaYY.jpeg\" width=\"1010\"\u003e\u003c/picture\u003e\u003c/figure\u003e\u003cp\u003eNike holds the lead in terms of traffic. And Adidas saw a large gain in traffic growth percentage. \u003c/p\u003e\u003cp\u003eThis growth pushed them closer to the “\u003cstrong\u003eLeaders\u003c/strong\u003e” quadrant from the “\u003cstrong\u003eEstablished Players\u003c/strong\u003e” category.\u003c/p\u003e\u003cp\u003eLooking at some of the minor players, Saucony moved to the “\u003cstrong\u003eGame Changers\u003c/strong\u003e” quadrant. In this case, we’d definitely want to look into what they’re doing to drive traffic and ask our research subjects questions about this brand.\u003c/p\u003e\u003cp\u003eOverall, these broad insights help us determine what research methods we want to use and what questions we’d like to ask our target audience.\u003c/p\u003e\u003cp\u003eOnce you’ve decided which direction to go in, come up with a timeline, delegate responsibilities, and execute your research. \u003c/p\u003e\u003ch3\u003eStep 3: Collect Data \u003c/h3\u003e\u003cp\u003eHow you collect data will depend on the type of research method you choose.\u003c/p\u003e\u003cp\u003eFor \u003cstrong\u003equalitative research\u003c/strong\u003e, like focus groups or interviews, write out answers and compare notes later. With surveys, you might produce reports.\u003c/p\u003e\u003cp\u003eTools like \u003ca href=\"https://www.google.com/forms/about/\"\u003eGoogle Forms\u003c/a\u003e and \u003ca href=\"https://www.surveymonkey.com/\"\u003eSurvey Monkey\u003c/a\u003e offer reports that organize your data and even include illustrations where applicable. \u003c/p\u003e\u003cp\u003eFor \u003cstrong\u003equantitative research\u003c/strong\u003e, collect raw data using a simple spreadsheet or more advanced data storage software. Tools like \u003ca href=\"https://lookerstudio.google.com/\"\u003eGoogle Looker Studio\u003c/a\u003e (formerly Google Data Studio) and \u003ca href=\"https://www.tableau.com/data-insights/dashboard-showcase\"\u003eTableau\u003c/a\u003e allow you to organize and depict data as graphs or charts. \u003c/p\u003e\u003cp\u003eFor our footwear company example, we might collect qualitative data through our focus groups and interviews. For quantitative data, we could use the Semrush .Trends tools. \u003c/p\u003e\u003cp\u003eFor example, \u003ca href=\"https://www.semrush.com/analytics/traffic/\"\u003eTraffic Analytics\u003c/a\u003e provides traffic numbers for competitors’ websites. \u003c/p\u003e\u003cp\u003eFirst, select your target location and enter up to five competitors' domains.\u003c/p\u003e\u003cp\u003eThen, hit “\u003cstrong\u003eAnalyze\u003c/strong\u003e.”\u003c/p\u003e\u003cfigure class=\"easyimage easyimage-side\"\u003e\u003cpicture\u003e\u003csource srcset=\"https://static.semrush.com/blog/uploads/media/d0/34/d0349e97eb463586e16e1683c9df1c34/xuZH-GcL8qrjWY6s74jRZRYN9mW2gwVxYpCwlyJOsvG05yhl2M6sWGK_A9VsGadnj1KJkfzmeSTbEvJbK2VissHHJw9aXfTMwn2wxZQGqXZofN8sqit9zfm1MfnoxfUyAK6PlIVVgS4lvTMlrqSMwjw.webp\" type=\"image/webp\"\u003e\u003c/source\u003e\u003cimg alt=\"Traffic Analytics\" data-original=\"https://static.semrush.com/blog/uploads/media/d0/34/d0349e97eb463586e16e1683c9df1c34/original.jpeg\" height=\"449\" loading=\"lazy\" src=\"https://static.semrush.com/blog/uploads/media/d0/34/d0349e97eb463586e16e1683c9df1c34/xuZH-GcL8qrjWY6s74jRZRYN9mW2gwVxYpCwlyJOsvG05yhl2M6sWGK_A9VsGadnj1KJkfzmeSTbEvJbK2VissHHJw9aXfTMwn2wxZQGqXZofN8sqit9zfm1MfnoxfUyAK6PlIVVgS4lvTMlrqSMwjw.jpeg\" width=\"1010\"\u003e\u003c/picture\u003e\u003c/figure\u003e\u003cp\u003eYou'll get useful insights into your competitors’ traffic—including the trends, traffic sources, geo-distribution, etc. \u003c/p\u003e\u003cp\u003eHere’s a look at saucony.com’s “Top Pages” report:\u003c/p\u003e\u003cfigure class=\"easyimage easyimage-side\"\u003e\u003cpicture\u003e\u003csource srcset=\"https://static.semrush.com/blog/uploads/media/84/a5/84a571b720e1ec33caf4390946677a03/spjE6Tk5UVzBzPiZapKbtBvaIfKhrn-M8e_7HTtHCT3h7ii4y6NVR1EdnNPZbEsjxXz7srqGkpmguIWCO7gSjGt7eKixWKn7W9IxIGDNAuVQ8gj-4D3sH0nqZgyS9uYp0BNE4BaB-XLkmqdXiLc29w0.webp\" type=\"image/webp\"\u003e\u003c/source\u003e\u003cimg alt=\"saucony.com’s top pages report\" data-original=\"https://static.semrush.com/blog/uploads/media/84/a5/84a571b720e1ec33caf4390946677a03/original.jpeg\" height=\"579\" loading=\"lazy\" src=\"https://static.semrush.com/blog/uploads/media/84/a5/84a571b720e1ec33caf4390946677a03/spjE6Tk5UVzBzPiZapKbtBvaIfKhrn-M8e_7HTtHCT3h7ii4y6NVR1EdnNPZbEsjxXz7srqGkpmguIWCO7gSjGt7eKixWKn7W9IxIGDNAuVQ8gj-4D3sH0nqZgyS9uYp0BNE4BaB-XLkmqdXiLc29w0.jpeg\" width=\"1010\"\u003e\u003c/picture\u003e\u003c/figure\u003e\u003cp\u003eIt allows us to see which pages have shown significant growth in traffic in the last 12 months.\u003c/p\u003e\u003cp\u003eIn our example, it is the \u003cem\u003e/endorphin-2-collection/\u003c/em\u003e page:\u003c/p\u003e\u003cfigure class=\"easyimage easyimage-side\"\u003e\u003cpicture\u003e\u003csource srcset=\"https://static.semrush.com/blog/uploads/media/4e/10/4e1095d566f15bd82640c99a958ce4ab/n2QFVH9KjWX4d9yo4wK7AiqRKTZ776y6jpqA66NpnESnoi0uXeSTrJ_M2o-KzBLFnjskYB9usrJ18cg6DCG5EKtLfC2rs7BgenGCipoZkX7geYZLSHwOgEM9ymJfsWWo9Sgw6Ms4pYqjsJpOQc1Q8-E.webp\" type=\"image/webp\"\u003e\u003c/source\u003e\u003cimg alt=\"/endorphin-2-collection/ page highlighted\" data-original=\"https://static.semrush.com/blog/uploads/media/4e/10/4e1095d566f15bd82640c99a958ce4ab/original.jpeg\" height=\"306\" loading=\"lazy\" src=\"https://static.semrush.com/blog/uploads/media/4e/10/4e1095d566f15bd82640c99a958ce4ab/n2QFVH9KjWX4d9yo4wK7AiqRKTZ776y6jpqA66NpnESnoi0uXeSTrJ_M2o-KzBLFnjskYB9usrJ18cg6DCG5EKtLfC2rs7BgenGCipoZkX7geYZLSHwOgEM9ymJfsWWo9Sgw6Ms4pYqjsJpOQc1Q8-E.jpeg\" width=\"1010\"\u003e\u003c/picture\u003e\u003c/figure\u003e\u003cp\u003eIn this example, we've discovered a page with an upcoming product launch—Endorphin Pro+ shoes. \u003c/p\u003e\u003cfigure class=\"easyimage easyimage-side\"\u003e\u003cpicture\u003e\u003csource srcset=\"https://static.semrush.com/blog/uploads/media/5f/09/5f09987035cd81ce1e9d001b9a4b4d4f/ylkwrrfh0yuXWftCsLKtaJH-3XBpSsSIzVpyoG_PNpQeQEgexmqTr0zDI7vmz4xwVZhZ4bwVt85b5JxvaCf03KhomSbpz4LBPIr6A9hqDrWFmQwANbL1VRBSCfWwJMlrGEJU9M_Sdkjvy5dNI6iIfa4.webp\" type=\"image/webp\"\u003e\u003c/source\u003e\u003cimg alt=\"Endorphin Pro+ upcoming launch\" data-original=\"https://static.semrush.com/blog/uploads/media/5f/09/5f09987035cd81ce1e9d001b9a4b4d4f/original.jpeg\" height=\"535\" loading=\"lazy\" src=\"https://static.semrush.com/blog/uploads/media/5f/09/5f09987035cd81ce1e9d001b9a4b4d4f/ylkwrrfh0yuXWftCsLKtaJH-3XBpSsSIzVpyoG_PNpQeQEgexmqTr0zDI7vmz4xwVZhZ4bwVt85b5JxvaCf03KhomSbpz4LBPIr6A9hqDrWFmQwANbL1VRBSCfWwJMlrGEJU9M_Sdkjvy5dNI6iIfa4.jpeg\" width=\"1010\"\u003e\u003c/picture\u003e\u003c/figure\u003e\u003cp\u003eIn our focus groups, we could study customer responses to this launch or compare the traffic numbers or sources with new releases coming from competitors.\u003c/p\u003e\u003ch3\u003eStep 4: Analyze Data and Generate Insights\u003c/h3\u003e\u003cp\u003eAnalyzing data helps you discover answers to your initial research question(s) and turn those answers into strategies. This process begins by organizing the data. \u003c/p\u003e\u003cp\u003eWith \u003cstrong\u003equantitative data\u003c/strong\u003e, add everything up and enter it into a central location. Like a spreadsheet. \u003c/p\u003e\u003cp\u003eOrganize ratings, rankings, “yes and no” answers, selections of multiple choice questions, and any other data. Once it’s organized, crunch the numbers to look for averages, ranges, or other important statistics. \u003c/p\u003e\u003cp\u003eFor \u003cstrong\u003equalitative data\u003c/strong\u003e, review all of the collected data and sort it into categories.For example: \u003c/p\u003e\u003cul\u003e \u003cli\u003eConcerns\u003c/li\u003e \u003cli\u003eQuestions\u003c/li\u003e \u003cli\u003eFrustrations\u003c/li\u003e \u003cli\u003eStrengths\u003c/li\u003e \u003cli\u003eWeaknesses\u003c/li\u003e \u003cli\u003eRecommendations \u003c/li\u003e\u003c/ul\u003e\u003cp\u003eOrganizing this data will help clarify themes. \u003c/p\u003e\u003cp\u003eOnce you organize your data, review your initial research goals. \u003c/p\u003e\u003cp\u003eHere are some guiding questions:\u003c/p\u003e\u003cul\u003e \u003cli\u003eDoes the data illuminate any trends? \u003c/li\u003e \u003cli\u003eCan I think of any explanations for these trends? \u003c/li\u003e \u003cli\u003eWhat’s surprising or interesting about the data? \u003c/li\u003e \u003cli\u003eDoes the collected data help answer my original questions? \u003c/li\u003e \u003cli\u003eDoes it lead to any other interesting questions? \u003c/li\u003e\u003c/ul\u003e\u003cp\u003eAs you notice trends or themes, present them visually. Tools like \u003ca href=\"https://miro.com/online-brainstorm-tool/\"\u003eMiro\u003c/a\u003e and \u003ca href=\"https://www.mural.co/templates/conducting-a-brainstorm\"\u003eMural\u003c/a\u003e can help you brainstorm, discover connections, and invite different people to the table to help interpret the data. \u003c/p\u003e\u003cfigure class=\"easyimage easyimage-side\"\u003e\u003cpicture\u003e\u003csource srcset=\"https://static.semrush.com/blog/uploads/media/2f/e5/2fe5b1142316e153f77f9557f9bbfee2/uzRhb0QvAU3DA2lFOrQa44l4XEbZvnj5mjRE-JtVzj3fxs4durRMRg8bNqLN9WCQXL4Cr4_mbOI8v85Ge5Fk8HYrvildqYBezE22smLGXHCY32Ly_Cl2va8K0O666-LjW5dUI-4_hQOWdA1_tpPk3hQ.webp\" type=\"image/webp\"\u003e\u003c/source\u003e\u003cimg alt=\"Miro board overview\" data-original=\"https://static.semrush.com/blog/uploads/media/2f/e5/2fe5b1142316e153f77f9557f9bbfee2/original.png\" height=\"715\" loading=\"lazy\" src=\"https://static.semrush.com/blog/uploads/media/2f/e5/2fe5b1142316e153f77f9557f9bbfee2/uzRhb0QvAU3DA2lFOrQa44l4XEbZvnj5mjRE-JtVzj3fxs4durRMRg8bNqLN9WCQXL4Cr4_mbOI8v85Ge5Fk8HYrvildqYBezE22smLGXHCY32Ly_Cl2va8K0O666-LjW5dUI-4_hQOWdA1_tpPk3hQ.png\" width=\"1010\"\u003e\u003c/picture\u003e\u003c/figure\u003e\u003cp\u003eTo continue with our footwear company example, let’s pretend we discovered these five insights based on the data:\u003c/p\u003e\u003col\u003e \u003cli\u003eCustomers like durable running shoes; their favorite shoes last a long time \u003c/li\u003e \u003cli\u003eCustomers are willing to pay more for quality running shoes \u003c/li\u003e \u003cli\u003eCustomers are less likely to be loyal to one brand; quality matters over brand \u003c/li\u003e \u003cli\u003eCustomers respond best to ads that depict professional runners \u003c/li\u003e \u003cli\u003eCustomers like flashy designs and colors on their running shoes\u003c/li\u003e\u003c/ol\u003e\u003cp\u003eHighlight data that supports your argument or solves the problems you’re researching.\u003c/p\u003e\u003cp\u003eDon’t worry if you discover negative results or trends. This gives you a chance to change direction and drop projects or strategies that aren't working. Which can save you time and money.\u003c/p\u003e\u003ch3\u003eStep 5: Present Your Findings and Continue Testing \u003c/h3\u003e\u003cp\u003eNow that you’ve done the heavy lifting, it’s time to put your findings to good use. \u003c/p\u003e\u003cp\u003eTypically, this involves presenting your research to stakeholders and discussing improvements to your business or marketing plan.\u003c/p\u003e\u003cp\u003eWhen presenting data, it helps to show:\u003c/p\u003e\u003cul\u003e \u003cli\u003eHow the research produced the data \u003c/li\u003e \u003cli\u003eHow the data led to your insights\u003c/li\u003e \u003cli\u003eHow your insights led to actionable suggestions\u003c/li\u003e\u003c/ul\u003e\u003cfigure class=\"easyimage easyimage-side\"\u003e\u003cpicture\u003e\u003csource srcset=\"https://static.semrush.com/blog/uploads/media/b5/6a/b56a7c09538a6b62603b8045ae0934b3/UgHFXnVUxtnM13W6zKjM_YEu516kkRQZhCXinkZ30RxcQG3sql6wMTHHI8ssLI--FDtbO_khxwwaVTJJUJgV6whowaxgkvgHAxPSNBvzuVUg7A_ktEqJ1gp_oP74eeD_Tj5s7_yfCM6obpbCdRwe6eU.webp\" type=\"image/webp\"\u003e\u003c/source\u003e\u003cimg alt=\"what presenting data helps show\" data-original=\"https://static.semrush.com/blog/uploads/media/b5/6a/b56a7c09538a6b62603b8045ae0934b3/original.png\" height=\"362\" loading=\"lazy\" src=\"https://static.semrush.com/blog/uploads/media/b5/6a/b56a7c09538a6b62603b8045ae0934b3/UgHFXnVUxtnM13W6zKjM_YEu516kkRQZhCXinkZ30RxcQG3sql6wMTHHI8ssLI--FDtbO_khxwwaVTJJUJgV6whowaxgkvgHAxPSNBvzuVUg7A_ktEqJ1gp_oP74eeD_Tj5s7_yfCM6obpbCdRwe6eU.png\" width=\"1010\"\u003e\u003c/picture\u003e\u003c/figure\u003e\u003cp\u003eLet’s return to our running shoe company. If we wanted to present information about pricing to our stakeholders, we might structure it like this:\u003c/p\u003e\u003col\u003e \u003cli\u003e\u003cstrong\u003eWe looked at which shoes avid runners prefer and why\u003c/strong\u003e. The top shoes tend to be more expensive than less popular shoes. We asked about this in focus groups and interviews. \u003c/li\u003e \u003cli\u003e\u003cstrong\u003eParticipants told us they’re willing to invest more money into a good pair of shoes\u003c/strong\u003e. High quality matters more than lower prices. Along with this, runners who pay more expect greater durability. \u003c/li\u003e \u003cli\u003e\u003cstrong\u003eBased on this data, our business might benefit from using quality materials and manufacturing processes instead of cutting costs with cheap materials and labor\u003c/strong\u003e. We could improve our marketing strategy by highlighting the high-quality materials and care we put into manufacturing each pair. \u003c/li\u003e\u003c/ol\u003e\u003cp\u003eOnce you've made adjustments to your business or marketing plan based on the data, continue your research to see if your strategies are successful. \u003c/p\u003e\u003cp\u003eA great way to follow up on the moves you’ve made based on your in-depth market research studies is \u003cstrong\u003eagile market research\u003c/strong\u003e. \u003c/p\u003e\u003cp\u003eThe “agile” part means gathering data quickly and being able to iterate the process at any time.\u003c/p\u003e\u003cp\u003eWhile it won’t replace in-depth market research, agile market research allows you to test hypotheses, receive feedback, and make swift changes. \u003c/p\u003e\u003cp\u003eLet’s say we conducted a large-scale study on running shoes and launched our new product. Here’s an example of what the agile market research process might look like after that: \u003c/p\u003e\u003col\u003e \u003cli\u003e\u003cstrong\u003eAsk questions\u003c/strong\u003e: Are the new shoes we developed comfortable? \u003c/li\u003e \u003cli\u003e\u003cstrong\u003eReview customer feedback for trends\u003c/strong\u003e: E.g., many customers said the shoes were too tight on their toes.\u003c/li\u003e \u003cli\u003e\u003cstrong\u003eGenerate insights\u003c/strong\u003e: The design of the toe in our shoes needs improvement \u003c/li\u003e \u003cli\u003e\u003cstrong\u003eMake improvements\u003c/strong\u003e: Adjust the shape of the shoes in the toe and release new model \u003c/li\u003e \u003cli\u003e\u003cstrong\u003eAsk questions\u003c/strong\u003e: How do your toes feel in our new shoes? \u003c/li\u003e\u003c/ol\u003e\u003cp\u003eComplete the agile market research process over and over again for continuous improvement. \u003c/p\u003e\u003cfigure class=\"easyimage easyimage-side\"\u003e\u003cpicture\u003e\u003csource srcset=\"https://static.semrush.com/blog/uploads/media/80/75/8075186c4defc513c0e0c23fd2cf0f37/q6mQCAAdCguyr6_LKlzNAgIzRsV_S_hUqyKUmiSWixQmvmNojjBqoqUp0JumiNP9X9Do2-2zME3UA30EMAVxPsCPZ7fXF1mIAWhek7HEfl4wv_tsDapp3JhR2JD5F1OwV02nyV_YSZyDErpyY-tOjTo.webp\" type=\"image/webp\"\u003e\u003c/source\u003e\u003cimg alt=\"agile market research process\" data-original=\"https://static.semrush.com/blog/uploads/media/80/75/8075186c4defc513c0e0c23fd2cf0f37/original.png\" height=\"657\" loading=\"lazy\" src=\"https://static.semrush.com/blog/uploads/media/80/75/8075186c4defc513c0e0c23fd2cf0f37/q6mQCAAdCguyr6_LKlzNAgIzRsV_S_hUqyKUmiSWixQmvmNojjBqoqUp0JumiNP9X9Do2-2zME3UA30EMAVxPsCPZ7fXF1mIAWhek7HEfl4wv_tsDapp3JhR2JD5F1OwV02nyV_YSZyDErpyY-tOjTo.png\" width=\"1010\"\u003e\u003c/picture\u003e\u003c/figure\u003e\u003ch2\u003eBefore You Start Your Research\u003c/h2\u003e\u003cp\u003eThough market research is a big undertaking, it’s necessary for survival in a competitive marketplace. \u003c/p\u003e\u003cp\u003eA good place to start is the \u003cstrong\u003e\u003ca href=\"https://www.semrush.com/trends/\"\u003eSemrush .Trends toolkit\u003c/a\u003e\u003c/strong\u003e. The tools it contains provide you with quantitative data that will give you instant insights into your specific market and competitors.\u003c/p\u003e\u003cp\u003eThis way, you can make informed decisions about your further data collection methods (e.g., focus groups, surveys, etc.).\u003c/p\u003e\u003cp\u003eYou may also try the so-called \u003cstrong\u003eSWOT analysis\u003c/strong\u003e—a technique that helps you assess your business's strengths, weaknesses, opportunities, and threats. Read our \u003ca href=\"https://www.semrush.com/blog/swot-analysis-examples/\"\u003eguide to SWOT analysis\u003c/a\u003e that also includes a free template.\u003c/p\u003e\u003cp\u003eKeep an eye out, stay curious, and good luck out there! \u003c/p\u003e\u003cp\u003e[create-campaign destination_url=\"https://www.semrush.com/trends/\" show_input=\"false\"header=\"Get Instant Insights Into Your Market\" text=\"with Semrush .Trends tools\" button_text=\"Try It Now\"bg_images=\"https://static.semrush.com/blog/uploads/media/96/fd/96fd495930d058321d5f78f5554aff88/trial-superbanner-1.png\"bg_button=\"-success\"]\u003c/p\u003e","galaxy":"","team":"","isReviewedByExpert":false}},"alternates":[{"language":"de","url":"marktforschung-anleitung/","title":"Marktforschung: Übersicht und Schritt-für-Schritt-Anleitung"},{"language":"fr","url":"guide-etude-marche/","title":"Étude de marché : vue d'ensemble et guide étape par étape"},{"language":"it","url":"ricerca-di-mercato-guida/","title":"Ricerche di mercato: panoramica e guida passo a passo"}],"category":{"id":339,"name":"General Marketing","slug":"general-marketing","lang":"en","description":"Whether you‘re new to marketing or a seasoned pro, our General Marketing category offers tips, tools, and expert advice to boost your marketing efforts. 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