What is a Market Research Plan?
A market research plan outlines the various initiatives and goals an organization needs to achieve to gain competitive advantage. It helps organizations focus their research efforts and track progress towards their goals. The plan includes objectives, target metrics, and projects to help measure progress and make data-driven decisions.
What's included in this Market Research Plan template?
- 3 focus areas
- 6 objectives
- 6 projects
- 6 KPIs
Each focus area has its own objectives, projects, and KPIs to ensure that the strategy is comprehensive and effective.
Who is the Market Research Plan template for?
The Market Research Plan template is ideal for business intelligence and market research teams in organizations of all sizes and industries. With this plan, teams can create a comprehensive market research strategy to identify competitive advantages and monitor competitor movements.
1. Define clear examples of your focus areas
Before creating a market research plan, it’s important to identify the focus areas. Focus areas are broad topics that a team will research, such as customer feedback, market trends, advertising effectiveness, and sales performance. Each focus area should be broken down into objectives and related projects, as well as measurable targets (KPIs).
2. Think about the objectives that could fall under that focus area
Objectives are specific goals under each focus area. These should be achievable, measurable, and meaningful. Examples of objectives include increasing customer satisfaction, monitoring competitor research and development, gathering customer feedback, and increasing sales revenue.
3. Set measurable targets (KPIs) to tackle the objective
KPIs, or key performance indicators, are metrics used to track progress towards objectives. Examples of KPIs include customer satisfaction, new product launches, customer feedback, and sales revenue. The initial value and target value for each KPI should be clearly stated, as well as the unit of measurement.
An example of a KPI for the focus area of Market Research could be: Increase customer satisfaction.
4. Implement related projects to achieve the KPIs
Projects, or actions, are activities that need to be completed in order to achieve the KPIs. Examples of projects include surveying the current customer base, monitoring competitor research and development, gathering customer feedback, and tracking sales data.
5. Utilize Cascade Strategy Execution Platform to see faster results from your strategy
Cascade Strategy Execution Platform is a powerful tool that helps teams easily create, execute, and track their market research plans. With Cascade, teams can easily define focus areas, set objectives, set KPIs, and implement projects to achieve their goals quickly and efficiently.