How well do you know your market? The answer can have a huge impact on your business success.
However, even doing market research has value only if you analyze and report on findings so that they can drive decisions and prompt action. Otherwise, you’re wasting resources. So to make sure you’re making the most of your market research, you might want to follow these best practices for writing a market research analysis report that will have momentum. With tips like these, you can reap the benefits of your efforts to understand market trends and buyer behaviors.
So, what exactly is a market research analysis report? In short, it is a summary of new insights and takeaways from market research. A market research analysis report should clarify the business market and help you better understand your audience. It refines your perspective based on qualitative or quantitative data to avoid your business making decisions based on “gut feeling” and “instinct” alone.
Essential elements of a market research report
Presenting a spreadsheet or making a slide deck visualizing the findings from market research is common. Many tools online make it easy to create market research dashboards, too. However, the market research analysis report digs deeper into the results to explore the “why” behind all those bar graphs and pie charts.
The analytical report uses data from the market research to glean important information and presents it in easily digestible ways. The report writer examines the customer survey responses, as well as social, economic, and geographical data, in order to learn more about:
- Brand awareness
- Brand identity
- Brand influence
- Customer satisfaction
- Product development
- Pricing decisions
- Potential product changes
- Customer intent
- Customer likes and dislikes
- Market readiness
A typical market research report begins with a summary, then is followed by a more detailed introduction. After describing the participants and outlining the methodology of the market research, a mix of text, graphs, and charts summarizes the findings. Finally, you’ll discuss conclusions drawn, explain the justifications for those conclusions, and make recommendations.
The market research analysis becomes a valuable tool for making your business more efficient, driving innovation, meeting the target audience’s needs, and accelerating commercial success.
Best practices for writing a market research analysis report
There are many ways to approach writing your report. However, these best practices can help you to focus the information you provide and encourage broader integration of the market research results.
Tell a story
Sure, a good bar graph can say a lot. But a story that gives your reader a deeper understanding of the findings is important, too. In market research analysis, your role is to unearth the hidden insights and trends to help shape business action.
The best approach to your storytelling is to go back to the goals of the market research. What did you aim to accomplish? Let those objectives provide an outline for your approach to sharing outcomes with your audience.
Synthesize your results
As the writers over at DataPine note, “Any market analysis report example worth its salt will allow everyone to get a firm grip on their results and discoveries on a single page, with ease.”
As the writer of a research report, it’s your job to focus in on the most relevant information for your reader. Make it easier to digest with an executive summary at the front. Also, use headers and bulleted lists to allow busy readers to quickly scan for the information they need when they want it.
Provide a global view
This may seem contradictory to the previous advice, but your analysis needs to consider several indicators in conjunction before making any broad statements. For customer satisfaction, for instance, you would want to analyze response data related to quality, pricing, design, and service to get the big picture.
Identify key stakeholders
You’ve worked hard to make an effective and concise report of results. Now you need to present the reporting to the right people. Consider who will benefit most from the information you’ve gathered. Also, look for people who can provide valuable feedback, as that can help shape your next market research effort.
Simplify your visuals
Just as you want your text to be easy to read and understand, you should ensure the visuals are easily comprehensible, too. Consistency can help. For example:
- Use the same scale on all graphs
- Maintain the same color palate throughout
- Include the exact question asked with the images
- Communicate the base size for each graph or table
Take advantage of appendices
In sharing market research results, you don’t want to distract readers from the important findings. Still, there may be more data or details that can be shared. You might also want to provide tables for every survey question or provide all the questions asked. You could also use the appendix to collect discussion guides and data collection forms.
This is not an opportunity to just dump everything else you couldn’t include in the body of the report at the end of the document. Rather, you can collate added information that relates to the main themes you discuss in the body of the report.
Edit your report carefully
Make sure you review your report before sharing it. Try to take an objective eye to your writing. Ask yourself:
- Is this making sense to the reader?
- Have I provided evidence to support my points?
- Did I organize the text and visuals in a logical way?
- Have I left any important questions unaddressed?
- Could I say anything more simply?
- Are there any grammar or mechanical mistakes?
Start creating actionable research analysis reports
Following the suggestions in this article on how to best write a market research analysis can help make your research both educational and actionable. Of course, effective analysis starts with quality market research. Ready to get started? Sogolytics has the right tools to quickly launch market research projects and get the answers you need.