What is a Market Research Strategy Plan?
A market research strategy plan outlines an organization's plans for researching its market. It typically includes a description of the market and competitive landscape, an assessment of customer needs and preferences, and an analysis of the company's competitive advantages and weaknesses. The plan also includes a timeline, budget, and strategies for collecting and analyzing data, as well as evaluation methods to measure success.
What's included in this Market Research Strategy 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 Strategy Plan template for?
This market research strategy plan template is designed for business intelligence and market research teams of all sizes and industries. It provides a comprehensive approach to create a plan to conduct market research and leverage the findings to build competitive advantage.
1. Define clear examples of your focus areas
The purpose of a focus area is to provide the framework for the market research strategy. A focus area should be clear and concise, and should include the overall objective and measurable targets (KPIs). Examples of focus areas could include conducting market research, analyzing competitors, or developing insights.
2. Think about the objectives that could fall under that focus area
An objective is a goal that can be achieved through the implementation of action plans. Objectives should be specific, measurable, and relevant to the focus area.
Examples of some objectives for the focus area of Conduct Market Research could be: Gather and Analyze Market Research Data, and Leverage Market Research Findings.
3. Set measurable targets (KPIs) to tackle the objective
KPIs, or Key Performance Indicators, are measurable targets that can be used to assess the progress of an objective. They should be measurable, quantitative, and specific to each objective.
An example of a KPI for the focus area of Conduct Market Research could be: Increase survey response rate.
4. Implement related projects to achieve the KPIs
Projects or actions are the steps taken to achieve the KPIs. Projects should be actionable, and should be tailored to the specific objectives and goals of the focus area.
An example of a project related to Conduct Market Research could be: Utilize surveys, interviews and focus groups.
5. Utilize Cascade Strategy Execution Platform to see faster results from your strategy
Cascade Strategy Execution Platform helps teams plan, execute, and monitor their market research. It includes features to streamline project management, consolidate data, and quickly analyze and visualize results in real-time.