market research in project management

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7 core skills for project management in market research

One of the most important attributes for a research project manager to have would be the ability to execute any project with an unwavering view of the research objectives and how to best achieve them.

In order to deliver the best results, a market research project must be planned, scoped, and executed carefully. Ultimately, it is the research project manager who ensures that everyone (and everything, including all team members) stay on track. Project managers ensure that everyone has focus and remains accountable for their agreed responsibilities to guarantee the project's success.

Project managers are found in practically every industry and company, from financial services and software engineering to marketing and product development. The market research industry is no exception. Managing a successful research project depends on the inputs and outputs of dozens of elements.

If you are looking for your next challenge, to progress in your team, or just to hone your skills as a research project manager, then the following seven skills are must-haves:

1) Ask questions & challenge assumptions

Most market research projects involve many, many moving parts. A good research project manager must understand both the high-level details and the more granular aspects of any brief. You can’t come by this knowledge passively: it’s critical to seek it out by asking questions in order to identify assumptions that might turn into future problems.

A big part of project management is thinking about the possible risks and challenges which might arise on a project – by pre-empting these, you can mitigate the risks and hopefully avoid them altogether.

A good framework for structuring questions is to think about the:

what,
when,
Who / how many, and,

The what : fundamentally, what are we doing this study for? What are its aims and objectives? A client briefing is key from a project manager's perspective, more detail is always preferred over less. If you haven't got a client briefing document - you're welcome to download have ours!

The how. In research terms, this is the methodology (quantitative or qualitative). Examples: In-Depth Interviews (IDIs), surveys, or research communities.

The when. When must the project be delivered? There will be multiple milestones to think about and plan within a research project, such as briefing, design, fieldwork, analysis, reporting, and debrief. All of these aspects must be meticulously documented and planned out.

The who / how many . Who are we looking to speak to for this research, who is our target audience? What are the participant recruitment and screening requirements?

How much . What is the project budget? How does this translate in terms of allocation of cost for different aspects of the work, different tasks within the business (direct vs indirect costs) etc. If this hasn’t been thought about, it should!

2) Develop and document research project goals

The more granular you can be with milestones and outcomes, the better.

There’s the overarching research objective, but you should have subgoals within all aspects of the project, and these subgoals or milestones should always be written down and accessible to all relevant parties.

Documenting goals keeps things organized

Once you have a goal and its subset of milestones, it can be much easier to plan a work-back towards achieving the goal. Teams that have this information understand what they’re working toward, and how far they may be to achieving the goal.

Documenting goals allows for better project analysis

A market research project can be a complex beast. Reimagining it as a series of related and interconnected goals can help give it a shape, and allow you to find areas to improve. For example, if you notice that one team happens to have a disproportionate amount of goals piled up in one week, you’ve identified a potential bottleneck ahead of time.

Documenting goals create reusable templates

Your next project might benefit from reusing parts of a previous goal structure that worked well. This time-saving approach isn’t possible if you don’t have a good record of your goals!

3) Budgeting

A massively important part of the project management function is resource planning and budgeting.

Laissez faire attitudes can creep into many stages of the study, such as the all too common “As long as it gets delivered and the client happy, it’s okay!”

Projects need to be understood and scoped in terms of their financial performance, usually expressed as direct and net costs.

Direct (gross) costs – what external costs need to be paid? Usually, these are to third parties such as recruiters or freelancers, but could also include costs such as equipment, venue hire, or travel expenses.
Net costs – the cost of internal staff time. These are not as easy to measure as direct costs unless a business maintains timesheets (few do). However, by keeping an accurate track of time you can identify patterns around profitability.

Three budgeting tips:

1. Always request a formal set of costs from suppliers.

When doing this, include the full scope of the what, who, how, when—so they can tell you the ‘how much.’ If you have a firm and clear scope agreed with your client and they then try and change it, you have room to push back. But if you don’t, your agency may be forced to absorb any extra costs.

2. Negotiate preferred rates.

Look at how much you are spending with your suppliers and how much work goes their way.

3. Set up a costing or budget sheet for all projects.

This internal document lays out the charge to the client, and the budgeted direct costs. All of these costs ideally have been confirmed in a request for costs at the proposal stage. You then are clear on how much you have to work with for discussions with suppliers.

4) Be diligent and steadfast regarding sampling and screening

The biggest risk to the success of your research project (and the one with the biggest impact on cost recruitment.

To keep your project and budget on track it is imperative that recruitment goals are documented in writing, explained, discussed and understood.

The most common project management slips are in ‘who and how many’ (which impacts cost), and ‘when’ (which impacts cost and resource planning). If you speak to the wrong people the end result will be the wrong insight and more time will be wasted on finding replacement participants. If recruitment goes wrong thanks to incorrect specifications, the entire project may be derailed.

Your sample sources and screening criteria are the two key elements in preventing a recruitment mishap.

Keeping this under control involves:

A thorough client briefing
A form statement of work from the client
An unbroken chain of communication and understanding for all involved teams
Skill #2 (documentation of goals) is paramount! Write everything down and spend extra time making sure that everything is clear.

5) Always have a Plan B (and C… and D…)

Contingency plans are an absolute necessity for any project manager. Thinking about the possible risks and challenges associated with market research projects is half the battle. You must also have a clear response and approach to when (inevitably) you experience a setback.

Much of this comes with experience, but common pitfalls include:

Scope creep. Someone wants just one extra thing. Someone makes a backchannel promise to look at X. One thing leads to another and it starts to snowball. Your original scope is now somehow 20% bigger.
Underestimating the difficultly of the recruitment target. Using panels can be faster (and cheaper) than recruiting via a fieldwork agency but may not be right for all projects, consider this when building screeners and briefing your recruitment agencies or asking them for costs. Remember certain specs may be harder, faster, or slower than first assumed.
Data protection and privacy. The world is increasingly more digital. Market research can make use of brilliant technology, but those technologies can come with their own set of challenges.
Real life timing. Holiday periods or other events can throw a wrench into things if you’re not careful.

6) Communication skills

Thinking about your typical research project lifecycle, there are often large numbers of people involved:

the client,
client team,
researchers,
project managers,
fieldwork execs,
interviewing staff,
3 rd party suppliers,
And more (the list can be quite long).

With all these different people involved, it is important that teams talk to each other and that correct and necessary information is communicated at the various stages.

Sharpening your skills in various aspects of communication will help with navigating this maze.

Asynchronous communication

When you all can’t speak at the same time, there are many ways to keep the conversation going.

Email is the most common. Avoid creating massive chains with everyone copied. Make use of highlighting or bolding to get key points across. Try to include specific next steps.
Video messages. An often underused tool, short video messages can be way more effective than a long, dry email. Tools like Loom make creating and sending them easy.

Synchronous communication

Synchronous communication is a fancy term for a real-time call or a meeting. Making sure that meetings have clear agendas, goals, and boundaries makes all the difference. Avoid inviting people to a call who do not need to be there (a recording can be shared afterward).

Someone should always be taking meeting notes, and these notes should be reviewed and formatted in a consistent manner before being widely shared.

7) Expectation management

People are full of assumptions and preconceived notions. This goes for both internal and external stakeholders.

If you’re not explicit in what is expected of them or what to expect, they will absolutely invent an expectation. And if the project doesn’t meet that expectation, well, that’s when things can get tough.

If you’ve asked the right questions and have been documenting properly, expectations are much easier to manage. Clear communication, strong and thorough briefs, and making sure everyone in the chain signals understanding: these tactics will help make sure everyone is on the same page.

8) Have a knack for insights and data storytelling

Market research outputs must be actionable insights for clients, and those insights come from the intelligent capture, interpretation and analysis of data.

As the project manager, you are often a gatekeeper of information and an important quality assurance checkpoint. While you may not be the person in charge of the research study itself, you will touch most things that happen internally and get passed over to external clients.

Therefore, having an eye for insights and how to tell a story from data can elevate the entire project, as you can often take the role of:

Simplify findings and data-points into key takeaways (e.g. for an executive summary)
Be an extra set of eyes on the data before it changes hands
Express the more technical (yet important) aspects of market research in client-friendly terms

Launch an online qual market research project with Further

The article above was inspired by the market research project managers here at Further. They are the beating heart of our organization. Whether you need help with study design, onboarding, platform training, or maximizing data management, we can ensure optimum respondent engagement, high-quality deliverables, and more insightful results.

We make it as easy as possible for you to DIY programme our platform, but it is a lot easier for us to program and optimize your study guide and let you take it from there. We offer you the option to manage your project yourself or to have one of our experienced project managers guide you, your clients, and your respondents through the entire process.

Our tutorials or live training are a fast and effective way for you and your clients to become more familiar with our platform. Check out our help centre here.

Learn more about how we can help with online qual market research here.

Topics: Market Research , Project management

ARTICLE CONTENTS

Ask & challenge assumptions

Develop and document research project goals

Be diligent and steadfast regarding sampling and screening

Always have a Plan B (and C... and D...)

Communication skills

Expectation management

Have a knack for insights and data storytelling

Launch an online qual market research project with Further

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A Beginner’s Guide to Market Research

Business creates goods or services and delivers them to a market that buys or uses them for a fee. Everyone’s happy! That’s the way it’s supposed to work, but anyone who has tried to make a living in the real world has experienced the complexities inherent in such a simple formula. There are many variables to consider in marketing , but let’s just focus on the marketplace and the research required to understand it.

The market can be a small or vastly large group of people who need goods and services. They’ve got money in their pockets and businesses are looking to have them use it to purchase their product or service. But that’s a very general sketch of a process that requires a lot more specifics.

How does a business gather the data they need to understand the needs and wants of the market, and who they should be targeting when developing ideas, advertising and marketing projects ? That’s not so easy—especially from the perspective of a cubicle.

There’s a world outside the office and businesses need to know it intimately if they’re to offer something that the world wants. Whether it’s a delicious meal or a product people don’t even know that they want yet, this process starts with market research.

What Is Market Research?

Market research is shorthand for talking about an organized effort to gather information about customers. It’s a way to profile and target people to know what they desire or what they need, so businesses can exploit that and produce it to their satisfaction. Market research is a relatively young discipline. It began to be conceptualized and practiced in the 1930s, and it grew out of the boom in radio in the United States at that time. Advertisers learned that listener demographics were crucial to companies that sponsored different programs.

Market research is a cornerstone on which a business strategy is built, market research being about specific markets while the larger business strategy is about the process of marketing. Market research is fundamental to keeping businesses competitive as it analyzes the needs, size and competitors in the marketplace, so companies can make strategic decisions.

Related: 10 Marketing Tips for Small Businesses That Cost $0

Types of Market Research

There are various techniques to market research. Some are qualitative and use focus groups, in-depth interviews and ethnography, while others are quantitative, which involve customer surveys and analysis of secondary data.

Primary research is when the effectiveness of sales, existing business practices, quality of service and communications are monitored and reported on. This helps the business understand the competition and evaluate a strategic business plan to take advantage of the market.

Secondary research uses data that has already been published and is collected in a new database to help with situation analysis. From this, businesses can develop strategies for benchmarking and targeting specific market segments.

Why Market Research Is Important

Market research is important for the obvious reason that without it, a company is firing blindly into the void. You can create a great product or service, but without knowing who to sell it to it will whither on the vine and die.

Related: How to Plan a Successful Product Launch

There might have been a time when market research wasn’t as necessary when there was less competition and so customers could find your product or service. But that time has long since passed. The more knowledge a company has about the market and the customer’s needs within that market, the more likely it’ll have success.

There are many reasons why businesses should conduct market research. It helps to identify problem areas in your business. You can’t resolve a problem until you first know what it is.

Customer Satisfaction

It’s not just about selling products and services. Market research is also important in that it helps increase customer satisfaction. That means businesses retain more customers and their brand is less likely to be tarnished by false steps and miscalculations. By using tools like surveys for customer feedback , you’re also going to understand the needs of your existing customer base. It’ll help you to know why they’ve chosen your company over your competitors, which will allow you to better serve them.

Campaign Effectiveness

Using market research is one way to help marketing campaigns be more effective. It identifies new business opportunities and then designs the best marketing push to capture the target audience. This is a sure-fire method of increasing sales, which is the backbone of business success.

Knowledge of Competitors

There’s also the benefit of having a bead on what your competitors are up to in the marketplace. It can be used to evaluate your progress but also what your competitors are up to and how they are expanding or not in the market. Knowing what your competitors are up to will offer insight into how you want to strategically place yourself in the market to stay ahead of them.

Market research is also a way to reduce and often avoid loss. If you know the landscape well before you launch a product or service, you will be aware of hurdles to clear and problems to avoid. You’ll also have a better idea of the risks involved in bringing something to market and therefore be able to work on solutions for those risks if they in fact arise.

Related: Free Risk Tracking Template

Business Opportunities Revealed

Then there are the business opportunities that arise from market research. These are new areas that a business might have been ignorant of before and now can exploit for greater market penetration and profits. It will also highlight areas where the business can expand and increase its customer base. New customers can also be discovered through market research, further expanding the company’s reach. Gap analysis is one method that can be used to evaluate how well a service is performing versus its potential.

Set Targets for Growth

Another reason for businesses to conduct market research is that it allows them to set achievable targets for growth, sales and product development. It provides businesses with information that helps with the decision-making process about services and effective product development strategies.

How to Conduct Market Research

There are many ways to get the data you need for market research. Some of them include starting with a business’ own employees. They’re in the front with customers and can offer valuable insight.

Customers can be tapped with comment cards that ask basic questions. Talking to your existing customer base through the web, email, snail mail, telephone surveys or in-person with focus groups is one of the best ways to know what they want and need. You can also track what customers are buying and not buying from you through documentation and records. Be sure to get a firm grasp of your fundamental digital marketing metrics .

In terms of secondary sources, there are resources such as the census bureau, the local chamber of commerce, the department of commerce, libraries, trade and professional organizations and publications.

The process of conducting market research follows these six steps.

1. Define Your Buyer

Before you can sell something, you must know who you’re selling to. What’s their age, gender, location, what do they do for a living, how big is their family, what’s their income, etc? The more data you can get, the better targeted your marketing campaign will be.

Now that you have a profile, you want to find a representative sample of those targeted customers to understand their characteristics, challenges and buying habits through focus groups, surveys, phone interviews, etc.

Related: The Importance of Customer Development for Startups

2. Choose Which Buyers to Survey

When gathering customers for your surveys, you’ll want to get a group that represents each buyer persona you have come up with. It’s good to have a mix of people but you can choose one person if you think that’s best.

Make sure whoever you choose is someone who has recently interacted with you and your competitor and even those who are not interested in purchasing from either. This widens the lens and gives you a more accurate view of the marketplace.

3. Engage the Participants

For the data collected to be accurate and usable, you must engage the participants, whether they’re the ideal panel or not. Try to get a list of customers who made recent purchases.

There are also those customers who purchased from competitors or were close to choosing your product or service but didn’t. You can reach out to participants on social media, leverage your existing network or create an incentive to participate.

4. Prepare Questions

Once you have a group, you must do your due diligence and have targeted questions that have been worked on to get the most out of the audience and help you with the problem at hand, otherwise, you’re wasting everyone’s time.

You want the discussion to be natural and conversational, not scripted. However, it should include a short backgrounder, followed by a short response from the audience on their opinion or problems with the product or service. Then, take a deep dive into buyer researched potential solutions (make this interactive, following up and interjecting more specific queries). Wind down with decisions from the group, and close by opening up for questions and thanking the people there.

5. Know Your Competitors

They’re doing the same thing as you, so the more you understand them and how they act, the better you can respond and exploit areas that they’re not exploring. Also, competition is complicated. It can be a whole company or a division within that you’re competing with. But you must list the competitors and always be aware of them.

6. Summarize Your Findings

Now comes the time to crunch the numbers and look for common threads that run through the data you collected. It can be overwhelming at first, all that information, which is why it’s wise to boil the work down to the essential findings. These make actionable points.

Break your final report into sections: background, participants, executive summary for the main points, awareness of the common questions, consideration for the themes you uncovered, how the group came to decide, and finally an action plan on how to move forward with the information you gathered.

Market research is a project, and projects need tools to manage them. ProjectManager is a cloud-based project management software that has a robust dashboard that can collect, crunch and deliver the market research you gather in easy-to-read and share charts and graphs. Plus it features task management tools like Kanban boards and task lists to keep the project moving forward. See how it can help you make sense of your market research today by taking this free 30-day trial.

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Market Research: A How-To Guide and Template

Discover the different types of market research, how to conduct your own market research, and use a free template to help you along the way.

MARKET RESEARCH KIT

5 Research and Planning Templates + a Free Guide on How to Use Them in Your Market Research

Updated: 02/21/24

Published: 02/21/24

Today's consumers have a lot of power. As a business, you must have a deep understanding of who your buyers are and what influences their purchase decisions.

Enter: Market Research.

Whether you're new to market research or not, I created this guide to help you conduct a thorough study of your market, target audience, competition, and more. Let’s dive in.

Table of Contents

What is market research?

Primary vs. secondary research, types of market research, how to do market research, market research report template, market research examples.

Market research is the process of gathering information about your target market and customers to verify the success of a new product, help your team iterate on an existing product, or understand brand perception to ensure your team is effectively communicating your company's value effectively.

Market research can answer various questions about the state of an industry. But if you ask me, it's hardly a crystal ball that marketers can rely on for insights on their customers.

Market researchers investigate several areas of the market, and it can take weeks or even months to paint an accurate picture of the business landscape.

However, researching just one of those areas can make you more intuitive to who your buyers are and how to deliver value that no other business is offering them right now.

How? Consider these two things:

Your competitors also have experienced individuals in the industry and a customer base. It‘s very possible that your immediate resources are, in many ways, equal to those of your competition’s immediate resources. Seeking a larger sample size for answers can provide a better edge.
Your customers don't represent the attitudes of an entire market. They represent the attitudes of the part of the market that is already drawn to your brand.

The market research services market is growing rapidly, which signifies a strong interest in market research as we enter 2024. The market is expected to grow from roughly $75 billion in 2021 to $90.79 billion in 2025 .

Free Market Research Kit

SWOT Analysis Template
Survey Template
Focus Group Template

You're all set!

Click this link to access this resource at any time.

Why do market research?

Market research allows you to meet your buyer where they are.

As our world becomes louder and demands more of our attention, this proves invaluable.

By understanding your buyer's problems, pain points, and desired solutions, you can aptly craft your product or service to naturally appeal to them.

Market research also provides insight into the following:

Where your target audience and current customers conduct their product or service research
Which of your competitors your target audience looks to for information, options, or purchases
What's trending in your industry and in the eyes of your buyer
Who makes up your market and what their challenges are
What influences purchases and conversions among your target audience
Consumer attitudes about a particular topic, pain, product, or brand
Whether there‘s demand for the business initiatives you’re investing in
Unaddressed or underserved customer needs that can be flipped into selling opportunity
Attitudes about pricing for a particular product or service

Ultimately, market research allows you to get information from a larger sample size of your target audience, eliminating bias and assumptions so that you can get to the heart of consumer attitudes.

As a result, you can make better business decisions.

To give you an idea of how extensive market research can get , consider that it can either be qualitative or quantitative in nature — depending on the studies you conduct and what you're trying to learn about your industry.

Qualitative research is concerned with public opinion, and explores how the market feels about the products currently available in that market.

Quantitative research is concerned with data, and looks for relevant trends in the information that's gathered from public records.

That said, there are two main types of market research that your business can conduct to collect actionable information on your products: primary research and secondary research.

Primary Research

Primary research is the pursuit of first-hand information about your market and the customers within your market.

It's useful when segmenting your market and establishing your buyer personas.

Primary market research tends to fall into one of two buckets:

Exploratory Primary Research: This kind of primary market research normally takes place as a first step — before any specific research has been performed — and may involve open-ended interviews or surveys with small numbers of people.
Specific Primary Research: This type of research often follows exploratory research. In specific research, you take a smaller or more precise segment of your audience and ask questions aimed at solving a suspected problem.

Secondary Research

Secondary research is all the data and public records you have at your disposal to draw conclusions from (e.g. trend reports, market statistics, industry content, and sales data you already have on your business).

Secondary research is particularly useful for analyzing your competitors . The main buckets your secondary market research will fall into include:

Public Sources: These sources are your first and most-accessible layer of material when conducting secondary market research. They're often free to find and review — like government statistics (e.g., from the U.S. Census Bureau ).
Commercial Sources: These sources often come in the form of pay-to-access market reports, consisting of industry insight compiled by a research agency like Pew , Gartner , or Forrester .
Internal Sources: This is the market data your organization already has like average revenue per sale, customer retention rates, and other historical data that can help you draw conclusions on buyer needs.
Focus Groups
Product/ Service Use Research
Observation-Based Research
Buyer Persona Research
Market Segmentation Research
Pricing Research
Competitive Analysis Research
Customer Satisfaction and Loyalty Research
Brand Awareness Research
Campaign Research

1. Interviews

Interviews allow for face-to-face discussions so you can allow for a natural flow of conversation. Your interviewees can answer questions about themselves to help you design your buyer personas and shape your entire marketing strategy.

2. Focus Groups

Focus groups provide you with a handful of carefully-selected people that can test out your product and provide feedback. This type of market research can give you ideas for product differentiation.

3. Product/Service Use Research

Product or service use research offers insight into how and why your audience uses your product or service. This type of market research also gives you an idea of the product or service's usability for your target audience.

4. Observation-Based Research

Observation-based research allows you to sit back and watch the ways in which your target audience members go about using your product or service, what works well in terms of UX , and which aspects of it could be improved.

5. Buyer Persona Research

Buyer persona research gives you a realistic look at who makes up your target audience, what their challenges are, why they want your product or service, and what they need from your business or brand.

6. Market Segmentation Research

Market segmentation research allows you to categorize your target audience into different groups (or segments) based on specific and defining characteristics. This way, you can determine effective ways to meet their needs.

7. Pricing Research

Pricing research helps you define your pricing strategy . It gives you an idea of what similar products or services in your market sell for and what your target audience is willing to pay.

8. Competitive Analysis

Competitive analyses give you a deep understanding of the competition in your market and industry. You can learn about what's doing well in your industry and how you can separate yourself from the competition .

9. Customer Satisfaction and Loyalty Research

Customer satisfaction and loyalty research gives you a look into how you can get current customers to return for more business and what will motivate them to do so (e.g., loyalty programs , rewards, remarkable customer service).

10. Brand Awareness Research

Brand awareness research tells you what your target audience knows about and recognizes from your brand. It tells you about the associations people make when they think about your business.

11. Campaign Research

Campaign research entails looking into your past campaigns and analyzing their success among your target audience and current customers. The goal is to use these learnings to inform future campaigns.

Define your buyer persona.
Identify a persona group to engage.
Prepare research questions for your market research participants.
List your primary competitors.
Summarize your findings.

1. Define your buyer persona.

You have to understand who your customers are and how customers in your industry make buying decisions.

This is where your buyer personas come in handy. Buyer personas — sometimes referred to as marketing personas — are fictional, generalized representations of your ideal customers.

Use a free tool to create a buyer persona that your entire company can use to market, sell, and serve better.

Don't forget to share this post!

What is a Competitive Analysis — and How Do You Conduct One?

SWOT Analysis: How To Do One [With Template & Examples]

20+ Tools & Resources for Conducting Market Research

TAM SAM SOM: What Do They Mean & How Do You Calculate Them?

How to Run a Competitor Analysis [Free Guide]

5 Challenges Marketers Face in Understanding Audiences [New Data + Market Researcher Tips]

Causal Research: The Complete Guide

Total Addressable Market (TAM): What It Is & How You Can Calculate It

What Is Market Share & How Do You Calculate It?

3 Ways Data Privacy Changes Benefit Marketers [New Data]

Free Guide & Templates to Help Your Market Research

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Top Insights For Project Management In Market Research

The most important role of a project manager is to organize and execute the project with a demonstrated view to achieving the project’s objectives. In order to achieve effective results, it’s important to carefully plan, organize and execute the market research project. Eventually, project manager is the one who ensures that everyone and everything is on track. They also ensure that everyone has a focus and remains accountable for their roles and responsibilities.

Key Insights For Project Management

Managing a market research project depends on tons of research elements. If you are planning to execute an effective market research project , then the following top insights are essential:

Define Questions and Assumptions

Market research projects include many touchpoints. It’s important for a project manager to understand all the aspects in-depth, and keep track of all the possible risks and challenges that might appear on a project.

To understand all the aspects of a project, here are some key points that you should strictly consider such as:

Ask about the client’s aims and objectives. Try to gain more insights into the purpose of the project.
What would be the research methodology (such as Quantitative or Qualitative)?
When should the project be delivered? It’s important in order to plan it in an effective way, such as designing, organizing, analyzing, and reporting.
Who would be the target audience? What are the screening criteria and the participant requirements?

Develop Project Goals

Now, once you are clear with the goal and the method to achieve it, the next step is to organize it effectively. Allocate all the information to the team members to let them understand the way to work for the project. Developing research project goals results in better project analysis. It also results in finding the areas for improvement.

Resourcing, Planning, and Budgeting are the most important subjects of a project. The research project needs to be understood and specified on the basis of financial performance(expressed as gross cost and net cost).

Gross costs – What are the external costs that need to be paid? These costs are usually paid to third parties such as freelancers or recruiters, but it can also include equipment cost or transportation expenses(if any).

Net costs – What is the cost of internal staff time? Net costs are basically the direct costs that few companies maintain to track profitability.

Always Have An Alternative Plan

We might be familiar with the quote “If plan A doesn’t work, the alphabet has 25 more letters”. This is absolutely relevant for any project manager. Just having track of possible risks and challenges is not the end of the battle, you need to be ready with the backup. For example, recruitment of panels can be faster and cheaper than the third-party panel, but this methodology may not be right for all projects. So, it’s important to have an alternative plan to achieve effective results.

Conclave Research – Your Next Research Project Partner

Our highly trained and experienced team of project managers is always available for our clients and work with precision throughout the whole project to make sure that the client’s expectations are met and succeeded at every stage of the project. With a streamlined bid-to-launch process, we provide accurate and competitive pricing. We take pride in the capabilities of our team of experts to monitor and control any anomalies during fielding. Through effective communication, deep understanding, and meticulous project oversight, Conclave Research ensures you the best results from every research project.

Connect with us today…

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With multiple projects underway, it can be difficult to prioritize tasks, manage workloads and meet deadlines while staying within budget. Here at MDRG , we juggle an average of 15-20 fast-paced, custom qualitative and quantitative market research projects at any given time. That's why we have a project manager — the gate keeper of all our projects!

Deadlines missed, unorganized processes and not meeting profit margins: these are some of the risks you take when you don’t have a project manager. Quality research — and, therefore, happy clients — doesn’t happen by accident. They are a result of carefully planned projects committed to end-to-end quality control.

That’s why we’ve crafted three tips to consider for the optimal outcome when managing your team’s market research projects:

Plan, develop and scope research needs ahead of time. Like many industries, market research opportunities start in the proposal phase. By taking the time to properly prepare and plan, you set your team up for success should you (hopefully) win the work. This includes first gathering details on:

Research objectives and methodology
Target audience and sample plan
Timeframes and milestones
Nuanced logistics
Overall expectations

You also need to carefully consider which partners and/or platforms will help best in achieving your goals. Then, you can begin to estimate the overall budget. At MDRG, we estimate hard costs paid to external vendors and soft costs based on hourly estimates for specific tasks (i.e., questionnaire development, programming, analysis, etc.). Once you’ve properly scoped the project, you can sit back and relax until the work begins.

Track progress over the duration of a project and flag potential risks. Once a project begins, project managers should schedule an internal kick-off to set expectations and align with the team on overall deliverables, timing and budget that were scoped during the proposal phase. As the research progresses, a good project manager should frequently schedule check-ins and reviews with the team to ensure certain milestones are being met in a timely, cost-effective and quality manner. As such, part of this is identifying and flagging potential risks – and escalating problems when necessary. After all, collaboration is key to problem solving!

Bonus tip: As you problem solve, document any areas of opportunity that can be adopted as a formal process for efficiency moving forward.

Consider a project and/or time management tool that will work best for your needs. To our last couple points, using project and/or time management tools can help you achieve overall project success. Project management tools – such as Asana, Smartsheets or Hive (our personal favorite) to name a few – are a great resource for keeping track of even the smallest project details and deadlines. As mentioned, part of MDRG’s scoping process is to estimate internal hours and then track actual hours as projects progress. In order to do so, our team inputs weekly timesheets into Hive that the project manager can easily pull hours from to check against the budget. We suggest that you identify and compile a list of what’s important to your company. Then you can formally vet tools against the checklist so you can choose project/time management software that works best for your needs!

At MDRG, we’re dedicated to the quality of our work, and we hope that these tips can help to ensure that your next market research project is successful!

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How to do market research in 4 steps: a lean approach to marketing research

From pinpointing your target audience and assessing your competitive advantage, to ongoing product development and customer satisfaction efforts, market research is a practice your business can only benefit from.

Learn how to conduct quick and effective market research using a lean approach in this article full of strategies and practical examples.

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A comprehensive (and successful) business strategy is not complete without some form of market research—you can’t make informed and profitable business decisions without truly understanding your customer base and the current market trends that drive your business.

In this article, you’ll learn how to conduct quick, effective market research using an approach called 'lean market research'. It’s easier than you might think, and it can be done at any stage in a product’s lifecycle.

How to conduct lean market research in 4 steps

What is market research, why is market research so valuable, advantages of lean market research, 4 common market research methods, 5 common market research questions, market research faqs.

We’ll jump right into our 4-step approach to lean market research. To show you how it’s done in the real world, each step includes a practical example from Smallpdf , a Swiss company that used lean market research to reduce their tool’s error rate by 75% and boost their Net Promoter Score® (NPS) by 1%.

Research your market the lean way...

From on-page surveys to user interviews, Hotjar has the tools to help you scope out your market and get to know your customers—without breaking the bank.

The following four steps and practical examples will give you a solid market research plan for understanding who your users are and what they want from a company like yours.

1. Create simple user personas

A user persona is a semi-fictional character based on psychographic and demographic data from people who use websites and products similar to your own. Start by defining broad user categories, then elaborate on them later to further segment your customer base and determine your ideal customer profile .

How to get the data: use on-page or emailed surveys and interviews to understand your users and what drives them to your business.

How to do it right: whatever survey or interview questions you ask, they should answer the following questions about the customer:

Who are they?

What is their main goal?

What is their main barrier to achieving this goal?

Pitfalls to avoid:

Don’t ask too many questions! Keep it to five or less, otherwise you’ll inundate them and they’ll stop answering thoughtfully.

Don’t worry too much about typical demographic questions like age or background. Instead, focus on the role these people play (as it relates to your product) and their goals.

How Smallpdf did it: Smallpdf ran an on-page survey for a couple of weeks and received 1,000 replies. They learned that many of their users were administrative assistants, students, and teachers.

#One of the five survey questions Smallpdf asked their users

Next, they used the survey results to create simple user personas like this one for admins:

Who are they? Administrative Assistants.

What is their main goal? Creating Word documents from a scanned, hard-copy document or a PDF where the source file was lost.

What is their main barrier to achieving it? Converting a scanned PDF doc to a Word file.

💡Pro tip: Smallpdf used Hotjar Surveys to run their user persona survey. Our survey tool helped them avoid the pitfalls of guesswork and find out who their users really are, in their own words.

You can design a survey and start running it in minutes with our easy-to-use drag and drop builder. Customize your survey to fit your needs, from a sleek one-question pop-up survey to a fully branded questionnaire sent via email.

We've also created 40+ free survey templates that you can start collecting data with, including a user persona survey like the one Smallpdf used.

2. Conduct observational research

Observational research involves taking notes while watching someone use your product (or a similar product).

Overt vs. covert observation

Overt observation involves asking customers if they’ll let you watch them use your product. This method is often used for user testing and it provides a great opportunity for collecting live product or customer feedback .

Covert observation means studying users ‘in the wild’ without them knowing. This method works well if you sell a type of product that people use regularly, and it offers the purest observational data because people often behave differently when they know they’re being watched.

Tips to do it right:

Record an entry in your field notes, along with a timestamp, each time an action or event occurs.

Make note of the users' workflow, capturing the ‘what,’ ‘why,’ and ‘for whom’ of each action.

#Sample of field notes taken by Smallpdf

Don’t record identifiable video or audio data without consent. If recording people using your product is helpful for achieving your research goal, make sure all participants are informed and agree to the terms.

Don’t forget to explain why you’d like to observe them (for overt observation). People are more likely to cooperate if you tell them you want to improve the product.

💡Pro tip: while conducting field research out in the wild can wield rewarding results, you can also conduct observational research remotely. Hotjar Recordings is a tool that lets you capture anonymized user sessions of real people interacting with your website.

Observe how customers navigate your pages and products to gain an inside look into their user behavior . This method is great for conducting exploratory research with the purpose of identifying more specific issues to investigate further, like pain points along the customer journey and opportunities for optimizing conversion .

With Hotjar Recordings you can observe real people using your site without capturing their sensitive information

How Smallpdf did it: here’s how Smallpdf observed two different user personas both covertly and overtly.

Observing students (covert): Kristina Wagner, Principle Product Manager at Smallpdf, went to cafes and libraries at two local universities and waited until she saw students doing PDF-related activities. Then she watched and took notes from a distance. One thing that struck her was the difference between how students self-reported their activities vs. how they behaved (i.e, the self-reporting bias). Students, she found, spent hours talking, listening to music, or simply staring at a blank screen rather than working. When she did find students who were working, she recorded the task they were performing and the software they were using (if she recognized it).

Observing administrative assistants (overt): Kristina sent emails to admins explaining that she’d like to observe them at work, and she asked those who agreed to try to batch their PDF work for her observation day. While watching admins work, she learned that they frequently needed to scan documents into PDF-format and then convert those PDFs into Word docs. By observing the challenges admins faced, Smallpdf knew which products to target for improvement.

“Data is really good for discovery and validation, but there is a bit in the middle where you have to go and find the human.”

3. Conduct individual interviews

Interviews are one-on-one conversations with members of your target market. They allow you to dig deep and explore their concerns, which can lead to all sorts of revelations.

Listen more, talk less. Be curious.

Act like a journalist, not a salesperson. Rather than trying to talk your company up, ask people about their lives, their needs, their frustrations, and how a product like yours could help.

Ask "why?" so you can dig deeper. Get into the specifics and learn about their past behavior.

Record the conversation. Focus on the conversation and avoid relying solely on notes by recording the interview. There are plenty of services that will transcribe recorded conversations for a good price (including Hotjar!).

Avoid asking leading questions , which reveal bias on your part and pushes respondents to answer in a certain direction (e.g. “Have you taken advantage of the amazing new features we just released?).

Don't ask loaded questions , which sneak in an assumption which, if untrue, would make it impossible to answer honestly. For example, we can’t ask you, “What did you find most useful about this article?” without asking whether you found the article useful in the first place.

Be cautious when asking opinions about the future (or predictions of future behavior). Studies suggest that people aren’t very good at predicting their future behavior. This is due to several cognitive biases, from the misguided exceptionalism bias (we’re good at guessing what others will do, but we somehow think we’re different), to the optimism bias (which makes us see things with rose-colored glasses), to the ‘illusion of control’ (which makes us forget the role of randomness in future events).

How Smallpdf did it: Kristina explored her teacher user persona by speaking with university professors at a local graduate school. She learned that the school was mostly paperless and rarely used PDFs, so for the sake of time, she moved on to the admins.

A bit of a letdown? Sure. But this story highlights an important lesson: sometimes you follow a lead and come up short, so you have to make adjustments on the fly. Lean market research is about getting solid, actionable insights quickly so you can tweak things and see what works.

💡Pro tip: to save even more time, conduct remote interviews using an online user research service like Hotjar Engage , which automates the entire interview process, from recruitment and scheduling to hosting and recording.

You can interview your own customers or connect with people from our diverse pool of 200,000+ participants from 130+ countries and 25 industries. And no need to fret about taking meticulous notes—Engage will automatically transcribe the interview for you.

4. Analyze the data (without drowning in it)

The following techniques will help you wrap your head around the market data you collect without losing yourself in it. Remember, the point of lean market research is to find quick, actionable insights.

A flow model is a diagram that tracks the flow of information within a system. By creating a simple visual representation of how users interact with your product and each other, you can better assess their needs.

#Example of a flow model designed by Smallpdf

You’ll notice that admins are at the center of Smallpdf’s flow model, which represents the flow of PDF-related documents throughout a school. This flow model shows the challenges that admins face as they work to satisfy their own internal and external customers.

Affinity diagram

An affinity diagram is a way of sorting large amounts of data into groups to better understand the big picture. For example, if you ask your users about their profession, you’ll notice some general themes start to form, even though the individual responses differ. Depending on your needs, you could group them by profession, or more generally by industry.

We wrote a guide about how to analyze open-ended questions to help you sort through and categorize large volumes of response data. You can also do this by hand by clipping up survey responses or interview notes and grouping them (which is what Kristina does).

“For an interview, you will have somewhere between 30 and 60 notes, and those notes are usually direct phrases. And when you literally cut them up into separate pieces of paper and group them, they should make sense by themselves.”

Pro tip: if you’re conducting an online survey with Hotjar, keep your team in the loop by sharing survey responses automatically via our Slack and Microsoft Team integrations. Reading answers as they come in lets you digest the data in pieces and can help prepare you for identifying common themes when it comes time for analysis.

Hotjar lets you easily share survey responses with your team

Customer journey map

A customer journey map is a diagram that shows the way a typical prospect becomes a paying customer. It outlines their first interaction with your brand and every step in the sales cycle, from awareness to repurchase (and hopefully advocacy).

The above customer journey map , created by our team at Hotjar, shows many ways a customer might engage with our tool. Your map will be based on your own data and business model.

📚 Read more: if you’re new to customer journey maps, we wrote this step-by-step guide to creating your first customer journey map in 2 and 1/2 days with free templates you can download and start using immediately.

Next steps: from research to results

So, how do you turn market research insights into tangible business results? Let’s look at the actions Smallpdf took after conducting their lean market research: first they implemented changes, then measured the impact.

#Smallpdf used lean market research to dig below the surface, understand their clients, and build a better product and user experience

Implement changes

Based on what Smallpdf learned about the challenges that one key user segment (admins) face when trying to convert PDFs into Word files, they improved their ‘PDF to Word’ conversion tool.

We won’t go into the details here because it involves a lot of technical jargon, but they made the entire process simpler and more straightforward for users. Plus, they made it so that their system recognized when you drop a PDF file into their ‘Word to PDF’ converter instead of the ‘PDF to Word’ converter, so users wouldn’t have to redo the task when they made that mistake.

In other words: simple market segmentation for admins showed a business need that had to be accounted for, and customers are happier overall after Smallpdf implemented an informed change to their product.

Measure results

According to the Lean UX model, product and UX changes aren’t retained unless they achieve results.

Smallpdf’s changes produced:

A 75% reduction in error rate for the ‘PDF to Word’ converter

A 1% increase in NPS

Greater confidence in the team’s marketing efforts

"With all the changes said and done, we've cut our original error rate in four, which is huge. We increased our NPS by +1%, which isn't huge, but it means that of the users who received a file, they were still slightly happier than before, even if they didn't notice that anything special happened at all.”

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Market research (or marketing research) is any set of techniques used to gather information and better understand a company’s target market. This might include primary research on brand awareness and customer satisfaction or secondary market research on market size and competitive analysis. Businesses use this information to design better products, improve user experience, and craft a marketing strategy that attracts quality leads and improves conversion rates.

David Darmanin, one of Hotjar’s founders, launched two startups before Hotjar took off—but both companies crashed and burned. Each time, he and his team spent months trying to design an amazing new product and user experience, but they failed because they didn’t have a clear understanding of what the market demanded.

With Hotjar, they did things differently . Long story short, they conducted market research in the early stages to figure out what consumers really wanted, and the team made (and continues to make) constant improvements based on market and user research.

Without market research, it’s impossible to understand your users. Sure, you might have a general idea of who they are and what they need, but you have to dig deep if you want to win their loyalty.

Here’s why research matters:

Obsessing over your users is the only way to win. If you don’t care deeply about them, you’ll lose potential customers to someone who does.

Analytics gives you the ‘what’, while research gives you the ‘why’. Big data, user analytics , and dashboards can tell you what people do at scale, but only research can tell you what they’re thinking and why they do what they do. For example, analytics can tell you that customers leave when they reach your pricing page, but only research can explain why.

Research beats assumptions, trends, and so-called best practices. Have you ever watched your colleagues rally behind a terrible decision? Bad ideas are often the result of guesswork, emotional reasoning, death by best practices , and defaulting to the Highest Paid Person’s Opinion (HiPPO). By listening to your users and focusing on their customer experience , you’re less likely to get pulled in the wrong direction.

Research keeps you from planning in a vacuum. Your team might be amazing, but you and your colleagues simply can’t experience your product the way your customers do. Customers might use your product in a way that surprises you, and product features that seem obvious to you might confuse them. Over-planning and refusing to test your assumptions is a waste of time, money, and effort because you’ll likely need to make changes once your untested business plan gets put into practice.

Lean User Experience (UX) design is a model for continuous improvement that relies on quick, efficient research to understand customer needs and test new product features.

Lean market research can help you become more...

Efficient: it gets you closer to your customers, faster.

Cost-effective: no need to hire an expensive marketing firm to get things started.

Competitive: quick, powerful insights can place your products on the cutting edge.

As a small business or sole proprietor, conducting lean market research is an attractive option when investing in a full-blown research project might seem out of scope or budget.

There are lots of different ways you could conduct market research and collect customer data, but you don’t have to limit yourself to just one research method. Four common types of market research techniques include surveys, interviews, focus groups, and customer observation.

Which method you use may vary based on your business type: ecommerce business owners have different goals from SaaS businesses, so it’s typically prudent to mix and match these methods based on your particular goals and what you need to know.

1. Surveys: the most commonly used

Surveys are a form of qualitative research that ask respondents a short series of open- or closed-ended questions, which can be delivered as an on-screen questionnaire or via email. When we asked 2,000 Customer Experience (CX) professionals about their company’s approach to research , surveys proved to be the most commonly used market research technique.

What makes online surveys so popular?

They’re easy and inexpensive to conduct, and you can do a lot of data collection quickly. Plus, the data is pretty straightforward to analyze, even when you have to analyze open-ended questions whose answers might initially appear difficult to categorize.

We've built a number of survey templates ready and waiting for you. Grab a template and share with your customers in just a few clicks.

💡 Pro tip: you can also get started with Hotjar AI for Surveys to create a survey in mere seconds . Just enter your market research goal and watch as the AI generates a survey and populates it with relevant questions.

Once you’re ready for data analysis, the AI will prepare an automated research report that succinctly summarizes key findings, quotes, and suggested next steps.

An example research report generated by Hotjar AI for Surveys

2. Interviews: the most insightful

Interviews are one-on-one conversations with members of your target market. Nothing beats a face-to-face interview for diving deep (and reading non-verbal cues), but if an in-person meeting isn’t possible, video conferencing is a solid second choice.

Regardless of how you conduct it, any type of in-depth interview will produce big benefits in understanding your target customers.

What makes interviews so insightful?

By speaking directly with an ideal customer, you’ll gain greater empathy for their experience , and you can follow insightful threads that can produce plenty of 'Aha!' moments.

3. Focus groups: the most unreliable

Focus groups bring together a carefully selected group of people who fit a company’s target market. A trained moderator leads a conversation surrounding the product, user experience, or marketing message to gain deeper insights.

What makes focus groups so unreliable?

If you’re new to market research, we wouldn’t recommend starting with focus groups. Doing it right is expensive , and if you cut corners, your research could fall victim to all kinds of errors. Dominance bias (when a forceful participant influences the group) and moderator style bias (when different moderator personalities bring about different results in the same study) are two of the many ways your focus group data could get skewed.

4. Observation: the most powerful

During a customer observation session, someone from the company takes notes while they watch an ideal user engage with their product (or a similar product from a competitor).

What makes observation so clever and powerful?

‘Fly-on-the-wall’ observation is a great alternative to focus groups. It’s not only less expensive, but you’ll see people interact with your product in a natural setting without influencing each other. The only downside is that you can’t get inside their heads, so observation still isn't a recommended replacement for customer surveys and interviews.

The following questions will help you get to know your users on a deeper level when you interview them. They’re general questions, of course, so don’t be afraid to make them your own.

1. Who are you and what do you do?

How you ask this question, and what you want to know, will vary depending on your business model (e.g. business-to-business marketing is usually more focused on someone’s profession than business-to-consumer marketing).

It’s a great question to start with, and it’ll help you understand what’s relevant about your user demographics (age, race, gender, profession, education, etc.), but it’s not the be-all-end-all of market research. The more specific questions come later.

2. What does your day look like?

This question helps you understand your users’ day-to-day life and the challenges they face. It will help you gain empathy for them, and you may stumble across something relevant to their buying habits.

3. Do you ever purchase [product/service type]?

This is a ‘yes or no’ question. A ‘yes’ will lead you to the next question.

4. What problem were you trying to solve or what goal were you trying to achieve?

This question strikes to the core of what someone’s trying to accomplish and why they might be willing to pay for your solution.

5. Take me back to the day when you first decided you needed to solve this kind of problem or achieve this goal.

This is the golden question, and it comes from Adele Revella, Founder and CEO of Buyer Persona Institute . It helps you get in the heads of your users and figure out what they were thinking the day they decided to spend money to solve a problem.

If you take your time with this question, digging deeper where it makes sense, you should be able to answer all the relevant information you need to understand their perspective.

“The only scripted question I want you to ask them is this one: take me back to the day when you first decided that you needed to solve this kind of problem or achieve this kind of a goal. Not to buy my product, that’s not the day. We want to go back to the day that when you thought it was urgent and compelling to go spend money to solve a particular problem or achieve a goal. Just tell me what happened.”

— Adele Revella , Founder/CEO at Buyer Persona Institute

Bonus question: is there anything else you’d like to tell me?

This question isn’t just a nice way to wrap it up—it might just give participants the opportunity they need to tell you something you really need to know.

That’s why Sarah Doody, author of UX Notebook , adds it to the end of her written surveys.

“I always have a last question, which is just open-ended: “Is there anything else you would like to tell me?” And sometimes, that’s where you get four paragraphs of amazing content that you would never have gotten if it was just a Net Promoter Score [survey] or something like that.”

What is the difference between qualitative and quantitative research?

Qualitative research asks questions that can’t be reduced to a number, such as, “What is your job title?” or “What did you like most about your customer service experience?”

Quantitative research asks questions that can be answered with a numeric value, such as, “What is your annual salary?” or “How was your customer service experience on a scale of 1-5?”

→ Read more about the differences between qualitative and quantitative user research .

How do I do my own market research?

You can do your own quick and effective market research by

Surveying your customers

Building user personas

Studying your users through interviews and observation

Wrapping your head around your data with tools like flow models, affinity diagrams, and customer journey maps

What is the difference between market research and user research?

Market research takes a broad look at potential customers—what problems they’re trying to solve, their buying experience, and overall demand. User research, on the other hand, is more narrowly focused on the use (and usability ) of specific products.

What are the main criticisms of market research?

Many marketing professionals are critical of market research because it can be expensive and time-consuming. It’s often easier to convince your CEO or CMO to let you do lean market research rather than something more extensive because you can do it yourself. It also gives you quick answers so you can stay ahead of the competition.

Do I need a market research firm to get reliable data?

Absolutely not! In fact, we recommend that you start small and do it yourself in the beginning. By following a lean market research strategy, you can uncover some solid insights about your clients. Then you can make changes, test them out, and see whether the results are positive. This is an excellent strategy for making quick changes and remaining competitive.

Net Promoter, Net Promoter System, Net Promoter Score, NPS, and the NPS-related emoticons are registered trademarks of Bain & Company, Inc., Fred Reichheld, and Satmetrix Systems, Inc.

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Time Saving Strategies for Market Research Project Management

As the demands of market research become more intense, you may find yourself struggling to balance your workload and meet tight deadlines. But the good news is, you're not alone. Many professionals just like you are facing similar challenges, and luckily, we can all benefit from each other’s success.

Gone are the days when the crunch was just a quarterly event. In today's industry, it can strike at any moment. We’ve compiled tips and tricks from industry experts to help you move forward with confidence and succeed in the ever-evolving market research landscape.

We all have big dreams and ambitious projects, but it's not always easy to take the steps needed to make them a reality. By embracing strategies for asking the right questions, tips for finding valuable industry partners , and techniques for maximizing your time, you'll be able to thrive in the market research crunch and achieve your goals with ease.

SETTING A STRONG FOUNDATION: 5 QUESTIONS TO ASK

When time is short, you really want to know how to ask the right questions to get the right answers. These questions serve as the foundation for your project, helping to clarify scope, timeline, goals, objectives, and potential challenges. Here are some questions to consider:

QUESTION 1: Are all parties involved confident in meeting the deadline?

PRO TIP: Be realistic about the deadline and work towards meeting expectations. Delivering on time is essential for both you and your clients. As “yes people,” we care about our clients, and want to deliver for them, but having expectations and meeting those expectations are equally important.

QUESTION 2: Will all materials be ready on schedule?

PRO TIP: Clear communication is key to avoiding delays and ensuring respect for all parties involved. Be sure to have open and honest dialogue throughout the project to understand how changes may impact the overall project.

Flexibility is key when changes occur, but make sure to communicate with the right people. Encourage everyone to understand the impact of delays and maintain clear communication throughout the project.

QUESTION 3: What can be adjusted or changed to meet the deadline?

PRO TIP: As a problem-solving industry, we excel at delivering projects under pressure. Our expertise in executing projects during crunch time involves riding the ups and downs of tight deadlines. We often face intense pressure as we come up with solutions, but also celebrate wins and project completion. Being flexible and able to adjust is key in an industry that can change rapidly.

QUESTION 4: What strategies have proven successful in the past?

PRO TIP: Invest in your network and never be afraid to ask for help. Your network should be diverse and bring a variety of experiences and perspectives to the table.

QUESTION 5: Who has helped on previous projects and how can they assist in the present?

PRO TIP: Create an internal system to document past projects and experiences. This will allow you to build on previous successes and make the most of the expertise and resources available to you.

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Partners in progress: choosing valuable partners and industry experts.

When you're working with tight deadlines, it’s important to choose valuable partners and experts who bring key elements to the table. To ensure a successful collaboration, teamwork is key – just like in a relay race where each contributor must complete their part for the team to cross the finish line.

TRUST AND RESPECT

The first and most important consideration is trust and respect. You want to work with a vendor who treats you, your colleagues, and their teams with respect, just as you would expect to be treated. It's also essential to ensure that the partner you choose can be trusted with confidential information , whether it's about new marketing plans, a new product launch, updates to an app, or dealing with customer or respondent information. Building trust from the moment you meet someone is crucial, and it starts with a positive attitude and an open mind.

STRENGTHS AND WEAKNESSES

When evaluating potential partners, it's important to consider their ability to offset weaknesses with strengths. Knowing your own strengths and weaknesses is vital, but it's equally important to find a partner who can fill in the gaps in your expertise. This will result in a stronger team that can tackle any challenges together. The ideal partner should find joy in doing things you don't enjoy, as everyone brings unique strengths to the table.

PRO TIP: Instead of looking for just a vendor, aim to find a "partner in success." This type of relationship is one where both parties have a shared goal and work together to achieve it. Your partner should be someone you feel comfortable working with, who adapts to changing circumstances, and who is always looking for solutions and cheering you on to the finish line.

Think of your partnership as an orchestra , where each person brings their own musical talents to the ensemble. When these talents are combined, they create beautiful music that is greater than the sum of its parts. By finding a partner who complements your skills and strengths, you can achieve more success than you would on your own.

COMPATIBILITY

Another crucial consideration is compatibility. You'll be spending a lot of time working with this partner, so it's essential to ensure that you have compatible work styles, goals, and desired outcomes. It's also important to identify any values or issues that could hinder your collaboration. Compatibility is key , and it's important to remember that you're asking for help and that your partner is there to support you in reaching your goals.

PRO TIP: Partnering with the right people can make all the difference in achieving success. Priscilla McKinney , a renowned business and marketing leader, emphasizes the importance of building a network that works for you. According to her, the key to successful sales is not to directly sell to your network, but to sell through it. This approach not only allows for the cultivation of strong, mutually beneficial relationships, but also opens new avenues for growth and opportunities. By leveraging the resources and connections of your network, you can be led to unexpected sources of help and new pieces of the puzzle that will ultimately bring you closer to your goals.

COMMON GOAL

It's essential to ensure that everyone involved has their eyes on the same prize. Everyone involved should have something to gain and something to lose, and it's crucial to ensure that the end goal is clear and aligned. Having a common goal is crucial for a successful collaboration, and it's important to work with partners who share your vision and are committed to reaching the same destination.

PRO TIP: Words matter. Choosing the right words can have a significant impact on your business relationships. Instead of searching for vendors, consider seeking out partners. A true partner should be someone you can rely on, who makes the collaboration process effortless, adaptable, solution-oriented, and shares the same objectives as you. Find someone who not only asks the right questions, but also cheers you on as you work towards a common goal.

PROVEN TIME-SAVING STRATEGIES FOR BUSY INSIGHTS PROFESSIONALS

Staying productive and efficient can be a challenge, especially in a fast-paced industry. To help you stay on track, we’ve compiled some of our favorite time-saving strategies that have proven to be effective. Whether you’re a seasoned fieldworker or just starting out, these tips are sure to help you get the most out of your day.

EISENHOWER BOX

Our first strategy is the Eisenhower Box. This method helps you prioritize tasks by categorizing them into four quadrants: urgent and important, important but not urgent, urgent but not important, and not urgent or important. By using this framework, you can focus on tasks that are integral to the success of your projects and avoid wasting time on tasks that are less important.

THE IVY LEE METHOD

The Ivy Lee Method is a simple yet effective way to manage your to-do list. All you need to do is establish six priorities or tasks for the next day and write them down before you leave work. When you arrive the next day, start checking off tasks in the order that you wrote them down. This method helps you prioritize tasks and ensures that you make progress on your most important goals each day.

PROJECT MANAGEMENT SYSTEMS

There are numerous options available for project management systems, and finding the right one can be a challenge. If you haven't yet tried a cloud-based project management system, we suggest giving it a go. Popular choices include Asana , Trello , and Basecamp . These systems offer a single platform for team members to input data, work together, and monitor progress. Additionally, they provide the flexibility to quickly reorganize tasks and objectives as required.

PROPER DELEGATION

Delegation can be a powerful tool for maximizing your productivity, but many people struggle with it. According to a study of 332 companies, nearly half of them reported concerns about delegation practices. If you’re one of these people, don’t worry, you’re not alone. The key to successful delegation is choosing the right partner, letting go of responsibility, and having patience. When you delegate tasks to someone you trust, you’ll be able to get more done in less time and reach the finish line sooner.

TAKE A BREAK

It's important to take breaks while working, not only to re-stimulate the brain but also to recharge the body. We all know the importance of keeping our phones charged, but what about taking a break for ourselves? Taking regular breaks is crucial for overall wellbeing, productivity and creativity. It can be as simple as plugging in your phone, but sometimes it's hard to prioritize yourself.

Here are a few techniques to help you take a break and make the most of it:

POMODORO TECHNIQUE

The Pomodoro Technique is a popular time management technique that can help you be more productive and take regular breaks. The technique requires setting a timer for 25 minutes of focused work, followed by a 5-minute break. If 25 minutes seems like too much, start with a shorter time, such as 2-3 minutes, and gradually increase it. The goal is to build momentum and motivate yourself to keep working.

WORKSTATION POPCORN

Change of scenery can also be an effective way to take a break and recharge your brain. The idea behind "Workstation Popcorn" is to break down your tasks into smaller sections and complete each section in a different location. This can be a cafe, a park, a coffee shop, or even different rooms in your home. The goal is to have a clear stopping and starting point for each location, which can help you be more productive and also provide you with a fresh perspective.

FINAL THOUGHTS: NAVIGATING TIGHT DEADLINES WITH EASE

And with that, we have reached the end of our journey to success! We've explored the essential questions to ask to set your project up for success, charted a roadmap for finding valuable partners, uncovered time-saving strategies to help you keep pace, and reminded you of the importance of taking a well-deserved break.

Let's be real, tight deadlines aren't going anywhere, but we hope that the tips and tricks shared in this blog will help you tackle them with ease and enable you to deliver quality results every time.

And, in case you're feeling inspired to go further, try out the strategies and techniques for yourself and see the positive impact it can have on your projects. Don't forget to download our complete guide for a reference on your path to success!

Try Qualtrics for free

Market research templates: what they are and how to use them.

18 min read Interested in market research but need some templates to start with? In this guide, we unpack market research, survey planning best practice and share some of our best templates for brand, customer, product and employee research.

What is a market research template?

While you’re no doubt familiar with the concept of market research and how it can help you to reach your target audiences and improve your product or service , the real challenge is designing a market research plan that is conducive to excellent results.

All of this starts with the right market research template(s) to help you analyze specific target audiences, collect the right data and uncover insights that can drive actionable change.

In this article, we’re going to:

talk about market research and its use cases,
provide you with a standard template that allows you to plan your research,
and share several other templates to help you with specific types of market research

You can also check out our free template library.

But first, let’s revisit market research.

What is market research?

Market research is the process of determining the viability of a new service or product through surveys and questionnaires with prospects and/or customers. It involves gathering information about market needs and prospect/customer preferences .

Through market research, you can discover and/or refine your target market, get opinions and feedback on what you provide to them and uncover further prospect/customer pain points and expectations of your service or product .

Market research can be conducted in-house, either by you and your research team, or through a third-party company that specializes in it (they will typically have their own research panels or be capable of creating a research panel to suit your requirements).

The four common types of market research

There are lots of different ways to conduct market research to collect customer data and feedback , test product concepts , and do brand research, but the four most common are:

The most commonly used form of market research, surveys are a form of qualitative research that asks respondents a series of open or closed-ended questions , delivered either as an on-screen questionnaire or email.

Surveys are incredibly popular because they’re cheap, easy to produce, and can capture data very quickly, leading to faster insights.

2) Focus groups

Why not bring together a carefully selected group of people in your target market using focus groups? Though more expensive and complex than surveys and interviews, focus groups can offer deeper insight into prospect and customer behavior – from how users experience your products and services to what marketing messages really resonate with them.

Of course, as a market research method that’s reliant on a moderator to steer conversation, it can be subject to bias (as different moderators might have preferred questions or be more forceful) and if you cut corners (not asking all the necessary questions or making assumptions based on responses), the data could get skewed.

3) Observation

As if you were a fly-on-the-wall, the observation market research method can be incredibly powerful. Rather than interviewing or surveying users, you simply take notes while someone from your target market/target audience engages with your product . How are they using it? What are they struggling with? Do they look as though they have concerns?

Observing your target audience/target market in this fashion is a great alternative to the other more traditional methods on this list. It’s less expensive and far more natural as it isn’t guided by a moderator or a predefined set of questions. The only issue is that you can’t get feedback directly from the mouth of the user, so it’s worth combining this type of research with interviews, surveys, and/or focus groups.

4) Interviews

Interviews allow for face-to-face discussions (both in-person and virtually), allowing for more natural conversations with participants.

For gleaning deeper insights (especially with non-verbal cues giving greater weight to opinions), there’s nothing better than face-to-face interviews. Any kind of interview will provide excellent information, helping you to better understand your prospects and target audience/target market.

Use cases for market research

When you want to understand your prospects and/or customers, but have no existing data to set a benchmark – or want to improve your products and services quickly – market research is often the go-to.

Market research (as mentioned above), helps you to discover how prospects and customers feel about your products and services, as well as what they would like to see .

But there are more use cases and benefits to market research than the above.

Reduce risk of product and business failure

With any new venture, there’s no guarantee that the new idea will be successful. As such, it’s up to you to establish the market’s appetite for your product or service. The easiest way to do this is through market research – you can understand the challenges prospects face and quickly identify where you can help. With the data from your market survey, you can then create a solution that addresses the needs and expectations of would-be customers.

Forecast future trends

Market research doesn’t just help you to understand the current market – it also helps you to forecast future needs. As you conduct your research and analyze the findings, you can identify trends – for example, how brands and businesses are adopting new technology to improve customer experiences or how sustainability is becoming a core focus for packaging. Whatever it is you’re looking to understand about the future of business in your market, comprehensive market research can help you to identify it.

Stay ahead of the competition

Understanding your market and what prospects and customers want from you will help to keep you ahead of the competition . The fact is that the top businesses frequently invest in market research to get an edge, and those that don’t tap into the insights of their audience are missing low-hanging fruit.

As well as helping you to stay in front, you can also use market research to identify gaps in the market, e.g. your competitors’ strengths and weaknesses . Just have participants answer questions about competitor products/services – or even use the products/services – and work out how you can refine your offerings to address these issues.

Plan more strategically

What’s the foundation of your business strategy? If it’s based on evidence, e.g. what people expect of your products and services, it’ll be much easier to deliver something that works. Rather than making assumptions about what you should do, market research gives you a clear, concrete understanding of what people want to see.

Check out our guide to market research for a more comprehensive breakdown.

How do you write a market research plan/template?

A market research plan is very similar to a brief in that it documents the most vital information and steps about your project. Consider it a blueprint that outlines your main objective (summary), key questions and outcomes, target audience and size, your timeline, budget, and other key variables.

Let’s talk about them in more detail.

Elements of a great market research plan

1) overview or summary.

Use the first section of your market research plan to outline the background to the problem that you are attempting to solve (this is usually your problem statement or problem question). Include background information on the study’s purpose and the business to provide context to those who would read the report, as well as the need for the research. Keep the overview simple and concise; focus on the most salient elements.

2) Objectives

What is it that you hope to achieve with this survey? Your objectives are the most important part of the survey. Make sure to list 3-5 of the decisions or initiatives that the research will influence.

For example:

Understand the most-used channels for customer engagement and purchasing to decide where to prioritize marketing and sales budget in Q1 2022. Determine what’s causing customer churn at the later stages of the buyer journey and implement a new retention and sales strategy to address it.

Your objectives should be smart, that is: Specific, Measurable, Attainable, Relevant, and Timely.

3) Deliverables (or outcomes)

This section should focus on what you expect to have at the end of the project. How many responses are you looking for? How will the data be presented? Who will the data be shared with? (Stakeholders, executives) What are your next steps? Make sure you state how you will collect and analyze the data once it’s available.

Products such as Qualtrics CoreXM make this process fast and incredibly easy to do, drastically reducing the time to insights so you can make more meaningful changes, faster.

4) Target audience

Not to be confused with your market research sample, your target audience represents who you want to research. Of course, your sample may include ideal buyers from your target audience. Here you want to define the main variables or factors of your audience: demographic , age, location , product interaction, experience, and so on. It’s worth building out your buyer personas (if you haven’t already) and including a quick breakdown of them here.

5) Sample plan

How many participants do you want to research and what kind of groups do you want to reach? Depending on these two variables, you may have to use qualitative, quantitative , or multi-method approaches.

6) Research methods

What methods will you use in your market research project? The insights (and the granularity of those insights) will depend on the methods and tools you choose. For example, and as mentioned earlier, surveys are often the go-to for many organizations as they’re affordable and straightforward, but if you want to get more personal views from your respondents, one-to-one interviews might be more applicable. You might even want to take a hands-off approach and simply observe participants as they use your products, or try a combination of research methods. Make sure to outline what methods you will use as part of your research plan.

7) Timeline

How long will your research project run? It’s worth putting together a Gantt chart to highlight key milestones in the project, along with dependencies, and to break down tasks as much as possible. Schedule in contingency time in case some tasks or research runs over – or you need more responses.

Set a budget for the overall program and list it in your plan. Though this might be the most difficult aspect of any research plan, it helps you to be more strategic about tasks and hold people accountable at each stage of the process. If costs go over, that’s good to know for future market research. If costs are lower than anticipated, you then have the opportunity to do further research or prop up other areas of the study.

9) Ethical concerns or conflicts of interest

One of the most important parts of your market research plan, you should highlight any ethical concerns. To begin with, it’s your duty to state whether or not responses will be kept confidential and anonymous as part of the study. It’s also important to allow participants to remain anonymous and ensure you protect their privacy at all times.

Another issue to consider is stereotyping. Any analysis of real populations needs to make approximations and place individuals into groups, but if conducted irresponsibly, stereotyping can lead to undesirable results.

Lastly, conflicts of interest – it may be that researchers have interests in the outcome of the project that lead to a personal advantage that might compromise the integrity of your market research project. You should clearly state in your market research report that any potential conflicts of interest are highlighted and addressed before continuing.

But I want a faster solution!

Well, there’s a quicker and far easier way to do all of the above and get the data you need – just use a market research survey template. In our next section, we’re going to share a whole list of templates that you can use.

Free market research survey templates

No matter what kind of research you want to conduct, we have templates that will remove the complexity of the task and empower you to get more from your data. Below we’ve compiled a list of templates for four key experience areas: Brand , Customer , Employee , and Product .

All of our research templates are free. All you need to do is sign up for a free Qualtrics account to access them.

Brand experience market research templates:

Logo testing : Collect feedback to help you evaluate and iterate on your logo designs and concepts
Brand awareness : Track the level of brand awareness in your target market, including current and potential future customers
Ad testing : Evaluate your consumers’ reaction to an advertisement so you know which campaigns to deploy before you invest
A/B testing : Quickly and easily compare to versions or options in a study, whether it’s a design, headline, color palette or a mock-up of your latest ad campaign

Customer experience market research templates

Student satisfaction : Gather feedback on how your institution is delivering on the student experience
Net promoter score (NPS) : Measure customer loyalty and understand how they feel about your product or service using one of the world’s best-recognized metrics
Customer satisfaction : Evaluate how satisfied your customers are with your company, including the products and services you provide, and how they are treated when they buy from you
Customer service : Gain insights into the contact center experience, so you can achieve and maintain optimum levels of customer experience (CX) performance
Event feedback : Measure the effectiveness of your events and how well they meet attendee expectations so that you can continuously improve your offering
IT help desk : Understand how satisfied your employees and customers are with your IT help desk experience
Website suggestion box : Collect visitor feedback on how your website can be improved
Website satisfaction : Find out how satisfied visitors are with your website’s design, usability, and performance
Store purchase feedback : Capture customer experience data at the point of purchase to help you improve the in-store experience
Online purchase feedback : Find out how well your online shopping experience performs against customer needs and expectations

Employee experience market research templates

Employee satisfaction : Get an overview of your current employee experience
Manager feedback : Improve your skills as a leader with valuable feedback from your team
Employee engagement : Find out how employees find the current experience at your workplace with this entry-level engagement survey
Employee exit interview : Understand why your employees are leaving and how they’ll speak about your company once they’re gone with this survey template
Employee onboarding : Improve your onboarding program by understanding what’s working and what’s not
Team event planning : Collect inputs from employees to plan a team event that works for everyone
Meeting feedback : Check-in with team members after a meeting to see how well your company is running and what improvements can be made
Interview feedback : Improve your candidate experience by gathering actionable insights about the interview process
Employee suggestion box : Gather anonymous data to help address concerns and improve the employee experience in your organization
Candidate experience : Improve your candidate experience to increase brand perception, offer acceptance rates, and hiring process efficiency with this single-touchpoint survey template
Employee suggestion action : Take employee feedback a step further by working with your staff to quantify solutions based on their experience data

Product experience market research templates

Product research : Evaluate your consumers’ reaction to a new product or product feature across every stage of the product development journey
Pricing : Understand how to set the exact price point for your product or service, according to your target consumers
Feature prioritization : Compare and contrast product features using conjoint analysis to find the optimal mix for your customers
Product package testing : Collect feedback on your product packaging to see how well it meets the needs and expectations of your customers

Armed with the right market research templates, getting the information you need across brand, product, customer and employee disciplines — as well as beyond — is significantly easier.

But if you want help putting together complex market research and scaling your in-house research team to get agile insights, check out our guide to building an agile research function.

Insights are more important than ever, especially during times of change, but building a great team takes a lot of time and money.

In our eBook, we’ll explain how you can:

Scale your research team
Build a smart partner strategy
Ensure you have the right technology for market research and data analysis

Tackle your market research with our agile market research eBook

Related resources

Market intelligence 10 min read, marketing insights 11 min read, ethnographic research 11 min read, qualitative vs quantitative research 13 min read, qualitative research questions 11 min read, qualitative research design 12 min read, primary vs secondary research 14 min read, request demo.

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What is the role of Project Management in Market Research?

Role of Project Management in Market Research

Market research is an integral part of every successful business strategy. It provides valuable insights into customer behavior , preferences, and market trends, enabling companies to make informed decisions and stay ahead of the competition. However, conducting effective market research requires careful planning, organization, and execution. This is where project management plays a crucial role.

Defining Project Management in Market Research:

Project management in market research involves the application of specific methodologies, tools, and techniques to plan, execute, and control the entire research process. It ensures that research objectives are met within the allocated budget and timeline while maintaining the highest level of quality and accuracy in data collection and analysis .

The Key Components of Project Management in Market Research:

Clear Objectives: Project management starts with clearly defining research objectives. Understanding what information the research seeks to uncover is essential for creating a focused and efficient research plan.
Resource Allocation: A project manager identifies the necessary resources, including human resources, technology, and budget, required to execute the research project successfully.
Timeline and Milestones: Project management sets realistic timelines and establishes milestones to measure progress. This allows researchers to stay on track and meet deadlines effectively.
Survey Design and Programming: Crafting well-designed surveys is critical for accurate data collection. Project management ensures that surveys are structured logically and programmed correctly for seamless data gathering.
Participant Recruitment: Efficient project management includes planning and implementing strategies to recruit the right participants for the research study. This ensures the collected data represents the target audience accurately.
Data Collection and Quality Control: The project manager oversees data collection methods, ensuring data quality, consistency, and reliability. They implement quality control measures to identify and address any issues that may arise during the research process.
Data Analysis and Interpretation: Project management ensures that data analysis techniques are chosen based on research objectives and that the findings are accurately interpreted to provide actionable insights.
Reporting and Communication: The project manager is responsible for presenting research findings to stakeholders effectively. Clear and concise reporting helps decision-makers understand the implications of the research results.

Benefits of Project Management in Market Research:

Efficiency: Proper project management streamlines the research process, avoiding delays and unnecessary costs.
Quality Assurance: Project management ensures that research is conducted to the highest quality standards, minimizing errors and biases.
Risk Management: Identifying potential risks and creating mitigation plans minimizes disruptions to the research project.
Resource Optimization: Efficient resource allocation ensures that resources are utilized effectively, preventing wastage.
Adaptability: Project management allows for flexibility in handling unforeseen challenges or changes in research requirements.

Conclusion:

Project management is an indispensable aspect of successful market research. It acts as the backbone of the entire research process, ensuring clarity of objectives, efficient execution, and the delivery of actionable insights. By harnessing the power of project management, businesses can make well-informed decisions that drive growth and prosperity in today’s competitive landscape.

Guide to Market Research - PMBOK Seventh Edition

What is Market Research?: Market Research is an essential aspect of procurement planning in project management. In PMBOK's context, it involves gathering information about products and services to make informed project decisions. Why is it Important?: Market Research is crucial because it helps project managers identify, analyze, and compare potential vendors or suppliers. It also enables you to determine the availability, cost, quality of goods or services, and delivery timelines. How it Works?: Market Research works by gathering information through vendor catalogs, online searches, industry surveys, commercial databases, etc., and analyzing the collected data to assess market capabilities. Exam Tips - Answering Questions on Market Research: 1. Understand the concept: Ensure you have a clear understanding of what market research is and its role in procurement planning. 2. Application-oriented: Most exam questions will require you to apply your knowledge rather than just recalling it. 3. Link with procurement: Understand how market research relates to other procurement processes. 4. Real-world examples: Relate the concept to real-world scenarios as the PMP exam focuses more on practical application.

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Market Research practice test

Market research is the process of gathering and analyzing information about potential suppliers, products, and services in the marketplace. This information is essential for understanding the market dynamics, recognizing opportunities, and identifying potential suppliers. In procurement planning, market research helps project managers make informed decisions on which suppliers to engage, the level of competition, and price sensitivity. A thorough market analysis allows for identifying trends, exploring new technologies, and assessing supplier capabilities. By conducting market research, project managers can minimize risks, reduce costs, and establish a strong supply chain for the project.

Time: 5 minutes Questions: 5

Practice more Market Research questions

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Project Management Strategies for Research Team Members

Webinar series on the principles of project management

For more information:

Understand the foundational principles of project management.
Explore how project management principles and strategies can influence your work with colleagues and stakeholders on various projects.

Managing projects is a detailed and systematic process. Yet, the applications of this process vary across disciplines and teams. This webinar series will introduce how to troubleshoot, forecast, and problem solve using project management in various contexts while considering how these elements impact the work of teams. Each of the four independent sessions will be led by David Vincenti, PMP, a certified project management professional. This series will identify the principles of project management and how to apply templates and skills to your work and experiences in team settings. The last session will feature a panel of guest speakers who utilize successful project management strategies in their respective roles and professions. Those without official training in this area will gain skills and confidence in project management during this series.

Boundary-Crossing Skills for Research Careers

This session explores approaches to developing a broad range of competencies integral to establishing and maintaining a successful research career. The series delves into the following competencies: team science, mentorship, project management, communication, leadership, and funding research. For more information and to access other resources and webinars in the series, please visit Boundary-Crossing Skills for Research Careers.

Meet the Presenter

Vincenti has presented to academic and professional audiences on project management, professional development, and other topics, and has been recognized for his work with career planning for early-career technical professionals. He holds degrees in materials engineering and technology management from Stevens Institute of Technology.

Meet the Panelists

Sarita Patil, MD: Assistant Professor of Medicine, Harvard Medical School and Assistant Physician, Massachusetts General Hospital

Jane Shim, BA : Clinical Research Coordinator, Food Allergy Center, Massachusetts General Hospital

Neal Smith, MSc : Senior Computational Biologist, Center for Immunology and Inflammatory Diseases, Massachusetts General Hospital

Yamini Virkud, MD, MA, MPH : Pediatric Allergist/Immunologist and Assistant Professor, University of North Carolina at Chapel Hill

Session dates

Session 1: Defining the Work November 1, 2022 | 12:00pm ET This session introduces basic project management principles. You will learn the definition of a project, how to manage project scope, and how to draft the baseline of a project while considering how projects can be connected.

Session 2: Creating the Plan November 3, 2022 | 12:00pm ET In this session, you will learn to apply project planning terms and understand how to break a project into manageable parts, sequence tasks, and manage time while considering how these components affect your work and the work of your team members.

Session 3: Finalizing the Plan November 8, 2022 | 12:00pm ET In this session, you will explore project management principles further by calculating risks, managing a process, reviewing a project plan, and forecasting the execution and completion of a project while considering how these elements impact your work and the work of your team members.

Session 4: Panel Discussion November 10, 2022 | 12:00pm ET This culminating session features a panel discussion with four successful project management practitioners. The panelists will share their experiences in their respective roles and professions, and discuss how they engage in project management work within team settings.

Time commitment

50-minute sessions on Zoom

This series is designed for team members in the clinical and translational (c/t ) workforce who are familiar with project management but have no formal training. Attendees are welcome to attend on their own or with their team members.

We believe that the research community is strengthened by understanding how a number of factors including gender identity, sexual orientation, race and ethnicity, socioeconomic status, culture, religion, national origin, language, disability, and age shape the environment in which we live and work, affect each of our personal identities, and impacts all areas of human health.

Eligibility

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Project Management Knowledge

Simply explained by a PMI-certified Project Manager

Market Research

Market research is another tool used in project management. It is the process of gathering information from different sources like online reviews and conferences to identify the market trend and market capabilities. It is a continuous process of collecting and analyzing information about the market, products , customers , as well as competitors in order to determine which steps can lead to the success of the organization.

The benefit of market research is that it refines the procurement objectives of the project management team to leverage the mature technologies, processes and organizations. It also balances the risks that are associated with the vendors who provide the services or materials needed for the project. Market research is the duty of the project manager . It is important as it helps improve the revenue of the organization as well as provide better customer management.

There are different tools to carry out market research and these include meetings, discussions, brainstorming, questionnaires and messaging. By using this tool, it can contribute to the growth of the organization as well as the effective implementation of the many project activities.

This term is defined in the 5th edition of the PMBOK .

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Home » Services » Market Research, Project Management, and Respondent Recruiting in NC

Market Research, Project Management, and Respondent Recruiting in NC

Market research project management requires both long-term vision and a fine eye for detail. You need the ability to not only juggle multiple considerations but also to maintain an understanding of how they affect each other within the context of your project — all while running your business as usual.

Why not leave all that to the experts at Eastcoast Research? Since 1972, we’ve helped clients locally in North Carolina and nationally gather valuable data as part of our market research services. We are a world-class, women-owned market research recruiting and project management firm trusted by Fortune 500 companies. We provide recruiting and project management services for qualitative and quantitative studies.

Our market research project management firm can oversee your entire focus group, interview, or survey research project from our facilities in Wilmington, Greensboro, and Raleigh, NC. Researchers can recruit participants from diverse and niche markets to represent every type of client you hope to reach, giving you the most accurate, comprehensive insights possible.

When you submit a bid, you deserve so much more than expert project management for your market research project. Eastcoast research provides customized logistics for your project and out-of-the-box recruiting methods for difficult-to-find segments.

For more information about our project management services, submit your bid today !

Screener design in collaboration with the client to ensure the target group of participants is recruited.
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AV support for live streaming, client viewing, video and audio recordings, and transcription.
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Certified moderators bring expertise to lead groups and probe for consumer perception.
Our experienced analysts provide accurate data collection and meaningful insights.

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30 Market Research Project Manager Interview Questions and Answers

Common Market Research Project Manager interview questions, how to answer them, and example answers from a certified career coach.

In the ever-evolving world of market research, taking on a role as a Project Manager can be an enriching and challenging experience. To land this position, you need to demonstrate not only your ability to understand complex data but also your skills in managing resources and leading teams.

Preparing for an interview can often feel daunting, especially when it comes to anticipating what questions might be asked. This is why we’ve put together a comprehensive list of common Market Research Project Manager interview questions. This guide will help you prepare for your interview with confidence, ensuring that you impress potential employers with your knowledge, leadership abilities, and strategic thinking.

1. What strategies have you used to manage market research projects within a tight budget?

Budget management is a key skill for a Market Research Project Manager. Hiring managers need to know that you can not only deliver results, but that you can do so within the financial constraints of the project. Your ability to strategically allocate resources, negotiate costs, and find innovative solutions to keep the project within budget are essential to ensuring the success of the project and the company as a whole.

Example: “One strategy I’ve used is prioritizing tasks based on their impact and importance. This involves understanding the project’s objectives and identifying which activities will provide the most value.

Another approach is utilizing cost-effective tools and resources. For instance, online surveys can be a cost-efficient way to gather data compared to traditional methods like focus groups or in-person interviews.

Lastly, leveraging existing data can also save costs. Before commissioning new research, it’s crucial to review what information is already available within the organization that could be useful for the project.”

2. Describe your experience with qualitative and quantitative research methods.

As a Market Research Project Manager, you’ll be expected to handle both types of research. While quantitative research provides numerical data for statistical analysis, qualitative research offers deeper insights into customer behavior and preferences. Understanding how to conduct and analyze both types of research is vital for making informed business decisions, and interviewers ask this question to determine your capability in this area.

Example: “I have extensive experience in both qualitative and quantitative research methods. With qualitative research, I’ve conducted focus groups and interviews to gain deeper insights into consumer behavior and preferences. This has helped me understand the reasons behind certain market trends.

On the other hand, my quantitative research skills involve statistical analysis of large datasets. I am proficient in using tools like SPSS and Excel for data crunching. This allows me to identify patterns, measure market size, and forecast trends.

Both methods are crucial for comprehensive market research. They complement each other by providing a holistic view of the market – qualitative for depth and understanding, and quantitative for breadth and generalizability.”

3. How do you ensure that data collected is accurate, relevant and unbiased?

Accuracy, relevance, and lack of bias are the cornerstones of good market research. If your data isn’t accurate, it won’t give you a reliable picture of what’s happening in the market. If it’s not relevant, it won’t help you answer the questions you need to answer. If it’s biased, it can lead you to draw incorrect conclusions that can negatively impact business decisions. That’s why potential employers want to know how you ensure these three key factors in your research.

Example: “Ensuring data accuracy involves rigorous quality control. This includes cross-checking the data, using reliable sources and implementing robust data collection methods.

Relevance is ensured by aligning the data with the research objectives. It’s crucial to define clear key performance indicators (KPIs) at the outset.

To avoid bias, I employ random sampling techniques and ensure diversity in my sample population. Transparency in methodology and analysis also helps minimize bias.”

4. Share an instance where you had to handle conflicting opinions within the team during a project.

Every project tends to have its fair share of differing opinions and potential conflicts. It’s important for a Project Manager to navigate these situations effectively, with a keen ability to keep the team focused and productive. Interviewers want to see evidence of your conflict resolution skills and your ability to encourage constructive, respectful dialogue among team members.

Example: “During a project, our team was divided on whether to use traditional methods or digital tools for data collection. I arranged a meeting where everyone could present their arguments. After listening to both sides, it was clear that each had its merits and drawbacks.

To resolve the conflict, I proposed a hybrid approach: using digital tools for large scale data gathering and traditional methods for in-depth analysis. This way, we leveraged the strengths of both strategies while mitigating their weaknesses. The team agreed with this balanced solution which ultimately led to successful completion of the project.”

5. In what ways have you utilized technology for efficient project management in market research?

This question is asked because in today’s fast-paced and digital world, leveraging technology effectively is key to successful project management. It’s not just about using a spreadsheet to track tasks anymore. It’s about harnessing collaborative tools, data analysis software, and other digital solutions to streamline processes, improve communication, and make data-driven decisions. Understanding your familiarity and adaptability with these technologies can give the interviewer insight into your efficiency and effectiveness as a project manager.

Example: “I have leveraged various technologies to streamline project management in market research. For instance, I’ve used project management tools like Asana and Trello for task allocation, tracking progress, and ensuring timely completion of projects.

In terms of data collection and analysis, software such as Qualtrics and SPSS have been invaluable. These platforms facilitate the gathering of large amounts of data while also providing robust analytical capabilities.

Moreover, communication tools like Slack and Zoom have enhanced collaboration among team members, especially during remote work scenarios. This has ensured seamless flow of information and quick resolution of issues.

Lastly, cloud-based services such as Google Drive have made document sharing and storage more efficient, reducing time spent on administrative tasks.”

6. Tell us about a time when you had to make a critical decision based on incomplete data.

Decision-making is a huge part of the market research project manager role. Sometimes, you won’t have all the information you wish you had before you need to make a call. Interviewers want to know if you can handle this type of situation and what your process is for making the most informed decision possible under the given circumstances.

Example: “In a previous market research project, we were faced with an imminent deadline but had incomplete data due to non-responses.

I decided to apply statistical imputation techniques to fill in the gaps, making sure that it was done carefully to avoid skewing results. I also cross-verified this with available secondary research.

Despite the challenges, we delivered the project on time and provided valuable insights to our client. This experience highlighted the importance of adaptability and problem-solving skills in dealing with uncertainties in data collection.”

7. What are the key factors you consider while developing a market research plan?

The essence of a Market Research Project Manager’s role is to develop plans that provide insightful, actionable data about the market. This question is a way for the hiring team to assess whether you understand the critical components of a market research plan, such as defining the target audience, choosing the right methodology, setting clear objectives, and ensuring the accuracy of data. It also gives them a glimpse into your strategic thinking skills and how you approach problem-solving.

Example: “Understanding the business objective is paramount when developing a market research plan. I consider what information we need to gather, and how it will be used in decision-making.

The target audience also plays a crucial role. Knowing who they are helps tailor our approach for maximum effectiveness.

Choosing the right research method is key, whether it’s surveys, interviews, or focus groups. Each has its own strengths and weaknesses.

Budget and time constraints are other significant factors. They can limit the scope of the research but also provide opportunities for creative solutions.

Lastly, ensuring data reliability and validity is critical. The results must accurately represent our audience and be repeatable under similar conditions.”

8. How would you approach a project with very limited information about the target audience?

Market research is all about uncovering insights about customers or potential customers. When there’s limited information about the target audience, a market research project manager needs to be creative and resourceful in finding ways to learn more. This question is designed to test your problem-solving skills and your ability to think strategically about gathering and interpreting data.

Example: “Approaching a project with limited information about the target audience requires strategic planning and research. I would start by identifying basic demographic data, such as age, gender, location, and income level, to create a preliminary profile of potential customers.

Next, I’d conduct competitive analysis to understand what works for similar products or services in the market. This can provide insights into customer preferences and behavior patterns.

Then, I would use surveys or interviews to gather more specific information directly from consumers. This helps in refining our understanding of their needs, wants, and pain points.

Lastly, it’s crucial to continuously update this knowledge base through ongoing market research and feedback collection. This ensures that we remain responsive to evolving consumer trends and expectations.”

9. Describe how you’ve handled a situation where the research findings were not aligning with client expectations.

As a market research project manager, you’ll frequently find yourself in situations where the data doesn’t meet the client’s expectations or hypotheses. It’s important to show that you can manage these delicate situations with tact and professionalism, ensuring that the client understands the value of the research, even if it doesn’t necessarily confirm their preconceived notions. This question helps employers gauge your communication skills, emotional intelligence, and ability to manage client relationships.

Example: “In one instance, our research findings didn’t meet a client’s expectations. They had anticipated their product would be well-received by younger demographics, but the data suggested otherwise.

I approached this situation with transparency and professionalism. I presented the data clearly and explained the methodology behind our research to ensure its credibility.

Understanding their disappointment, I proposed further research into different market segments where their product might have better traction. This approach maintained trust while providing constructive steps forward. It’s crucial to remember that as researchers, we are committed to delivering accurate data, even if it challenges client assumptions.”

10. How do you maintain confidentiality of sensitive market data and participant information?

This question is a nod to the significant responsibility that comes with handling sensitive data. Market research data can often include proprietary information, trade secrets, or confidential details about business operations. If this data is mishandled, it could lead to serious legal implications and damage to the company’s reputation. Likewise, maintaining the privacy of participant information is essential not only for ethical reasons, but also to comply with data protection laws. The interviewer wants to know that you understand these obligations and have strategies in place to ensure confidentiality.

Example: “Maintaining confidentiality of sensitive data is paramount in market research. I adhere to strict protocols such as using secure databases, limiting access to information and ensuring all team members are trained on privacy policies.

Encryption techniques and robust password protection systems are used for digital storage. Physical documents are securely stored and disposed of when no longer needed.

Regular audits help ensure compliance with these measures. Non-disclosure agreements can also be implemented to legally bind participants and staff from disclosing confidential information.

In essence, it’s about creating a culture of respect for privacy and implementing stringent security measures.”

11. What measures do you take to stay updated about the latest trends in market research?

The realm of market research is dynamic, constantly evolving with changing consumer behavior, emerging trends, and advancements in technology. In order to stay ahead of the curve, it’s critical that a Market Research Project Manager is up-to-date with the latest methodologies, tools, and approaches. This question is asked to gauge your dedication to professional development and your ability to stay current in a rapidly changing field.

Example: “I regularly attend industry conferences and webinars to learn about the latest trends in market research. I also subscribe to several professional publications and newsletters, such as Quirk’s Market Research Review.

Online platforms like LinkedIn are useful for keeping up with thought leaders in the field. I follow prominent market researchers and join relevant groups to participate in discussions.

Moreover, I leverage technology by using tools that provide real-time updates on market trends. Google Alerts is one of them, where I set specific keywords related to my industry.

Lastly, continuous learning is vital. Hence, I take online courses on platforms like Coursera to enhance my skills and stay abreast of new methodologies in market research.”

12. How did you ensure quality control in previous market research projects?

Quality control is a critical component of market research and project management. Ensuring the reliability and validity of data gathered, as well as the processes used to collect and analyze that data, is paramount. When interviewers ask this question, they’re aiming to understand your ability to maintain high standards of work, your attention to detail, and your understanding of research methodologies. They want to ensure that you can deliver accurate and impactful insights that will drive strategic business decisions.

Example: “In previous market research projects, I ensured quality control by implementing a rigorous data validation process. This involved cross-checking collected information against multiple sources to verify its accuracy.

I also utilized statistical analysis tools to identify and rectify any anomalies in the data sets. Regular audits were conducted to ensure that all procedures were followed correctly.

Furthermore, I encouraged open communication within my team to foster an environment where errors could be identified and corrected promptly. Training sessions were regularly held to keep everyone updated on best practices for data collection and analysis.

Lastly, I relied heavily on feedback from stakeholders. Their insights helped me understand if our findings were aligned with their expectations and needs, allowing us to make necessary adjustments.”

13. Have you ever dealt with a project that required multi-market or international research? If yes, share your experience.

This question helps the interviewer gauge your experience with large-scale, complex research projects. As a Market Research Project Manager, you’ll often be expected to manage projects that span across different markets or even countries. Your ability to coordinate research, handle cultural differences, adjust for time zones, and manage language barriers will significantly contribute to your success in such a role. This question is designed to assess those skills.

Example: “Yes, I have experience with multi-market research. In one project, we were expanding a product line to several Asian markets. It involved understanding different consumer behaviors, market trends and regulations.

We used both primary and secondary data sources for comprehensive insights. For primary data, we conducted surveys and focus groups in the target countries. Secondary data was gathered from reputable international databases and local government agencies.

The key challenge was cultural differences that affected interpretation of data. We overcame this by working closely with local partners who provided valuable context. This project taught me the importance of adaptability and collaboration in international research.”

14. Detail your approach to presenting complex research results to non-technical stakeholders.

Being able to translate complex, technical data into digestible information for non-technical stakeholders is a critical skill for a Market Research Project Manager. This demonstrates your ability to bridge the gap between the technical world of data analysis and the practical needs of business decision-makers. Your ability to clearly and effectively communicate this information can directly impact the strategic decisions made within the company.

Example: “To present complex research results to non-technical stakeholders, I use a three-step approach.

Firstly, I simplify the data by breaking it down into digestible chunks and removing technical jargon. This makes the information accessible to everyone.

Next, I visualize the data using charts or graphs as they can convey information clearly and quickly. They also help in highlighting trends or patterns that might be difficult to understand from raw data.

Lastly, I relate the findings back to business objectives. By showing how the data impacts their specific area of interest, stakeholders are more likely to understand its relevance.”

15. How do you determine if a market research project was successful?

The essence of market research lies in its ability to influence business decisions and strategies. As such, interviewers ask this question to assess your understanding of the strategic value of market research. They want to know if you can set clear objectives, measure outcomes, and evaluate the impact of the project on the overall business strategy. Moreover, it shows your ability to analyze data and draw meaningful conclusions from it.

Example: “Determining the success of a market research project involves evaluating whether it met its objectives. This could be understanding consumer behavior, identifying potential markets or assessing competition.

Key performance indicators (KPIs) are crucial in this process. These might include response rates, data quality and accuracy, timeliness of delivery, and staying within budget.

The ultimate measure of success, however, is how well the findings inform business strategy. If the insights generated lead to effective decisions that positively impact the company’s bottom line, then the project can be considered successful.”

16. What steps do you follow to validate the findings from a market research study?

The goal here is to understand how rigorous you are in your work. Market research is a science, and like any other science, it requires careful validation to ensure the results are accurate, reliable, and can be used to make important decisions. By asking this question, the interviewer wants to know how you ensure the integrity of your research and the validity of your findings.

Example: “To validate the findings from a market research study, I would start by ensuring that the data collected is reliable and accurate. This involves checking for any inconsistencies or errors in the data.

Next, I would cross-validate the results with secondary data sources to confirm if they align. If there are discrepancies, it’s crucial to understand why they exist and how they impact our findings.

Then, I’d use statistical methods like regression analysis to test the significance of the results.

Finally, it’s important to present the findings to stakeholders for feedback. They might provide valuable insights that could further validate or challenge our conclusions.”

17. How have you managed deadlines across multiple projects simultaneously?

In the fast-paced world of market research, project managers are constantly juggling a variety of tasks and projects. Deadlines are critical and can greatly impact the success of a project. Hiring managers ask this question to understand your ability to prioritize, manage your time effectively, and deliver results in a timely manner. They want to ensure you can handle the demands of the role and keep projects on track.

Example: “Managing deadlines across multiple projects requires effective planning, prioritization, and communication. I start by understanding the scope of each project and their respective deadlines. Then, using a project management tool, I map out all tasks with timelines to visualize overlaps and potential conflicts.

Prioritizing is key – not all tasks are equally urgent or important. By identifying critical path items, I ensure these get addressed first to keep projects on track.

Communication also plays a vital role. Regular updates with the team help identify bottlenecks early and adjust plans accordingly. This proactive approach has helped me successfully manage and meet deadlines for simultaneous projects.”

18. In which ways have you used statistical software tools in your past roles?

This question is used to assess your technical skills and experience in dealing with data. As a market research project manager, you’ll be expected to not only collect and analyze data, but also to present it in a digestible format to the stakeholders. Essentially, your interviewer wants to see if you can handle the technical side of the job, and whether you can utilize software tools to simplify complex data sets into understandable insights.

Example: “In my experience, I’ve used statistical software tools like SPSS and SAS for data analysis. These tools helped me in cleaning, transforming, and modeling data to discover useful information for business decision-making.

For instance, I utilized these tools to conduct customer segmentation based on purchasing behavior. This involved using cluster analysis techniques to group customers with similar buying habits. The insights derived from this analysis informed our marketing strategies, leading to more targeted campaigns.

I also leveraged regression analysis to understand the factors influencing sales performance. By identifying key drivers of sales, we were able to optimize resource allocation and improve overall profitability.

In essence, statistical software tools have been instrumental in deriving actionable insights to drive strategic decisions.”

19. What process do you follow to identify potential risks in a market research project?

The unpredictability of market trends can make any research project a risky venture. It’s your job as a Market Research Project Manager to anticipate these risks and devise plans to mitigate them. This question is designed to assess your foresight, analytical skills, and risk management strategies, which are all critical for ensuring the success of a project despite the inherent uncertainties.

Example: “In identifying potential risks in a market research project, I start by conducting a thorough risk assessment. This involves understanding the scope of the project, its objectives, and the resources involved.

I then identify potential threats that could hinder the achievement of these objectives. These can range from data inaccuracies, changes in market trends, to budget constraints.

Afterwards, I categorize these risks based on their likelihood of occurrence and potential impact. High-impact, high-probability risks are prioritized for mitigation strategies.

Finally, I develop a risk management plan which outlines how each identified risk will be handled. This includes preventive measures, contingency plans, or acceptance if the risk is minor.

Regular monitoring throughout the project ensures early detection of any emerging risks, allowing prompt response to keep the project on track.”

20. How do you balance between meeting client requirements and maintaining scientific rigor in research methodology?

Balancing client needs with methodological integrity is at the heart of the market research project manager’s role. Companies are looking for candidates who can effectively manage this delicate equilibrium. They want to hire someone who can not only deliver results that satisfy the client’s expectations but also uphold the principles of scientific research to ensure that the data gathered is valid, reliable, and can withstand scrutiny.

Example: “Balancing client requirements with scientific rigor involves clear communication and setting realistic expectations. I ensure clients understand the importance of robust methodology for accurate results.

At times, certain methods may not align with a client’s timeline or budget. In such cases, I explore alternative approaches that maintain integrity while satisfying client needs.

Moreover, incorporating regular checkpoints to review progress and make necessary adjustments is key. This way, we can deliver valuable insights without compromising on research quality.”

21. How familiar are you with GDPR regulations applicable to market research?

GDPR, or the General Data Protection Regulation, is a key set of rules governing data privacy in the European Union, and it can have significant implications for market research. Any potential employer needs to be sure that you are familiar with these rules, both to ensure the legality of your work and to prevent costly fines or penalties. As such, this question helps interviewers gauge your knowledge of relevant regulatory environments.

Example: “I have a solid understanding of GDPR regulations as they apply to market research. I know that it’s crucial to ensure the privacy and protection of personal data collected from respondents. This includes obtaining explicit consent, anonymizing data, and ensuring secure storage and handling.

GDPR also mandates clear communication about how and why data is being used. As a project manager, I would ensure our team adheres strictly to these guidelines, minimizing risk and maintaining trust with our respondents.

Understanding GDPR isn’t just about compliance; it can also provide strategic insights into ethical data practices which can enhance the reputation of our organization in the long run.”

22. Share an example of a challenging market research project you led and how you overcame those challenges.

This question is designed to assess your problem-solving skills and how you handle stress, unexpected setbacks, or potential roadblocks. Market research often involves complexities and unexpected issues. Hiring managers want to ensure you have the ability to navigate these situations effectively, while still leading your team to meet project goals.

Example: “One challenging project involved researching a niche market for a new product launch. The difficulty lay in the lack of existing data and the need to understand customer behavior in a very specialized area.

I tackled this by creating a multifaceted research strategy, combining quantitative surveys with qualitative interviews. This allowed us to gather both broad demographic information and deeper insights into consumer needs and motivations.

Despite initial difficulties accessing the target audience, I leveraged industry contacts and social media platforms to reach potential respondents.

The result was a comprehensive report that provided valuable insights for our product development team and contributed significantly to a successful product launch.”

23. How do you ensure clear communication among team members during a project?

Clear communication is the engine that drives successful projects. It ensures everyone knows their roles, deadlines, and the project’s goals. If a Market Research Project Manager can’t effectively facilitate communication, the project’s success could be at risk. This question gives interviewers a chance to gauge your communication skills and methods, which are integral to the role.

Example: “Clear communication in a team is crucial for project success. I ensure this by setting clear expectations from the start, including defining roles, responsibilities, and deadlines. Regular meetings are also essential to keep everyone updated and address any issues promptly.

I also encourage open dialogue where team members can share their ideas and concerns freely. Utilizing technology such as collaboration tools or project management software can greatly enhance communication efficiency.

Moreover, I believe in leading by example. By communicating clearly and effectively myself, I set a standard for my team to follow.”

24. What methods have you used to recruit participants for a market research study?

Market research is all about gathering information from the right people, and a big part of your job as a project manager in this field is to ensure that you’re able to attract those people to your studies. This question gives you a chance to elaborate on your recruitment strategies, demonstrating your resourcefulness and ability to reach the target audience effectively.

Example: “In my experience, utilizing a multi-faceted approach is crucial for effective participant recruitment in market research. Social media platforms such as Facebook and LinkedIn can be valuable tools due to their wide reach and targeting capabilities.

Email campaigns are also beneficial, especially when they’re personalized and tailored to the recipient’s interests.

Traditional methods like phone calls and face-to-face interactions should not be overlooked either. They allow direct communication and can often lead to high-quality responses.

Partnering with relevant organizations or communities can also help tap into specific demographics.

Lastly, offering incentives like gift cards or discounts can significantly boost participation rates.”

25. How do you handle negative feedback or criticism from clients regarding the research findings?

As a Market Research Project Manager, you might encounter clients who are displeased or dissatisfied with the research findings. These situations require grit, grace, and a knack for problem-solving. Therefore, hiring managers ask this question to evaluate your ability to handle criticism professionally, your problem-solving skills, and your commitment to improving client satisfaction.

Example: “When faced with negative feedback or criticism, I view it as an opportunity for improvement. My first step is to listen carefully and understand the client’s perspective. This helps in identifying any gaps in the research findings that may have led to dissatisfaction.

Next, I would conduct a thorough review of the research process and findings. If there are valid points in the criticism, I take steps to rectify them and enhance the quality of our work.

Lastly, communication plays a crucial role. I ensure to keep the client informed about the actions taken based on their feedback. This not only builds trust but also reassures them about our commitment to delivering high-quality research.”

26. Which project management methodologies are you most comfortable with and why?

Approaches to project management can drastically affect the outcome of a project. In the fast-paced and ever-changing world of market research, it’s important for project managers to be adaptable and efficient. Hiring managers are looking for candidates who can demonstrate knowledge of various methodologies, their benefits and drawbacks, and when to use them. This shows that you can handle various types of projects and adapt your approach depending on the needs of the project.

Example: “I am most comfortable with Agile and Lean methodologies. Agile allows for flexibility, continuous improvement, and immediate response to changes which is crucial in market research. It facilitates regular communication between team members and stakeholders, ensuring everyone is aligned on project goals.

Lean methodology complements this by emphasizing efficiency. It helps identify non-value adding activities and eliminate waste, making the process more streamlined. This combination provides a balance of adaptability and efficiency that I believe is key to successful project management in market research.”

27. Describe your experience in managing outsourced or remote teams during a project.

The modern workplace is becoming increasingly global and more employees are working remotely. As a Market Research Project Manager, you may be asked to manage teams that aren’t physically present in your location. This question is designed to gauge your experience and skill in managing outsourced or remote teams, which can be a critical factor in the success of a project. This includes your ability to communicate effectively, manage time zone differences, and maintain productivity and morale among remote team members.

Example: “In managing outsourced or remote teams, communication is key. I’ve leveraged tools like Slack and Zoom to ensure clear, consistent dialogue.

Setting expectations upfront about deliverables, deadlines and quality standards has been crucial in my experience. Regular check-ins have also helped me monitor progress and address issues promptly.

Trust-building is another important aspect. By acknowledging their expertise and encouraging autonomy, I’ve managed to foster a sense of ownership among team members which positively impacts project outcomes.

Lastly, understanding cultural differences and time zones is vital when dealing with global teams. It’s all about creating an environment that promotes collaboration and productivity despite geographical barriers.”

28. Share an instance where you had to adapt your research strategy midway through a project.

The fast-paced and dynamic nature of market research often requires professionals to be flexible and adapt their approach on the fly. Interviewers are keen to know if you can handle unexpected changes or hurdles with grace and effectiveness. They want to see if you can think on your feet, adapt your plan without compromising the project’s integrity, and still deliver valuable insights.

Example: “In a previous project, we were researching consumer behavior for a new product launch. Midway, there was a sudden shift in market trends due to a competitor’s release. We had to quickly adapt our strategy.

We shifted focus from just understanding buying patterns to also analyzing the competitor’s product and its impact on potential customers. This involved additional data collection and analysis but it provided more comprehensive insights that significantly influenced the product development and marketing strategies.

This experience taught me the importance of agility in market research and always being ready to pivot when necessary.”

29. How proficient are you in using data visualization tools to present research results?

Data visualization is an essential skill for a Market Research Project Manager. The ability to transform complex data into an easily understandable format is incredibly valuable. It helps stakeholders and team members to comprehend the research findings quickly and make data-driven decisions. By asking this question, hiring managers are trying to gauge your ability to effectively present and communicate data in a visually appealing and meaningful way.

Example: “I’m highly proficient in using data visualization tools. I’ve utilized Tableau and PowerBI extensively to present complex research findings in a digestible way. My focus is always on creating clear, impactful visuals that drive home the key insights.

For instance, I once led a project analyzing customer behavior patterns. Using these tools, I was able to create interactive dashboards that clearly illustrated trends and anomalies. This not only made the data more accessible but also facilitated strategic decision-making.

In essence, my expertise lies in transforming raw data into compelling visual stories that inform business strategy.”

30. Have you ever encountered ethical issues while conducting market research? If so, how did you address them?

Ethics is a fundamental aspect of market research. As a project manager, you are expected to ensure that the information you gather is not only accurate but also obtained in a fair and transparent manner. Therefore, interviewers use this question to assess your understanding of ethical issues that can arise in the field and your ability to handle them appropriately. They want to ensure you can maintain the integrity of the data while honoring the rights and privacy of the people providing it.

Example: “Yes, ethical issues can arise in market research. In one instance, a client wanted to use questionable methods to gather data about competitors. I addressed this by explaining the importance of adhering to our company’s code of ethics and industry standards for fair competition. We agreed on an alternative approach that was both ethical and effective. It is crucial to maintain integrity in market research as it not only protects the company’s reputation but also ensures accurate and reliable data collection.”

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AI Stocks: 9 Biggest Companies in 2024

April 22, 2024 — 04:30 pm EDT

Written by Melissa Pistilli for Investing News Network ->

Artificial intelligence (AI) may be an emerging technology, but there are plenty of billion-dollar companies in this space.

As the market has grown over the past few years, AI technology has made strong inroads into several key industries, including logistics, manufacturing, finance, healthcare, customer service and cybersecurity.

While AI-driven advancements in robotics have received the most press in recent years, the latest buzz has centered around OpenAI’s ChatGPT . This intelligent chatbot shows how quickly generative AI is advancing, and has attracted the attention of heavyweight technology companies such as Microsoft (NASDAQ: MSFT ), which has reportedly invested billions of dollars in the privately held OpenAI. Alphabet (NASDAQ: GOOGL ) has also released its own AI chat tool, Google Gemini.

On a global scale, Fortune Business Insights predicts that the AI industry will experience a compound annual growth rate of 20.2 percent between 2024 and 2032 to reach a market value of more than US$2.74 trillion.

Here the Investing News Network profiles some of the biggest AI stocks by market cap on US, Canadian and Australian stock exchanges. Data was gathered on April 12, 2024, using TradingView’s stock screener .

American AI stocks

According to Tracxn Technologies, the number of US AI companies has more than doubled since 2017 with over 70,700 companies working in the sector today.

One of the major factors fueling growth in the American AI market, states Statista , is “the growing investments and partnerships among technology companies, research institutions, and governments".

Below are three of the top US AI stocks.

1. Microsoft (NASDAQ:MSFT)

Market cap: US$3.134 trillion; share price: US$421.74

In addition to the reported billions Microsoft is committed to investing in OpenAI, the technology behemoth has built its own AI solutions based on the chatbot creator’s technology: Bing AI and Copilot . OpenAI officially licensed its technologies to Microsoft in 2020.

An update to Windows 11 in 2023 integrated Bing into the operating system's search bar, allowing users to interact with the chatbot directly with Microsoft's Edge browser, Chrome and Safari.

Microsoft’s moves into generative AI have translated into higher revenues for its Azure cloud computing business, and a higher market capitalization as the tech giant pushed past the US$3 trillion mark in January 2024. The company is also expected to unveil its first AI PC this year.

2. NVIDIA (NASDAQ:NVDA)

Market cap: US$2.215 trillion; share price: US$866.11

The global leader in graphics processing unit (GPU) technology, NVIDIA is designing specialized chips used to train AI and machine learning models for laptops, workstations, mobile devices, notebooks, and PCs. The company is partnering with a number of big name tech firms to bring a number of key AI products to market.

Through its partnership with Dell Technologies (NYSE: DELL ), NVIDIA is developing AI applications for enterprises, such as language-based services, speech recognition and cybersecurity. The chip maker has been instrumental in the build out of Meta Platforms’ (NASDAQ: META ) AI supercomputer called the Research SuperCluster, which reportedly uses a total of 16,000 of NVIDIA's GPUs.

Most recently, NVIDIA and the Taiwan Semiconductor Manufacturing Company (NYSE: TSM ) have developed the world's first multi-die chip specifically designed for AI applications: the Blackwell GPU . Blackwell’s architecture allows for the increased processing power needed to train larger and more complex AI models.

NVIDIA’s AI ambitions were on full display at its GPU Technology Conference in March where CEO Jensen Huang presented his company’s plans to build humanoid robots , known as Project GR00T. “Building foundation models for general humanoid robots is one of the most exciting problems to solve in AI today,” stated Huang in his keynote presentation.

3. Alphabet (NASDAQ:GOOGL)

Market cap: US$1.967 trillion; share price: US$158.92

Alphabet holds court with both Microsoft and NVIDIA as part of the tech sector’s Magnificent 7 , and its foray into AI has also brought the tech giant much success. As of April 12, Alphabet’s market cap looks set to surpass the US$2 trillion mark .

It would seem investors still remain confident in the potential for growth in Alphabet’s AI ventures despite its hiccups in the rollout of its subsidiary Google’s AI chatbot Gemini, formerly called Bard. “While the headlines haven’t been favorable, Google’s role in generative AI products will present massive growth opportunities for the stock,” said Sylvia Jablonski , chief executive officer at Defiance ETFs.

In early April, Google introduced a custom AI chip designed for its cloud services customers. Set to be delivered later this year, the technology uses British semiconductor company Arm Holding's (NASDAQ: ARM ) AI architecture. In the same week, Google revealed its new A3 Mega AI processor based on NVIDIA’s H100 Technology.

Canadian AI stocks

Recognized as a world-leading AI research hub, Canada ranks fifth out of 54 countries in the Global AI Index . Since 2017, the Canadian government has invested hundreds of millions of dollars into accelerating the research and commercialization of AI technology in the country through the Pan-Canadian Artificial Intelligence Strategy .

Recent research by IBM (NYSE: IBM ) says Canadian businesses are increasingly adopting AI, with 37 percent of IT professionals in large enterprises reporting that they have deployed the technology in their operations.

Below are three of the top Canadian AI stocks.

1. CGI (TSX:GIB.A)

Market cap: US$33.238 billion; share price: US$143.45

Montreal-based CGI is among the world’s largest IT systems integration companies, and offers a wide range of services, from cloud migration and digital transformation to data analysis, fraud detection, and even supply chain optimization. Its more than 700 clients span the retail, wholesale, consumer packaged goods and consumer services sectors worldwide.

Through a partnership with Google, CGI is leveraging the Google Cloud Platform to strengthen the capabilities of its CGI PulseAI™ solution, which can be integrated with existing applications and workflows.

CGI is aggressively working to expand its generative AI capabilities and client offerings, and reportedly is planning to invest US$1 billion into its AI offerings. In early March, the company launched Elements360 ARC-IBA , an AI powered platform for brokers and insurers to settle accounts in the UK broking industry.

2. OpenText (TSX:OTEX)

Market cap: C$13.366 billion; share price: C$48.58

Ontario-based OpenText is one of Canada’s largest software companies. The tech firm develops and sells enterprise information management software. Its portfolio includes hundreds of products in the areas of enterprise content management, digital process automation and security, plus AI and analytics tools. OpenText serves small businesses, large enterprises and governments alike.

OpenText's AI & Analytics platform has an open architecture that enables integration with other AI services, including Google Cloud and Azure. It can leverage all types of data, including structured or unstructured data, big data and the internet of things (IoT) to quickly create interactive visuals.

In January, OpenText launched its Cloud Editions 24.1, which includes enhancements to its OpenText Aviator portfolio. "Leveraging AI for impactful results depends on reliable data – without it, even the most skilled data scientists will struggle,” stated OpenText CEO and CTO tMark J. Barrenechea. “By expanding the Aviator portfolio in conjunction with our world class information management platform, Cloud Editions 24.1 empowers customers with the tools and insights needed to get ahead."

3. Descartes Systems Group (TSX:DSG)

Market cap: C$8.9 billion; share price: C$104

Descartes Systems Group provides on-demand software-as-a-service (SaaS) solutions. The multinational technology company specializes in logistics software, supply chain management software and cloud-based services for logistics businesses.

AI and ML enhancements to Descartes’ routing, mobile and telematics suite are helping the company’s customers optimize fleet performance. “AI and ML are perfect extensions to our advanced route optimization and execution capabilities,” said Ken Wood, executive vice president at Descartes. “From dynamic delivery appointment scheduling through planning and real-time route execution, we’ve used AI and ML to improve our ability to deliver the next level of fleet performance for customers.”

Australian AI stocks

AI investment in Australia is expected to reach AU$5.7 billion in 2026 , according to research firm IDC. The biggest spenders when it comes to AI in Australia are the banking industry, the federal government, professional services and retail.

Below are three of the top Australian AI stocks.

1. Xero (ASX:XRO)

Market cap: AU$18.451 billion; share price: AU$121.96

New Zealand-based technology company Xero provides cloud-based accounting software for small and medium-sized businesses. The company’s product portfolio also includes the Xero Accounting app, Xero HQ, Xero Ledger, Xero Workpapers and Xero tax tools.

Xero has made a number of AI enhancements to its platform in recent years, including bank reconciliation predictions that save time and reduce errors, and Analytics Plus, a suite of AI-powered planning and forecasting tools.

In March, the company launched its Gen AI assistant, named ‘Just Ask Xero’ or JAX. Some of its features include the automation or streamlining of repetitive and time-consuming tasks; the ability to anticipate tasks based on previous user actions and the ability to make cashflow projections on request.

2. TechnologyOne (ASX:TNE)

Market cap: AU$5.213 billion; share price: AU$16.23

TechnologyOne is another large enterprise technology software firm in Australia. In fact, it is the country’s largest enterprise resource planning SaaS company. TechnologyOne has a client base of over 1,200, including customers in the government, education, health and financial services sectors across Australia, New Zealand and the UK. The company’s research and development center is targeting cloud-based technology, AI and ML.

TechnologyOne recently announced its 2023 financial results , highlighting that it saw record profits for the 14th year. The company’s SaaS annual recurring revenue was up 22 percent and its after-tax profit was up 16 percent. TechnologyOne attributes the strong results to robust demand for the company’s global SaaS enterprise resource planning solution. TechOne attributed its success to the large number of major deals it completed in the government sector over the period.

3. Brainchip Holdings (ASX:BRN)

Market cap: AU$647.603 million; share price: AU$0.345

Global technology company BrainChip Holdings has developed and commercialized a type of edge AI that simulates the functionality of the human neuron. The company's neuromorphic processor, Akida, enables the deployment of edge computing across several applications, including connected cars, consumer electronics and industrial IoT.

BrainChip partnered with AI-based video analytics solutions provider CVEDIA in May 2023 to further develop edge AI and neuromorphic computing. The CVEDIA-RT platform for video analytics will be integrated with BrainChip’s Akida neuromorphic IP. The technology has applications in security and surveillance, transportation, information technology services and retail.

The company has also partnered with MYWAI , a leader artificial intelligence-of-things (AIoT) solution provider. They will leverage BrainChip’s Akida™, with MYWAI’s AIoT Platform for equipment-as-a-service. “The partnership is expected to accelerate the adoption of Edge AI in the industrial and robotic sectors and generate significant value for both companies and their customers,” stated the press release.

FAQs for AI stocks

which company is leading the ai race.

Google and Microsoft are battling it out for king of the AI hill. While a study from digital marketing firm Critical Mass shows that consumers believe Alphabet’s Google is leading the AI race, analysts are pointing to Microsoft as the clear frontrunner. Microsoft stands to benefit in a big way from its billions of dollars investment in OpenAI's ChatGPT as advancements in generative AI may have the potential to increase the company's revenues for its Azure cloud computing business.

Which country is doing best in AI?

North America is the global hotspot for advancements in AI technology and is home to the majority of the world’s largest AI providers. Of the countries in this region, Canada’s AI industry is showing the fastest growth, according to a report by Markets and Markets . Swiss-based CRM firm InvestGlass positions the US as the primary hub for AI development, and many of the world’s leading tech giants are headquartered there. According to the firm, China comes in a close second.

What is Elon Musk's AI company?

In November 2023, Elon Musk launched Grok , a new AI technology company based in Nevada. While not much is known about the company yet, Musk said he is starting it as a "third option" to ChatGPT and Google Gemini; its product will be named TruthGPT.

Does Tesla have its own AI?

Tesla (NASDAQ: TSLA ) has developed proprietary AI chips and neural network architecture. The company’s autonomous vehicle AI system gathers visual data in real time from eight cameras to produce a 3D output that helps to identify the presence and motion of obstacles, lanes and traffic lights. The AI-driven models also help autonomous vehicles make quick decisions. In addition to developing autonomous vehicles, Tesla is working on bi-pedal robotics.

Don't forget to follow us @INN_Technology for real-time news updates!

Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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Project Management in Market Research
Campanis, N. A. (1999). Project management in market research. PM Network, 13 (9), 41-44. Reprints and Permissions . by Nicholas A. Campanis, PMP. E VERY PROJECT MANAGER strives to complete his or her project on time, within budget, and meeting performance expectations. Normally, when this is accomplished, we consider the project a great ...
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1) Ask questions & challenge assumptions. Most market research projects involve many, many moving parts. A good research project manager must understand both the high-level details and the more granular aspects of any brief. You can't come by this knowledge passively: it's critical to seek it out by asking questions in order to identify ...
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Best Practices in Market Research Project Management. 1. Clear Objective Definition: The success of any market research project hinges on a precise understanding of research objectives. Ambiguity in objectives can lead to misaligned efforts and wasted resources. Ensure that research goals are well-defined from the outset.
A Beginner's Guide to Market Research
Market research is a project, and projects need tools to manage them. ProjectManager is a cloud-based project management software that has a robust dashboard that can collect, crunch and deliver the market research you gather in easy-to-read and share charts and graphs. Plus it features task management tools like Kanban boards and task lists to ...
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By establishing SMART (Specific, Measurable, Achievable, Relevant, Time-bound) objectives, research professionals can ensure that their efforts are focused and aligned with client expectations. Develop a Comprehensive Plan: A well-thought-out project plan serves as a roadmap for navigating the complexities of market research projects.
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Key Insights For Project Management. Managing a market research project depends on tons of research elements. If you are planning to execute an effective market research project, then the following top insights are essential: Define Questions and Assumptions. Market research projects include many touchpoints.
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That's why we've crafted three tips to consider for the optimal outcome when managing your team's market research projects: 1. Plan, develop and scope research needs ahead of time. Like many industries, market research opportunities start in the proposal phase. By taking the time to properly prepare and plan, you set your team up for ...
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How to conduct lean market research in 4 steps. The following four steps and practical examples will give you a solid market research plan for understanding who your users are and what they want from a company like yours. 1. Create simple user personas. A user persona is a semi-fictional character based on psychographic and demographic data ...
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7 core skills for project management in market research

1) Ask questions & challenge assumptions

2) Develop and document research project goals

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1. Always request a formal set of costs from suppliers.

2. Negotiate preferred rates.

3. Set up a costing or budget sheet for all projects.

4) Be diligent and steadfast regarding sampling and screening

5) Always have a Plan B (and C… and D…)

6) Communication skills

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7) Expectation management

8) Have a knack for insights and data storytelling

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1. Define Your Buyer

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