Market Research Proposal Template
Title of the research
What is a market research proposal? A market research proposal is a document that sells your services to potential clients by showing them what they can accomplish by hiring you to complete their project or research study. It includes a summary, objectives, existing knowledge, intended outcomes, target demographics, data collection methods, a detailed research methodology, a project timeline, proposed budget, ethical considerations, and further outcomes.
Through this market research project, [research title], we aim to provide more information for [client] regarding market trends in the area. The following summary will give an overview of the causes, processes, and possible effects of the market research proposal detailed below.
Based on our conversation with [Client First Name] with [Client Company], we know that your goals for this research include [objective] and [objective] We will use a variety of qualitative and quantitative processes to collect and analyze the latest market data. This process will allow you to assess the potential market for your new product and how best to advertise it.
The primary client objectives for this research involve:
- Defining the target market for [Client Company]’s new product
- Developing the marketing strategies for this project
- Defining the marketing objectives for each individual marketing strategy
The overall purpose of this market research study is to develop a marketing strategy for [Client Company]’s newest product. Specific objectives to be addressed as a result of the study are:
- Determine which features are most important to the target market to develop marketing strategies that communicate these benefits to clients.
- Determine brand awareness for existing [Client Company] products, creating a better understanding of the existing customer pool for your new product.
- Understand messaging preferences for target customers and what triggers them to buy.
- Create marketing objectives for the new product.
3. Existing knowledge
Based on our initial prospecting call with [Client First Name] at [Client Company Name], we know that this product will complement an existing product line. This line’s most successful target market is women between the ages of 20 and 40 with an annual household income between $50,000 and $75,000.
Other companies in this industry have successfully launched similar products that are currently selling well with your target demographic. Last year [Client Industry] revenues topped [$dollar amount].
By researching what features clients most desire in [Client Company]’s new product, you will have a better understanding of their triggers. You can tailor your marketing strategy to highlight these features and tell the story of how they benefit target customers, capture new customers and build market share.
4. Intended outcomes
Based on our experience, we believe that the study will allow [Client Company] to:
- Gain an understanding of existing brand awareness among the target audience
- Gain an understanding of how the new product meets client needs
- Gain an understanding of how much target customers are willing to pay for the new product
- Identify any potential competitors already on the market
You can use these results to tailor your marketing messages and chosen marketing channels to better target your desired market. By better understanding how your product meets customer needs, you can develop ad strategies to communicate its benefits.
5. Target demographics
Our research process will begin in-house with [Client Company]’s marketing team. We will evaluate annual reports, sales reports, research and development reports, and other existing data to confirm that our target market is correct.
Based on our initial call and background research, this study will target 200 individuals from households of different sizes within your service area. From our initial research, we have determined that this study will likely target women between the ages of 20 and 40 with an annual income of between $35,000 and $100,000, but specifics will be determined following interviews with [Client Company]. Focused research methodologies will be used to determine what features of the new product they find most beneficial as well as their current level of awareness of [Client Company] and their preferred marketing channels.
6. Data collection
To meet the objectives of the project, we will perform the following data collection methods. Data collection methods will be suited to the project at hand and will include:
- Focus groups
- Collection of social media data
- Surveys via the Internet, phone, or email
- Intercept surveys
- Client interviews
- Mystery shopping
- Long-range, in-home consumer tests
- Distribution of samples
- In-person promotions
Focus groups are a proven method for gathering data from your target sample. We will conduct up to five focus group meetings consisting of no more than 10 participants. In our experience, smaller groups allow us to collect data from more participants, and they are easier to control.
Each focus group will last for about an hour, and participants will receive a $5 gift card for their time. Focus groups will be conducted in our conference rooms.
We will also conduct a randomly distributed mail survey to collect data from a representative sample within your service area. The survey will also be made available online. Customers who receive the mail survey will be given an access code to take the survey online, and their responses will be kept separate from general online responses to maintain a random sample.
To capture additional responses, we will display QR codes in targeted locations to promote the online survey. We suggest offering an incentive to people who take the survey such as an entry to a prize drawing or a coupon from [Client Company].
Along with focus groups and surveys, we recommend conducting intercept polls of people in the desired target market shopping near retail chains that currently carry [Client Company]’s products.
This research study will include a blend of qualitative and quantitative research methods, primarily utilizing the data collection methods listed above. Since your objectives include [objective] our research methods have been tailored to reach your desired demographics. In our previous experience, we have found that this demographic responds well to our proposed methodology.
The study will provide beneficial data to your company by focusing on the following key topics:
- Objective focus area 1
- Objective focus area 2
- Objective focus area 3
Potential limitations to the study methods include survey fatigue. Most companies include customer satisfaction surveys at every customer touchpoint, and people are less receptive to taking a survey. This has made it more difficult to capture user opinions using traditional survey methods.
To counteract survey fatigue, we will supplement survey data with a mix of qualitative and quantitative research. We will gather information from industry reports, online interactions, social media metrics, and in-person research to generate accurate and useful data.
To reach younger members of your target demographic, we propose offering digital engagement tools including livestream question-and-answer sessions and a dedicated social media page on which they can submit feedback. We can also set up a project-specific website to conduct user engagement. Our tools allow us to see the IP addresses of each user, so we exclude fake or irrelevant responses.
Our project manager will keep in touch with [Client Company] regularly throughout the project. We will conduct weekly progress meetings via phone or video conferencing. At these meetings, we will discuss completed tasks, gather any outstanding data, and discuss the next steps in the process.
Written reports will be provided at the end of each task detailing the research methodology and the outcomes of each phase of the project. At the end of the project, a detailed report will be submitted containing a summary of the project and detailed results. We will submit the draft report to your project manager in Google Docs for any edits. Once the project is completed, we can present the report to your internal project team so they can best understand the results.
We will provide a printed copy and a PDF of the final report.
Based on our call with [First Name] at [Client Company], we know that you would like this study to be completed by the end of September. Since you plan on using the results to develop your marketing budget for the next fiscal year, we will complete your project within your desired time frame.
The following timeline details data collection times, the specific period of research analysis and the date of final deliverables. We have developed this schedule based on our understanding of your needs, but the final timeline will be discussed during project kick off.
10. Proposed budget
Task 1 [Cost]
Task 2 [Cost]
Task 3 [Cost]
Final report [Cost]
Reimbursable expenses [Cost]
11. Ethical considerations
[Company name] follows all ethical considerations regarding market research and test subjects. Each participant will be told that their participation in this research is voluntary, and they will be told how we plan on using their data. We will provide them with a form explaining this information and assuring them that their data will remain confidential.
Each participant will sign a form stating that they understand these terms. To protect each participant, we will not collect any personal data other than standard demographic information that can be used to inform the study.
If any additional data is collected, we will not sell this information to a third party or use it in any other research studies. It will be collected solely for the purposes of this market research project.
12. Further outcomes
This market research study will give [Client Company] a better understanding of your target market. It will provide insight into what your clients expect from your new product and how to best market it to members of your target demographic.
The study may also highlight other data including existing brand awareness and brand perceptions you can use to further tailor your ads.
13. About us
Our company was founded by market research experts with [XX] years of experience conducting similar studies. We use proven methodologies to collect data and distill it into easily digestible reports. We encourage our employees to stay up-to-date on the latest research techniques and analysis software.
14. Project team
Bio – [Project Manager Name] has [XX] years of experience managing research studies for clients in many industries. She has a Master’s Degree in Market Research from [University] and is a Certified Research Expert.
Her experience includes similar studies in the industry which her client used to boost their market share by %. She is a well-known speaker at industry conferences and is well versed in the latest data analytics software.
Bio – [Team Member Name] is a data analyst with [XX] years of experience. He has worked on [XX] projects in [industry] and is a Certified Research Analyst. He will assist with data collection and analysis and provide technical support for all online components of this research study.
15. Previous successes
[Example Company] used our market research results to improve their understanding of client needs and used the information to develop a new marketing strategy. As a result, they achieved a 25% growth in revenue and reduced inventory backlog by 30%.