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:
This section summarizes the entire project. It should offer a brief overview of the purpose of the project and the intended outcome. Explain the need for this specific market research and let the reader know what contributions this project will make to the field.
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:
List your research objectives as bullet points. Frame each objective in terms of how your client will benefit. Instead of saying that your objective is to survey company employees to determine how customer service processes can be improved, say that your objective is to understand points of weakness in the customer service chain to streamline the process and improve service delivery.
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.
This section should provide an in-depth focus on the background circumstances that indicate a need for the specific market research project proposed. You will address the current body of knowledge concerning the topic of research. from existing sources regarding the specific topic to be researched. It’s great to provide cited sources, graphs, charts, and statistics. You will use this section to demonstrate that you know a great deal about the market you will be researching, but you will also point out any holes in the current knowledge.
Based on our experience, we believe that the study will allow [Client Company] to:
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.
This section closely aligns with your objectives. Use it to specify how your client can use your results to solve their intended challenge and improve their business. Examples of intended outcomes include an improved understanding of target demographics and how they use >client’s> products or services.
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.
This is possibly the most important section in this proposal, as you will provide information on what part or parts of “the market” you will be researching. Be very detailed in this section, addressing not only the exact demographic regions your research will cover but how you will ensure that you are reaching the proper demographics.
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 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 section is also a vital one in which to be extremely detailed and clear. Here you will thoroughly describe all data collection methods to be utilized in your market research and how they will be carried out. Use specifics and consider potential questions. The more information you can provide in this section, the better.
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:
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.
Use this section to discuss the strengths and possible limitations of your research methods. This section lets you answer potential client questions. Provide details on each step of your methodology such as how long each interview will take, which populations will be targeted and how each method is tailored to different demographic groups.
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.
Detail how often you will be in contact with your client and how you will provide reports to them. Will you use regular conference calls or video conferencing to check in? When will you provide reports to your clients? How will you share documents for review? Will you use collaborative tools like Google Docs or Microsoft Sharepoint, or will reports be submitted via email?
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.
While a Gantt chart or similar timeline is preferred for this section, some clients may warrant a more creative approach. If your client works in a creative field or if they prefer graphic documents, add pictograms and other infographic elements to the timeline to improve its visual appeal. Use different colors for each task so clients can easily differentiate the time frames for each step in your research process.
Task 1 [Cost]
Description
Final report [Cost]
Reimbursable expenses [Cost]
Provide an overall budget for the proposed project. Make sure to include all possible cost considerations. You can provide a breakdown of those here. Don’t forget budgets for sections such as Participant Reimbursement, funds for documents, rental space, etc. Factor in reimbursable expenses for your company including travel, survey distribution (postage, website hosting, etc.).
[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.
Ethical considerations are vastly important in market research. Using this section, demonstrate how the project will adhere to an ethical code in method and practice. Include waivers or documents you plan to provide to research participants, if applicable. Among other possibilities, address factors such as confidentiality, data security, privacy, and consent of research participants. Most research methodologies adhere to either five or six ethical principles.
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.
This section can serve as a conclusion for the market research proposal. You can add ways in which this market research will provide further benefits or include unique applications of the potential results.
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.
Provide a concise, informative statement about your company and your services. Include information to establish credibility like how long you’ve been in business and how many previous studies you’ve completed. If you have any specialty processes or certifications, add them to your firm's background. Include a logo to add visual interest.
Team Member
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.
Team Member
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.
Briefly introduce the people who will be working on this research study. Describe their experience with similar projects and their overall experience in the field. Keep the descriptions short, preferably two to three sentences. If the client wants to see your resumes, they will likely follow up and ask you, or it will be included in the request for proposal.
[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%.
Although you should aim to keep your market research proposal brief, including a case study can help your client visualize how you will help them meet their own goals for the project. In this section, write a brief success story that aligns with your client’s goals for the research study. Focus on measurable outcomes and benefits achieved after your study.
In this section, you can add a signature line on which the client can accept the scope and pricing laid out in the proposal. If you usually submit standard terms and conditions to each client when contracting, include them here. Our free proposal template does not include terms and conditions, and you likely have your own set of legal requirements for consideration.