In my 5-Part Market Research series, you learned about the 5-Steps to Marketing Research:
Step 1: Identify a Research
Step 2: Design the Research Study
Step 3: Conduct the Study
Step 4: Analyze the Results
Step 5: Share the Research Insights
You are now able to conduct market research that will provide accurate data and analysis for your stakeholders to make a sound decision.
Once you have all your data analysis and have decided how you will be creating your story for the results of the research. You will need to create a Marketing Proposal. The purpose of a marketing proposal severs as several functions:
Facilitates marketing research planning and helps the researcher and manager develop a project overview
States the research problem
Specifies the research objectives
Details the research strategy and individual research methodologies for each phase to accomplish the research objectives
Helps align key stakeholders and level sets expectations
Contains a timetable
Contains a budget
Save this image as a guide for future marketing proposals:
When it comes to budgeting the research, you want to have an investment mindset where you are treating the research as an investment in the company and what pros will come out of doing it. Having quality decisions based on market research is always something you can have data to back it up. You want to ask yourself:
What are the stakes at hand?
How much will a poor vs. good decision cost?
How much will we benefit from a better versus the worst decision?
How much uncertainty is present?
You want to think about the states of nature and the value of perfect information.
You want to remember that research provides value when the results are
Clarify problems or opportunities
Lead to attracting more customers
Identify changes that are occurring in the marketplace among consumers and/or competitors
Identify the best alternative to pursue among a set of proposed alternatives
Help your brand gain a competitive advantage
To have a successful marketing research end with a proposal to add the wow factor and get your stakeholders to be impressed with your type of work and have the confidence to trust the market research steps.