6 Free Market Research Templates to Help Win Your Market
Research Intelligence

6 Free Market Research Templates to Help Win Your Market

by Liz March , Digital Research Specialist 8 Min.
January 24, 2021 | Updated September 22, 2022

Market research templates save time and give clarity about what should and shouldn’t be included in any type of market research

These days, doing regular market research is key. Particularly given how quickly consumer behaviors shift and companies change tactics to keep up with the ever-growing number of competitors in their industry. 

In this post, I’m sharing six market research report templates to give you a head start and help steer your analysis in the right direction from the onset.

What is a market research template?

Market research templates provide questions and specific fields to fill out – relevant to specified market research objectives. You can add or remove fields according to what’s relevant to your market and research goal. It provides a framework to develop your own research methodology if you don’t want to go full-scale with a research firm. 

What are the advantages of using market research templates?

There are many ways market research templates benefit organizations of any size. 

  • It costs less than hiring an external market research firm.
  • Completion is often quicker because pre-set fields guide your research.
  • Little to no professional training is required to complete a template.
  • Templates can be easily shared with other business units.
  • Files can be easily updated internally in the future.
  • Digital Research Intelligence tools like Similarweb make it much easier to access market research data than ever before. 
  • Using a template enables you to stay focused and organized.

Doing market research with a template can help you generate results faster than any agency can deliver. You set your priorities and start collecting information without untimely back-and-forth correspondence. This is particularly valuable for online companies in markets that develop and change quickly. You need real-time data to improve your results, so time is always of the essence.

Jim Rohn Quote

In addition to time, you also save costs. Comprehensive market research usually demands additional financial resources. By using shareable templates, you can involve relevant internal business units at minimal extra cost.

This presents another advantage: You own your information. You can come back to the files, reuse, update, and compare whenever it’s relevant. This is particularly useful in the dynamic world of online business because you’ll want to research the market repeatedly to detect and adapt to changes.

What are market research templates used for?

Most types of market research templates provide a robust framework that steers market research efforts in the right direction. When we consider the “journeys” a market research report template can help with – most use cases aren’t merely one-time research projects but should include periodic monitoring and analysis. 

  • Assess your brand’s strength and influential power. Evaluate your market share, and measure which percentage of the market you reach and sell to.
  • Launch a new product or enter a new market. Get to know the territory and the key players to avoid unnecessary risks and recognize new opportunities.
  • Identify and keep tabs on your top competitors. Be aware of your competitor’s strengths and weaknesses to align your strategic planning.
  • Understand your target audience. If you truly want people to resonate with your product or service, you need to take the time to get to know them, their interests, pain points, likes, and dislikes. 
  • Innovate your business model. Before applying changes to products or business strategies, understand user demand and need shifts.
  • Drive more sales. Optimize product placement by identifying your product’s uniqueness and the specific value to boost your marketing campaigns.
  • Fine-tune your digital advertising and analytics. Find and optimize the marketing channels and keywords with the highest potential and lowest competition.
  • Find and follow emerging trends. Detect changes in the market development early and use them to your advantage.

Five things to do before using a market research analysis template

As you’ll soon discover, there are lots of tools and resources at your disposal – and you won’t need all of them to reach your goal. Your choices should depend on the goal of your research, something you’ll need to clarify before you start to use any type of market research report template. 

Take a little time to do the following pre-planning steps 1-3 before you use any template in your research.

  1. Define the reason for your research and its goals. 
  2. Identify the most suitable research types and methods.
  3. Prepare the materials you need to conduct the research, i.e., templates, tools, and market research questions; then delegate responsibilities if applicable.
  4. Conduct your research:
    1. Identify your market’s characteristics.  
    2. Define your target audience and segments.
    3. Consider both qualitative and quantitative data points.
    4. Decide whether to use primary research, secondary research, or a mixture of both.
    5. Research competitors and compare performance:
      1. Google Analytics vs. Similarweb Pro
      2. Free online sources and tools
      3. Advanced competitor analysis
  5. Summarize your findings in a template and start to analyze.

Get a step-by-step roadmap for easy and comprehensive market research in our guideMarket Research: What It Is, Why It Matters, and How To Get It Right.

Types of market research templates

In this next section, I’m sharing the most important types of market research templates you need to fulfil your research goals. I’ll cover what each is and how a template can help with the research. In the final section of this post, I’ll share the quickest way to find the data you need to complete your template.  

SWOT analysis template

Many of you will have heard of or used a SWOT analysis framework before. It’s a tried and trusted tool that helps organizations and individuals uncover the strengths, weaknesses, opportunities, and threats of their business and the competition. A template gives you pre-set fields to consider and complete, helping you know the essential metrics. Once complete, it shows a range of factors relevant to your business and market that can help you adapt for growth.

Use this type of market research analysis template to review your business, along with each of your competitors – analysis of the top four rivals is enough, but you might want to extend this up to eight. This market analysis template provides key questions to answer in each section to help guide your responses. 

Market sizing template

Using a market analysis template shows you exactly how to do market sizing correctly. What’s more, it can ensure others within your organization are clear about how the figures have been calculated and provide a consistent and transparent framework for repeating the process in the future.  

Use this simple market research template to get the formulas for the total addressable market (TAM), serviceable addressable market (SAM), and serviceable obtainable market (SOM). 

Competitive analysis framework template

Pick between 2-4 direct and indirect competitors, then compile the same data and information about each. Start with company research, then customer research, and add information about products and marketing strategies to build the ultimate competitive framework. Collecting the same data points gives you a straightforward comparison and clear picture of the competitive landscape

This market analysis template covers both B2C and B2B markets. It gives you a detailed framework that helps you map company, customer, product, go-to-market, and marketing channels for your business, and that of your rivals. 

Further reading: this post covers seven different types of Competitive Analysis Frameworks that can be used for this form of market research. 

Use this market research template for a business plan or as a base document to do regular checks on the state of the competitive landscape.

Trend analysis template

Completing regular market trend analysis is vital – particularly given how fast consumer behavior and markets change. Sure, you can set up news alerts and keep an ear close to the ground, but this is not necessarily the most effective way to future-proof a business and stay ahead of the curve. Rather, it’s a slow and unreliable way to access the intel you need, not just to survive but to flourish.

Early detection of fluctuations, shifts, and changes is key; and a trend analysis template, when done periodically, can help you quickly identify and prepare your business to react.

This market trend analysis template is designed specifically for those operating in the B2B space. It clearly guides you through industry research, historical competitive data, desktop vs. mobile trends, and seasonal keyword research; each of which can help you discover market-specific trends effectively. 

Further reading: Trendspotting: Why All the Market Leaders Are Doing It

Buyer persona template

Define the customer who would benefit most from your product or service. Based on what you’ve learned about consumers and your target market, characterize your ideal customer. Who are they, what are their pain points, and how can you help them? 

This template shows you exactly what kind of data to include when you build a new buyer person. We’ve completed an example for you as a guide; but also given you empty slides you can fill-in yourself for your own business and market. 

Further reading: How to Create Buyer Personas That Boost Conversions

Audience analysis template

An Audience analysis looks at a group of people in much the same way you examine your current customers. It can help you discover how to turn more of your audience into paying customers by segmenting visitor and behavioral characteristics. 

This market analysis template will guide you through the different types of data you should collect from both your own and your rival’s channels. It takes into account various characteristics of company, product, purchase, consumers, interests, and more to help you form a clear and comprehensive view of your target audience. 

It’s split into three tabs, each covering B2B, transactional, and informative businesses separately.  

Further reading: If this is your first time doing audience analysis, read this guide to understand what a target is and how to analyze it

Get started with all the free market research templates you need to succeed!

How to use Similarweb to help with market research templates

Similarweb Digital Research Intelligence can help you complete almost any market research project quickly and effectively. One of the most-cited reasons people choose tools like Similarweb is due to the accuracy and timeliness of data. Unlike other forms of market research, like secondary research; Similarweb’s information is always the most up-to-date there is.  

  • Benchmarking tool: Accelerate your new digital strategy and learn how you stack up against the competition and market leaders.
  • Market research tool: Analyze market trends in near-real time so that you can take action when it matters most, not a quarter later.
  • Company research: Take a closer look at any company’s digital performance and expose your competitor’s digital strategies.
  • Audience analysis: Engage more deeply with your audience, explore new audience segments and expand your reach.
  • Customer journey analytics: Understand your customers and explore bottom-of-the-funnel metrics to discover what makes them convert.
  • Mobile app analysis: See the impact of mobile apps in your market: spot trends and emerging players.  

Wrapping up…..

Good market research shouldn’t have to take an age; but as a task that requires careful planning, meticulous attention, and focus – even with the best tools, you’ve got to know the right questions to ask, and the best places to uncover the best intel. 

Using market research templates will save significant time in the market research process, while providing a clear and comprehensive set of guidelines that can be easily replicated or revisited in the future. 

Market analysis templates allow for consistency and provide a clear framework that allows the inexperienced market researcher to do the task with ease.  

Use these templates to jumpstart your research efforts and make strategic decisions more effectively, and in a more informed way.

Try Similarweb now for free!

FAQ

What is the importance of market research?

Market research is important because you can’t succeed if you’re not aware of market conditions, potential obstacles, purported budget, and how to market your products effectively

How do you write a market research document?

The simplest way to write a market research document is to obtain a free market research template to guide your content. It can prompt you with the right questions to ask, and shape research efforts and outcomes effectively. 

Which type of market research should I use?

To employ a highly effective market research strategy, you should combine the two methods. We advise you to use secondary research as a preparation for your primary research.

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