Guide to Creating a Market Research Plan

Create a step-by-step research plan

Market research plans are typically broken down by task and start by defining the problem or opportunity. Your plan should include objectives and the methods that you'll use to meet them, along with a time frame for completing the work.

I recommend: The Small Business Administration's useful step-by-step guide to marketing research will help you define your needs, create a budget and timetable, select your techniques, collect your data and analyze your results.

Find the information you need

A marketing research plan is only as good as the information on which it's based.

I recommend: Check tips for Getting Started. Also check out Missouri Small Business Development Centers' Market Research Notebook, which offers sources for information to include in your report. In a similar offering, Ohio State University includes questions to ask consumers when doing research.

Let someone else do the work

If the thought of trying to create you own market research plan seems daunting or just too time-consuming, there are plenty of other people willing to do the work for you. Market research firms can charge into the thousands of dollars for a market research plan, but there are ways to get help more affordably.

I recommend: If you want to save money, experts recommend looking to independent consultants, which typically charge $75 to $150 an hour, or to local business schools where professors or students might be looking for projects to work on. If hiring a firm, look for those with expertise in the area you're exploring. The American Marketing Association and Marketing Research Association, two trade groups, can provide a starting point for finding consultants and firms in your area.