The State of Market Research

Posted on: October 5, 2022
Topic: Brand Strategy, Corporate, Corporate Trends, Customer Experience, Market Analysis, Product Lifecycle

Discover How Market Research Drives Growth

Developing growth strategies requires significant investments of time, budget, and resources. Whether an organization is evaluating a new market, refining a product strategy, or seeking to retain customers, leaders need confidence that their decisions are grounded in evidence rather than assumptions.

This report highlights how organizations use market research to inform strategy, prioritize opportunities, and support higher-confidence decision-making across the business.

What is in the report

Findings on how organizations use market research to support growth, customer retention, product development, and market expansion
Insights into the business outcomes companies associate with market research, including sales growth, market entry, and customer retention
Examples of the research initiatives organizations use to better understand customers, markets, products, and competitive dynamics
High-value research opportunities that may be underutilized despite their potential business impact

Hanover Research conducted a national survey of nearly 400 business leaders to better understand how organizations use market research to address business challenges and support growth initiatives. The findings are presented alongside insights drawn from Hanover’s experience helping organizations apply research to strategic decision-making, customer understanding, and growth planning.

Key Insights

Market research helps companies compete on growth, not just understanding

Organizations that use market research are more likely to report entering new markets, expanding into adjacent markets, increasing sales, retaining customers, and launching new products. The value extends far beyond gathering information.

The ROI case for market research is difficult to ignore

Nearly all organizations report a positive return from market research, and most report returns exceeding 4x. The findings suggest research is often viewed less as a cost center and more as an investment in better business outcomes.

Some of the highest-value research opportunities may be receiving less attention than they deserve

Customer segmentation, value proposition assessment, and price sensitivity research stand out as high-value initiatives despite comparatively lower levels of adoption, suggesting potential opportunities for organizations looking to maximize business impact.

This report is for you if

Still Have Questions?

Can this report help build support for investing in market research?

Yes. The report connects market research to outcomes organizations care about most, including sales growth, customer retention, market expansion, and product success. It also highlights the role research plays in helping organizations reduce uncertainty, prioritize opportunities, and support strategic decision-making, making it a useful resource when building the case for research investments.

Can this report help identify where market research can have the greatest business impact?

Yes. The report explores how organizations apply market research across growth, customer, product, market, and brand initiatives. It also highlights several high-value research opportunities that may deserve greater attention from teams looking to maximize impact and improve business performance.

Does this report focus on how companies conduct research or what they accomplish with it?

The report focuses on the business outcomes market research helps organizations achieve. The report explores how organizations apply market research to support growth initiatives, improve performance, and guide strategic decision-making, and achieve stronger results in areas such as customer retention, market expansion, and product success.

Is this report relevant if our organization is just beginning to invest in market research?

Yes. The report is valuable for organizations at a wide range of maturity levels. Whether you’re evaluating your first research initiative or looking to expand an existing research program, the findings provide insight into the business challenges research can address and the outcomes organizations use it to achieve.