market research interview questions

How to conduct relevant market research in just 5 steps?

By Jennifer Montérémal

Published: October 25, 2024

Doing your own market research for your future business ?

It may seem daunting at first, but with a bit of rigor and patience, it's perfectly possible to do most of it yourself.

What's in it for you?

Over and above the obvious economic benefits , it gives you a perfect grasp of your future market , providing you with all the keys you need to steer your business in the right direction.

But how do you create a business market study that makes sense, and what components do you need to take into account?

Steps , examples and advice ... this article will show you how to gather and use the data you need to assess the feasibility of your project and guide your decision-making.

Definition of market research

But first, a quick reminder of what a market study entails .

Are you an entrepreneur looking to set up a business based on a specific idea? Then you need to make sure that your future product or service will be well received by the market.

By gathering and analyzing a range of data, market research enables you to :

estimate the sales and success potential of your offering,
guide your strategy to differentiate yourself from your competitors .

The different types of market research

There are two main types of market research.

Quantitative market research

Quantitative market research is essentially based on figures and statistics , obtained from a large panel of individuals .

In particular, it enables us to calculate :

market size (number of potential future customers ),
market value ( forecast sales ).

Qualitative market research

Qualitative market research generally involves a smaller sample. However, thanks to a system of open-ended responses and the collection of verbatim comments from interviewees, it provides a more precise picture of consumer purchasing behavior and aspirations.

☝️ Effective market research combines both methods.

The cost of market research

It can be tempting to call on external services to carry out your market research. You have several options.

Contact a specialized agency. It will carry out a complete and personalized market study. Estimated costs 👉 from €5,000 to €10, 0001 .
Call in a junior entrepreneur . While the rates are more advantageous, you'll benefit from less expertise. Estimated costs 👉 from €1,500 to €3 ,0001.
Buy a ready-made market study online . Prices vary, but it will be more limited and not necessarily suited to your business start-up project , especially if you're launching an innovative product or service.

Whatever the case, doing the work yourself will prove to be cost-effective. That's why we've outlined the steps involved in carrying out your own market research.

1 Estimated rates from webmarketing.com

Steps in market research

Step 1: identify the data you need.

As a general rule, market research is based on the analysis of data relating to :

the sector ,
competition ,
environment .

To do this, you need answers to a number of questions.

Ask yourself questions about the sector

Understanding your sector and market is built around an economic analysis , taking into account current data and future developments .

Examples of questions to ask yourself:

How is the industry doing?
What is the potential market size?
What is the market's potential value?
What is the estimated repeat purchase rate for your products or services?
What are the trends in this market?
Is it a sector of the future?
What innovations can you foresee in this market?
How does this market appear to be evolving?

Ask yourself about demand

This involves identifying and analyzing the buying behavior and desires of your future customers.

Who are you targeting?
What are their characteristics (catchment area , income, age, buying habits , etc.)?
What are their buying motivations?
What are their needs or desires?
What value do they place on the quality of a product or service?
What psychological price would they be willing to pay for your products?

☝️ Beware: a high price can drive customers away. Conversely , a price that's too low is often associated with poor product and service quality.

💡 Have you heard of the empathy card ? A collaborative tool, it is sometimes used by sales and marketing teams to understand the customer by identifying:

what they want to do,
what they see,
what they say,
what they do,
what they hear,
what he thinks,
what he feels.

This technique can provide you with a framework to guide your questioning .

Example of an empathy card :

Find out about the competition

It's vital to analyze what's already on the market, not least to consider how you're going to position yourself and differentiate yourself.

☝️Notez There are two types of competitor:

direct competitors : they offer the same product as you.
indirect competitors : they offer a different product, but meet similar needs. For example, a supermarket and a local organic store don't really have the same positioning. They do, however, meet the same need: food.
Who are your direct and indirect competitors ?
How are they doing economically?
What are their sales figures?
What is their current strategy?
What is their positioning and brand image?
What are their strengths and weaknesses?
What are their projects?
What types of recruitment are they currently undertaking?

Ask yourself about the current environment

Finally, look at the broader factors that may influence your business by studying the environment:

technological
environmental,

This is known as PESTEL analysis :

Taking these various events into account is essential, in order to avoid certain pitfalls. After all, let's remember that some companies suffered from the implementation of the RGPD, which called into question, at least in part, their operations.

Step 2: conduct a literature review

Once you've identified your market research objectives, it's time to put them into practice!

To begin with, carry out a literature review .

Also known as market intelligence , this involves drawing on existing resources, usually available online.

This type of research is particularly useful for gleaning information about :

official websites such as those of chambers of commerce or trade unions,
reports and studies, such as those provided by INSEE ,
in the press (print or online) relating to your sector of activity.
their official websites,
corporate legal and financial information sites such as Societe.com,
employment media such as Welcome to the Jungle.

☝️ Always check the relevance and quality of the information you obtain. Make sure it's recent enough to be usable.

And if you want to cut your research time by a factor of ten and be sure of the data you've collected, you can also use specialized software such as Smappen .

This geomarketing software enables you to find the best area in which to set up your business, with over 350 INSEE indicators directly accessible on their platform. You can also consult and analyze your competitors to avoid unpleasant surprises, thanks to access to SIRENE database data.

Step 3: prepare your field survey

The field study is carried out directly with your potential customers, but also through contact with experts in your field. It generally takes place after the documentary study.

How do you prepare your interviews and questionnaires?

Field research involves obtaining key information for your market study by means of :

face-to-face or telephone interviews ,
questionnaires , usually distributed via the Internet.

In both cases, it's ideal to prepare both open and closed questions, with the aim of obtaining quantitative AND qualitative data.

☝️ There is a real difference between the objectives of open-ended questions (more suited to qualitative research) and closed-ended questions (more suited to quantitative research). For example, if you're creating a line of perfumes, you might ask questions like:

Do you buy more than two bottles of perfume a year? 👉 closed question for quantitative research.
What qualities do you look for in a perfume? 👉 open-ended question for qualitative research.

Although it depends on your objectives, a questionnaire is generally structured as follows:

questions about the respondent 's profile ,
questions about your future products or services ,
questions relating to the business sector in general.

💡 The good news is that some software programs have been developed to help you create and distribute questionnaires and surveys. This is the case, for example, with Drag'n Survey. The tool offers various templates to personalize your document as much as possible, and also provides you with a bank of over 500 questions to inspire you. What's more, it facilitates the distribution of your questionnaires, as well as the analysis of results through the visualization of reports.

Example of a Drag'n Survey questionnaire:

[Sample market research questionnaire]

To illustrate the points made above, here's an example of a market research questionnaire relating to the opening of a second-hand clothing depot.

It contains both open and closed questions, relating to the respondent's profile, future services and the market in general.

Step 4: Distribute your questionnaires and/or conduct interviews

Once you've created your questionnaires and surveys, it's time to distribute them or collect contacts to talk to them directly.

There are several methods you can use. Here are a few examples:

☑️ Call on your friends and family and their networks . However, this technique should be used sparingly, to avoid emotional bias in responses. The closer a person is to you, the more likely they are to unconsciously agree with you, so as not to "offend" you.

☑️ Go to places where you can approach interviewees directly . Passing places, such as shopping mall exits, are good opportunities for approaching potential customers. On the other hand, you'll find it easier to meet experts at professional events such as trade fairs or conferences.

☑️ Distribute questionnaires on the Internet . To do this, we recommend targeting social networks (Facebook groups, for example), forums or blogs dealing with subjects likely to be of interest to your core target audience.

If you want to interview experts in your sector, consider professional networks such as LinkedIn to get in touch with them.

Step 5: Analyze your results and prepare your report

Once you've gathered all your data from your documentary and field studies, transcribe them into a document: the market research report.

The aim is to use it as a strategic tool to guide your decision-making, but also to convince banks or potential investors.

It must therefore meet certain criteria:

reveal the essential information needed to convince your clients of the relevance of your project,
be both clear and concise ,
include visual elements such as graphs and tables.

Here's an example of how to present a market research report:

☝️ Important recommendation: take a step back from the results of your market research. The aim is not to convince yourself that your project, as you imagined it, is relevant. Always be objective, so that you can readjust your actions if necessary.

Conquering your future market!

That's it, with patience, rigor and method, you've done your market research. But your work doesn't stop there!

In fact, market research is a prerequisite for other actions that will consolidate your project and guarantee the success of your business creation .

Of course, we're thinking first and foremost of your business plan , including the identification of your business model - an indispensable tool for attracting both your future business partners and investors.

But your market study will also determine your marketing strategy and communication plan . After all, you now know what differentiates your business from the competition, as well as the type of clientele you wish to target .

So, are you ready to choose your weapons and set out to conquer your future market?

Article translated from French

1. Can you explain what market research is and why it is important?

2. how would you define qualitative and quantitative research, 3. can you discuss a time when you successfully implemented a market research strategy, 4. how would you handle stakeholders who disagree with your research findings, 5. what tools and software are you familiar with for market research, 6. what is swot analysis, and how have you used it in your previous experiences, 7. how do you ensure the reliability and validity of your research data, 8. can you give an example of a product that failed due to inadequate market research, 9. can you explain the role of big data in market research, 10. how do you stay updated with the latest trends and developments in the industry, 11. what steps would you take to design a market research project from scratch, 12. can you explain the concept of market segmentation and its importance, 13. describe a situation where you had to adapt your research strategy mid-project., 14. how would you deal with conflicting data or results that are not aligned with the expected outcome, 15. how do you prioritize multiple projects with tight deadlines, 16. can you discuss a time when your research findings significantly influenced a business decision, 17. what metrics do you consider most important when analyzing the success of a marketing campaign, 18. how would you approach a situation where a stakeholder is pushing for a faster conclusion but compromising the research quality, 19. how do you ensure your personal biases do not influence the research process, 20. what strategies do you employ to present complex research findings in an understandable manner, 21. can you describe a research project that didn’t go as planned and how you handled it, top 21 market research interview questions and answers (with samples).

Before we dive into the detailed question and answer section, note that your research on the company and the role you are applying for will be your greatest ally. Tailor your answers to align with the company’s goals and vision to strike a chord with the interviewers.

Understanding the basic concept of market research and its significance is fundamental to landing a role in this field.

Sample Answer

“Market research is the systematic process of collecting, analyzing, and interpreting data to understand market trends, target audiences, and the competitive landscape. It is crucial as it informs business strategies, helps in identifying opportunities and potential threats, and aids in making data-driven decisions to foster business growth.”

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Differentiating between these two primary research methods and understanding their applications is vital.

“Qualitative research focuses on understanding the underlying reasons and motivations through methods such as interviews and focus groups. Quantitative research, on the other hand, involves statistical analysis of data collected through surveys and questionnaires to identify patterns and trends. Both are integral to market research, providing depth and objectivity respectively.”

Sharing real-life experiences can give your interviewers insight into your practical skills and capabilities.

“At my previous role, I spearheaded a project where we were entering a saturated market. I conducted thorough market research which involved competitor analysis, and identifying gaps in the market. Leveraging the insights obtained, we formulated a strategy that was centered around a unique selling proposition, which eventually led to a successful market entry, gaining a notable market share within the first year.”

This question tests your diplomacy and interpersonal skills, which are crucial in a corporate setting.

“In situations where stakeholders disagree with the research findings, I would first ensure to listen to their concerns attentively, understanding their perspective. I would then substantiate my findings with data, offering a detailed walkthrough of the methodology adopted. Encouraging open dialogue and being willing to revisit the research parameters if necessary would be my approach to ensure alignment and consensus.”

Your familiarity with industry tools is often a testament to your preparedness for the role.

“I have experience working with tools such as Qualtrics for survey design, Tableau for data visualization, and Google Analytics for web analytics. Additionally, I am adept at using Excel for data analysis and have basic knowledge of SPSS and Python for statistical analysis.”

Demonstrating knowledge of essential market research techniques can show your readiness for the role.

“SWOT analysis is a strategic tool that stands for Strengths, Weaknesses, Opportunities, and Threats. In my previous role, I used SWOT analysis to evaluate our product’s position in the market. We identified our strengths and worked on leveraging them, recognized our weaknesses to work on them, and seized opportunities while mitigating threats, thereby creating a robust market entry strategy.”

Ensuring that the data collected is reliable and valid is central to successful market research.

“To ensure reliability, I often opt for a larger sample size and utilize standardized data collection methods. Validity, on the other hand, is maintained by carefully designing the research instruments to accurately measure what they are intended to. I also pre-test my tools and constantly check for biases and other potential errors to maintain the integrity of the data.”

This question checks your industry knowledge and your ability to analyze real-world scenarios from a market research perspective.

“A notable example would be the launch of New Coke in the 1980s. Despite extensive market research, the company failed to consider

the deep emotional attachment consumers had with the original formula. The negative response was overwhelming, forcing the company to revert to the original formula, demonstrating the need for a holistic approach to market research that considers all variables.”

Understanding the emerging trends and the role of big data in market research will be a plus point in your interview.

“Big data plays a transformative role in market research. It allows for the collection and analysis of vast arrays of information, providing deeper insights and a more holistic view of market trends and consumer behaviors. Leveraging big data can help in predictive analytics, sentiment analysis, and personalizing marketing strategies, thus offering a competitive edge.”

Your eagerness to stay updated reflects your passion and readiness to adapt to the changing dynamics of the market research industry.

“I regularly read industry publications and follow influential market researchers and organizations on social media platforms. Participating in webinars and industry conferences is also a great way to network and learn about the latest advancements. I believe in continual learning and always look for ways to enrich my knowledge and stay ahead in the game.”

Demonstrating your systematic approach towards initiating and successfully running a market research project will cast a positive light on your abilities.

“Starting with a clear definition of the research objectives and identifying the target audience would be the initial steps. Following that, I’d select the appropriate research methodology, be it qualitative, quantitative, or a mixed method. Developing a research instrument and sampling strategy comes next, followed by data collection, analysis, and finally presenting the findings in an understandable and actionable manner.”

Your understanding of core market research concepts will showcase your readiness to undertake responsibilities in the role.

“Market segmentation involves dividing the market into distinct groups based on characteristics like demographics, psychographics, behavioral traits, etc. It’s crucial as it helps in tailoring marketing strategies to meet the specific needs and preferences of different segments, facilitating targeted and effective marketing, and potentially leading to higher customer satisfaction and loyalty.”

This question is aimed at understanding your flexibility and problem-solving skills in challenging situations.

“In a previous project, initial findings revealed that the chosen methodology was not yielding the depth of insights we needed. I quickly pivoted, incorporating qualitative elements like in-depth interviews to gain a deeper understanding. This adjustment not only enriched our data but provided new perspectives that were vital in shaping the business strategy.”

Handling unexpected outcomes with grace and professionalism is an important trait in a market researcher.

“Firstly, I’d revisit the data to ensure there were no errors in collection or analysis. In case of genuine conflicting data, I would delve deeper to understand the underlying reasons for the discrepancy. It is important to remain objective and present the data as it is, while also providing potential explanations and suggesting further research to get a more comprehensive understanding.”

Your ability to manage time effectively and prioritize tasks is vital in a fast-paced working environment.

“I believe in the power of organization and clear communication. I maintain a detailed work schedule and continuously liaise with all stakeholders to manage expectations and deliverables. Leveraging project management tools also aids in tracking progress and ensuring timely delivery without compromising the quality of the output.”

Highlighting the impact of your work on business decisions can indicate your potential value to the organization.

“In a past role, my research helped in identifying a new market segment that was untapped by our competitors. The insights derived were pivotal in shaping the business strategy, leading to the development of products catering specifically to this segment. This move resulted in increased market share and revenue for the business.”

Your understanding of essential metrics will showcase your analytical skills and proficiency in market research.

“Key metrics include Return on Investment (ROI) to measure profitability, Customer Acquisition Cost to understand the efficiency in acquiring new customers, and Customer Lifetime Value to predict the net profit attributed to the entire future relationship with a customer. Additionally, monitoring engagement metrics such as click-through rates and conversion rates provides insights into the effectiveness of the campaign.”

Standing firm on the quality and integrity of research is a trait of a seasoned market researcher.

“In such scenarios, I would clearly communicate the potential repercussions of rushing the research process, emphasizing the importance of quality and accuracy over speed. While I would work to find ways to streamline the process without compromising the quality, I would advocate for maintaining the rigor necessary to yield reliable and insightful results.”

Maintaining objectivity is crucial in delivering unbiased research results.

“I strictly adhere to an objective approach, focusing on data and facts. I’m conscious of potential biases and make it a point to cross-verify information and seek input from diverse sources to maintain a balanced perspective. Implementing mechanisms like blind tests can also help in reducing the influence of personal biases.”

Your ability to communicate complex findings clearly is a testament to your effectiveness as a market researcher.

“I rely on visualization tools to present data in an intuitive and easily digestible format. Creating dashboards, infographics, and employing storytelling techniques can help in breaking down complex data. The key is to tailor the presentation style to the audience’s level of expertise to facilitate better understanding and engagement.”

Resilience and adaptability in the face of challenges are qualities that employers value.

“In a previous role, we faced unexpected regulatory hurdles that impacted our research timeline severely. I quickly regrouped the team, realigned our strategies, and renegotiated deadlines with stakeholders. Despite the setbacks, we managed to complete the project successfully by adapting to the changing circumstances and showcasing a collaborative effort.”

We’ve journeyed through the possible avenues of questions that might appear in your market research interview. The recurrent theme is that of preparedness and an in-depth understanding of the industry and its various intricacies. You’d need to articulate not just your knowledge of market research theories but your hands-on experience and how you’ve navigated challenges in your career. Remember, every question is a gateway to demonstrating your proficiency and keen understanding of market research dynamics.

Feel confident, narrate your experiences vividly, and walk through your analytical process lucidly to impress your prospective employers. You got this!

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Published by Sarah Samson

Sarah Samson is a professional career advisor and resume expert. She specializes in helping recent college graduates and mid-career professionals improve their resumes and format them for the modern job market. In addition, she has also been a contributor to several online publications.

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Privacy Overview

What is market research, and what are its key components?

Market Research is a process that companies use to gather information about their target market. The key components of market research are:

Defining the problem.
Developing a research plan.
Collecting data.
Analyzing data.
Presenting findings.
Making recommendations.

How can market research be used to improve business performance?

Market research can help improve business performance by providing insights into customers, competitors, and market trends. Market research can help businesses understand what products or services to offer, how to price them, where to market them and who their target market is.

What types of data are collected during market research?

The types of data that can be collected during market research include:

Demographic data.
Psychographic data.
Behavioral data.
Usage data.
Attitudinal data.

What are the benefits of doing market research?

Some of the benefits of doing market research include:

Gaining a competitive edge.
Understanding customer needs and wants.
Developing products and services that meet customer needs.
Reducing the risk of launching new products or services.
Identifying market opportunities.
Monitoring market trends.

How can market research help businesses understand their customers?

Market research can help businesses understand their customers by providing insights into customer needs and wants. Market research can also help businesses identify market trends and preferences and understand how competitors impact the market.

What is key objectives of market research?

The key objectives of market research are to:

Understand the problem.
Develop a research plan.
Collect data.
Analyze data.
Present findings.
Make recommendations.

What is the target market?

The target market is the group of people that a business is trying to reach with its products or services. The target market can be identified through market research.

What is the difference between primary and secondary market research?

Primary market research is data that is collected specifically for market research. Secondary market research is data that has already been collected by someone else for a different purpose.

What are some common methods of primary market research?

Some common methods of primary market research include:

Focus groups.
Interviews.
Observations.
Mystery shopping.

What are some standard methods of secondary market research?

Some standard methods of secondary market research include:

Online research
Market reports
Industry publications
Government data.

Who conducts market research?

Market research can be conducted by individuals, market research firms, or market research divisions of larger companies.

What are some common pitfalls businesses make when conducting market research?

Some common pitfalls businesses make when conducting market research include:

Not clearly defining the problem they are trying to solve.
Developing a research plan that is not feasible.
Collecting data that is not relevant.
Analyzing data incorrectly.
Presenting findings that are not accurate or reliable.

What is Back Checking?

Back checking is a process of verifying the accuracy of market research data. This can be done by conducting follow-up interviews with respondents or checking the data against other sources.

Explain Competitive Intelligence?

Competitive intelligence is the process of gathering and analyzing information about your competitors. This can include their market share, pricing, product offerings, and marketing strategies.

What is a Focus Group?

A focus group is a small group of people who are asked to provide feedback on a product or service. Focus groups are often used in market research to get feedback on new products or services.

What is a SWOT Analysis?

A SWOT analysis is a tool that helps businesses assess their strengths, weaknesses, opportunities, and threats. This can help make decisions about products or services, marketing strategies, and other business operations.

How to improve knowledge about market research?

Some ways to improve knowledge about market research include:

Taking market research courses.
Reading market research articles and blog posts.
Attending market research conferences and events.
Joining market research professional organizations.

Bonus Market Research Interview Questions

What is your background in market research?
How have you applied market research in your previous roles?
What are some of the most successful market research projects you’ve been involved in?
Tell me about when you had to analyze complex data and present your findings to senior management.
What market research methods do you feel are most effective?
How do you go about designing a market research study?

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Final Thoughts

Conducting market research is critical for businesses to stay competitive, understand customer needs and wants, develop products and services that meet those needs, and identify market opportunities.

We hope that these market research interview questions have been helpful! If you have any other questions, feel free to leave them in the comments below.