How to Analyze Market Research Templates Data in Excel?

Well, it looks like someone wants to know how to analyze market research template data.

Don’t worry; we’ve got you covered.

We have access to the best market research templates out there. And let me tell you, these templates are like gold mines of information. They provide a research methodology framework and help you understand the market comprehensively.

But here’s the thing: using a template is just the beginning. You also need to know how to analyze the data you collect.

Analyzing market research templates allows you to assess brand strength, understand your target audience, and follow emerging trends. You can also identify consumer pain points and capitalize on untapped opportunities.

Think of it as solving a puzzle. Without analyzing the data, you’re just staring at a bunch of disconnected pieces. Fortunately, you can combine the pieces with the right tools and methodologies and see the big picture.

1. What is Market Research?
2. How to Conduct Market Research?
3. Market Research Templates
4. How to Create a Chart to Analyze Market Research Templates Data?

Let’s dive in and learn how to analyze market research template data like a pro.

What is Market Research?

Market research is the practice of understanding consumers’ desires, preferences, and behaviors within a specific market. It entails collecting and analyzing information concerning consumer demographics, purchasing patterns, and competitors. This aids in making informed decisions regarding products and services.

Market research serves as a navigational tool, steering businesses through the dynamic terrain of consumer preferences. It directs you to the destination of success, enabling you to stay ahead and promptly address customer needs.

How to Conduct Market Research?

Conducting market research involves several key steps. Here is a general framework to guide you through the process:

1. Define your research objectives: Clearly outline the purpose of your market research. Identify the specific information you need and the questions you want to answer.
2. Identify your target market: Identify the target audience or market segment you wish to investigate. Consider relevant demographic factors like age, location, income, and interests that align with your research goals.
3. Choose your research method: Select the appropriate research method based on your objectives and available resources. Common methods include surveys, interviews, focus groups, and observations.
4. Develop your research instrument: Design the tools you will use to collect data, such as questionnaires, interview guides, or observation checklists. Ensure that they align with your research objectives and are easy to understand for participants.
5. Collect data: Implement your chosen research method to gather data from your target market. This may involve distributing surveys, conducting interviews, organizing focus groups, or analyzing existing data sources.
6. Analyze the data: Organize and analyze the collected data to derive meaningful insights. To make sense of the information, utilize statistical analysis, data visualization techniques, and qualitative interpretation methods.
7. Interpret and draw conclusions: Interpret the findings from your data analysis in the context of your research objectives. Identify patterns, trends, and key takeaways that can inform decision-making.

Market Research Templates

The various market research templates available encompass surveys, focus group guides, and interview scripts. Such templates include customer satisfaction surveys, product feedback, and brand awareness surveys. You can tailor them to accommodate the unique requirements of your business or industry.

Let’s use an example to demonstrate how you can access market research templates in Google Forms.

Let’s say you want to launch a hair salon. This necessitates you to find out what customers want. Therefore, you want to create an online survey for market research with the following questions.

• How important is the cleanliness and hygiene of the hair salon to you?
• How important is the overall ambiance and atmosphere of the hair salon to you?
• How important is the professionalism and friendliness of the hair salon staff to you?
• How important are the pricing and value for money of the services offered by the hair salon to you?

You can map the response scale below to get feedback for each question.

1. Not Important at All
2. Very Important

To access the survey templates in Google Forms, follow these steps;

• Log in to Google Forms using your Google account.
• Click the “Blank” button to load the survey form template.

• A survey form page will appear.
• Select the type of question you want to use, such as multiple-choice, checkbox, or short answer.
• Type your Questions in the “Untitled Question” section. Write “Option 1” and choose “Add option” for more options.

• Click the “Send” button to share the form with the target audience.

• When you have collected sufficient responses, click the three vertical dots next to “Link to Sheets.”

• Select the option to download the responses as a.csv file.

How to Create a Chart to Analyze Market Research Templates Data?

Market research is essential for any business to thrive and stay ahead of competitors. However, analyzing large amounts of data in Excel can be daunting. Especially when it comes to creating charts to present your findings.

That’s where ChartExpo comes in.

ChartExpo is a potent Excel add-in that simplifies creating charts for market research data. With ChartExpo, you can easily create insightful, appealing charts to help you make better business decisions.

Benefits of Using ChartExpo

• ChartExpo provides an intuitive user interface that enables you to create insightful visualizations effortlessly. Whether or not you have coding experience, you can easily create informative charts.
• With ChartExpo, you can create unique visualizations that accurately represent your data. You can personalize your visuals by tweaking the design elements to suit your preferences.
• ChartExpo provides excellent value for your money. You can use the free 7-day trial and a $10 monthly plan.

How to Install ChartExpo in Excel?

1. Open your Excel application.
2. Open the worksheet and click the “Insert” menu.
3. You’ll see the “My Apps” option.
4. In the office Add-ins window, click “Store” and search for ChartExpo on my Apps Store.
5. Click the “Add” button to install ChartExpo in your Excel.

ChartExpo charts are available both in Google Sheets and Microsoft Excel. Please use the following CTA’s to install the tool of your choice and create beautiful visualizations in a few clicks in your favorite tool.

Let’s say your market research survey yields the results table below.

This table contains example data. Expect many responses and questions in real life.

• To get started with ChartExpo, install ChartExpo in Excel.
• Navigate to the INSERT menu and select My Apps. 

• Select ChartExpo and click the “Insert” button.

• Once it loads, choose the “Likert Scale Chart” from the charts list.

• Select the data from the sheet and click the “Create Chart From Selection” button.
• When you click the “Create Chart From Selection” button, you have to map responses with numbers manually. The Likert scale has this arrangement:
  • Not Important at All = 1
  • Very Important = 2
• Once all is set, click the “Create Chart” button.

• The default scale for the chart is set to 5. However, our data has a 2-scale response. To change the scale, click “Settings” in the top bar. Then select the “Scale Type” option from the Chart Setting Property window. Then choose the desired scale, in our case “2”, from the drop-down list.

• ChartExpo will generate the visualization below for you.

• Click the “Edit Chart” button to modify your chart.
• Click the pencil icon next to the Chart Header to add a title.
• This will open the properties dialog.
• Add a heading in Line 1 under the Text section and enable the Show option. Then click the “Apply” button.

• Let’s say you want to add text responses instead of numbers against every emoji.
• Click the pencil icon next to the respective emoji. Expand the “Label” properties and write the required text. Then click the “Apply All” button.
• Click the “Save Changes” button to persist the changes.

• Your final chart will appear below.

Insights

• For 45% of respondents, the cleanliness and hygiene of a hair salon is a crucial factor. For 55%, it is not a priority.
• The hair salon’s overall ambiance and atmosphere are important to 70% of respondents. 30% don’t mind about it.
• Professionalism and friendliness of the staff are significant for 65% of respondents, while 35% don’t consider it important.
• Pricing and value for money of hair salon services is a priority for 60% of respondents. 40% don’t regard it as such.
• In general, 60% of respondents find the above factors important when deciding. On the other hand, 40% don’t find them to be significant.

FAQs

What is a market research template?

A market research template is a pre-designed framework or structure with a standardized format for conducting market research. It includes sections and questions on specific information, such as customer preferences, market trends, or competitive analysis.

Why do we conduct market research?

Market research aims to gather customer insights, recognize market trends, scrutinize competitors, and inform decision-making. It ensures business competitiveness, mitigates risks, and maximizes opportunities for growth and success.

How do you choose a target audience for market research?

Consider the characteristics, needs, and behaviors pertinent to your research objectives when choosing a target audience. Consider demographic factors, psychographics, and purchasing habits to ensure alignment between your target audience and research goals.

Wrap Up

Market research templates provide valuable frameworks for collecting data. However, the real value lies in analyzing and interpreting that data.

To analyze market research template data, start by organizing and cleaning the data. This involves reviewing responses, checking for missing or incomplete data, and ensuring data accuracy.

Then employ various analysis techniques such as statistical analysis, data visualization, and qualitative interpretation.

Qualitative interpretation involves delving deeper into open-ended responses and interview transcripts to uncover themes, sentiments, and insights. You can achieve this through coding, categorizing responses, and identifying recurring patterns or emerging topics.

Statistical analysis allows for identifying patterns, correlations, and trends within the data. This can involve calculating averages, and percentages and conducting hypothesis testing.

Data visualization techniques help to represent the findings and make complex information more understandable visually.

ChartExpo makes it easy to create charts and graphs from the data. You can quickly analyze research data and get a good feel for your competitors’ performance.

The best part?

ChartExpo’s user-friendly interface lets you chart any dataset in a few clicks. No coding is required.