How to Conduct a Market Analysis with a Third-Party

A higher education institution was looking to evaluate a new market to launch a new educational program.

The client partnered with our third-party market research company to understand the landscape and identify market(s) for expansion. 

Check out this post to learn more about the objective, approach, and results of this market analysis research project!

How to Conduct a Market Analysis

Objectives of the Market Analysis

The objective of the market analysis research was to identify a favorable market(s) for the school and program. 

The market analysis research included analyzing indicators such as:

  • Workforce demand
  • Political factors
  • Competitive schools
  • Quality of life
  • Innovation within the market

Our market research company, Drive Research structured the research in phases.

Each stage informed the next to narrow the scope and dive deeper into only the markets which offer the best indicators.

This staged approach created a more defined scope and cost-effective research project for the client.

Recommended Reading: What is the Most Cost-Effective Market Research Methodology?

Approach to the Market Analysis 

To address the objectives at hand, Drive Research recommended using a combination of secondary and primary research across the stages of market research. 

Drive Research conducted secondary research across 15 markets in the U.S. (DMAs or metro areas).

This included using pre-existing data found online to identify key performance indicators of the client's competitors.

Our step-by-step approach to a market analysis includes:

  • Signed proposal
  • Project kickoff meeting
  • Define primary and secondary market research methodologies - this often includes a competitive analysis, demographic analysis, and an online survey.
  • Analyze feedback
  • Create a comprehensive market research report with key findings and recommendations

A market analysis is a common component of feasibility studies. Learn more about the four key components of a market research feasibility study.

Results of the Market Analysis

Our market research firm analyzed 15 different designated market areas (DMAs) or metro areas for this initial stage of market research.

The 15 markets will be pre-determined by the client and provided to Drive Research. 

Our team used various paid syndicated data sources and publicly available information to source data for several key indicators.

Some data sources were provided at the state level, while others were targeted on a more micro-level.

Details of the market research report include:

  • A comprehensive Excel database of data and information for each of the indicators.
  • Drive Research leveraged population data or previous data collected to select the 15 markets. 
  • Indicators were weighted in terms of importance by Drive Research and the client.
  • The matrix used those weights to create a high-level scoring or rating for each factor and market.

This component of the market research study will help guide the client in choosing which three markets to move forward with. 

Conduct a Market Analysis with Drive Research

Drive Research is a national market research company specializing in market analysis research studies. Our team of certified market research professionals partners with brands across the country to determine what market and demographic will be most successful for new business ventures.

Interested in conducting a market analysis with our team? Contact us below.

  1. Message us on our website
  2. Email us at [email protected]
  3. Call us at 888-725-DATA
  4. Text us at 315-303-2040

emily taylor about the author

Emily Taylor

As a Senior Research Analyst, Emily is approaching a decade of experience in the market research industry and loves to challenge the status quo. She is a certified VoC professional with a passion for storytelling.

Learn more about Emily, here.

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