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Basics · 6 min read

Market Research for a Business Plan: What to Include

What market research a business plan needs for banks and investors in India: market size, customers, competitors and demand evidence.

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Quick answer

A business plan's market research section should show market size and growth, target customer profile, competitor analysis, pricing evidence and demand validation, ideally backed by primary research.

At a glance

Guide type
Basics · 6 minute read
Method covered
Consumer Research
Research family
Quantitative research
Typical timeline
5–7 weeks: a week of design, two to three weeks in field, two weeks of analysis
Typical sample
600–1,200 completed interviews, with 150+ in every segment you will read separately
Written for
Students and first-time researchers · Founders doing it themselves · Managers briefing a team

Key takeaways

  • Lenders want evidence, not assumptions
  • Show a bottom-up estimate of demand
  • Profile at least 3–5 competitors
  • Primary research strengthens credibility

Reader intent

Who this guide is for

Three readers arrive here with different problems. Each should be able to act on this page without reading all of it.

  • Students and first-time researchers

    Plain definitions, worked examples, and the vocabulary the rest of the field assumes you already know.

  • Founders doing it themselves

    Enough method to run something small properly, and a clear line for when to bring in help.

  • Managers briefing a team

    A shared foundation, so everyone in the room means the same thing by the same words.

01

What to include

  • Industry overview and growth
  • Market size (TAM, SAM, SOM)
  • Target customer profile
  • Competitor analysis
  • Pricing evidence
  • Demand validation from surveys or interviews

02

Linking to your project report

The research findings should feed directly into the revenue projections in your project report or DPR.

03

How Market Research India can help

Market Research India designs and runs consumer research projects across 50 Indian cities and 30 industries. A senior research director leads every study, and our own supervised teams handle the fieldwork. You get clear recommendations, not just data tables.

Share your objective and we will send a scoped, fixed-fee proposal within 24 hours, with a recommended method, sample and timeline.

What goes wrong

Common mistakes in consumer research

Most disappointing consumer research studies fail for reasons that were visible in the design, not in the fieldwork. These are the ones we see most often, and what to do instead.

  • 01

    Sizing the total sample but not the cells

    A 600-interview study split across four cities and three income bands leaves 50 respondents per cell. Decide which sub-groups you will report on first, then size the sample upwards from them.

  • 02

    Asking about intention instead of behaviour

    “Would you buy this?” is answered generously in Indian samples. Anchor the questionnaire on the last purchase: what was bought, which pack, at what price and from where.

  • 03

    Letting the sample drift to the metros

    Convenience recruitment gravitates to high-footfall urban locations and quietly removes the Tier 2 and peri-urban households that carry your volume. Set city-tier quotas and police them daily.

  • 04

    Translating once and never back

    A questionnaire translated but not back-translated changes meaning the moment it reaches the field. Pilot every language version separately before launch.

  • 05

    A questionnaire nobody piloted

    Routing errors, ambiguous scales and a 35-minute runtime are cheap to find in a 30-interview pilot and expensive to find in the full dataset.

  • 06

    Fieldwork without an audit trail

    GPS tags, timestamps, audio snippets and back-checks are what let you defend a finding when a regional team disputes it. Specify them in the contract.

Run through this before sign-off

Your checklist before you brief anyone

A working sequence for a consumer research project. Most of it costs nothing, and it saves the two weeks a re-field would take.

  1. 1

    Write down the three decisions the data must inform, then delete every question that does not serve one of them.

  2. 2

    Define the segment cells up front and set a minimum reportable base of 150 for each.

  3. 3

    Set quotas on age, NCCS, city tier and category usage, and lock them before fieldwork opens.

  4. 4

    Pilot 30 interviews, read the verbatims, and fix routing and scale wording before full launch.

  5. 5

    Back-check 20% of interviews by telephone and GPS-tag every in-person completion.

  6. 6

    Agree the minimum reportable base before fieldwork, and hold the line in the tables.

  7. 7

    Agree in writing who acts on each finding, and by when, before the debrief ends.

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Answers

Frequently asked questions

The questions buyers ask us most often before they commission consumer research.

Do banks require market research?

Most lenders expect a market analysis section. Research-backed reports are more persuasive.

Request a proposal

Talk to a consumer research specialist.

From guide to project

Where consumer research actually gets commissioned

If this guide has settled the method, these are the pages worth opening next: the service itself, and the markets where consumer research is most often run for our clients.

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