Business research is a systematic enquiry and analysis of a specific market by a company or a professional agency in order to derive vital information. This information is further interpreted to formulate marketing strategies or take significant business decisions. Business research can include financial data, consumer feedback, product research and competitive analysis. Business research process includes steps like collecting data and studying the target audience; weighing out the pros and cons, main opportunities and business risks involved in the business.
Role of Business Research
The market research carried out by a company or consultancy agency not only helps the start-ups, but also the already established organisations. For a start-up, industry research is beneficial in order to study the business environment in detail while assessing its weaknesses and strengths. Market research also helps the start-ups to locate customers, identify their buying habits and customer preferences. Concisely, market research is important to know the possibility and future of a start-up before putting up various resources and capital into it.
Benefits of Research
- The industry research is also vital for older or already established organisations to keep a track of their competitions or before launching a new product or service.
- Business research helps them to market their products and services effectively to have an edge over their competitors.
- The research also helps the companies in developing a new product; discover new markets and evaluating the publicity and advertising efficiency.
- Another significant role it plays in an organisation is to put forward assessed data about the competitors.
In this way, it provides companies an in-depth analysis and knowledge about their clients, competitors, and the business environment in which they are functioning.
Business Research Methods
A business research processinvolves the usage of various methods, such as polls, online,sample and focus groups to improve the efficiency of sales and distribution of a business organization. The most common business research methods include surveys, interviews, opinion polls, focus groups and case studies which can be carried out both offline and online.
- Surveys and Interviews – Surveys are the business research methods that provide quicker and low-cost information in less time. On the other hand, interviews provide a more elaborate access to the queries and hence providing a detailed assessment to the organisations.
- Focus groups – It involves a group of 8 to 12 respondents who provide their unbiased opinions over a product or service in an interactive session. This is very effective and common business research method.
- Case study – It is appropriate in order to obtain a detailed overview regarding customers’ satisfaction with a specific product or service, feedbacks, and suggestions that help the companies to understand the reaction of customers towards their product or service.
At Impetus, we are driven by a team of passionate and skilled professionals who continuously work to help the organisations to prosper by gaining a better understanding of their target market.