When running a business, there are many decisions to make, such as opening new branches, developing new products, and the number employees to hire. You research everything from vendor costs to headset functionality. Business owners can use research to make wise, informed decisions. When people speak of business research, generally, they are referring to business marketing research that helps identify the specific areas to spend money on for development and advertising.
When running a business, there are many decisions to make, such as opening new branches, developing new products, and the number employees to hire. You research everything from vendor costs to headset functionality. Business owners can use research to make wise, informed decisions. When people speak of business research, generally, they are referring to business marketing research that helps identify the specific areas to spend money on for development and advertising.
Undertaking Qualitative
Qualitative business research is a type of exploratory research. Businesses use it to gain insight into the reasons, opinions and motivations for why things are done. Done properly, qualitative research can help uncover trends to help find the most suitable buyers for your products and services. As many marketing agencies will tell you, if you find people desperate for your product, you are sure to sell, even if your advertising isn't the best. For example, you might find sold-out signs for portable air conditioners during hot summer months in California. People are desperate to find ways to cool off.
Determining the quality of your leads seeks to find the how and why behind the purchase. The example of portable air conditioners demonstrates a qualified group of buyers. You might not find such a desperate group in another location where summer temps are more temperate. When looking for your qualified customers, consider what they need. A pet owner might be concerned about finding flea and tick solutions. A car owner might want a way to protect his car from stormy weather. Then, consider the products and services you offer and determine exactly which ones solve the problem and how these products achieve results.
Qualitative business research is a type of exploratory research. Businesses use it to gain insight into the reasons, opinions and motivations for why things are done. Done properly, qualitative research can help uncover trends to help find the most suitable buyers for your products and services. As many marketing agencies will tell you, if you find people desperate for your product, you are sure to sell, even if your advertising isn't the best. For example, you might find sold-out signs for portable air conditioners during hot summer months in California. People are desperate to find ways to cool off.
Determining the quality of your leads seeks to find the how and why behind the purchase. The example of portable air conditioners demonstrates a qualified group of buyers. You might not find such a desperate group in another location where summer temps are more temperate. When looking for your qualified customers, consider what they need. A pet owner might be concerned about finding flea and tick solutions. A car owner might want a way to protect his car from stormy weather. Then, consider the products and services you offer and determine exactly which ones solve the problem and how these products achieve results.
Exploring Quantitative Research
Quantitative research takes all the ideas an opinions you've uncovered in the qualitative research and attempts to quantify the finding by generating a statistic or other form of numerical data. It's about having the number of buyers, not only the quality.
There are two approaches to consider with this type of research: higher end and more expensive products will naturally have fewer target buyers, whereas lower priced products appeal to bigger masses. Regardless of the approach, you still need to make sure there is a market big enough for you to be profitable with your sales.
For example, the luxury spa experience might be priced beyond what most people would pay for a relaxing day at the spa, but affluent people will pay for exclusivity and confidentiality. If you can sell a higher priced item, you don't need as many sales to be profitable.
Quantitative research takes all the ideas an opinions you've uncovered in the qualitative research and attempts to quantify the finding by generating a statistic or other form of numerical data. It's about having the number of buyers, not only the quality.
There are two approaches to consider with this type of research: higher end and more expensive products will naturally have fewer target buyers, whereas lower priced products appeal to bigger masses. Regardless of the approach, you still need to make sure there is a market big enough for you to be profitable with your sales.
For example, the luxury spa experience might be priced beyond what most people would pay for a relaxing day at the spa, but affluent people will pay for exclusivity and confidentiality. If you can sell a higher priced item, you don't need as many sales to be profitable.
Research Methods and Tools
When you are doing business research, there are some tools and methods that help you establish the market for your products and services. First, you will want to create your ideal customer profile that includes an age ranges, education level, home ownership and marital status. From here you want to look at this market in a way that applies to your products. For example, if you are selling a weight loss program that guarantees results in six weeks, you could examine the demographic that has young women who are engaged.
Online analytics and the ability to survey people on social media platforms will help you identify the need. For example, you could run a survey in a wedding planning group on Facebook asking if women are trying to lose weight before the wedding. This helps identify the quality of the potential lead. You could then use Facebook Insights to run demographics on women between the ages of 25 and 40 who are engaged. This tells you how big the market is — the quantity. If it is big enough, consider this as a marketing strategy to flush out.
When you are doing business research, there are some tools and methods that help you establish the market for your products and services. First, you will want to create your ideal customer profile that includes an age ranges, education level, home ownership and marital status. From here you want to look at this market in a way that applies to your products. For example, if you are selling a weight loss program that guarantees results in six weeks, you could examine the demographic that has young women who are engaged.
Online analytics and the ability to survey people on social media platforms will help you identify the need. For example, you could run a survey in a wedding planning group on Facebook asking if women are trying to lose weight before the wedding. This helps identify the quality of the potential lead. You could then use Facebook Insights to run demographics on women between the ages of 25 and 40 who are engaged. This tells you how big the market is — the quantity. If it is big enough, consider this as a marketing strategy to flush out.
Using Research Data to Make Decisions
Based on the findings and data obtained through the business research methods, organizations can make some critical business decisions such as:
- Whether to expand or contract the product range
- The possibility of expanding into new geographies and markets
- How to create a point of difference between the business and its competitors
- Adopting a winning go-to-market approach for a service or product.
It's basically a guiding light for how the business should be run.
Based on the findings and data obtained through the business research methods, organizations can make some critical business decisions such as:
- Whether to expand or contract the product range
- The possibility of expanding into new geographies and markets
- How to create a point of difference between the business and its competitors
- Adopting a winning go-to-market approach for a service or product.
It's basically a guiding light for how the business should be run.
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