Business Research is a pivotal management activity that helps a company to determine which product or service will be the most profitable in the market. The process of Business Research entails several steps that are thoroughly reviewed to ensure that the best decision is made for the company. Think for a while, can you answer these questions on your own? Who are your customers? What do they buy now? Why do they buy that? What will make them buy from you? No right? This is why proper Business Research is crucial at the onset of your business. And in order to execute that meticulously; you need to apprehend the core of the same. As in today’s world, your in-house Business Research is not enough. Here in this article, we will show you how effective these methods are to your company for analyzing markets, managing finances, satisfying client requirements and achieving business goals.
Why are we telling you to conduct Business Market Research for your company?
What is Business Research?
Research is that element that supplies a concrete base to your business. Any successful business, most importantly start-ups call for supreme ideation; and that ideation comes from extensive research. Now Business Research refers to the process of gaining information about the current on-going trends in the market; about your competitors, how are they performing, regarding your position in the market (with respect to your competitors) in terms of revenue, size and various other parameters; and how to improve the overall performance of your business. Business Research helps you to determine the nature of competition, marketing approach, financial stability for business. It is an important management activity that helps companies identify which products will be most profitable for firms to produce.
Based upon what is required, and also information acquired via varied Business Research sources, organizations are empowered to make critical business decisions in:-
If you wish to get a detailed sneak-peak into our proceedings, & to know how we have helped all the successful businesses in gaining a firm ground in the market through Business Research, kindly visit our Business Research Service page.
How is Business Research carried out by Virtuallytics?
At Virtuallytics, we nourish our clients with all due hospitality and a slight bit of personal tinge. Our company is actually a pioneer in the field of Business Research, including a team of industry veterans who will:-
Now let us go through the detailed procedure of Business Research:-
1. Product Analysis: It is the first step in Business Research. The product that the companies will be working for must meet or exceed consumer demand. Notwithstanding that, the product will not perform well in the market place. Here the focus can also lie on a product that is already there in order to improve its designs or traits. One more such kind of product analysis the quest of emerging markets with high demand and low supply. This allows businesses to sell their newly launched products in the market, so that the consumer demands outside are met sufficiently.
2. Market Analysis: This is done in order to find out how much profit a company can acquire from the current market demand outside. Things to look after are the status of the business. Suppose it is in the emerging stage, plateau stage, or declining stage. Where each stage has got its own level of profitability, the first stage being the lowest and the last stage being the highest! Proper Business Research does also helps to understand and set the price at which a product can be sold in the market.
3. Financial Analysis: This type of survey tells us about the cost of each production item used in the production of goods and services. Management shall also look after the cost application methods so that all production cost is properly applied to each of the product produced.
4. Competitor Analysis: Competitor Analysis is a significant part of your Business Research. Obviously, in order to maintain the growth of your company, you need to know about your contemporaries/challenges first. Other companies having knowledge about the best production methods might give you a cue to know how you make your mark while entering a new market. Efficient Business Research does also tell us about the financial status of a company; whether an opponent, who is willing to enter the industry can pursue purchasing from them purchasing a competitor might cost lesser than starting afresh operations for a company. To know more about Competitor Analysis please read our latest blog "Outsource to Counteract Competitors and Reduce Cost".
5. Growth Analysis: Business Research usually means forecasting or rather scooping out the heading direction of an industry or market. Knowing the proceeding direction of the market helps companies perceive the stability of a new business operation. A slowly-moving industry might be unprofitable at the very beginning, but it does have a better longevity growth potential. As an industry with a high growth rate is very much prone to witness a quick downfall. This occurrence of events has led to the bankruptcy of many big companies due to consistently poor performance or inefficiency.
What are the benefits of Business Research?
Some key points to keep in mind:-
You can also reduce/redeem your business expenses by using Business Research; Virtuallytics has got special offers with this regard
With a deeper understanding of brand value, businesses can constantly innovate fresh ideas to meet market/customer demands. This helps in growing market share and revenue. Research is the building block of any business. It acts as a catalyst to thrive in the market. So performing Business Research actually stands inevitable to companies for taking them forward.
A quick look of Business Research Services at Virtuallytics:
What are some types of Business Research?
Business Research is part of the overall business intelligence process. It does tell us about the success factors of an organization in an area. And to chalk out effective strategies to promote a product of a specific brand.
Now, Business Research usually falls into two types of categories :
1.) Qualitative Research Methods: This type of study is conducted to extract out our audience’s actual reaction towards a product or service. Also, why are they reacting so? This type of research encourages public communication more, by means of open-ended questions or other sources that we are going to tell you. In simple words, this is a type of survey that enables marketers to fetch the answer of some of the questions like:
This Business Research deals with intentions, beliefs & attitudes. Qualitative Research includes questions such as “Why”? Or “How?”
Qualitative market research can be useful when you are developing brand-new products or generating new advertising initiatives and you wish to check reactions and fine-tune your technique. However, such data can highlight potential issues that can be explored in quantitative research.
Website surveys are relatively new that has come into the market but in fact, are proving to be very helpful as most businesses have a website nowadays. It is one of the best methods to collect feedback from the visitor visiting your website.
Here we will talk about the best five of the qualitative research methods:-
1. Interviews: Interviews help the researchers to understand a detailed perspective and opinions from the subjects of research. Where the respondent can answer open-ended questions and begin the conversation.
2. Focus groups: Here, only a small group of individuals are involved to check their reaction towards a specific product or brand. A focus group might be having a small number of people but they do depict your specific target market. Although a focus group is quantitatively less, it is qualitatively varied. One such clear example of applying focus groups is doing online surveys.
3. Ethnographic Research: Among all other types of Business Research, this is the most difficult one but this is also the one giving you precise results. The bad thing is, Ethnographic Research is considered to be one of the most expensive and time-consuming research. This research calls for the researcher to thrive in the natural habitat of their target audience and observe them like the way they are to collect the data.
4. Case Study Research: This is considered as one of the most crucial type of Business Research. This is the type of Business Research that is done with respect to fetching customer satisfaction, the challenges being faced by the customers and the solutions that the company can provide after a detailed case study. Also, the reason why businesses leverage a lot from this type of Business Research is that, when a new customer comes this is the foremost significant element to showcase your companies’ capabilities.
5. Website Visitor Research: Nowadays the whole world is turning into a colossal of digital media right? That’s why website visitor research plays a huge role in collecting reviews from your website visitors. As we know, the majority of businesses are having a website today. With the help of website surveys, you can understand your target audience better, their motives and gather that feedback to scrutinize the online experience of your website visitors. Behavioural patterns, needs of the visitor, overall satisfaction from the website, are some of the few things that could be benefitted by website visitor profiling.
Virtuallytics, a leading Business Research company, can offer diversified services dealing both in Quantitative and Qualitative market research, which would assist in forming company decisions, enhance approaches. We are an efficient, fast broadening research firm with procedures across the market. Our emphasis is to understand the client's needs and also give options to them utilizing the most up to date technology and also different techniques. At Virtuallytics, we ensure the high quality of the information supplied through approaches that sync well with the latest fads.
2.) Quantitative Business Research: Quantitative research is beneficial in knowing if there is a new market for a specific product or service. It is a method of analyzing the largest group that satisfies your target goals. These types of Business Research utilize a systematic examination by means of mathematical or statistical methods to explain the important stats about your business and market. The main methods of obtaining quantitative data are the various forms of surveys – i.e. telephone, postal, face-to-face and online. Survey questions have to be thoroughly thought about to ensure that the results give purposeful data. Answers on a questionnaire sheet usually require respondents to choose from a definite answer set. Also, respondents cannot elaborate on their choices, as to why are they making a certain choice. The outcomes of quantitative research are always in a numerical form.
For instance, quantitative research can give you an answer like:-
A customer complete satisfaction study provides customers the opportunity to explain any type of quibbles they may have and add to praise good work. It can be an excellent way to gather favourable testimonials that you can make use of in your advertising. At the same time, gather contact details and add the customers to your mailing list so you can get in touch with them in the future (make sure you get their permission).
Why would you go for Virtuallytics?
With Virtuallytics you are not alone; we want to take away your pressure as much as we can so that you get the time and relaxation to focus on your priorities. If you want to leverage from the activity of virtual assistance for increasing your client interaction and revenue generation. Contact email@example.com