“Business research” is broad — it could mean research for, by or with the business. Business research can be a lot of things. This might be merely you or someone you hire who hunts the Internet for information about markets, competitors, companies, etc. It can be understanding annual reports or analyzing websites and making conclusions.
Business Research is primarily to know the business goals and KPIs. How the industry or business is executing and shaping up. Business research may or may not contain competitor or customer analysis, but a sole study of the business in question. Depending on the subject in hand, business research can mean a lot of things. Executives and managers who use business research methods, are able to better comprehend their company, the position it holds in the market and how to improve that position.
Reasons for Business Research
Before startups get the research, ball rolling, startups need to come up with a solid business concept. Once startups have a concept, startups need to determine if it’s viable. To figure out if startups should go ahead with your business idea, startups need to ask questions like these:
Is the market saturated?
Does the market want what startups are offering?
What’s the competition doing?
Can startups reach their target audience?
Launching a startup involves having an exceptional & unique idea, but it is also important to know if there is a large abundance of customer base to support the idea. Business Research is helpful. Business research helps business managers discover new markets and make the most of their resources. They are important for startups and investors.
Business research also helps startups of all sizes evaluate the strength of their competition, and it assists gauge the strength of a brand. Knowing whether a brand is effective and when it needs to be replaced generally requires using surveys and other tools. In addition, research aids attract investors. An investor needs to know how likely a company or product is to succeed before risking money, and thorough business research may be enough to convince a potential investor to take a chance. Some investors even perform their own research.
Types of Business Research
Employ a variety of business research types to maximize the benefit that data can provide your company.
- Descriptive Vs Analytical
- Applied Vs Fundamental
- Quantitative Vs Qualitative
- Conceptual Vs Empirical
Fields of Business Research
Business research programs are an increasingly popular way for companies to train and educate their managers and other employees in a vast array of different fields.
International business a field covered in the umbrella term of Business Research. For company directors who are on the rim of enlarging their operations beyond their national boundaries sending staff on courses relating to this field is highly advisable.
Another field in business research is Sales and Sales techniques. This is especially important for many startups as sales are the method of securing new income. Certainly, sales techniques will vary depending upon, the services or products being sold, but there are certain general rules that should be followed. By having a well-trained and informed sales team, they will be capable to bring more trade, and hence expand the portfolio and profits of the company.