Business Research

Business Research

Business Research with JSK Business Solutions – embarking your business venture on a smart pathway!

Business research is that pivotal management activity that helps a company to determine which productor 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 a 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 much effective these methodsare to your company for analysing markets, managing finances, satisfying client requirements and achieving business goals.

Here is the reason we are telling you to conduct business market research:

  • Identify the problem areas in your business
  • Understand the needs of existing customers and why they chose your service over competitors
  • Identify new business opportunities and changing market trends
  • Recognize new areas for expansion, and increase your customer base
  • Discover potential customers and their needs, which can be incorporated into your services
  • Set achievable targets for business growth, sales, and latest product developments
  • Make well-informed market decisions about your services and develop effective strategies
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 a supreme ideation; and that ideation comes from an 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:-

Here is the reason we are telling you to conduct business market research:

  • • Whether to expand or obsolete a specific product range
  • • Whether to expand or obsolete a specific product range
  • • Opportunities of increasing right into brand-new locations as well as markets
  • • To create a point of difference between the business and its competitors or (highlighting your Unique Selling Proposition)
  • • chalking out best strategies to improve the performance of a specific product range in the market
  • • Whether to expand or obsolete a specific product range
How is business research carried out by JSK Business Solutions?

At JSK Business Solutions, 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:-

Based upon what is required, and also information acquired via varied business research sources, organizations are empowered to make critical business decisions in:-

Here is the reason we are telling you to conduct business market research:

  • • Formulate research designs and prepare hypothesis
  • • Perform qualitative and quantitative analysis
  • • Assemble data as per user requirements through charts, diagrams, graphs
  • • Ensure all the possible information are supplied in the form of well-compiled data
  • • Help you in the formulation of business policies and strategies
  • • Drive better decision-making through in-depth intelligence
  1. Product Analysis: It is the first step of business research. The product that the companies will be working for must meet or exceed the consumer demand. Notwithstanding to that, the product will fail in the market place. Here the focus can also lie on an existing product to improve its designs or features. Another type of product analysis is to find emerging markets with high demand and low supply. This allows companies to sell new products so that the consumer demand outside is 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 like is it emerging, plateau, or declining. Each stage entails its own level of profitability, with the first stage being the highest and the last stage being the lowest! A 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 analysis determines the cost of each production item used in the production of goods and services. Costs such as raw materials, labour, and manufacturing overhead are taken into consideration.Management shall also review the best cost application methods, so that all production cost are properly applied to each of the product produced.
  4. Competitor Analysis: Competitor analysis is an important part of business research. Obviously in order to maintain the growth of your company, you need to know about your contemporaries/challenges first. Other companies having the best production methods or customer loyalty might give you a cue to know how you can create a competitive advantage when entering a new market.An efficient business research does also tell us about the financial status of a company; and if they can be purchased outright by a company wanting to enter the industry. Purchasing a competitor might be cheaper than starting afresh operations for a company.
  5. Growth Analysis: Business research usually includes forecasting the growth and direction of the current 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. Because High-growth industries sometimes faces a quick downfall, such as the (please mention a proper example here). This occurrence of events has led to bankruptcy of many big companies like the: (please put suitable examples here); due to consistently poor performance or inefficiency.

 

What are the benefits of Business Research?
  1. It helps you identify opportunities and threats in the marketplace.
  2. It helps you build a better market position.
  3. It can keep you updated with current trends and innovations in the market.
  4. It helps identify problems and using this information wise decisions can be made to tackle the issue appropriately.
  5. It helps to understand customers better and hence can be useful to communicate better with the customers or stakeholders.
  6. Risks and uncertainties can be minimized by conducting business research in advance.
  7. Financial outcomes and investments that will be needed can be planned effectively using business research.
  8. Such a research can help track competition in the business sector.
  9. Business research can enable a company to make wise decisions as to where to spend and how much
  10. Business research can enable a company to stay up-to date with the market and its trends and appropriate innovations can be made to stay ahead in the game.
  11. Business research helps measure reputation.

Some key points to keep in mind:-

  1. An efficient business research will help you with the customer buying patterns
  2. You get a deeper insight into the contenders, current market trends, and demographics
  3. You get to know about the key preferences and pain points of your target audience
  4. You can always stay ahead of your competitors in the market by chalking out the effective strategies
  5. You can also reduce/redeem your business expenses by using business research; JSK Business Solutions 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 helpsin 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 lookof Business Research Services at JSK Business Solutions:

  • • Business Analysis
  • • Company Analysis
  • • Country Research
  • • Demographic Studies
  • • Feasibility Studies
  • • Pestel Analysis
  • • SWOT Analysis
  • • Prospect Research
  • • Vendor Research
What are some types of Business Research?

Business research is considered as an aspect of the business intelligence process. It is conducted to determine 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 :

 

  1. What customers or prospects assume and feel about your product or service?
  2. How they choose between different products or suppliers?
  3. What they like or dislike about it?
  4. What do they feel about the competitor’s product?
  5. How branding, style and also packaging affect them?
  6. What type of marketing messages have the most effect, as well as what transforms them off?
  7. How price affects decision-making?
  8. Whether there is demand for a new product or service?

 

  • This business research focuses on attitudes, intentions, and beliefs. 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 which can be explored in quantitative research.
  • Website surveys are relatively new that has come into the market but in fact is proving to be very helpful as most businesses have 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:-

  • Identify the problem areas in your business
  • Understand the needs of existing customers and why they chose your service over competitors
  • Identify new business opportunities and changing market trends
  • Recognize new areas for expansion, and increase your customer base
  • Discover potential customers and their needs, which can be incorporated into your services
  • Set achievable targets for business growth, sales, and latest product developments
  • Make well-informed market decisions about your services and develop effective strategies
  1. Interviews: Interviews help the researchers to understand a detailed perspective and opinions from the subjects of research. Where 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 the sample size is quantitatively less, it is qualitatively diverse. Focus groups can also be conducted by online surveys.
  3. Ethnographic Research: Among all other types of business research, this is considered to be one of the most challenging ones 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 adapt to the natural environment of the target audience and observe them naturally and 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 assessing the customer satisfaction, the challenges that the customers faced and the solutions that the firm can give them after case studies. 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 feedback from the visitor visiting your website. As we know, majority of businesses are having a website today. With the help of website surveys you can understand your target audience better, their motives and collect that feedback to scrutinize the online experience of the customers.Behaviour patterns, the intention of the visitor, overall satisfaction from the website, are few of the things that can be collected by website visitor profiling.

JSK Business Solutions, 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 market. Our emphasis is to understand client’s needs and also give options to them utilizing the most up to date technology and also different techniques. At JSK Business Solutions, we ensure the high quality of the information supplied through approaches which sync well with 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 analysing the largest group that satisfies your target goals. These types of business research utilize a systematic examination by the use of mathematical techniques or statistical tools 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 a quantitative research is always in a numerical form.

 

For instance, quantitative research can give you answerslike:-

  1. 35% of customers rate the new product as “attractive”
  2. 3 out of 5 customers will buy a new product after being offered a free in-store sample
  3. Are your customers aware of the services or products you offer?
  4. How many people are interested in buying your products or services?
  5. What are their buying habits?
  6. How long the visitor stays on your website, and which is their exit page?
  7. What type of people are your best customers?
  8. How are the needs of your target market changing?

 

A customer complete satisfaction study provides customers the opportunity to explain any type of quibbles they may have and additionally 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 JSK Business Solutions?

With JSK Business Solutions 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 activity for increasing your client interaction and revenue generation.