Types of business research your company can utilize
What types of business research can your company use?
Business research is the organized study of markets, customers, and operations that helps leaders make smart choices. It falls into two main groups: qualitative research and quantitative research.
- First, qualitative business research explores why people act the way they do.
- Meanwhile, quantitative business research measures data to spot clear patterns.
- Still, most teams mix both methods to get a full picture.
First, running a business means making informed choices every day. Business research helps leaders decide where to spend money for the best return. Because of this, it works for any company, no matter its size or age.
Good business research helps you understand the market. In addition, it helps you understand your own company. So the payoff is clearer thinking and fewer costly mistakes. For a deeper start, learn how to conduct market research before you commit a budget.
What is business research?
Business research is a systematic process of collecting and analyzing information to make an informed decision, solve a business problem, or guide future action. It can cover any topic that matters to the business.
In addition, it is a useful tool for any owner or manager. For example, it guides new ideas and products. It also helps you refine the ones you already sell.
Business research does not always happen in person. In fact, many companies now rely on information gathered from the web[1] because it is fast and easy.
Types of business research
There are two main types of business research. Each one answers a different kind of question.
Qualitative business research
Qualitative business research studies people’s attitudes, behaviors, and opinions. In short, it aims to find out why people do the things they do.
The main methods include the ones below.
Interviews
For example, interviews are one of the most common forms of business research. An interview gathers firsthand facts about your industry. As a result, you gain insight into what customers need and expect.
Also, a formal interview is a talk with someone who knows the topic well. For example, you might speak with customers, job candidates, or experts in your field.
You could interview past buyers to learn more about how their experience was. Then ask how they use your product, why they bought it, and what they like most.
Ethnographic research
Meanwhile, ethnographic research studies people and cultures in their natural setting. Here, the researcher watches and talks with people as they go about their day.
The goal is to grasp the group’s culture, values, and beliefs. So you can send researchers into the field or use photos and video to record what happens.
Ethnographic business research has many applications,[2] including marketing and advertising, customer service, and design.
For example, you might learn what makes customers buy. In addition, you can see how they use a product in daily life.
Case study
For example, a case study is a deep look at one person or a small group. Its aim is to explain a wider issue by studying one clear example.
Case studies can be observational or experimental. Observational studies simply watch the subject use a product. Experimental studies, on the other hand, add a change that affects the subject.
Quantitative business research
Next, quantitative research studies measurable data to find patterns and draw conclusions. Because the results are numbers, they are easy to compare.
The main quantitative methods are below.
Surveys
Surveys are one of the most common types of business research. They collect facts from customers, staff, and other groups. You can run them in person or online, often with a short questionnaire.
For example, a survey can show you your target market and their buying habits. It is also a great way to gather feedback on your products. Modern customer feedback tools make this step faster. Then you can use that feedback to improve what you offer.
Experimental research
Experimental research tests a theory by changing one or more variables. You then watch how that change affects the results.
For example, you could raise your price and track the effect on sales volume. Next, you set up the test and record what happens.
Experiments are the most precise type of business research. However, they can be costly and slow. In addition, they may not match real-world conditions as well as other methods.
Online and literature research
This method looks up information from databases and other sources online. The downside is the time it takes to sift results. Still, it covers an important segment of business research.
Also, websites are a great way to find facts about a business. For example, you can check a company’s history, location, products, services, and people on its site.
You can also read published studies in your industry for deeper insight. As a result, you get a more analytical way to approach product development. To plan this well, set up a clear data collection strategy first. You can also pair it with ongoing competitive intelligence on your rivals.
When conducting this business research, you need to be especially mindful of which sources are reliable. You can trust academically-recognized papers, well-known news sites, or government agencies.
Aside from performing business research in-house, you also have the option to outsource web research professionals from well-esteemed service providers like SixEleven. Trust that SixEleven will provide you with tailored solutions for your project needs.
References
- Information gathered from the web. Kozinets, R., 2015. Management netnography: axiological and methodological developments in online cultural business research. The Sage handbook of qualitative business and management research methods. London: Sage.
- Many applications. Fletcher, D. and Adiguna, R., 2020. Ethnography: a much-advocated but underused qualitative methodology in published accounts of family business research. Handbook of Qualitative Research Methods for Family Business.
Business research FAQs
How do I choose between qualitative and quantitative research?
First, match the method to your question. Use qualitative research when you need to explore motives, feelings, or fresh ideas. Use quantitative research when you need numbers you can measure and compare. Many teams run a small qualitative study first, then test those findings at scale with a survey.
How much should a small business spend on research?
Still, there is no fixed rule. A lean study can start with free web sources and a short online survey. Costs rise once you add paid panels, field visits, or expert interviews. So begin with one clear question, set a small budget, and expand only after the early results prove useful.
How do I keep my research data reliable?
First, use more than one source and cross-check your findings. Prefer recent data, and note the date of every figure you quote. Watch for leading survey questions, since they skew answers. Finally, store raw results so another person can repeat your analysis later.
When should I outsource business research?
For example, outsourcing helps when the work is large, technical, or ongoing. A specialist team brings tools, trained researchers, and faster turnaround. Look for a provider with clear reporting and strong data privacy practices. That way, you get solid insight without hiring a full in-house unit.
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