Business Research Tools
Business research tools help companies study their customers, competitors and markets. For example, you may need to determine how satisfied customers are with a new product. Some business research already exists and is available for a price. Companies initiate other types of business research using various marketing research techniques or tools. The key is knowing when and how to use these business research tools.
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Secondary Research
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Secondary research is information that is already available for you to buy. Marketing research companies, like the NPD Group and Simba Research, often produce secondary research data by talking to large groups of consumers. Secondary research usually includes highly specific information on the size of a market in dollars and units, market share of competitors, government regulations in the market and opportunities for growth. You should use secondary research information if you plan to start your business, whether you are entering the consumer products, restaurant, software or automobile industry. You can also find some secondary research information at libraries or through various trade magazines. Additionally, you can find secondary research information inside your company through warranty cards, for example, according to Quick MBA, an online business reference site.
Phone Surveys
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Phone surveys are a relatively quick and effective way of garnering customer information. The first step in conducting a phone survey is to determine your objectives for the business research. For example, you may want to determine how customers feel about your customer service department. Subsequently, talk to the customer service manager in your company and determine the types of questions she wants to ask. For example, the customer service manager may want to better understand how customers view the timeliness and accuracy of the customer service department. Write a questionnaire that covers all the objectives for your business research. Consider using a marketing research firm to do the surveys, as these firms have trained personnel and the equipment to more readily complete the surveys.
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Focus Groups
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Focus groups are another type of business research tool. Focus groups are usually conducted in focus group facilities with one-way mirrors. The one-way mirrors allow company managers to watch focus group participants talk about their company's products. For example, your restaurant company may need to decide which one of five meals customers would like the best. In the process, you would ask small groups of people to taste the meals and provide their opinions. Ultimately, you may be able to decide which one new menu item to introduce, based on feedback from customers in a focus group.
Personal Interviews
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Personal interviews can be an effective business research tool for reaching people who are ordinarily inaccessible. For example, secretaries often block the calls of business executives, or doctors usually have their calls screened. Therefore, personal interviews may be the best way for an advertising agency to reach executives, or for a pharmaceutical manufacturer to reach doctors about a new product. You can also collect more comprehensive information during personal interviews. Participants in a personal interview are also usually more attentive than in other types of business research.
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References
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