Most entrepreneurs start businesses with a lot of enthusiasm. However, this is not enough to protect such ventures, and many fail within a few months of their launch. If you plan to launch a business or you’re running one, one of the most effective ways to promote growth is through research. They say information is power, and this applies aptly in the highly competitive business environment today.
In today’s data-driven business world, you need to equip yourself with as much information as you can. This post explores how you can leverage different aspects of research to boost business growth.
Why Invest in Research for Your Business?
A quick look at the biggest corporations in the world reveals they have well-financed research and development (R&D) departments. These departments are the heart of these large businesses. This is where new ideas, products, and innovations emanate.
While you might not build a research department for your small business, it’s important to understand how research can unlock your company’s potential. Take a look:
I. Setting a foundation for innovations and new ideas
II. Supporting better decision making in your organization
III. Supporting your company’s strategic plans
IV. Forecasting early and future business opportunities
V. Promoting growth by identifying consumers’ needs
VI. Improving marketing campaigns by evaluating different tactics
VII. Identifying new revenue opportunities
VIII. Helping with cost-cutting efforts by identifying practices with best ROI
IX. Improving your brand
X. Staying ahead of the competition
There’s so much you can do with the data and information you collect from research. Today, there are innovative research tools which help to cut the cost of research. Remote moderated research with Userzoom, for instance, helps researchers carry out their activities remotely and collect invaluable data. Digital tools have revolutionized research and made it easier for smaller businesses to leverage the power of data.
Types of Research You Need for Your Business
Many businesses fail because they maintain routines that don’t deliver the desired results. Some of the biggest startups today have disrupted their respective industries by leveraging new research methods and technology.
With the insight gathered, these businesses have launched products and services which consumers actually need. They also use more effective and revolutionary marketing methods identified through research. You can also join this bandwagon by leveraging different research campaigns. Take a look:
Product research helps your team understand the needs of the target customer better before you launch. Businesses which invest heavily in product research increase their knowledge and understanding of the business scenario and understand the market better.
With product research, it’s easier to launch successful products to attain better sales. You can also gain a competitive edge, connect with your target customers, and expand your market base. Your research also reveals the best way to package and sell your yet-to-be launched products, the pricing and design. You can also tell whether what’s in the market is meeting customer needs.
Consumer Insight Research
While you already have a target audience, you need to do some more work to understand these. A consumer insight research reveals a lot more about your target customers than what you already know.
You’ll learn their purchase habits, interests, hobbies, passions, their preferences, personal and professional information, and how they consume media and advertising. With a deeper understanding of how your customers think and feel, you can deliver better services.
The best business always has campaigns running to build visibility, awareness, improve sales, and market reach. However, such campaigns might not be bringing any ROI to the business. Through campaign effectiveness research, you determine if your advertising message is reaching the right target customers with the desired results. The information gained helps you tweak the campaigns for more effectiveness.
If you haven’t invested in competitor analysis, you’re missing out on a great opportunity. This kind of research gives you deep insight into the competition in your market and industry. You identify the competition, what they’re doing, their strengths and weaknesses, techniques used, product range, and much more.
Customer Experience/ Satisfaction Research
How happy are your customers? Are they having a hard time accessing your online store? Customer is king and you should always know how they’re faring when interacting with your brand. This research helps you improve your engagement, build loyalty, increase sales, and so much more.
Brand Awareness Research
There’s a difference between what you think the target customer knows about your company and what they actually know. Through brand awareness research, you get the true picture of your brand’s perception. But it goes further to look at brand penetration, brand advocacy, brand value, brand positioning. From the information gathered, you know what to improve about your brand.
The more you learn about your brand, the market, competition, innovations, and target customers, the better your decision making. With this insight, you can start building a research strategy for your business to promote growth.