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Business Research: Methods, Types & Examples

Business research can be done for anything . Generally , when discussing business research design, people ask research questions to determine where money can be spent to increase sales, profits, or market share.

Such research is critical to making wise and informed decisions. Because of this, business research plays a vital role in understanding various aspects of a business environment.

What Is Business Research

Business research is the process of acquiring detailed information on all business areas and using such information to maximize the business’s sales and profit. Such a study helps companies determine which product/service is most profitable or in demand.

It can be stated as acquiring information or knowledge for professional or commercial purposes to determine a business’s opportunities and goals.

For example, a mobile company wants to launch a new model in the market but needs to be made aware of the dimensions of a mobile that are in most demand. Hence, the company conducts business research using various methods to gather information and to test market demand , which is then evaluated. Conclusions are drawn as to what dimensions are most in demand.

This will enable the researcher to make wise decisions about positioning his phone at the right price in the market and, hence, acquire a larger market share.

Types of Business Research and Methodologies

Business research is part of the business intelligence process. It is usually conducted to determine whether a company can succeed in a new region, understand its competitors, or select a marketing approach for a product. This research can be carried out using the  research process steps  in qualitative  or quantitative research methods.

Quantitative Research Methods

Quantitative research methods deal with numbers. They are systematic empirical investigations using statistical, mathematical, or computational techniques. Such methods usually start with data collection and then proceed to statistical analysis using various methods. The following are some research methods used to conduct business research.

1. Survey Research

Survey research is one of the most widely used methods of gathering data, especially for conducting business research. Surveys involve asking various survey questions to a set of audiences through various types, such as online polls, online surveys, questionnaires, etc. Nowadays, most major corporations use this method to gather data and use it to understand the market and make appropriate business decisions.

Various types of surveys, like cross-sectional studies , which need to collect data from a set of audiences at a given point in time, or longitudinal surveys, which need to collect data from a set of audiences across various time durations to understand changes in the respondents’ behavior, are used to conduct survey research. With technological advancement, surveys can now be sent online through email or social media .

For example: A company wants to know the NPS score for their website i.e. how satisfied are people who are visiting their website. An increase in traffic to their website or the audience spending more time on a website can result in higher rankings on search engines which will enable the company to get more leads as well as increase its visibility.

Hence, the company can ask people who visit their website a few questions through an online survey to understand their opinions or gain feedback and hence make appropriate changes to the website to increase satisfaction.

2. Correlational Research

Correlational research is conducted to understand the relationship between two entities and what impact each one of them has on the other. Using mathematical analysis methods, correlational research enables the researcher to correlate two or more variables .

Such research can help understand patterns, relationships, market research trends , etc. Manipulation of one variable can also yield the desired results. Generally, a conclusion cannot be drawn only based on correlational research.

For example, Research can be conducted to understand the relationship between colors and gender-based audiences. Using such research and identifying the target audience, a company can choose to produce particular-colored products for release in the market. This can enable the company to understand its products’ supply and demand requirements .

3. Causal-Comparative Research

Causal-comparative research is a method based on the comparison. It is used to deduce the cause-effect relationship between variables. Sometimes also known as quasi-experimental research, it involves establishing an independent variable and analyzing the effects on the dependent variable.

In such research, data manipulation is not done; however, changes are observed in the variables or groups under the influence of the same changes. Concluding such research is tricky as independent and dependent variables will always exist in a group. Hence, all other parameters must be considered before any inferences from the research are drawn .

For example: Research can be conducted to analyze the effect of good educational facilities in rural areas. Such a study can be done to analyze the changes in the group of people from rural areas when they are provided with good educational facilities and before that.

Another example is analyzing the effect of dams on farmers or crop production in an area.

4. Experimental Research

Experimental research is based on trying to prove a theory. Such research may be useful in business research as it can let the product company know some behavioral traits of its consumers, which can lead to more revenue. In this method, an experiment is carried out on a set of audiences to observe and later analyze their behavior when impacted by certain parameters.

For example: Experimental research was conducted recently to understand if particular colors have an effect on consumers’ hunger. A set of the audience was then exposed to those particular colors while they were eating, and the subjects were observed. It was seen that certain colors like red or yellow increase hunger.

Hence, such research was a boon to the hospitality industry. You can see many food chains like Mcdonalds, KFC, etc., using such colors in their interiors, brands, as well as packaging.

Another example of inferences drawn from experimental research, which is used widely by most bars/pubs across the world, is that loud music in the workplace or anywhere makes a person drink more in less time. This was proven through experimental research and was a key finding for many business owners across the globe.

5. Online Research / Literature Research

Literature research is one of the oldest methods available. It is very economical, and a lot of information can be gathered using such research. Online research or literature research involves gathering information from existing documents and studies, which can be available at Libraries, annual reports, etc.

Nowadays, with the advancement in technology, such research has become even more simple and accessible to everyone. An individual can directly research online for any information that is needed, which will give him in-depth information about the topic or the organization.

Such research is used mostly by marketing and salespeople in the business sector to understand the market or their customers. Such research is carried out using existing information that is available from various sources. However, care has to be taken to validate the sources from where the information is going to be collected.

For example , a salesperson has heard a particular firm is looking for some solution that their company provides. Hence, the salesperson will first search for a decision maker from the company, investigate what department he is from, and understand what the target company is looking for and what they are into.

Using this research, he can cater his solution to be spot on when he pitches it to this client. He can also reach out to the customer directly by finding a means to communicate with him by researching online.’

Qualitative Research Methods

Qualitative research is a method that is highly important in business research. It involves obtaining data through open-ended conversational means of communication. Such research enables the researcher to not only understand what the  audience  thinks but also why they think it.

In such research, in-depth information can be gathered from the subjects depending on their responses. Various types of qualitative research methods, such as interviews, focus groups, ethnographic research, content analysis, and case study research, are widely used.

Such methods are of very high importance in business research as they enable the researcher to understand the consumer. What motivates the consumer to buy and what does not is what will lead to higher sales, and that is the prime objective for any business.

The following are a few methods that are widely used by most businesses in today’s world :

1. Interviews

Interviews are somewhat similar to surveys, like sometimes they may have the same types of questions used. The difference is that the respondent can answer these open-ended questions at length, and the direction of the conversation or the questions being asked can be changed depending on the response of the subject.

Such a method usually gives the researcher detailed information about the perspective or opinions of its subject. Interviewing subject matter experts can also provide important information critical to some businesses.

For example, a telecom manufacturer interviewed a group of women to understand why they have fewer female customers. After interviewing them, the researcher understood that some of the models had fewer feminine colors , and females preferred not to purchase them.

Such information can be critical to a business such as a telecom manufacturer. Hence, it can be used to increase its market share by targeting women customers by launching some feminine colors in the market.

Another example would be to interview a subject matter expert in social media marketing. Such an interview can enable a researcher to understand why certain types of social media advertising strategies work for a company and why some of them don’t.

2. Focus Groups

Focus groups are a set of individuals explicitly selected to understand their opinions and behaviors. They are usually a small group that is selected keeping in mind the parameters for their target market audience to discuss a particular product or service. Such a method enables a researcher to have a larger sample than an interview or a case study while taking advantage of conversational communication.

Focus groups are also one of the best  examples of qualitative data in education . Nowadays, focus groups can also be sent  online surveys  to collect data and answer why, what, and how questions. Such a method is crucial for testing new concepts or products before they are launched in the market.

For example, Research is conducted with a focus group to understand what dimension of screen size is preferred most by the current target market. Such a method can enable a researcher to dig deeper to determine whether the target market focuses more on screen size, features, or phone colors . Using this data, a company can make wise decisions about its product line and secure a higher market share.

3. Ethnographic Research

Ethnographic research is one of the most challenging research but can give extremely precise results. Such research is used quite rarely, as it is time-consuming and can be expensive as well. It involves the researcher adapting to the natural environment and observing its target audience to collect data. Such a method is generally used to understand cultures, challenges, or other things that can occur in that particular setting.

For example: The world-renowned show “Undercover Boss” would be an apt example of how ethnographic research can be used in businesses. In this show, the senior management of a large organization works in his own company as a regular employee to understand what improvements can be made, what is the culture in the organization, and to identify hard-working employees and reward them.

It can be seen that the researcher had to spend a good amount of time in the natural setting of the employees and adapt to their ways and processes. While observing in this setting, the researcher could find out the information he needed firsthand without losing any information or any bias and improve certain things that would impact his business.

4. Case Study Research

Case study research is one of the most important types of business research. Most businesses use it as marketing collateral to attract more clients. It is conducted to assess customer satisfaction and document the challenges faced and the solutions provided by the firm .

These inferences are made to point out the benefits that the customer enjoyed when choosing their specific firm. Such research is widely used in other fields like education, social sciences, and similar. Businesses provide case studies to new clients to showcase their capabilities, and hence, such research plays a crucial role in the business sector.

For example: A services company has provided a testing solution to one of its clients. A case study research is conducted to find out what were the challenges faced during the project, what was the scope of their work, what objective was to be achieved, and what solutions were given to tackle the challenges.

The study can end with the benefits that the company provided through its solutions, like reduced time to test batches, easy implementation or integration of the system, or even cost reduction. Such a study showcases the capability of the company, and hence it can be stated as empirical evidence of the new prospect.

5. Website Visitor Profiling/Research

Website intercept surveys or website visitor profiling/research are new and quite helpful in the business sector. They are an innovative approach to collecting direct feedback from your website visitors using surveys. In recent times, a lot of business generation has happened online, and hence, it is important to understand your website visitors as they are your potential customers.

Collecting feedback is critical to any business, as no business can be successful without understanding customers. To stay on top, a company has to keep its customers satisfied and try to make them loyal customers.

A website intercept survey is an online survey that allows you to target visitors to understand their intent and collect feedback to evaluate the customers’ online experience. This can collect information like visitor intention, behavior path, and satisfaction with the overall website.

Depending on the information a company seeks , multiple forms of website intercept surveys can be used to gather responses. Some popular ones are pop-ups, also called modular boxes, and on-page surveys.

For example , a prospective customer is looking for a particular product that a company is selling. Once he is directed to the website, an  intercept survey  starts noting his intent and path. Once the transaction has been made, a pop-up or an on-page survey is provided to the customer to rate the website.

Such research enables the researcher to use this data effectively, understand the customers’ intent and path, and improve any parts of the website depending on the responses. This, in turn, would lead to satisfied customers and, hence, higher revenues and market share.

Advantages of Business Research

• Business research helps to identify opportunities and threats.
• It helps identify research problems , and using this information, wise decisions can be made to tackle the issue appropriately.
• It helps to understand customers better and can help communicate better with the customers or stakeholders.
• Risks and uncertainties can be minimized by conducting business research in advance.
• Financial outcomes and investments that will be needed can be planned effectively using business research.
• Such research can help track competition in the business sector.
• Business research can enable a company to make wise decisions as to where to spend and how much.
• 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.
• Business research helps to measure reputation management .

Disadvantages of Business Research

• Business research can be a high-cost affair
• Most of the time, business research is based on assumptions
• Business research can be time-consuming
• Business research can sometimes give you inaccurate information because of a biased population or a small focus group.
• Business research results can quickly become obsolete because of the fast-changing markets.

Importance of Business Research

Business research is one of the most effective ways to understand customers, the market, and competitors. It helps companies understand the market’s demand and supply. Using such research will help businesses reduce costs and create solutions or products that are targeted to the market’s demand and the correct audience.

In-house business research can enable senior management to build an effective team or train or mentor when needed. Business research enables the company to track its competitors and hence can give you the upper hand to stay ahead of them.

Conducting such research can avoid failures. It will give the researcher an idea of whether it is right to launch its product/solution and whether the audience is right. It will also help understand the brand value and measure customer satisfaction, essential to innovation and continuous customer demand.

This will help the company grow its revenue and market share. Business research also helps recruit ideal candidates for various company roles. By conducting such research, a company can conduct a  SWOT analysis , i.e., understand its strengths, weaknesses, opportunities, and threats. With  this information, wise decisions can be made to ensure business success.

Business Research To Improve Company Strategy

A well-rounded business strategy relies on data-driven insights across various areas of operation, from understanding customer needs to staying competitive in the market. Businesses need to conduct research to make informed decisions.

Each component—from market and financial analysis to demand forecasting—requires a structured approach to gather, interpret, and apply information effectively.

Let’s explore how business research supports different aspects of a company’s strategy and decision-making process. You can uncover insights that drive growth, reduce risks, and enhance efficiency with the right tools and approach.

Market Analysis

Business research in market analysis helps companies understand the landscape in which they operate. This includes gathering information about customer demographics, buying behaviors, industry trends, and market size. By analyzing these factors, businesses can identify potential growth opportunities, understand market demand, and determine the best strategies for targeting their audience.

Accurate market research allows a company to understand its customers better, identify unmet needs, and tailor its products or services accordingly, while promoting retention. It’s the foundation for creating effective marketing and business development strategies.

Financial Analysis

Business research examines a company’s financial health and performance in financial analysis. This includes assessing income statements, balance sheets, cash flows, and financial ratios. Research helps businesses evaluate their profitability, liquidity, and overall economic stability. It also provides insight into investment viability and guides financial decision-making.

A thorough financial analysis is crucial for making informed budget decisions, ensuring sustainable growth, and attracting investors. Research-driven financial analysis can help pinpoint areas where costs can be reduced or investments optimized.

Brand Analysis

Business research in brand analysis assesses how customers perceive a brand and how it stands against competitors. This includes analyzing brand awareness, customer loyalty, reputation, and positioning. Research in this area often uses surveys , focus groups, and social listening.

Understanding brand perception enables companies to refine their branding strategies to resonate with their target audience. Effective brand research helps businesses build substantial brand equity, differentiate from competitors, and maintain customer loyalty.

Product Analysis

Product analysis involves researching a product’s performance, customer satisfaction, features, and competitive position. Research helps identify a product’s strengths and weaknesses, assess customer preferences, and determine potential for improvement or innovation.

Business research informs product development and innovation. By understanding customer needs and comparing the product against competitors, companies can improve their offerings, refine features, or introduce new products to meet evolving demands.

Risk Analysis

Risk analysis involves identifying, assessing, and prioritizing potential risks that could impact the business. Business research in this area examines factors such as market volatility, regulatory changes, operational risks, and economic conditions. It helps companies quantify and manage the risks they face.

Effective risk analysis protects a business from unforeseen disruptions and prepares it for potential challenges. Research in this area allows companies to develop risk management strategies, minimize losses, and ensure business continuity.

Competitor Analysis

Competitor analysis involves gathering and analyzing data about competitors, such as their products, pricing, marketing strategies, strengths, and weaknesses. This research helps companies understand the competitive landscape and identify their own competitive advantages.

By knowing what competitors are doing, businesses can strategize more effectively, capitalize on their own strengths, and exploit competitors’ weaknesses. Competitor analysis helps companies stay relevant and maintain a competitive edge.

Demand Analysis

Demand analysis assesses current and future demand for a product or service. Research in this area examines consumer purchasing patterns, economic factors, seasonal trends, and overall market demand.

Understanding demand helps companies adjust their production, pricing, and marketing efforts. It allows businesses to anticipate market needs, avoid overproduction or shortages, and make data-driven decisions to optimize supply chain management.

Distribution Analysis

Distribution analysis examines the most efficient ways to deliver products or services to the end customer. Research in this area evaluates distribution channels, logistics, transportation costs, and delivery times.

Efficient distribution is crucial for customer satisfaction and cost management. Business research helps companies select the right channels, optimize their supply chain, reduce delivery times, and improve customer experience.

Business research is the first step any business owner needs to take to establish his business and ensure its survival or excellence in the market. Such research is of the utmost importance because it helps companies grow in terms of revenue, market share, and brand value.

If you want to streamline your business research process, consider tools like QuestionPro to gather and analyze data effectively across all these critical areas. With specialized solutions to handle surveys, analysis, and reporting, you can make informed decisions to drive your business forward.

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• What is Business Research: Methods, Types & Examples

Defne Çobanoğlu

Every business owner wants their company always to be successful and profitable. And even if you have a successful business plan, that does not mean things will not need changing in the future. And trial and error may not be on the table when you can not afford to lose money and precious customers. Therefore, you need to be cautious before taking any steps and do your research . 

In this article, we explained business research, its methods, and types to help business owners and inform those interested to know more. We also added some examples of scenarios any company may face. Let us get started with the definition of business research!

• What is business research?

Business research is a type of research process where the main goal is to help a company thrive and collect data about the target audience, potential business plans, and marketing strategies . The data collection about possible risks and investment opportunities helps business owners make informed decisions about future plans. 

The fields that can use business research include marketing, business, education, and social science . But of course, they are not the only ones that can benefit from business research. It is a helpful research type for all business needs. Now, let us see how we can further categorize this into methods and types of business research.

• Methods and types of business research

Business research methods and types

In business research methodology, there are two main types. These are quantitative research and qualitative research. In the simplest terms, quantitative research is about collecting numerical and factual data, whereas qualitative research is about collecting data by using open-ended questions . These two methods can be divided into more specific parts. Let us get started with quantitative research methods.

• A. Quantitative Research Methods

Quantitative research methods give the researchers factual and numerical evidence that can be effectively used in decision-making processes. There are numerous ways to collect quantitative data, and it is also possible to use more than one method to prove the credibility of the information. Let us start with the first one:

• 1. Survey research

Surveys are a great way to collect information from a targeted group, no matter how big or small. They can be done in the format of an online survey, phone survey or questionnaire . Surveys are usually close-ended or multiple-choice questions that are easy to group and analyze. The business doing the research can collect valuable information directly from its customers.

• 2. Correlational research

Correlational research focuses on the discovery of whether two different entities influence each other in any way. The main focus of this research method is not to make decisions. But rather, they can use the findings to explore further using other research methods.

• 3. Causal-comparative research

Causal-comparative research is similar to correlational research in that both of them compare two different elements and how they affect each other. But the main difference is that fact the focus of this research method is to draw conclusions on the cause-and-effect relationship of said entities.

• 4. Experimental research

Experimental research has a broad spectrum when it comes to what is taken as ‘experimental’. Basically, it is when businesses want to test a specific theory about the quality of a product or service. There are many methods that can be used, and it is decided by the researcher according to the theory that will be tested.

• 5. Literature research

Literature research is a very effective and economical research method to use. It is about using offline and online existing literature and going through them to analyze the data. It is mostly used in sales about consumer behaviors.

• B. Qualitative Research Methods

Qualitative research is not about numbers like quantitative research. Instead, it is about emotions, opinions, and approaches. The target audience can be presented with a topic through open-ended questions. There is more than one method to go with, and it is even possible to use multiple methods at once. Let us see qualitative research methods: 

• 1. Interviews

The interview method is mostly done on a smaller participant group about a specific subject. They consist of open-ended questions and can be in a structured or unstructured format. Interviews are one-on-one questions asked to the target audience to gain insight into the problem . 

• 2. Focus Groups

A focus group is a pre-determined group of individuals who are chosen to participate in a study to answer specific questions. The researchers present them with a topic and encourage discussions with open-ended questions . Then, the findings are generalized to make decisions.

• 3. Ethnographic Research

Ethnographic research is similar to conceptual research, and its main focus is to understand the culture and people of the target audience by using observation . This method is done by observing the people in their natural environment and seeing how they interact with one another and their surroundings.

• 4. Case Study

Businesses generally use a case study method to showcase to potential consumers how their product or service helped a certain individual or a group . It is a good way to attract new customers. This method helps highlight the company’s skill sets and assets.

• 5. Website visitor research

This research method is relatively newer than others. Its main focus is to collect feedback from individuals who use the company website and ask them about their opinions. A business can use this method by presenting a customer with a quick survey after their purchase on the website . Afterward, the company can improve user satisfaction by fixing existing problems.

• Importance of business research

The reasons for conducting business research

Businesses grow by knowing their target market, potential customers, and competitors. And this is only possible by conducting market research to help make informed business decisions. The main goal of business research is to help stakeholders of the company make planned and informed decisions using the facts in the business research report. However, there are other reasons why business research is important. These are:

• Gathering information on customers: A business research report provides data on consumers’ behavioral changes, their needs, preferences, and expectations. The managers and stakeholders can make informed decisions with this knowledge.
• Performance evaluation: Research allows businesses to evaluate their success against industry standards and other competitors. This helps keep track while deciding how to differentiate themselves from others.
• Market expansion: Business research topics include areas that were not explored before. Therefore, when the business wants to expand to new markets, the research provides information on the market’s dynamics and potential risks and profits .
• Efficiency and cost-reduction: The data collected by business research helps identify any obstacles to productivity and cost excessiveness. That way, a more cost-effective and efficient approach can be taken.
• Business research examples

Business research helps business managers make smart plans for the company and its future. They can make informed decisions about new marketing strategies, building new products or service branches, or improving customer satisfaction . 

Business research example #1

Imagine a company making energy drinks wants to know if they can expand their market to the older part of the population. They do not know if they will be interested in their product or what kind of marketing strategies they can use to attract older people’s attention. They can make up a focus group and ask them about their opinions. The company can also conduct literature research to find out information about the competitors .

Business research example #2

Imagine a company that has a clothing store website wants to know if there is anything that makes shopping on their website difficult for customers. They can show a pop-up customer satisfaction survey and ask them if they can find what they are looking for easily and how the website visiting experience was. Then, they can collect customer feedback and see how they can improve their website to enhance customer satisfaction levels.

• Frequently asked questions about business research

What are the 4 stages of business research?

Much like every other research, business research is also best done when it is preplanned and organized. And there is a 4 stage plan of business research. These are:

1 - Defining the problem

2 - Designing the research plan

3 - Collecting data and making an analysis

4 - Reporting on the findings

What is the purpose of business research?

The purpose of business research is to make sense of the existing elements of a business, such as consumers, product placement, marketing, innovation, etc . And using the data collected on these elements to make informed decisions and create smart business strategies to improve the success of the company.

When to use business research?

Business research is best used when a new approach is taken or a new product is launched, and the risks need to be assessed. It is essential to be mindful of all the negative and positive sides of a new strategy without risking the entirety of the company.

• Final words

When you own a business, no matter how big or small, change can be intimidating. You can not go to new territories blindly. But, you can not stay the same either. In order to keep your existing customers and find new potential ones, you should be mindful of their habits and opinions. The best way of doing this is either to ask them directly ( using a survey, interviewing them, etc .) or to do your own research to draw conclusions.

In this article, we explained business research, quantitative and qualitative research methods, and business research types. We also included some examples of business research and what methods can be used for those problems. If you want to do your own business research but do not know where to start, you can check out quantitative research questions to get you started. Also, do not forget to check out other articles on research and so much more!

Defne is a content writer at forms.app. She is also a translator specializing in literary translation. Defne loves reading, writing, and translating professionally and as a hobby. Her expertise lies in survey research, research methodologies, content writing, and translation.

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Business research methods: A comprehensive overview

Last updated

3 April 2024

Reviewed by

Cathy Heath

Business research is the process of gathering and analyzing different types of information to make informed business decisions. 

If you undertake business research correctly, it has multiple benefits, such as:

Improving organizational operations

Identifying trends

Forecasting potential outcomes

This research can include studying competitor performance, examining consumer preferences, analyzing market trends, and identifying industry gaps .  

Let’s learn more about business research methods and the steps for a successful research process.

Market analysis template

Save time, highlight crucial insights, and drive strategic decision-making

• The importance of business research

In today's fast-paced, data-driven world, we need to rely on more than just intuition and guesswork. Companies need a well-planned business research strategy to uncover invaluable insights into consumer preferences, market trends , and emerging opportunities.

Business research allows companies to:

Identify market opportunities

Researching industry trends and market segments enables businesses to discover untapped markets and new opportunities to expand sales.

Analyze customer behavior

Understanding customers’ motivations, perceptions, and behaviors is essential. Companies can create targeted marketing strategies and products that meet consumer needs while improving customer satisfaction .

Stay ahead of competitors

Competitive analysis can reveal what your competitors are doing well and where they are struggling. With this information, businesses can adjust their strategies to remain competitive.

Optimize operations

Business research can help companies optimize their operations and improve efficiency. Analyzing data on processes and workflows lets businesses identify areas of improvement, streamline operations, and reduce costs.

Overall, investing in business research is essential for companies wanting to remain competitive and relevant. The right research strategy helps businesses uncover insights to drive growth and improve their bottom line.

• Qualitative research methods vs. quantitative research methods

Business research has two main methods: Qualitative research and quantitative research.

Qualitative research methods

Qualitative research involves exploring and understanding a topic through non-numerical data. 

This research type is particularly useful for exploring complex, multifaceted issues that may be difficult to quantify. 

It can provide insights into customer needs and preferences and identify trends and patterns. 

Researchers often use qualitative research in the early stages of a project to explore the problem and develop a deeper understanding. 

It provides a foundation for quantitative research and can determine what researchers need to ask to answer the research question.

Qualitative research methods include: 

Focus groups

Case studies

Ethnographic research

Website visitor profiling

They focus on understanding people’s attitudes, behaviors, and motivations.

Quantitative research methods

Quantitative research uses numerical data to test a hypothesis or solve a research question . 

Researchers can capture quantitative data from: 

Face-to-face interviews

Telephone interviews

Online polls

People often view quantitative data as more objective since it’s statistical and less subjective than qualitative data .

Quantitative research uses collections of data and measures, manipulates, and compares the information to get insight. 

Which type of business research is best?

While quantitative and qualitative research methods both have their benefits, they also come with a few drawbacks:

Qualitative research cons include:

Typically small sample size , making it harder to generalize

Time-consuming

Quantitative research disadvantages include:

Not capturing the depth or nuance of the topic

Minimal understanding of beliefs, opinions, or behavior behind consumer decisions

Researchers must interpret the data correctly for accurate observations

Businesses need to consider which method suits their research goals and resources best. Carefully selecting a method ensures valuable insights for more informed decisions to meet your business goals.

• Five research techniques for your business

As you start planning your business research strategy, it's important to consider which research methods you want to use. 

Let’s look at five research techniques, including when you should use them:

Surveys are a common method in business research. They effectively collect data from a large group by asking them to complete a questionnaire . 

Surveys are best for gathering information about a specific population's: 

Preferences

Experiences

You can conduct specific types of surveys, each with varying purposes and methodologies. 

Types of surveys:

Customer satisfaction surveys

These surveys measure customer satisfaction with a product or service. 

The questions may focus on the customer's product experience or the overall customer experience . 

Market research surveys

These surveys gather information on a specific market, including: 

Consumer preferences

Consumer behavior

Competitor analysis

Market trends

Employee satisfaction surveys

These surveys gauge the level of satisfaction and engagement of employees within an organization. 

They may include questions on: 

Compensation

Work-life balance

Job security

Career development

Brand awareness surveys

These surveys determine the level of awareness and recognition of a brand within a specific market. This type of survey can also measure brand loyalty and reputation.

Researchers conduct surveys in different ways, including online, by phone, or in person. 

Online surveys are becoming increasingly popular due to their convenience and the ability to gather data quickly.

2. Interviews

Interviews are another valuable method in business research. 

Unlike surveys, interviews involve talking to people one-on-one to gather in-depth information. Interviews are best to understand someone's perspectives, motivations, or experiences. 

For example, if a company wants to understand why its customers prefer a certain product or service, it can use interviews to ask follow-up questions to gain more insights. 

Interviews can be structured or unstructured depending on the researcher's objectives. 

In a structured interview , the interviewer has a predetermined set of questions to ask all respondents. This method ensures that everyone answers the same questions, making it easier to compare and analyze their responses. 

An unstructured interview is where the interviewer does not have a set of predetermined questions but lets the conversation flow naturally. This type of interview is more flexible and allows for unexpected insights to arise. 

Whether a researcher wants to understand consumer behavior or develop new business strategies, interviews can provide valuable data to inform decisions.

3. Observation

Observation is an excellent method to see how people interact with products, services, or physical spaces.

It allows researchers to observe real-life scenarios and collect accurate data about: 

Business processes

Employee behavior

Customer interactions

Overall business operations

It's particularly useful in situations where traditional survey or interview methods may not be effective. 

Researchers can use several types of observation for business research, including: 

Naturalistic observation

Controlled observation

Participant observation

Non-participant observation

Naturalistic observation involves observing behavior in a natural setting without manipulating the situation. This can gain insight into customer interactions and the decision-making process .

Controlled observation consists of manipulating a scenario and observing how people react. This can be useful for testing new products, services, or processes in a controlled environment.

Participant observation involves the researcher participating in the situation they are observing. This can help the researcher better understand the motivations and behaviors of those they’re observing.

Non-participant observation occurs while the researcher remains outside the situation and simply observes the actions. This approach can be helpful when it’s not possible or ethical for the researcher to participate directly.

Observation understands the human aspect of consumer behavior and how it influences decision-making.

Testing involves conducting experiments to gather quantitative data about a specific product or service. It's best to measure the impact of changes or improvements to a product or service. 

Testing can involve different techniques like: 

A/B testing: Evaluating two versions of a product or service

Usability testing : Seeing how users interact with a product to evaluate its ease of use

Performance testing: Checking the performance of a product under various conditions

Each type of testing is for a specific reason and with a specific goal in mind. 

For example, usability testing ensures a product or service is user-friendly, while A/B testing identifies which version is more effective or preferred. Performance testing ensures a product can handle the demands of heavy use.

5. Focus groups

Focus groups are a popular method of business research to gain in-depth insights into consumer behavior, attitudes, and perceptions toward products and services. 

A focus group typically consists of people that share similar characteristics. They come together to discuss and provide feedback on a specific topic. 

Focus groups are best suited for situations where businesses want to understand their target audience’s needs and wants. This can be useful when:

Launching a new product

Testing a new advertising campaign

Evaluating the effectiveness of an existing marketing strategy

Focus groups provide a unique opportunity to get real-time feedback on ideas and products, allowing businesses to fine-tune their offerings to meet customer demands.  

Understanding each research technique helps you design a strategy to collect the most relevant data for your business needs.

Steps of a business research process

Now you know the types of business research and its purpose, let’s look at the seven steps to successfully undertake it:

1. Identify the research problem 

The first step in conducting research is to define the problem or issue to address. This may involve surveying customers, analyzing market data, or interviewing key stakeholders . 

For example, if you own a fashion brand and your sales have dropped significantly, you may want to know why.

2. Conduct a review

Before starting research, check what researchers have already discovered in your organization, industry, or field. 

Conducting a review can involve reading relevant articles or research papers and gathering secondary or desk research data. 

This review process helps you better understand your research topic and may provide some insights into your research problem and fine-tune the next stage of your research.

3. Develop research questions and objectives

At this stage, you will develop specific research questions to achieve your objectives. 

Research objectives are the goals you aim to achieve by conducting the research. 

In our fashion brand example, one research question might be: "How do current fashion trends affect our sales?"

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Which are the best business research methods.

12 min read Business research is a well-established way to get an edge in your market. In this article, we’ll cover some of the most valuable business research methods.

Business research is a well-established way to gain an edge in your target market . But less than 40% of US marketers use consumer research to make decisions, according to data from Google. Could the huge range of methodologies and techniques be preventing business research takeup?

In this article, we’ll lay out some of the most popular and valuable business research methods, from general approaches to industry-specific techniques, to help you decide which business research process is the best fit for you and your company.

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What do we mean by business research?

There are two primary areas of business research – understanding the market in which you’re operating, including the target consumers out there who don’t yet buy from you, and understanding your existing customers.

Market research

Market research is an umbrella term covering a wide variety of business research techniques which are used to help a business understand its target customer’s preferences.

This arm of business research often involves techniques like the focus group, where a moderated discussion helps companies understand their target audience, and survey research, including online surveys.

Customer feedback is an important part of any business intelligence process. This might come in the form of direct feedback, where a customer provides their opinion to a business either spontaneously or in response to a survey invitation or feedback form, or through indirect methods like social media listening.

As well as being able to assess customer satisfaction , this allows businesses to discover the unmet needs of their current customers. This kind of business research helps seed new product development, among other improvements.

Qualitative research methods for business

Qualitative business research techniques are all about the ‘why’ of what’s happening in your business. Rather than relying on data and statistics, they use description and human interpretation to investigate situations and events.

Qualitative research can be quite time-consuming and historically it has been harder to automate than quantitative methods, although nowadays tools are available to scale up qualitative data collection.

Even without these tools, qualitative research can be done with smaller sample sizes and still provides rich information that can offer lasting value.

Focus groups

Focus groups are a business research mainstay. They can help companies understand their current customers or target customers in a deep and authentic way using the power of conversation and connection. Focus groups can be valuable for nuanced topics, as well as controversial ones, since you can use the format to bring in multiple points of view from within your target audience.

As a form of qualitative research, focus groups are well-established with plenty of best practice advice and techniques available. They are also relatively familiar to the general public, which means low effort is required to on-board your participants.

At the height of COVID-19, Jittrapirom et al. (2021) used remote focus groups to study perceptions of car-sharing services in Bangkok, Thailand as a way of improving transport planning. They found that the ‘mental models’ of different stakeholder groups were significantly different depending on their understanding of the car-sharing concept. Working with the focus group, the researchers were able to collaboratively build a diagrammatic representation of how car-sharing works, which could then be used to help roll it out as a more sustainable means of transport in developing countries.

Ethnographic research

In ethnographic research, you study people in a naturally occurring setting. Rather than bringing them into your offices or restricting your data collection to a survey, you’re looking at the person and their environment as a whole.

In this sense, ethnographic research is all about understanding the context. You might be observing customers in a store, or interviewing them as they interact with your products and services. Ethnographic research in contexts like shopping malls, online discussion boards or social media can help you understand your target consumer too. Business research of this kind can be especially valuable in consultancy and B2B settings, where one business is looking to gain a deep understanding of another in order to help them improve.

Autmaring et al. (2018) studied SMEs working in B2B to investigate the potential for ethnographic research to improve product development. They found that although SME-level businesses had good access to their customers, their uptake of ethnographic research was low because of a lack of familiarity and concerns about expense. The B2B SMEs studied had low awareness of the benefits of ethnographic research and did not recognize that they were in a strong position to carry it out. This suggests that ethnographic research is an underused technique in business, and one that could offer significant advantages for SMEs especially.

Quantitative research methods for business

Like qualitative research methods, quantitative research methods help you understand your customer and your market better. Quantitative research can also be used to make forecasts and predictions about what might happen in the future. You can develop an in depth knowledge of your customers using existing data, or you can carry out business research to find out more about a specific research question.

Experimental research

In experimental research, you start out with a hypothesis about something happening in your business, and test it by manipulating an independent variable – or multiple independent variables – to find out the effect on a dependent variable. Strictly speaking, experimental research should follow rigorous scientific principles, but in business it’s more likely you will adopt a quasi-experimental approach with less emphasis on method and more on results.

One of the most popular applications of experimental research in business is A/B testing. A/B testing pits two or more variations of something against one another to find out which is more successful. It’s commonly used in marketing management when developing ads or marketing campaigns. In A/B testing, the hypothesis you’re testing is that both or all variations are equally successful. You’ll disprove this if one of the variants gets better results.

One of the benefits of A/B testing is that you can test multiple variants simultaneously by segmenting your audience.

For example, Kornitzer et. al (2020) used A/B testing in a healthcare setting to compare 9 patient messaging options to see which were more effective at preventing hospital appointment no-shows. The options each used a behavioral ‘nudge’ to encourage patients not to skip their appointments. By randomly assigning patients with upcoming appointments into groups, the researchers were able to test all 9 messaging approaches simultaneously. They determined that the most successful messages were those reminding people that skipping their appointment negatively impacted other patients who needed care.

Correlational research

Unlike causal research and experimental research, which look at relationships between a dependent variable and the independent variables acting on it, correlational research doesn’t deal with cause and effect. Instead it looks at phenomena that occur in proportion to one another, without one necessarily having to act on the other.

This kind of business research is helpful because it acts as a starting-point for further research. It can provide promising hypotheses that are worth investing in, as opposed to just guessing which variables might be related causally. Correlational research can also be used to bust myths and remove unhelpful assumptions.

For example, a correlational study by Stanley (2011) explored the relationship between corporate social responsibility and financial performance, using quantitative data to challenge assumptions that socially responsible behavior is negatively associated with financial success in business.

Combined qualitative and quantitative research methods

Mixed mode research.

Mixed mode is a form of business research that combines quantitative and qualitative research methods in a single research project. Qualitative business research can be used in an exploratory way to uncover the questions that should be addressed more deeply. Quantitative research is used to investigate specific research questions arising from the qualitative study. Then, a second round of qualitative research might be used to add depth and nuance to the quantitative verdict, bringing the insights to life.

Survey research

Surveys are a staple among business research methods, as well as being to collect data in other forms of research such as academic studies. A survey can generate both qualitative and quantitative data, depending on the question formats used. It’s a familiar format for most people, and can be taken in a variety of formats from online surveys to telephone surveys. This makes it a very inclusive method, giving you maximum access to your target audience. Survey business research can be used for everything from customer satisfaction to concept testing.

Today’s technology means that surveys can be integrated right into the experiences they’re measuring. This helps offset some of the weaknesses of the survey method, such as participants misremembering or generalizing their experiences, or forgetting details because of the time lag between the events being studied and the participant taking the survey.

For example, Virgin Media used on page surveys to gather user feedback from website customers who had abandoned their carts. These in-the-moment insights helped them not only to understand the customer pain points , but to put them right quickly and efficiently.

Case study research

In case study research, the emphasis is on depth rather than breadth. Researchers explore a particular phenomenon in situ, looking at how a group or organization behaved in a specific time and place, and what happened as a result. It is both a quantitative research method and a qualitative research method, as the research involves both types of data.

Case study research can be very helpful in business, as it offers an opportunity to learn how other companies approached a challenge you might be facing, and to learn from the solutions they devised and the obstacles they faced. However, this research method does require care and attention on the part of the researcher to make sure the research involves relevant cases. They must fully understand the similarities and differences between their own business goals and the situation being explored, in order to avoid incorrectly assuming equivalence and coming to faulty conclusions.

Case study research really comes into its own in emerging areas where best practice approaches are not yet firmly established.

For example, Urbaniti et al. (2020) conducted case study research on circular economy practices in multiple European manufacturing businesses. They noted different managers’ peculiar and innovative approaches to achieving the circular economy business model, taking into account environmental factors like legislation which helped shape the approaches.

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Related resources

Business research 10 min read, descriptive research 8 min read, mixed methods research 17 min read, market intelligence 10 min read, marketing insights 11 min read, ethnographic research 11 min read, qualitative vs quantitative research 13 min read, request demo.

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Business Research: Definition, Types, and Methods

• February 7, 2022

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What is Business Research?

Business research refers to the process of gathering information on all areas of business with the purpose of leveraging this data to promote organizational growth, increase sales, and maximize profit. It involves the systematic management activities that help companies decide which products or services will perform well in the market and will therefore be most profitable to produce.

Exploratory Research Guide

Conducting exploratory research seems tricky but an effective guide can help.

Why is Business Research Important?

Business research provides companies with comprehensive data on the target customer’s preferences, purchasing behavior, demographics, and pain points. Such information allows the business to strategize and create more effective marketing plans that resonate with the target audience. A thorough overview of the overall market will also give the business an understanding of market trends and market demands so that plans and strategies can be devised accordingly. 

Another key use of business research is that it can bring attention to areas where costs can be minimized to increase profits. It provides businesses with a competitive edge in the market by ensuring that all identified opportunities are capitilized on and that decisions are made with customers in focus. 

Business Research Methodologies

We can categorize business research methods in two ways: 

• Quantitative and Qualitative
• Primary and Secondary 

Quantitative vs Qualitative Business Research

Before we can delve into the specific kinds of research, it is important to have an understanding of the distinctions between the two key types of research: quantitative and qualitative business research. 

Quantitative research involves data that is statistical and numerical in nature. Such data can be analysed using statistical techniques. Qualitative research, on the other hand, involves non-numeric data that generally takes a textual form. 

Primary vs Secondary Business Research

Another way in which research methods can be classified is by primary and secondary research. Primary research refers to the collection of first-hand data, generally directly from the source. Some common methods of primary research are surveys, interviews, and observations. 

Conversely, secondary research uses existing data that is already avalaible.

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Quantitative and Qualitative Research Methods

Quantitative research methods.

Some commonly used quantitative methods of business research are: 

• Experimental Research : Experimental research refers to research studies that adhere to the scientific research design. This type of research aims to prove or disprove a theory, or hypothesis. Businesses generally use experimental research to study consumers’ behavioral traits. 
• Survey Research : Survey research is one of the most commonly used methods of data collection because it is relatively easy and inexpensive to leverage. Surveys can be conducted in many different ways such as through social media polls or email surveys. 
• Existing Literature : Existing research papers and online research are other sources of gathering quantitative data. This method is economical, accessible, and allows for the collection of vast amounts of data. 

Qualitative Research Methods

Some commonly used qualitative methods of business research are: 

• Interviews : Interviews are structured conversations that take place between an interviewer and an interviewee face-to-face, over the internet, or even through the phone. Generally, interviews involve the use of open-ended questions that provide respondents the flexibility to express their thoughts, perceptions, and opinions on the topic. 
• Ethnographic Research : Ethnographic research where researchers immerse themselves in the participant’s real-life environment to observe and study their behaviour. It is generally used by organizations that want to understand cultural dynamics or factors. Although this method of research can help extract intensive and compelling data, it is extremely time-consuming and expensive. 
• Case Study Research : Case study research refers to the detailed study of a specific subject. This method is used to produce in-depth, multi-faceted information on complex issues in the real-world setting.

FAQs on Business Research

Business research involves gathering information on all areas of business with the goal of maximising sales and revenue.

Business research methodologies can be categorized in two ways; 

• Quantitative and qualitative
• Secondary and Primary

Some quantitative methods of business research are; 

• Survey Research 
• Experimental Research 
• Existing Literature

Some primary research methods are interviews, surveys, and focus groups. Some secondary research methods are public sources, educational sources, and commercial sources.

Some qualitative methods of business research are; 

• Ethnographic Research
• Case Study Research

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