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Business market research is a broad discipline with many different kinds of goals and objectives, the first and foremost of which is to inform better business decisions. While there are possibly a limitless number of specialized business market research services, at Research America we have divided them into the following nine categories:
Let’s take a look at what each entails:
Ask people about “business market research services,” and we bet a lot of them will immediately mention “focus groups.” Perhaps the quintessential market research service, a focus group is a group of consumers who gather together in order to discuss a specific topic, product, or service. Central location testing (CLT) is just one type of business market research service and is used when a dedicated space is needed for people (i.e., focus groups) to gather. CLT facilities are used for a range of research situations, including taste tests; concept and product tests; sensory research; messaging tests; and packaging tests.
Another type of business market research service involves ideation and concept development, taking a business’s fledgling ideas for new products and/or services, and devising ways to both maximize and test them for results. Oftentimes, these types of services involve mapping out a consumer path to purchase and evaluating the customer experience using a variety of research methodologies and tools.
With this form of business market research, companies attempt to assess their brand and test potential marketing communications for effectiveness within the market. Assessing an ad or message before it’s put into widespread use saves companies time, energy, and money in the long run.
One of the more broad business market research tools, benchmarking enables companies to identify features within a current market’s landscape (including its various segments and competitors) with the goal of establishing a snapshot against which future comparisons can be made. At Research America, we use a combination of tools, such as our Market Landscape Segmentation™ tool, big data, market reports and more, to create the most accurate representation of the market at hand.
All the best research in the world is worthless if you can’t make sense of the results, however. Because of this fact, research reporting is one of the most critical business market research services. A good business market research service provider not only helps companies get information, it ensures that they understand its implications, presenting accumulated data in a way that is easily understood and can be acted upon in a meaningful way.
In addition, there are providers of business market research services that offer access to established databases of pre-screened consumers to match the needs of many different types of industries. These databases can be manipulated to provide both syndicated and customized reports, delivering insights of both broad and proprietary appeal for clients.
In many instances, companies providing business market research services act as consultants, guiding businesses through the analysis of previously acquired data and helping them maximize insights that have already been delivered. The experience of these types of market researchers means companies become better equipped to manage their own growth, as well as boost their ROI.
Of course, at its essence, business market research falls into two broad categories: qualitative and quantitative. Qualitative business market research services answer the why and how behind consumer thoughts and behaviors and include such methodologies as focus groups, interviews, and observations. Using these types of tools, researchers help companies explore consumer motivations with the intention of using the data gained to create better products and services and enhance their overall business strategies in the future.
Finally, there are the business market research services that explore the what. These include surveys and questionnaires, those forms that researchers use to count (or quantify) data.
There are many types of business market research services. The key is finding the ones that match your company’s own specific needs. Our market researchers at Research America are skilled at using the right tools to garner our clients with the most actionable insights, allowing them to improve their business strategies in the future and maximize their ROI. Please contact us to learn how we could help you, too.