Business Research: Methods, Types & Examples

In the cutthroat business world, business research is the holy grail that unlocks the doors to success. It is the difference between floundering in obscurity and soaring to greatness.

Successful businesses have one thing in common: they all leverage business research to deeply understand their customers, their competition, and their industry.

And how do they gain this knowledge? Through research.

You must be a research ninja – agile, precise, and armed with the right tools to succeed.

But not just any research will do. To be a true research ninja, you must know the best practices for business research methods.

Lucky for you, we’ve got you covered.

We’ll take you through the best practices for business research methods.

We’ll not stop there. We’ll also examine the use cases and show you how to create a business research report. Consequently, equips you with the skills to sift through the data and uncover valuable insights.

Table of Contents:

1. What is Business Research?
2. Importance of Business Research
3. Types of Business Research
4. Methods of Business Research
   • Quantitative Research Method
   • Qualitative Research Method
5. Business Research Examples
6. How to Create a Business Research Report?
7. Best Tools for Business Research
8. Business Research To Improve Company Strategy
9. FAQs
10. Wrap Up

What is Business Research?

Definition: Business research refers to the systematic investigation and analysis of various aspects of a business.

It involves collecting and interpreting data, conducting surveys, interviews, and experiments, and analyzing trends and patterns.

This helps you identify opportunities, improve products or services, and enhance overall business performance.

Importance of Business Research

Have you ever tried to navigate a maze blindfolded? It’s not easy, right? Trying to run a business without proper research methods is like navigating a maze without guidance. You may stumble upon success, but chances are you’ll end up lost and confused. So, why do you need business research methods?

• Decision-making: Effective business research methods provide reliable data and insights to support informed decision-making. This helps reduce uncertainty and increases the chances of making successful strategic choices.
• Market analysis: Using business research methods, you can perform market analysis, understand customer preferences, and evaluate competitor strategies. This enables you to seize opportunities, develop competitive advantages, and tailor your offerings to meet customer needs.
• Product development: Business research helps gather customer feedback and understand their needs and preferences. This aids in developing and improving product offerings, ensuring they align with customer expectations and demands.
• Risk management: You can evaluate risks and uncertainties associated with new ventures, product launches, or market expansions. Consequently, mitigate the risks, and improve the likelihood of success.
• Performance evaluation: Business research methods enable you to measure and evaluate your performance and that of competitors. This helps identify areas of improvement, track progress, and benchmark against industry standards.
• Innovation and adaptation: Business research facilitates the identification of emerging trends, technological advancements, and changing consumer behaviors. This information allows you to innovate, adapt, and stay ahead in dynamic market environments.

Types of Business Research

In light of the reason and extension, business exploration can be arranged into a few sorts. These sorts are intended to address various goals, from investigating new chances to assessing existing procedures.

1. Exploratory Research

Exploratory Research is utilized when a business issue isn’t characterized. It plans to investigate thoughts, create theories, and give bits of knowledge to additional examination.

This kind of examination is adaptable and unstructured, making it ideal for researching new open doors or arising patterns.

Examples:

• Recognizing potential market specialties for another item.
• Figuring out the effect of mechanical progressions on shopper conduct.
• Investigating possible difficulties in entering another market.

2. Descriptive Research

Descriptive Research is centered around portraying qualities, ways of behaving, or peculiarities as they exist. It plans to give a point-by-point and precise image of a circumstance without impacting it.

This sort of examination frequently utilizes studies, perceptions, or optional information.

Examples:

• Dissecting segment profiles of target clients.
• Estimating brand mindfulness and consumer loyalty levels.
• Following deal patterns over a particular period.

3. Causal Research (Explanatory Research)

Causal examination looks to decide the circumstances and logical results connection between factors.

It is utilized to comprehend how changes in a single element (the free factor) influence another component (the reliant variable).

Tests are much of the time used to direct causal exploration.

Examples:

• Surveying the effect of evaluating techniques on deals.
• Assessing the adequacy of promoting efforts on brand discernment.
• Dissecting what changes in client care mean for client maintenance.

4. Predictive Research

Prescient exploration utilizes verifiable information and factual models to estimate future results.

It is in many cases utilized in arranging and decision-production to expect patterns, ways of behaving, and possible difficulties.

Examples:

• Determining future interest for items or administrations.
• Anticipating client agitate rates and carrying out maintenance systems.
• Assessing the effect of market changes on business execution.

5. Applied Exploration

Applied research centers around tackling explicit business issues or tending to genuine difficulties.

It is useful, arrangement situated, and frequently directed inside the association to further develop cycles, items, or procedures.

Examples:

• Growing new items includes in light of client criticism.
• Improving inventory network for the executives to lessen costs.
• Upgrading workers preparing projects to further develop efficiency.

6. Basic (Fundamental) Research

Essential examination, otherwise called pure research, is led to extend information and comprehension of key ideas and hypotheses.

It isn’t centered around quick useful applications but instead on adding to the hypothetical structure of business studies.

Examples:

• Examining the hypotheses of buyer conduct.
• Concentrating on the standards of authority changes the executives.
• Investigating the connection between corporate administration and monetary execution.

Methods of Business Research

Business research can be comprehensively arranged into two fundamental classifications: Quantitative Research Methods and Qualitative Research Methods.

These Methods are fundamental for organizations to gather information, gain experiences, and pursue proof-based choices.

1. Quantitative Research Methods

Quantitative research focuses on gathering and breaking down mathematical information.

It is frequently used to evaluate feelings, ways of behaving, or other characterized factors and to sum up results from a bigger example populace.

This strategy is valuable for distinguishing designs, testing speculations, and making expectations because of measurable information.

Key Features of Quantitative Research:

• Objective: Intends to gauge and evaluate information.
• Data Collection: Uses organized instruments like studies, polls, and examinations.
  Analysis: Utilizes factual strategies, for example, relapse investigation, theory testing, and illustrative measurements.
• Outcome: Gives mathematical outcomes, frequently introduced in outlines, diagrams, or tables.

Common Techniques in Quantitative Research:

• Surveys and Questionnaires: A famous technique for gathering information from an enormous crowd. Studies can be led on the web, by telephone, or face-to-face.
• Experiments: Controlled tests test the connection between factors, assisting organizations with grasping circumstances and logical results connections.
• Observational Studies: These include deliberately recording ways of behaving or occasions to accumulate quantitative information, frequently utilized in statistical surveying.
• Secondary Data Analysis: Includes investigating existing informational indexes, for example, organization records, fiscal summaries, or government measurements, to reach determinations.

Examples of Quantitative Research in Business:

• Market Share Analysis: Organizations utilize quantitative exploration to decide their piece of the pie by examining deal information across various areas and contenders.
• Customer Satisfaction Surveys: Organizations gather information on consumer loyalty through rating scales and mathematical criticism to survey administration quality.
• Sales Forecasting: Uses authentic deal information to foresee future deal patterns and guide stock administration.

2. Qualitative Research Methods

Qualitative research focuses on figuring out the fundamental reasons, assessments, and inspirations driving specific ways of behaving.

It gives inside and out experiences into the issue, assisting organizations with understanding complex issues that quantitative information may not catch.

This strategy is frequently exploratory and unassuming, giving a more profound comprehension of a specific subject.

Key Features of Qualitative Research:

• Subjective: Means to investigate discernments, perspectives, and inspirations.
• Data Collection: Uses unstructured or semi-organized strategies like meetings, center gatherings, and unassuming studies.
• Outcome: Includes topical examination, content investigation, or story investigation to recognize examples and subjects.
• Result: Gives rich, point-by-point experiences, frequently introduced in clear or story structure.

Common Techniques in Qualitative Research:

• In-Depth Interviews: One-on-one meetings give definite bits of knowledge about the members’ viewpoints and encounters.
• Focus Groups: Gathering conversations driven by a mediator to investigate members’ perspectives on a particular point.
• Contextual investigations: An inside and out assessment of a specific business, venture, or occasion to uncover key experiences and illustrations.
• Ethnography: Affects noticing individuals right at home to grasp their ways of behaving and connections.

Examples of Qualitative Research in Business:

• Brand Perception Analysis: Organizations utilize subjective exploration to investigate how clients see their image through meetings and center gatherings.
• Product Development: Understanding client needs and inclinations through subjective input helps shape new items or highlights.
• Representative Commitment Studies: Leading meetings with representatives to grasp work environment fulfillment and recognize regions for development.

Business Research Examples

Business research assists organizations with settling on informed choices by gathering and dissecting information on different viewpoints like market patterns, client conduct, and interior tasks.

Models incorporate statistical surveying to figure out client inclinations and serious scenes, and buyers conduct examinations to follow purchasing behaviors.

It additionally supports item advancement, where organizations test item ideas and elements before sending them off.

Vital arranging utilizes examination to evaluate inward activities, distinguish shortcomings, and further develop work culture.

The monetary examination assists organizations with assessing the execution and overseeing costs. To put it plainly, business research is urgent for enhancing procedures, limiting dangers, and guaranteeing long-haul achievement.

How to Create a Business Research Report?

Creating a comprehensive business research report that effectively communicates findings and insights can be a daunting task. However, with the help of ChartExpo, an Excel-based data visualization tool, the process becomes more streamlined and efficient.

ChartExpo empowers you to transform raw data into insightful and visually engaging visualizations. This makes it easier to present complex information clearly and concisely.

Benefits of Using ChartExpo

• With an intuitive user interface, ChartExpo empowers you to create insightful data visualizations without requiring any coding experience.
• With ChartExpo, customization options abound, allowing you to create unique visualizations. You can personalize colors, fonts, and styles to align with your brand aesthetics.
• ChartExpo offers excellent value for money, with a free 7-day trial and an affordable $10 monthly plan.

How to Install ChartExpo in Excel?

1. Open your Excel application.
2. Open the worksheet and click the “Insert” menu.
3. You’ll see the “My Apps” option.
4. In the office Add-ins window, click “Store” and search for ChartExpo on my Apps Store.
5. Click the “Add” button to install ChartExpo in your Excel.

ChartExpo charts are available both in Google Sheets and Microsoft Excel. Please use the following CTA’s to install the tool of your choice and create visualizations in a few clicks in your favorite tool.

Example

Assume you have recently launched a product. You want to gather customer feedback to help you improve. Therefore, you conduct an online customer feedback survey consisting of the following questions.

• How often do you use our product?
• How satisfied are you with the quality of our product?
• How likely are you to recommend our product to others?

Your customers provide an answer to each question using the response scale below.

1. Never
2. Rarely
3. Sometimes
4. Often
5. Always

Let’s say you have organized the results in the data table below.

How often do you use our product?	How satisfied are you with the quality of our product?	How likely are you to recommend our product to others?
Never	Rarely	Never
Rarely	Often	Often
Sometimes	Never	Rarely
Often	Sometimes	Sometimes
Sometimes	Often	Often
Never	Often	Never
Often	Never	Sometimes
Often	Often	Often
Sometimes	Rarely	Often
Rarely	Sometimes	Rarely
Never	Always	Often
Often	Always	Sometimes
Often	Never	Often
Always	Sometimes	Always
Sometimes	Always	Always
Always	Always	Always
Always	Never	Sometimes
Sometimes	Always	Always
Rarely	Sometimes	Rarely
Always	Rarely	Sometimes

Follow through as I show you how to create a chart with ChartExpo to make data analysis easier.

• To get started with ChartExpo, install ChartExpo in Excel.
• Navigate to the INSERT menu and select My Apps. 

• Select ChartExpo and click the “Insert” button.

• Once it loads, choose the “Likert Scale Chart” from the charts list.

• Select the data from the sheet and click the “Create Chart From Selection” button.

• When you click the “Create Chart From Selection” button, you have to map responses with numbers manually. The Likert scale has this arrangement:
  • Never=1
  • Rarely=2
  • Sometimes=3
  • Often=4
  • Always=5
• Once all is set, click the “Create Chart” button.

• ChartExpo will generate the visualization below for you.

• Click the “Edit Chart” button to modify your chart.
• Click the pencil icon next to the Chart Header to add a title.
• This will open the properties dialog.
• Add a heading in Line 1 under the Text section and enable the Show option. Then click the “Apply” button.

• Your final chart will appear below.

Insights

• 20% always recommend your product to others, while 30% indicated that they often do so. On the other hand, 15% of customers mentioned that they never recommend it. 10% rarely recommend it, with 25% doing so sometimes.
• Regarding the quality of the product, 25% of customers were always satisfied. 20% stated that they often feel satisfied. Conversely, 20% reported never being satisfied, and 15% were satisfied. Additionally, 20% selected the sometimes option.
• Regarding product usage, 20% of customers selected the always option, and 25% chose the often option. Conversely, 15% of customers indicated never using it, and 15% rarely do so. Furthermore, 25% of customers selected the sometimes option.
• Overall
  • 22% of customers selected the always option
  • while 25% chose the often option. Additionally
  • 15% selected never
  • 15% rare, and 23% chose sometimes.

Best Tools for Business Research

Top tools for business research and business analytics include Google Analytics for web insights, SurveyMonkey for surveys, and Tableau for data visualization.

ChartExpo is excellent for creating diverse, user-friendly charts within Excel and Google Sheets, making data analysis simple and impactful. It’s perfect for professionals seeking easy, effective visualizations in their business analytics workflows.

Business Research To Improve Company Strategy

Business research is fundamental for upgrading organization systems by giving information-driven experiences into market patterns, client conduct, and cutthroat elements.

It empowers associations to pursue informed choices, streamline tasks, and recognize learning experiences.

By utilizing research, organizations can adjust their methodologies to remain cutthroat and make long-term progress.

Business Research Methods FAQs

What are the 4 types of business research?

The four types of business research are exploratory, descriptive, causal, and predictive. Exploratory research aims to explore a topic, and descriptive research provides a snapshot of a situation. Furthermore, causal research investigates cause-and-effect relationships, and predictive research predicts future outcomes.

What are the 5 classifications of business research?

The five classifications of business research are;

• Basic research seeking to expand knowledge.
• Applied research focusing on solving practical problems.
• Quantitative research involving numerical data.
• Qualitative research using non-numerical data.
• Mixed-methods research combining quantitative and qualitative approaches.

Wrap Up

Understanding and applying best practices for business research methods is essential for conducting effective and insightful studies. Following these practices will help you gather relevant data and gain valuable insights. Consequently, make informed decisions that drive growth and success.

Selecting the appropriate research method is crucial. Whether exploratory, descriptive, causal, or predictive, the choice should align with the research objectives.

Additionally, maintaining research integrity is paramount. This involves ensuring ethical considerations, protecting data privacy, and adhering to rigorous research standards.

Furthermore, a well-designed research plan is essential. Have clear research objectives, define the target population, and carefully construct survey questions or interview protocols. These measures contribute to gathering reliable and meaningful data.

Conclusively, effective communication of research findings is crucial. Present results in a clear, concise, and actionable manner. This enables stakeholders to understand and apply the insights effectively.

How?

Use ChartExpo for Excel. ChartExpo takes the complexity out of the equation by allowing you to effortlessly create insightful, engaging visualizations. No coding is required.