A great business plan is always backed up by a great Market Research.
Research is, I believe, the most essential part of growing your business. A business owner must be up-to-date with the state of the market and make their business strategy & further plan of action according to that. During that, every type of data is collected for precise statistics and to understand the focus of the startup and to decipher what the Customer really wants. Business Researchers use a number of methods to collect relevant data. Let’s discuss traditional types of business research plans and then new trending Business research plans.
1. Data Analysis/Collection
This is an all-time useful business researching method. Businessmen & entrepreneurs always work around reliable statistics. That’s always done by existing secondary data such as trade association data, government data, or data from other reliable sources.
2. Surveys
Surveys are a very effective way for business research and they are pretty inexpensive. When they happen online, they are mostly free. In many cases, they can even promise straight traffic to your own website or your social media post.
3. Case Studies
Case studies are one of the most extensive research data. They give very in-depth information about your prospective product that is very difficult to achieve otherwise. This may be done before for some other product or exclusively for your product. In a case study, someone, which meets all the criteria for being your target audience, is given a sample product and they have to use it at home for a certain period of time.
4. Professional Video content Analysis
The above three types of researching methods are good but are traditional. The new trend in the past three years for researching data for businesses has been through analyzing Professional Research Videos. They have been primarily bought by Vimeo and Youtube. Video content adds dimensions to your research, which is not done by merely researching text content.
Video content analysis deals with the extraction of metadata from raw video to be used as components for further processing in applications such as search, summarization, classification or event detection.
You go through multiple videos, not down points and make your version of customized data useful for your business. But all of this doesn’t happen in one go. You’ve to watch multiple videos, a multiple number of times to reach there. And that’s where this problem arrives. How to organize useful videos?
Not every platform allows you to download their content. And you cannot occupy all your tabs with relevant data throughout the research process. This problem can be solved by making use of a screen recorder.
You can record your screen on Mac with Movavi Screen Recorder, it can be useful while capturing video from your important webinars, live streaming, capture Skype calls, speed painting and an additional feature of built-in video editing. It’s UI is pretty easy to use, which I like.
Key takeaway
Whether you are planning a startup or thinking of starting a new product line in your already established business, research is a necessity in order to navigate the marketplace’s opportunities and obstacles.
Understanding the strengths and unique insights to be gained from a variety of research techniques will help you make better decisions and increase your chances of success in the marketplace.
The evolution of technology is increasingly transforming how research is done. You should include new up-to-date powerful research methods & tools and the process much easier and efficient.
