The Life Cycle of a (Business) Research Project
Research projects call for intricate fact-finding that encourages and empowers your company. Fortunately, there are steps in place and resources available that can help businesses conduct research projects to gain insight to their needs and ways to accomplish their goals.
You likely have questions for your business such as:
- How can we lower our operating costs?
- How are other businesses managing their pricing strategy?
- What would set my product apart from the competition?
Dig into the core of your company by utilizing research projects to gain insight and get answers to your questions.
The Phases of a Research Project
Business research projects are conducted in phases and are based on questions needing answers. In general, there are five main phases of a research project:
- Select – Deciding upon the topic or area of research is the first step. You need to identify what you want to learn or investigate further.
- Approach - How will you go about finding and gathering the information needed? Interviews? Focus groups? Surveys? Periodicals?
- Collect – Gather the information necessary, whether via charts, reports, transcripts, or other measures.
- Analyze – Reviewing your results is pivotal in helping you make decisions about your company. Determine the most valuable way to analyze everything that you have collected.
- Conclude - What were the findings? Did you uncover a better way of doing, getting or initiating the directive you were researching? Review the answers to your questions and implement the solutions that provide the best outcomes for your business.
Laying the Groundwork
To most efficiently use your research-related resources, it is important to spend time and energy on the first two phases, Select and Approach. After you determine what to focus on, and have an idea of the types of research you want to complete, you can then look for a partner with the right resources. While you may be able to run a research project without outside assistance, you will miss out on the expertise and connections offered by professional knowledge gatherers.
Firms offering market research vary in how they approach the clients’ areas of interest. When selecting a partner, be sure that they are capable of executing your desired approach. Cayuse supplements the standard secondary research (which includes financial reports, LinkedIn profiles, news releases, and periodicals) with primary research, offering access to live, one-on-one interviews with highly qualified industry experts. Additional tools that experts use for gaining insight include focus groups and surveys.
Partnering with a knowledge gatherer brings you closer to local and global insights among various industries covering multiple geographic areas. The process delivers custom interviews and surveys, and current, up-to-date, real-time information. You will get relevant industry data, details, and guidance – on both primary and secondary results, from today’s professionals and experts.
Building From the Ground Up
Once the groundwork is done, you can start taking action with the information that has been gathered. Whether initiated and executed by you or your research partner, this action involves sifting through the particulars to find the answers you are looking for. You now have interviews, secondary data, and follow up items to support your inquiries.
After the information has been itemized and sorted, it will need to be analyzed. A report will be created by your research team to showcase the results of the primary and secondary efforts.
Handing Over the Keys
The report has been built and at this point, the investigative team hands over the outcomes to the decision-making team. They look over the results of the research, along with the provided perspectives of their business resources and come to a conclusion about the best path forward. Depending on the agreement with your research partner, they may help with suggesting a course of action, and even implementation.
You will decide the measures for your company to apply, and determine how to take them to fruition. From here, collecting internal data will help you analyze whether your actions are having the desired effect, thereby drawing a conclusion on the success of the project.
Insight Leads to Directives
It is highly likely that someone has experienced the same issue or goal that you and your business have. Or perhaps there is a concern currently brewing that is perplexing your team. Research projects enable growth, assist in launching new products or services, help in creating sales and marketing plans, and identify strengths and weaknesses.
Knowledge gatherers prompt, generate, access, and discern the research so your business has the best insights and directives for success. Gaining perspective will help you get answers to your questions, in order to achieve the results that you want for your business.