Research and Documentation- A Boon for Business Development
Published: Jan 23rd, 2018
With any new Business that has ventured into unknown waters, exploring the possibilities and opportunities it brings along are infinite. By now, you are well aware of your market competitors and what your product is, but where does it all begin? How do you step into the market once the conception phase is over? Many small businesses make the mistake of getting into the race of finding investors even before having a solid and concrete market plan of what is their end goal. This leads to over-exaggerated goals, unmanageable targets and an end result of total failure.
A new business venture should always begin with a Documented Market and Product Research. With this documentation, you not only have a plan on paper, but the backing of a well- studied market into which you are slowly treading.
What is Market and Product Research?
Market research is the process of analyzing statistics and facts about a particular cluster of industry/services or products. With the raise of service delivery businesses all around the world, the competition to be ‘best among the rest’ has definitely gone up by a zillion points! With this exponential growth, the need to improve one’s product and be one step ahead from your competitors is the need of the hour.
When is a Market/Product Research used?
When you are a new business, or are venturing into a new segment of the market with your existing product.
When you need to make changes in your product according to customer feedback and interactions.
When your current marketing plan is not working and you need a fresh approach.
To identify new opportunities in the existing market.
How is this research implemented?
R&D: By far, research and development is considered the heart and soul of any business venture. With R&D, a business brings innovation on the table. An R&D team not only works on the current factors involved but the future of the product as well.
Analyze your competitors: The best place to invest in your business is to analyze your competition, their strengths and weaknesses are the main factors which can determine the rise or fall of your own product. By documenting their growth and innovation, not only do we get insights on how our product will fair, but also be able to do beyond them.
Know your customer’s needs: With market research, we are made aware of where our products or our competitor’s products lack. By conducting feedback surveys and making the required changes or addition in our products, we help raise the bar of success for our competitors.
Build your brand: On the basis of changes made using above methods, you can easily build your brand with a better product which is of necessity in the market. The fact that you are doing what others are missing, i.e. research and customer satisfaction is another feather in your hat!
Documentation: Last but not the least, documentation at every step of this process is crucial. With documentation, you have a solid proof of every research outputs and modifications made to make your product profitable in the market. Documentation helps in sharing insights with other people involved, like stakeholders, various audiences and your overall business group. With proper documentation, you can go back to it for any clarifications or references any time in future.
Key Takeaway: We now know that Market and Product Research is an integral part for the success of any Business. With our Research Services at Outsource Dataworks, we can help you conquer these obstacles by making sure you have a well-researched and documented Market and Product plan ready on time. To know more about the services we offer to make your lives easy, contact us today!