what is business research methodology?

It is a systematic empirical investigation using statistical, mathematical or computational techniques.

Such methods usually start with data collection and then proceed to statistical analysis using various
methods.

Ever wondered what it takes to build a flourishing business? Aiming to provide maximum sales and
profit, business research helps you to gather comprehensive information pertaining to your business and
accordingly making relevant changes if required. So, in this process of being successful, we gather all
types of data in order to better define our strategies and understand what products or
services customers really want. And in case, you’re planning to expand your business, research can help
you determine your odds of positive results. In this blog, we’ll help you understand the basics
of research and analysis.

What is Business Research?

Business Research can be simply defined as a process of gather comprehensive data and information of
all the areas of business and incorporating this information for sales and profit maximization. If you are
wondering what is Business Research, it is a systematic management activity helping companies to
determine which product will be most profitable for companies to produce. Also, there are multiple steps
in conducting research, with each thoroughly reviewed to ensure that the best decision is made for the
company as a whole.

Business Research Example

Let say there’s an automobile company that is planning to launch a car that runs on CNG. In order to
promote cleaner fuel, the company will be involved in developing different plans and strategies to
identify the demand for the car they are intending to launch. Other than this, the company will also look
for competitors, the target audience, keeping in mind the distribution of CNG in India. Hence the
researches are conducted on various ideas to formulate a sustainable and more efficient design.

Importance of Business Research

When it comes to the question why Business Research is important, it has an essential role to play in
varied areas of business. Here are some of the reasons describing the importance of Business Research:
  It helps businesses gain better insights about their target customer’s preferences, buying patterns,
pain points, as well as demographics.
 Business Research also provides businesses with a detailed overview of their target markets,
what’s in trend, as well as market demand.
 By studying consumers’ buying patterns and preferences as well as market trends and demands
with the help of business research, businesses can effectively and efficiently curate the best
possible plans and strategies accordingly.
 The importance of business research also lies in highlighting the areas where unnecessary costs
can be minimized and those areas in a business which need more attention and can bring in more
customers and hence boost profits.
 Businesses can constantly innovate as per their customers’ preferences and interests and keep
their attention towards the brand.
 Business Research also plays the role of a catalyst as it helps business thrive in their markets by
capturing all the available opportunities and also meeting the needs and preferences of their
customers.

Types & Methods

Business research plays an important role in the business intelligence process. This is usually conducted
to determine if a company can succeed in a new region through competitive analyses and a better
marketing approach. Due to this, this broad field has been distinguished into two types
namely, Qualitative Research and Quantitative Research Method.

Qualitative Research Methods

It involves putting open-ended questions to the audience through different channels of communication to
understand why researchers think in a particular manner. Stress is laid on understanding the intent,
attitude, and beliefs to figure out the behavior and response of the customers. Moreover, the goal of
Qualitative Business Research is to get in-depth knowledge about the subjects of the research. Moreover,
qualitative research enables us to put the perspective of the consumer in front of the researcher, so that
we can understand and see the alignment of the ideas between the market and the business.

The data is collected in this type of business research is by the following methods:

 Interviews
 Case Study
  Focus Groups
 Ethnographic Research
 Website Visitor Profiling
 Content Analysis

Interview
Interviews and surveys are similar in nature. The only difference lies in the fact that the responder can put
a question in an interview whilst it is not possible during a survey. Through interviews, it is easier to
understand a detailed perspective of the person with respect to the subject of research. A mobile brand
conducted research to understand why certain colours are preferred by male and female customers. The
research revealed that since red is assumed to be a feminine colour, it is more preferred to females than
males.

Focus Groups
Focus groups are a type of business research that involves only a set of individuals. Each selected
individual represents a particular category of the target market. The major difference between interviews
and focus groups is the number of people that it involves. With an intention to launch a new product for a
particular group of society, focus groups prove out to be the best way to understand the needs of the local
audience.

For example, Tesla decides to launch their latest car model in India. The company, therefore, will require
feedback from the Indian audience only.

Did you know? Amazon, the internet giant changed its payment strategy to enter the Indian market. Since
the Indian economy was not entirely ready for online modes of payment, amazon introduced a new
payment method and came up with ‘cash on delivery’ to gain consumer’s trust.

Case Study Research

One of the most effective ways for business research is conducting case studies. With the motive to
understand customer satisfaction, challenges that usually the customers face while using the product and
hence, providing them with the right solution can be achieved by analysing data secured through data
secured by case studies. Case study researchers are conducted in many fields of business that ultimately
aid organisations in improving their product or service.
Ethnographic Research
Ethnographic Research refers to understanding people as a whole. One must be able to grok their
consumers or target audience which will help identify patterns, flaws, etc. Ethnography is a branch of
anthropology that is a study of what elements or features make us humans. How did people live? What
aspect made us so dependent on smartphones and technology. Why would people buy one product over
the other? It refers to asking questions about lifestyle, communities, etc., and trying to gain insight into
consumer behaviour and buying patterns.

For example, consider a random product. Are people really looking for that product? Do they need it? Is
it a necessity or a luxury? Which class of people are most likely to buy it? People often cannot
comprehend what they are looking for. Gaining different perceptions can help us tailor our products
accordingly to the consumers. Who would have thought that the majority of humans will need face masks
for survival?

. Quantitative Research Methods

With the employment of mathematical, statistical and computational techniques, quantitative research is
carried out to deal with numbers. This systematical empirical investigation starts with the acquisition of
the data and then moving on to analyzing it with the help of different tools. The goal is to identify
clientele and then meet the targets of the audience. As the method of business research employs a
questionnaire to determine the audience response, the questions are built around the idea that the
audience knows about the product or the services that the firm offers. Some of the key questions
answered in quantitative research methods include, who is connected with your network, how do they
qualify the ‘product’ or how regularly they visit your website.

The data is collected based on the following research:

 Correlational
 Survey
 Online
 Literature
 Casual Comparative
 Experimental
Let us take a detailed look at some of the ways-

Survey
It is the most common method under quantitative research via which a huge amount of data can be
collected with respect to a product or service. A common set of questions are asked to the people and
they are asked to provide their inputs. To understand the nature of the market in-depth, this method is
massively used by leading organisations all across the globe. Analysing data recorded through service
helps organisations in taking suitable decisions.

Correlation Research
Under this research, usually two entities are put together to examine the impact they create over each
other. As suggested by the name it is the best process to understand patterns, relationships and trends.the
data grasped through correlation research is generally combined with other tools as one cannot achieve a
firm conclusion using this type of business research.

Experimental Research
Experimental research is purely based on proving a particular theory that is pre-assumed. True
experimental research companies can understand varied behavioural traits of the customers that further
assist them in generating more revenue. Exposing a set of audience to common parameters, their
behaviour is recorded and hence analysed. This can be understood as the main basis of the experimental
research.

Advantages and Disadvantages of Business Research

There are certain pros and cons of business research that you must know about. Here are the advantages
and disadvantages of Business Research.

Advantages of Business Research

 Business Research plays the role of a catalyst in identifying potential threats, issues as well as
opportunities.
 It provides a detailed analysis of customers and the target audience, thus helping in building
better relationships with one’s audience and capturing the areas which we might be missing out
on.
  It also anticipates future problems thus the enterprise is able to tackle those uncertainties and
prepare for them beforehand.
 It keeps a continuous track of competition in the market and gives businesses the scope to come
up with better strategies to tackle their competitors.
 Business Research also conducts a thorough cost analysis thus helping the company efficiently
manage resources and allocate them in an optimal manner.
 It keeps you updated with the latest trends and competitor analysis.

Disadvantages of Business Research

 Business Research can be expensive and time-consuming.

 It also has the danger of being assumptive and imprecise at times, because the focus groups
might be small or can be highly based on assumptions.
 The market is ever-changing and ever-evolving and capturing the right trends or anticipating
them can constitute a complicated process for business research.

Also Read: Types of Research Design

Process

The process of business research can be as comprehensive and as detailed as a business wants it to be.
Generally, a company takes up research with a certain aim or hypothesis in order to figure out the issues,
opportunities and trends and how they can be leveraged in the best way.

Here is the step-by-step process of Business Research:

1. Identifying the Opportunity or Problem– To begin with the research, we first need to know
what is the problem or the opportunity we would be leveraging on. It can be a popular trend or a
common problem that a business is facing and can potentially become the headstart for the
research process. Once you know the problem or the opportunity, go ahead with giving an
understandable statement of what it’s about, what the hypothesis of the research will be as well as
its objectives.
2. Decide and Plan the Research Design– The next step in the business research process to find the
right research design which suits the objectives and overall plan of the research. The most
popular research designs are Quantitative and Qualitative Research.
 3. Determining the Research Method– The research design is closely connected to the research
method since both qualitative and quantitative research designs have different methods for data
collection, analysis, amongst others. So, once you have put a finger on what the right research
design will be, go ahead with finding the right research method as per the plan, types of data
collection, objective, costs involved, and other determining factors.
4. Collect Data– Utilizing the research method and design, the next step in the business research
process is to collect data and assimilate it.
5. Data Analysis and Evaluation– After assimilating the data required, the data analysis will take
place to gather all the observations and findings.
6. Communicate Results– The presentation of the business research report is the concluding step of
this procedure after which the higher management works upon the best techniques and strategies
to leverage the opportunity or tackle the issue.

Scope of Business Research

The scope of Business Research is multifarious and reaches out to many specialisations and areas. Let’s
take a look the scope of business research across various specialisations:

 Marketing Management
When it comes to business research, it becomes an important part of marketing
management that analyses consumer behaviour, target audiences, competition, price policy,
promotional plans and much more.
 Financial Management
It also plays an essential role in budgeting, financial planning, cost allocation, capital raising,
tackling fluctuations with international currency as well as taking finance-related decisions.
 Production Management
Production Management also includes business research as it helps in product development,
planning out for a newer one, finalising the right technologies for the production, and so on.
 Materials Management
Business Research is an important aspect of checking the best materials and carrying out its
production, supply chain management, logistics, as well as shortlisting negotiation strategies.

Role of Business Research

There is an incremental role of business research as it’s importance is across every aspect of the business.
Let’s take a look at the role of business research in an enterprise:

 The most primary role of business research is that it helps across every decision in the business,
from product innovation to marketing and promotional planning.
 Business Research also helps in forecasting for a business, whether in terms of competition or any
other types of problems it will be facing.
 Another key area where this plays a bigger role is ensuring consumer satisfaction as through
research, we can carry out research and highlight areas where we can efficiently serve our target
audience.
 Business research also helps in implementing cost-effectiveness in a business as it can assist in
cutting costs wherever needed and investing more in those areas, where profit is coming from.

Business Research Books

Want to understand and learn more about business research? Here are some of the books that will make
you a pro in this field. Check out the list of business research books:

Business Research Methods by Emma Bell Buy Here

Business Research Methods by Donald R. Cooper Buy Here

Essentials of Business Research Methods by Joseph F. Hair Jr Buy Here

Management and Business Research by SAGE Publications Buy Here

Data Analysis in Business Research by D Isarel Buy Here

Business Research Report

The purpose of a report is to inform the other members, junior and subordinates of the team to provide
information on the specific topic. There is a specific format of a business report which makes it look
more professional and presentable. There should be a title with the date and nature. The second section
includes the introduction, body, and then conclusion. Reports help to identify the issues and helps in
resolving them at earlier stages. It can include graphs, surveys, interviews, flow, and piecharts also.
Credits: Venngage

Objectives

Are you wondering why is there a need to do business research? Business is not stable and it is vital to
stay up to date with all the data and developments. It is also important to make business-related decisions,
keep track of competitors, customer feedback, and market changes. The basic objective of business
research is to identify the issues and evaluate a plan to resolve them for better managerial functioning.

Tools for Business Reseach

Now that you are familiar with the objective, importance, advantages the next important step is to know
how to conduct research. There are numerous tools available for free while for some advanced tools there
is a membership. Check out the list of top 10 tools:

1. Google Keyword Tools

2. Questback
3. Klout
4. Ked
5. Peerindex
6. Google Analytics
7. KeySurvey
8. FreeLunch
9. Google Trends
10. Soovle

Business Research Partners

The one thing constant in a business is market changes. A new trend or change comes every time you
blink an eye. To keep a track of everything externally and internally a research partner comes helpful.
There are few things to keep in mind that will help you in choosing the right business partner. The first
thing to keep in mind is that the person should have relevant work experience and expertise in that
particular field. An experienced partner can help businesses reach new heights. Look for a partner that
can provide well-curated solutions and not the generic ideas that every enterprise follows. Last but not
least is that your business research partner should have knowledge of the latest tools and techniques.

Business Research Topics

Is your big presentation coming up or your report is due on Monday but you still haven’t finalized your
business research topic? Here are some of the trendiest research topics for you:

1. How advertisement influences consumer behavior?

2. Does incentive motivate increase employee productivity?
3. How to handle crises in the business?
4. How to create a work-life balance in the organization?
5. What are the things a small business owner has to face?
6. How to expand the company globally?
7. How is digital marketing helping every business type?
8. How to maintain the quality and quantity of products?
9. What are the struggles entrepreneurs of a start-up faces?
10. How to create a budget and maintain company finances?

FAQs

What is meant by business research?

It can simply mean researching about every area of a business and using the provided information and
data to ensure profit maximization.

What are the types of business research?

There are different types of business research such as interviews, surveys, focus groups, correlational
research, ethnographic research, case study research and quantitative research methods, amongst others.

What is the importance of business research?

It is essentially important for various aspects of a business such as profit maximization, cost-
cutting, financial management, personnel management, consumer behaviour, etc.

What is the process of business research?

The process of research depends upon the type of research design you are opting for. To start with, we
first need to determine the aim or objective of research, then plan out the whole process which includes
the types of methods we will be using, then the actual research takes place followed by the data found
that helps in understanding the key observations and how they can be implemented to actualise research
hypothesis.
If you’re thinking to start a product line in your existing business or planning a startup, business research
is a fundamental process that help you to navigate the opportunities and obstacles in the marketplace.
Knowing your strengths and weakness can help you come up with advance and powerful research
techniques that will make it easier to manage. Are you planning to take your higher education abroad?
Then, you can quickly book a counselling session with the experts at Leverage Edu and we can help you
build the right platform for you to grow in the corporate world.

Types of Research Design

What is Qualitative Research?

Qualitative research involves the collection and analysis of non-numerical data to gain a thorough
understanding of a concept or a problem of research. This method of research seeks to answer a research
question through the collection of evidence. There is a wide range of qualitative research methods you
can choose from as per your topics. Further, this research methodology is extensively used in the fields of
humanities and social sciences such as in the subjects of sociology, anthropology, history, etc. In
qualitative research, the methods of data collection include surveys, observations, interviews, secondary
research, etc.

When to Use Qualitative Research?

When it comes to capturing precise, in-depth insights, researchers turn to qualitative research
methodologies. Capturing “factual data” is quite beneficial. Here are some examples of when qualitative
research should be used.

 Creating a new product or coming up with a concept.

 Investigating your product/brand or service in order to improve your marketing approach.
 Recognize your own talents and shortcomings.
 Understanding purchasing habits.
 To investigate your target audience’s reactions to marketing campaigns and other forms of
communication.
 Investigating market demographics, segmentation, and client segments.
 Obtaining information on a brand, company, or product’s perception.

Characteristics of Qualitative Research

  Qualitative research methods often collect data on-site, where people are experiencing challenges
or problems. These are real-time data, and participants are rarely taken out of their geographical
areas to collect information.
 Rather than relying on a single data source, qualitative researchers generally collect various types
of data, such as interviews, observations, and documents.
 This research technique aims to solve complicated problems by breaking them down into relevant
inferences that are easily accessible and understood by everybody.
 Because it is a more conversational technique, people can develop confidence with the researcher,
and the information gained is therefore raw and pure.

Types of Qualitative Research

Below are some of the types of qualitative research that are popular across diverse disciplines:

Ethnography
Ethnography is the descriptive study of people and their culture. The ethnographic model is one of the
major types of qualitative research methods used in social sciences, especially in anthropology. This
method of research aims to study individuals in their own habitat through the usage of methods like
observations, interviews etc. This method is useful for studying both remote cultures as well as smaller
communities within any particular region. Detailed ethnographic research may require the researcher to
spend a long time doing fieldwork in the particular area of study, often extending to several months or
even years.

Oral History
Oral history is a type of qualitative research method which involves the collection of oral testimonies
from people about their own lived experiences. This research method is extensively used in the field of
history, to put forward alternative narratives (as opposed to the official sources) of a particular event or
incident. The main method of collecting oral history is taking interviews and recording the narratives in
audio, video, or textual versions. This method is useful for future researchers too since the oral
testimonies are stored in an archive to make sure that these voices are not lost.

Case Study
A case study involves a detailed examination of a particular person, event, or community. This is one of
the types of qualitative research methods used extensively in the field of social sciences, law, business,
and health. The data for the case study is obtained through diverse methods including interviews and
observations. A case study is the most suitable method for gaining a total and in-depth knowledge of a
particular issue.

Phenomenological Method
One of the types of qualitative research methods, the phenomenological approach aims to explore the
experiences of a particular phenomenon in a community or a group of people. It is the study of a
particular phenomenon through interviews of people who have experienced it to find out the similarities
between their experiences. Although this approach depends majorly on interviews, other sources of data
collection may also be used to supplement the findings.

What does a Research Assistant Do?

Grounded Theory Method

The grounded theory method is a very popular research method used across a large number of disciplines.
It is involved in the collection, interpretation, and analysis of data. The grounded theory model uses the
analyzed data to develop different theories regarding the topic of research.

Narrative Model
The narrative model is one of the types of qualitative research methods which focuses on spoken or
written words or visual representations by people. This method involves the analysis of these stories or
narratives by people through engaging in questioning to ascertain particular questions or issues. This
model is helpful in understanding the ways in which people represent them and their experiences to a
wider audience.

Historical Model
The historical model is one of the unique approaches within qualitative research which is involved in the
detailed study of past events in order to get a better understanding of the present and predict future events
on that basis. The main objective of this model is to analyze the effects of the past on the present and
thereby identify similar processes in the present to anticipate their effects in the future. Reviewing
relevant literature is the main source of data for this method, although oral sources may also be used.

Focus Groups
A focus group is another popular qualitative research approach for data collecting. A focus group
typically consists of a small number of respondents (6-10) from your target market. The primary goal of
the focus group is to obtain answers to the questions “why,” “what,” and “how.” One advantage of focus
groups is that you do not have to engage with the group in person.
Record Keeping
As the data source, this approach makes the use of pre-existing credible documents and comparable
sources of information. This information can be utilized in future studies. This is comparable to visiting a
library. There, one can go through books and other reference materials to get important facts that will
most likely be employed in the research.

Process of Observation
Qualitative Observation is a research approach that uses subjective methodologies to collect systematic
information or data. Since the focus on qualitative observation is the study process of gathering
information or data utilizing subjective techniques. Qualitative observation is generally used to compare
and contrast quality variations. The five primary sense organs and their functioning are addressed in
qualitative observation: sight, smell, touch, taste, and hearing. This is not about measures or numbers, but
about qualities.

FAQs

What is qualitative data collection?

Qualitative data gathering allows for the collection of non-numerical data, allowing us to investigate how
decisions are made and get a deep understanding. To achieve such conclusions, the data collected should
be comprehensive, rich, and complex, with discoveries emerging after a thorough examination.

What is qualitative data analysis?

Notes, films, audio recordings, pictures, and written documents are examples of qualitative data. Text
analysis is a popular approach for analyzing qualitative data.

What are the most important characteristics of qualitative research?

The qualitative research approach is useful for complicated thinking, which is an important feature. There
are instances when a complicated explanation is necessary to obtain the best outcomes rather than simple
statistics responses.

Thus, this blog summarized the major types of qualitative research methods you must know while
working on your thesis. Want to pursue your PhD abroad? Reach out to our experts at Leverage
Edu who can help you choose the best university as per your preferences and guide you throughout the
admission process to ensure that you get successfully shortlisted. Sign up for a free career counselling
session with us today!

Career in Research
A career in research is usually a great idea for postgraduate and postdoctoral researchers. However, it is
not important that the career in research will always be in academia, it can also be in scientific research,
commercial and public sector research. These fields require the skills and experience of an academic
researcher.

Educational Requirements

Research is a systematic study in which students have to collect, organize, analyze and interpret data by
using different research methodologies. A career in research requires intense knowledge and dedication
towards the area of study. Candidates require to have a strong academic background to excel in this field,
a bachelor’s, a master’s, and a doctoral degree can make an individual completely equipped to trod onto
this pathway.

Most of the research positions require a master’s degree (research coursework) or Ph.D . However, a
bachelor’s degree can land you at an entry-level job like Junior Research Analyst, Research Assistant,
etc.. A student can also get a job in private or govt institutions as a survey researcher with a master’s
degree. Candidates interested to make a career in research related to the market study must take up
internship under big business houses.

Scope of a Career in Research

A career in research can take you to different areas of employment. Given below are the sectors that heir
researchers:

 Educational Institutions
 Government Institutions
 Industrial Laboratories
 Corporate Institutions
 Hospitals
 Insurance Companies
 Private Companies and Industries
Jobs

Curiosity is one of the traits that employers welcome while hunting for potential scholars. Researchers
utilize their specialized skills to dig deep in search of information and use them to further solve complex
problems. Here is a list of some popular jobs for candidates interested in making a career in research:

 Actuary: An actuary job responsibilities are to analyse, calculate and predict the financial cost of
risk. Here the person has to use their research, analytics and problem-solving skills along with
excellent mathematical skills to reach onto a conclusion. Usually, the demand for actuaries in
insurance companies or large corporations.
 Market Research Analyst: In this job position, the person has to assess the market conditions to
determine the suitability of a product and services for the customer. Candidates study the
consumer behaviours and analyse the financial information of companies with the use of primary
and secondary research.
 Medical Research Scientist: The job role of Medical Research Scientist is to develop a
medicinal cure for diseases. Their responsibilities include plan, conduct, record and interpret the
experiments carried and derive a suitable solution. They work in a hospital, research institutions,
industries or government laboratories.
 Biological or Life Science Researchers: A Life Science Researcher study problems related to
living organisms. The research is conducted to explore living cycles of organisms or to find a
solution regarding problems faced by them. This career in research will land you at government
agencies.
 Research Psychologist: A career in Research with psychology as the area of specialization,
includes the study of animals, humans and their behaviours. These individuals work at
universities, schools and health sectors.

Salary Outlook

It is quite difficult to estimate the salary of personals who are to make a career in research due to the
involvement of various parameters. Here is the list of factors on which the salary of the researcher
depends:

 Type of job position

 Industry in which job position held
 Location of the job
  Required experience for the job
 Required skillsets
 Level of education and several other factors

FAQs

What kind of jobs involves research?

A plethora of opportunities is available for those aspiring to pursue a career in research. Here are some of
the popular jobs in research:
-Research Associate
-Historian
-Medical Scientist
-Sociologist
-Computer and Information Research Scientists
-Agricultural and Food Scientist

How do I become a researcher?

The educational qualifications you need to fulfill to become a researcher is a master’s degree (research-
focused) or Ph.D. in your field of interest. Further, prior work experience as a research associate or
working on various research projects is also preferable.

Why is a career in research important?

A career in research is perfect for those interested in delving deeper into a specialized field to peruse
upon the unexplored areas and devote their work towards the development of the field of study.

We hope, this blog took you through all aspects of a career in research. If you are willing to pursue a
course that can push you towards your dream university, contact Leverage Edu. Our unique AI tool will
help you select the best-suited program that will line with your goals.

What does a Research Assistant Do?

Skills Required for Research Assistant

Here is a list of major skills that you need to become a Research Assistant:

Technical Skills: Since handling and operating instruments and equipment is a major part of the area of
Research, you need to be tech-savvy and proficient at using different technologies related to your field.
Time-Management Skills: Meeting the various project deadlines as well as dealing with statistics and
data also comprises a major part of the domain of research and development. Hence, as a Research
Assistant, you need to be good at managing your time and accomplishing your goals within the given
time frame.

Analytical Skills: Research Assistants are required to collect data and analyse it to update and manage
various databases. Analytical skills also come in handy as you might be asked to conduct field research
along with writing extensive literature reviews.

Observational Skills: High accuracy is expected from those working in the field of Research. As a
Research Assistant, you need to possess excellent observational skills for perusing a topic in a detailed
manner and keeping a record of your research projects.
Research design is the framework of research methods and techniques chosen by a researcher to conduct
a study. The design allows researchers to sharpen the research methods suitable for the subject matter and
set up their studies for success.
Data is a collection of facts, figures, objects, symbols, and events gathered from different
sources. Organizations collect data with various data collection methods to make better decisions.
Without data, it would be difficult for organizations to make appropriate decisions, so data is collected
from different audiences at various points in time.

For instance, an organization must collect data on product demand,

customer preferences, and competitors before launching a new
product. If data is not collected beforehand, the organization’s
newly launched product may fail for many reasons, such as less
demand and inability to meet customer needs.

Although data is a valuable asset for every organization, it does not

serve any purpose until analyzed or processed to get the desired
results.

What are Data Collection Methods?

Data collection methods are techniques and procedures used to
gather information for research purposes. These methods can
range from simple self-reported surveys to more complex
experiments and can involve either quantitative or qualitative
approaches to data gathering.

Some common data collection methods include surveys,

interviews, observations, focus groups, experiments, and
secondary data analysis. The data collected through these
methods can then be analyzed and used to support or refute
research hypotheses and draw conclusions about the study’s
subject matter.

Importance of Data Collection Methods

Data collection methods play a crucial role in the research
process as they determine the quality and accuracy of the data
collected. Here are some mejor importance of data collection
methods.

 Determines the quality and accuracy of collected data.

 Ensures that the data is relevant, valid, and reliable.
 Helps reduce bias and increase the representativeness of the
sample.
 Essential for making informed decisions and accurate
conclusions.
 Facilitates achievement of research objectives by providing
accurate data.
 Supports the validity and reliability of research findings.
The importance of data collection methods cannot be overstated,
as it plays a key role in the overall success and validity of the
research study.
Types of Data Collection Methods
The choice of data collection method depends on the research
question being addressed, the type of data needed, and the
resources and time available. You can categorize data
collection methods into primary methods of data collection and
secondary methods of data collection.

Primary Data Collection Methods

Primary data is collected from first-hand experience and is not used
in the past. The data gathered by primary data collection methods
are specific to the research’s motive and highly accurate.

Primary data collection methods can be divided into two

categories: quantitative methods and qualitative methods.

Quantitative Methods:

Quantitative techniques for market research and demand

forecasting usually use statistical tools. In these techniques,
demand is forecasted based on historical data. These methods of
primary data collection are generally used to make long-term
forecasts. Statistical methods are highly reliable as subjectivity is
minimal in these methods.
Time Series Analysis: The term time series refers to a sequential
order of values of a variable, known as a trend, at equal time
intervals. Using patterns, an organization can predict the demand
for its products and services for the projected time.

Smoothing Techniques: In cases where the time series lacks

significant trends, smoothing techniques can be used. They
eliminate a random variation from the historical demand. It helps in
identifying patterns and demand levels to estimate future demand.
The most common methods used in smoothing demand forecasting
techniques are the simple moving average method and the
weighted moving average method.

Barometric Method: Also known as the leading indicators

approach, researchers use this method to speculate future trends
based on current developments. When the past events are
considered to predict future events, they act as leading indicators.
Qualitative Methods:

Qualitative data collection methods are especially useful in

situations when historical data is not available. Or there is no need
of numbers or mathematical calculations.
Qualitative research is closely associated with words, sounds,
feeling, emotions, colors, and other elements that are non-
quantifiable. These techniques are based on experience, judgment,
intuition, conjecture, emotion, etc.

Quantitative methods do not provide the motive behind participants’

responses, often don’t reach underrepresented populations, and
span long periods to collect the data. Hence, it is best to
combine quantitative methods with qualitative methods.

Surveys: Surveys are used to collect data from the target audience
and gather insights into their preferences, opinions, choices, and
feedback related to their products and services. Most survey
software often has a wide range of question types to select.

You can also use a ready-made survey template to save time and
effort. Online surveys can be customized as per the business’s
brand by changing the theme, logo, etc. They can be distributed
through several distribution channels such as email, website, offline
app, QR code, social media, etc. Depending on the type and
source of your audience, you can select the channel.

Once the data is collected, survey software can generate various

reports and run analytics algorithms to discover hidden insights.
A survey dashboard can give you statistics related to response
rate, completion rate, filters based on demographics, export and
sharing options, etc. Integrating survey builder with third-party apps
can maximize the effort spent on online real-time data collection.
Polls: Polls comprise one single or multiple-choice question. You
can go for polls when it is required to have a quick pulse of the
audience’s sentiments. Because they are short in length, it is easier
to get responses from people.

Like surveys, online polls can also be embedded into various

platforms. Once the respondents answer the question, they can
also be shown how they stand compared to others’ responses.

Interviews: In this method, the interviewer asks the respondents

face-to-face or by telephone. In face-to-face interviews, the
interviewer asks a series of questions to the interviewee in person
and notes down responses. If it is not feasible to meet the person,
the interviewer can go for a telephone interview. This form of data
collection is suitable for only a few respondents. It is too time-
consuming and tedious to repeat the same process if there are
many participants.
Delphi Technique: In delphi method, market experts are provided
with the estimates and assumptions of forecasts made by other
experts in the industry. Experts may reconsider and revise their
estimates and assumptions based on the information provided by
other experts. The consensus of all experts on demand forecasts
constitutes the final demand forecast.

Focus Groups: In a focus group, a small group of people, around

8-10 members, discuss the common areas of the research
problem. Each individual provides his insights on the issue
concerned. A moderator regulates the discussion among the group
members. At the end of the discussion, the group reaches a
consensus.

Questionnaire: A questionnaire is a printed set of questions, either

open-ended or closed-ended. The respondents must answer based
on their knowledge and experience with the issue. The
questionnaire is a part of the survey, whereas the questionnaire’s
end goal may or may not be a survey.

Secondary Data Collection Methods

Secondary data is the data that has been used in the past. The
researcher can obtain data from the data sources, both internal and
external, to the organization.

Internal sources of secondary data:

 Organization’s health and safety records

 Mission and vision statements
 Financial Statements
 Magazines
 Sales Report
 CRM Software
 Executive summaries
External sources of secondary data:

 Government reports
 Press releases
 Business journals
 Libraries
 Internet
The secondary data collection methods can also involve
quantitative and qualitative techniques. Secondary data is easily
available and hence, less time-consuming and expensive than
primary data. However, with the secondary data collection
methods, the authenticity of the data gathered cannot be verified.

The secondary data collection methods can also involve

quantitative and qualitative techniques. Secondary data is easily
available, less time-consuming, and more expensive than primary
data. However, with the secondary data collection methods, the
authenticity of the data gathered cannot be verified.

Regardless of the data collection method of your choice, there must

be direct communication with decision-makers so that they
understand and commit to acting according to the results.

For this reason, we must pay special attention to the analysis and
presentation of the information obtained. Remember that these
data must be useful and functional to us, so the data collection
method used has much to do with it.

Conclusion
The conclusion you obtain from your investigation will set the
course of the company’s decision-making, so present your report
clearly, and list the steps you followed to obtain those results.

Make sure that whoever will take the corresponding actions

understands the importance of the information collected and that it
gives them the solutions they expect.

Remember that at QuestionPro, we can help you collect data easily

and efficiently. Request a demo and learn about all the tools we
have for you.