Article

How To Do Business Research

163 views

How To Do Business ResearchResearch is an activity that never ends in business. It is a continuous endeavor that has many benefits but only one singular purpose: To become better. If you want to improve you have to identify your faults and weaknesses and find out how you can develop them into strengths. You will not know which courses of action to take unless you study the underlying circumstances of your situation. Research affords us an effective system of study using well-established facts as references. If you think about it, research as a tool for learning does not only apply to work but to life in general. As the Japanese say, “To stop learning is to stop living.”

Before you undertake any project or endeavor, research must be done in order to assess its viability, to come up with a theoretical framework and draw up a prospective action plan. In real estate, there are two types of research.

The first is the market study which seeks to identify the characteristics including demographics of a specified population who may be prospective buyers or sellers of property. The market study generally includes a feasibility study to determine whether investments on the project would yield profitable results. The second type of research is the marketing study which seeks to identify the processes and strategies needed to attract target markets into buying or listing properties for sale.

Research takes time and effort. One of the initial steps in conducting research is to acquire references. Not all references have value or relevance to your scope of study. You will need to review each point of reference and place it against the context of your research question.

Even though you have qualified the references for your research, you still have to check its background and assess the veracity of its content including facts and figures. This applies to content found online in archives and with people who have been referred by associates as viable references.

The value of research has necessitated some companies to contract service providers that can perform research and development activities. Companies used to establish in-house research and development companies but in recent years, have decided to outsource these services to save up on costs and increase productivity.

Research provides businesses the following advantages:

1. Improve Market Participation

Market participation refers to the ability to open up new markets, attract new customers and generate interest in a product or service. When Research and Development can present an innovative way to promote a product it may even create a new market segment for the company in the industry.

2. Effective Cost Management

The results generated by Research and Development do not equate to the amount of funding allocated to capitalize its functions. Its success is largely contingent on one asset: the researchers. If you have a great team of people who can conduct comprehensive and through research you do not need to invest a large amount of money to get results.

3. Create Synergy

Market studies are nothing but worthless files unless these are implemented or acted upon. Marketing studies will be ineffective if these are designed and implemented without solid basis. The two types of studies work hand-in-hand to provide a solid foundation of references to design strategies on.

4. Trend Spotting

As the world has grown more interconnected due to the evolution of technology tastes, demands and ultimately, trends change. Since the end of the Cold War, the world has become more volatile, unpredictable, chaotic and ambiguous. Barriers to trade, politics and society have come down which makes it difficult to assess trends. Conducting regular research keeps our competency levels updated.

Clients are more likely to view you as an expert if you are able to provide them with relevant and updated information on the latest trends and developments in real estate and legislation in their local area. But these take time which your busy schedule may not be able to afford. Nevertheless, these tasks may be time-consuming but important to stay ahead of your competition.

Your best option would be to hire a virtual assistant who is highly experienced in the field of research and can craft well-structured, comprehensive and complete project studies. Their research can be applied to mail-out campaigns, e-mail campaigns, newsletters and social media marketing. Read how a real estate VA can help you do business research.