The Importance of Business Research for Competitive Advantage

The purpose of business research is to allow a business to set itself apart from its competitors by gathering as much information on the industry that it can and utilizing that data to create unique methodologies and business practices. Researching a business will provide information on things such as what products consumers like or do not like to buy, what the start-up costs will be, and whether any new business opportunity is viable to undertake. Researching also reveals the profitability potential of products and services and how they size up competitively with similar products available in the market.

The most successful business in each industry are perfect examples of how to successfully market, advertise, and sell your products so they should always be considered. According to chapter 1 of the textbook, it does not matter whether you are a small mom & pop bakery or a large corporation like Nabisco, business research is equally important to your company. In my personal experience I have found that the company policies and procedures set forth by the upper management will directly reflect how the employees will react to their clients and impact the business.

Personal Experience I have worked for fortune 500 companies such as Verizon, AT&T, and Time Warner in the telecommunications industry and I have learned how each of these companies markets their products to both businesses and consumers. The breakthrough in technology of fiber optic internet and television that became available to consumers in the last ten years was a huge push for all of these companies. There are many different ways the companies got the word out to their customers.

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The top methods included direct mail, television commercials, email and internet marketing, billboards, radio advertisement, and direct sales at retail locations or residential campaigns. I was part of the residential campaign selling products to consumers at their homes. The money that companies would spend on advertising (usually in the millions) is relatively hard to track and is becoming less effective today. For example, direct mail campaigns have a less than 1% chance of reaching the customer.

Whereas visiting a customer at their home has a better chance of influencing the customer to buy the product by learning exactly how it will benefit them and tailoring a package to fit their needs and save them money. I learned that many customers had switched to a competitor due to poor customer service, high prices in the area, or a lack of services offered. In some cases, just telling someone that new technology was now available in their area instantly piqued their interest. Every consumer is different, but everyone wants to feel like they are getting the most value for their money.

That is why I would always try to offer the highest level of customer service, the best products, and the best value for the money. Many times people are willing to spend more money for the same products with a higher level of customer service. That is why fancy restaurants are popular, because the atmosphere and the customer service make it a much better experience than cooking a steak at home. So understanding your customer, your competition, and the market are all important factors in researching any business.

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