Make your Marketing Impactful by Conducting Qualitative and Quantitative Research Methods

While many factors go into making of a well-rounded market research report, qualitative and quantitative research are two crucial steps that you cannot afford to overlook, as these elements help you understand your consumer decisions and improve business processes.

What is Qualitative Market Research?

Qualitative market research is conducted using observation or unstructured questioning. This helps you gain a deeper understanding of the fundamental reasons and motivations behind the spending habits of the target market. It also gives you answers to most common questions such as – what people think about your product/service, their motives, feelings, who are involved in the decision-making process etc.

Methods of Conducting Qualitative Research

Though there are various ways, through which you can conduct qualitative research below are the three most common ones:

1. Individual Interviews:

Interviews can be conducted via a telephone, Internet, or face-to-face. Here you can create a questionnaire and ask several questions to customers to understand what motivates them to switch brands or buy products/services as that of yours.

2. Focus Groups:

Asking questions on a one-on-one basis is the best way to obtain information about the target audience’s buying persona. It can be conducted in an environment where the customer can feel safe and comfortable and express their feelings clearly about a product/service without hesitation. Creating online focus groups is another cost-effective way to reach out to your target audience.

3. Observations

This type of qualitative research allows you to understand the customer’s reaction when they look or handle a product. It usually takes place in a retail store.

Combining the above methods will help you get a real sense of how the target audience perceives your products.

Analyzing Qualitative Data

The data you gathered through qualitative research is an unstructured one and you may find it difficult to draw conclusions based on it. Some ways to gain insights would be to summarize the key points highlighted by customers. For instance, it could be – how many people answered their skin becomes oily or sweaty after applying your moisturizer.

Another way is to code the responses such as – how often do they wear sunglasses? Do they wear it daily? Then how many times, etc. Once, twice, thrice…

What is Quantitative Research?

Quantitative research focusses on numerical data rather than the textual data. Here you need to ask quantifiable questions to your customers/clients, employees, vendors, etc. You can use these responses to improve your offerings and business processes. This, in turn, will increase your consumer satisfaction levels and the company’s revenue.

Methods of conducting quantitative research

1. Surveys:

Surveys are something where users are not required to invest much of their time elaborating the answers. This can be conducted online as well. By conducting a survey, you easily obtain measurable and objective data.

2. Tracking:

Online marketers deploy tracking method to track and observe the behavior of their target audience. Tracking lets the server know your customers’ surfing habits (based on the websites they visit frequently) and send them the ads that would interest them.

3. Experiments:

By changing a variable or tweaking a product or service, and offering them to limited customers is a great way to comprehend the response of the consumers. However, this method is time-consuming and costly.  

4. Structured interviews:

A structured interview involves a set of pre-planned questions, which aren’t open-ended, unlike qualitative research. Here the participant has to answer the questions descriptively. The data gathered from this method can be converted into responses like percentages or a numeric value.

Analyzing Quantitative Research

After collecting quantitative research from various sources, you need to collate and analyze it. You will need a specialist to extrapolate the findings, who could drill the scattered information and formulate it into the data to understand how different sections have responded.

Which Method Should You Go With First?

Both qualitative and quantitative methods are important for conducting thorough market research. However, you can decide to go with either of them depending on the pertinent factors.

Qualitative market research should be conducted before quantitative market research when the project concept is new. In this case, qualitative market research will help you comprehend the consumer’s impartial reaction and opinions towards the new product/service you intend to launch or are testing.

Since there would be no influencing factors such as no past experiences associated with your product, this method will help you understand areas of improvement and need for modification before launching the products or services.

Quantitative market research can be conducted before qualitative market research if you have some initial information from the previous research. This is particularly important for start-ups or entrepreneurs who want to explore the market first and gain an understanding of whether they would be able to sustain the competition. By gaining insights obtained through the research, you can change your company’s marketing strategy to meet the general market’s requirement and make profit.

Why Do You Need A Market Research Specialist?

Market research is done to gain an insight into your industry, market, competitors, perceive consumer’s reaction to your products or services and understand if your marketing strategy is helping your business propel.

Any business that is desirous of improving their products/services, enhancing market reach, profitability, and gain loyal customers will greatly benefit from a market research company. A professional market research company will have the skills and knowledge to kick-start your marketing goals.