Skip to main content

Quantitative Research vs Qualitative Research- What your approach


The process of conducting primary market research and collecting market research data and information can be broken down into two methods; quantitative and qualitative research. Each method involves a different process, and reveals different information. However, it has been noted by business professionals and academic experts that in order to gain a full understanding of a business environment, the market place and the consumers within it, it is wise to conduct both quantitative and qualitative market research.



Quantitative Market Research

Quantitative market research is the collection of numerical data often resulting in statistical analysis to understand trends in the data. The main characteristic of quantitative market research is that it allows for comparisons and trends in the data to be easily found and understood. It should also be noted that as a result of the standardised questions, quantitative market research is a more structured market research process and can therefore involve a larger number of respondents to participate in the research.
There are several different types of data collection in quantitative market research;
  • Mail
  • Face-to-face Inverviews
  • Telephone (CATI)
  • Email (Questionares)
  • Online / web based surveys

It is important to carry out quantitative research before starting a new business, launching a new product, or service as it gives factual figures and data that highlights target market interest and can help secure investors, as the risk of their investment is reduced as future demand is shown. It also enables managers to compile sales forecasts and revenue. These can be done through the use of target market response rates and any pricing information or preferences that are revealed by respondents during the research. To know more about market research visit:

Qualitative Market Research

Qualitative market research is a method to collect non numerical data based on observation. This method is not only about “what” people think but also “why” they think so.
So, our question is research about the area where your house is located. For example, consider an area where your house is located looking to improve its patronage. A systematic observation concludes that the number of people visiting that area. One good method to determine why people are more visited that area and why not visiting that area is to conduct an in-depth interview of people.
On successfully interviewing people, visiting the area and nearby stores and malls, and selecting them through random sampling, it was known that this area id good for residential purpose because all the daily use items and convenience will be easily available, which was understood only by personally interacting with them and understanding why they visit that area, because that area are more convenient as per the needs.
Therefore, the qualitative research methods allow for in-depth and further probing and questioning of respondents based on their responses, where the interviewer/researcher also tries to understand their motivation and feelings. Understanding how your audience takes decision can help derive conclusion in market research.



Labels:

Comments

Post a Comment

Popular posts from this blog

Achieve the goal with automated marketing

As a business, you know how hard it is to keep up with customers today. People have become research obsessed for most purchases and expect brands to assist them in a personally relevant way at every stage of their purchase journey.   Machine learning is one automation tool that can boost your efforts to meet people’s high expectations. Machine learning can help to create automated marketing campaigns, at scale, that place the right message in front of the right customer at the right time at the right price, delighting people and delivering the business results marketers want. We talked  with top brands decision makers who have adopted machine learning to improve their marketing, we’ve found that the top-performing brands are applying these below rules and asking themselves these questions to achieve goal with automated marketing: Optimize your campaigns for growth : Machine learning is only as good as what you ask it to optimize. Top perfor...
Post a Comment
Read more

Facebook reported planning to launch smart video calling on your TV and anywhere in your home

Facebook could be working on a new streaming TV device that could set out to rival the likes of Apple TV and Fire TV. A new report suggests that an upcoming device will be part of the company’s Portal lineup. It’s said to come equipped with a camera for video-calling and far-field microphones to detect audio. Variety  reported  that Facebook is also in talks with streaming services such as Disney, Netflix and other media companies to develop exclusive content on the platform. The device will run on a modified version of its mobile app rather than running on Android TV. The device is meant to be placed on the top of the TV which means its design could be in the form of an attachment to the top edge. Apart from the camera and microphones, the device may pack a speaker system as well. Since video calling is going to be a focus with the device, it would be preferable not to rely on the built-in speakers of the TV or external ones if it wants good quality echo ...
Post a Comment
Read more

Reducing Business Costs by knowing your customers

Know your customer behavior is the biggest challenge in current market.  If you know your audience your 70% task will be done & you already save cost spending on you campaigns. Now the question is how you know your audience or customer behavior. Keywords Conversion. User experience  What do all of these words and phrases have in common? They all relate to how you will attract, engage, and convert your target audience. The crux of any good digital marketing campaign is to identify the specific characteristics of your ideal customers, including geographic, demographic, and behavior variables. The more you know about your audience, the more powerful your digital marketing efforts will become. What this really means: it isn’t enough to know the demographics and location of your prospects. You have to know  as much as possible about them , including their: Personality traits. Interests. Values. Opinions. Knowing all of this will help you:...
Post a Comment
Read more