Companies are always creating new products that’ll eventually infiltrate its market and make its way into consumer individual’s homes. But before it can do that, it has to go through a series of testing and evaluation to make sure that it’s suitable and ready for the general public. This is usually done by doing market research which is divided into two main categories; qualitative market research and quantitative market research.
Qualitative market research versus quantitative market research delves into the strengths and weaknesses of a product from different perspectives. Although it’s not one in the same and you can’t use both methods simultaneously, but rather choose the market research that best fits your product’s criteria and will help to really showcase its marketability. Being able to impact and influence individuals as well as the masses with your product are your main goal.
Benefits of Qualitative Market Research
Before you can get into the many benefits of a qualitative market research, you first have to get familiar with the term. Unless you’re well versed in statistics, an expert in economics, have a degree in marketing and mastered in business than it’s most likely not a part of your everyday lingo.
A qualitative market research is a more biased research that derives its conclusions from a smaller and more focused group of individuals. It involves more in depth surveys and queries when it comes to the interviewing process which usually entails a one-to-one interaction, but there are occasions when dyads and triads are engaged. Traditionally these settings are face-to-face and are conducted live in person, through the internet and webcam or video phone conferences. Participants of the study tend to have more hands on experience with the product or subject of the research. Below are some of the many benefits of qualitative market research.
1) The potential for spontaneous and authentic reactions are greater and can be used towards the overall conclusions of the market research
2) Although the focus groups are conducted on a controlled level, new ideas can easily spawn and are encouraged by the open environment
3) Moderators and group conductors can observe unadulterated reactions from the respondents
4) The ambiance of such focus groups can be very flexible and allows individuals to express opinions freely
5) There’s better understanding of viewpoints and new perspective
6) The information received from such in depth interviews are often very detailed and rich
When it comes to qualitative market research you can definitely expect “quality” results.
Benefits of Quantitative Market Research
Unlike a qualitative research, a quantitative market research is not as targeted and deals with datasets that are affected by several random variations. These conclusions are ideal for projecting the opinions and attitudes of a larger population toward a specific product or subject. Many times this type of study is easier to conduct since it can be presented in the form of telephone surveys, online surveys, or interviews onsite at the respondent’s location.
A quantitative market research is a number based research where the more respondents are involved, the more conclusive the results. The large group settings help moderators measure the effectiveness of the product as well as determine the market size of the product. It also has the ability to establish customer profiles and provide suitable recommendations for the masses, statistically speaking. Below are a few benefits of quantitative market research.
1) Respondents are usually more willing to participate in the studies because they’re not too time consuming and are very straightforward
2) It’s the perfect tool for creating brand awareness
3) Information gathered from the studies are efficient for creating quantifiable graphs and charts
4) Provides adequate insight and perception for productively marketing the product
5) Most quantitative methods cost little to conduct, especially when you’re doing telephone, mail and online surveys
6) Many aspects of the interviews themselves are very comprehensible, general and respondent-friendly
The bigger the “quantity” of samples the more effective the quantitative market research.
When to Use Qualitative Market Research Vs Quantitative Research and Viceversa
When it comes to qualitative market research versus quantitative market research, there are a lot of factors that really set the two apart. This makes choosing the right method for your product and agenda even more crucial. If you’re still unsure, here are some tips that’ll help guide your overall decision.
Use Qualitative Market Research when you want to:
- Further explain and explore quantitative studies
- Determine the underlying root of an issue or problem
- Better understand your respondent’s opinions and perspectives
- Gain more authentic and untainted views and reactions
Use Quantitative Market Research when you want to:
- Appeal your marketing to a larger population
- Identify your market size and course of action
- Gather information for statistical application
- Opt for the quickest and more conclusive research
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