Market research goes into just about every product you buy and every service you utilize. According to the Bureau of Labor Statistics, the market research sector is expected to grow 13% between 2022 and 2032. When you need to collect and analyze data based on numerical measurements, you’ll benefit from the work of quantitative market research companies. This type of research allows you to better understand the preferences, opinions, and behaviors of your main audience. Here are some things you should understand about this type of research for your company.
1. Tests Theories
If you have a theory or specific questions regarding your market, you can use quantitative research to answer them. Thanks to experiments, various types of surveys, and case studies find out how people use your product and what reason they use them. You can get direct and general answers to the level of satisfaction and the type of features they’re looking for in the future. Once you do a thorough analysis of your results, you can put them into producing a better product.
2. Has Reliable Results
This type of research often involves large case samples and statistical techniques. There’s also a variety of techniques involved that can generate specific answers. As a result, any company has the confidence to know the results are accurate enough to make the necessary adjustments to their service or product.
3. Complements Qualitative Research
Quantitative research is based on numbers, but qualitative research is based on data related to images, observations, and words. It allows stakeholders to go further into the motivations and experiences of customers. You can combine both research methods to get a deeper understanding of your target market and improve your brand.
4. Conduct it In-house or Outsource
The way you go about conducting this type of research can depend on your level of expertise, company size, overall time, and budget. Some companies have their own in-house research team. However, more companies understand the value of hiring quantitative market research companies. By hiring a company whose main purpose is to conduct this type of research, you have access to many tools, platforms, and research professionals to produce all the data you need.
By utilizing quantitative research as a tool, you can find direct and accurate answers to the questions you need to ask. When looking for quantitative market research companies, look no further than The Analyst Agency. We look forward to speaking with you and learning more about your organization.