Quantitative Market Research
When you conduct market research, you will typically need to speak with people in your target market. That’s a well-known fact, but some businesses that carry out market research may not realize many forms of market research can get performed. If you need reliable data, then you need to hire a quantitative market research company. It’s an organised way of asking quantifiable questions to your customer/clients, employees, vendors, etc.
You can use the responses received from quantitative market research methods to help improve what you sell and your business processes. And once you make improvements to your products and services, you’ll, in turn, increase your consumer satisfaction levels and thus your company’s revenue.
How Is Quantitative Market Research Relevant?
There’s no denying that knowledge is power in the business world. It’s one thing to develop products and services that you think will best meet the needs of your customers. But, it’s another to know what those consumers like and hate about the things you sell.
You already know that quantitative market research helps you to identify the positive and negative aspects of the things you sell. And, it gives you an insight into what you could do to make things better. But why is that information so crucial to your business?
If your firm sells products and services that are mediocre at best, your target audience is more likely to buy from competitors that have better offerings. You’ll be looking at the things you sell from a retailer or distributor’s point of view.
However, you need to look at the products and services you sell from a consumer’s point of view. That’s because they are the people that will ultimately make or break your business. Quantitative market research is a vital part of any marketing strategy.
The Significance Of Quantitative Market Research
You may already have carried out qualitative market research. That is where you learn more about the thought processes and feelings your consumers have when buying products and services such as the ones you sell.
The thing is, you need to find out specific facts and statistics alongside qualitative market research. Both qualitative and quantitative market research complement each other. But you shouldn’t rely solely on one or the other.
Quantitative market research is a form of social researching where you construct questionnaires and scales. Your business can get then analyse that data better to understand the problems and needs of your target audience.
When you use quantitative market research, you can ask specific questions and receive accurate answers. For example, one question might be ‘how many times a year do you buy <the type of product or service that you sell>?’.
You can then provide a scale where each respondent can select their answer, such as:
-Once a year;
-Twice a year;
-Three to five times each year;
-More than five times each year.
Some of the questions you can ask your target audience can be about specific aspects of the products and services you sell, how much they would prefer to spend, and so on.
With all that in mind, why else should quantitative market research be a significant part of your marketing plans? Here are some of the top reasons:
- You can learn more about the size of your target market;
- You can capture customer behavior;
- You’ll learn the specific reasons people might want to repurchase items in the future.
How Should You Carry Out Quantitative Market Research?
There is one question that will be at the forefront of your mind. How exactly should you carry out quantitative market research on your target audience?
As you can appreciate, the scale of the work involved to capture and process the answers and opinions of your target audience is often substantial. That’s why it makes sense to work with a quantitative market research company.
The quantitative market research services that we provide ensure deductive reasoning gets used to draw a workable conclusion suitable for creating actionable insights. In other words, we ask the right questions to get you the right answers for your data analysis.
Quantitative market research is a highly scientific way of learning about your target audience. It’s essential you use a skilled and experienced company like ours that specializes in quantitative market research.
Common Quantitative Market Research Techniques
There are several data capture techniques or methods that can be employed to conduct quantitative market research. Some of the more common methodologies are are as follows:
Arguably one of the most common techniques for carrying out market research is through the use of surveys. We’ve all filled in some surveys at some point in our lives, and most people understand how they work.
When using surveys as part of quantitative market research, closed-ended questions get used as they’re quite effective for collecting quantitative data. Surveys should get carried out across a broad selection of audience members.
Face To Face Interviews
Thanks to the evolution of digital technology, quantitative market research can get carried out face to face via electronic means such as video-call apps like Skype. However, they can still get conducted offline in-person.
Interviewers have a prepared list of questions that are typically in addition to survey questions. The idea behind the face to face interviews is they give interviewers the opportunity to gather more extensive data from participants.
Sometimes brands may wish to gauge how well a particular service is doing, such as telephone banking or their customer service department. At the end of a call, the call handler invites the customer to answer a short telephone survey about how well they performed.
Customers that opt into such telephone surveys can answer questions with a ‘yes’ or ‘no’ response, or by using the numbers on their telephone keypads.
How To Use Our Quantitative Market Research Services
Now that you have a more thorough understanding of quantitative market research, it’s important you work with a quantitative market research company that can best meet your needs.
Contact us today to discuss your requirements and our friendly team will help you create a plan of action that is best suited to your brand.
The Analyst Agency is an operations & strategic consulting firm that provides comprehensive qualitative and quantitative market research, business analysis, and technology advisory services.