Market research is a lifeline to companies, as it allows them to gain insights into their target market. Quantitative market research looks at numerical data and statistical analysis to help make business decisions. Let’s get further insight into what quantitative market research companies do and why.
What Is Quantitative Market Research?
Quantitative market research is a type of research that collects data in numeric form. This data can be analyzed to help businesses make decisions about their products, services, and marketing strategies. Actually, quantitative market research companies in the United States generate approximately $23 billion in combined annual revenue, according to QuestionPro.
There are many quantitative market research methods, but the most common are surveys, focus groups, correlational research, internet research, data from government reports or educational institutions, and interviews. Quantitative market research is often used in conjunction with qualitative market research, which looks at non-numeric data such as customer feedback or emotions.
What Are the Benefits of Quantitative Market Research?
Perhaps the top benefit is that it allows businesses to make decisions based on solid data, rather than guesses or hunches. Quantitative market research companies can uncover how many new customers a business gains in a month, what percentage of its current customers return, and what the average order value is. This numerical data can help businesses understand their customer base and make decisions accordingly.
This type of research can also help businesses track customer satisfaction over time. Companies can understand how their product or service compares to the competition. Good quantitative market research can help businesses identify opportunities and threats in the marketplace.
How Does Quantitative Market Research Differ From Qualitative?
Quantitative market research collects data that can be analyzed numerically, while qualitative market research focuses on non-numeric data such as customer feedback or emotions. Qualitative research is often used in conjunction with quantitative market research to get a well-rounded view of the customer.
What Businesses Use Quantitative Market Research?
Any business that wants to understand its target market better can benefit from quantitative market research. Industries such as electronics, food and beverage, healthcare, automotive, and retail often use this type of research.
If you’re interested in using research to grow your business, many quantitative market research companies can help you, including ours. Our company has the experience and knowledge to design and carry out effective research projects that’ll give you the insights you need for informed decisions, so get in touch with us today!