Alongside qualitative research, quantitative research is a major subcategory of research. It is a broad area of consumer research that can cover both secondary and primary data extraction techniques.
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Despite being synonymous with qualitative research, the quantitative approach is a unique method that shouldn’t be confused with the former; it actually goes against qualitative research. And in this comprehensive post, let’s learn how to navigate the waterways of quantitative consumer research.
What Is It?
In order to address a study issue or purpose, quantitative market research gathers statistical data. Questionnaires, polls, surveys and demographic information from secondary and primary sources are common quantitative research approaches. As such, the data may readily be quantified, contrasted, and evaluated to identify patterns, trends, and insights that support or refute a study issue.
Benefits of Using It
- Produces mathematically logical theories: Because quantitative research is based on statistics, its findings are crucial for helping a business make well-informed decisions on how best to promote a good or service. The numbers examined here can then be represented and reviewed more effectively in charts and graphs.
- Data that is simple to calculate and analyse: Research evaluation of the data is greatly aided by the accuracy of the responses to quantitative queries.
- Increased responders’ readiness: Most of the questions asked in quantitative research are closed-ended, making it quick and easy for participants to react. This is a crucial factor in the high response rates for this market study.
- Enhance brand awareness: Brand awareness may now be developed with less financial outlay thanks to quantitative research, typically carried out online. Hence, the cost of researching to promote the brand is lower.
Quantitative Market Research: Why Conduct It?
- Whether launching a brand-new product, making a sales presentation, or performing a data-driven data analysis, research is the initial stage in any effective marketing strategy.
- By performing an online quantitative market research study, you can learn about marketing initiatives like website updates, social media page upkeep, or mailings.
- Quantitative consumer research answers query like “Who is currently purchasing the goods or services?” “Why, then, are others not purchasing the goods?” “How does the company reach out to potential clientele?”
- Survey formulation, layout, and distribution are the first steps in quantitative research. Data must be collected and analysed after the survey has been distributed to the appropriate individuals to achieve the desired findings.
Quantitative Research Data Acquisition Approaches
In the paragraphs below, you will find three of the most popular ways to collect data for quantitative research.
1. Interviews
This is true of in-person, over-the-phone, or video conference interviews. Even though it’s a great approach to interact with people and gather data, this strategy takes time to set up and carry out.
2. Surveys
One efficient technique to get quantitative data is through a market research survey. Large groups of people can swiftly provide information, and the survey itself is relatively simple to set up. In the meantime, the survey questions must be thoroughly thought out for the survey’s results to yield useful information.
3. Polls
While similar, a poll is a condensed form of a survey. It is frequently employed to give researchers a moment-by-moment picture of a sizable population. As such, data might be gathered offline, online, or via the phone.
Conclusions for Quantitative Research
It’s impossible to properly perform market research, especially for a short time. So, start with a methodological approach before tackling market research. And given that it allows you to quantify problems, quantitative research is frequently a helpful place to start.
In addition to validating the presence, it can support a theory, uncover correlations, and demonstrate effects and causes connections. Making correct estimates can also be aided by a solid set of data.
