Marketing Research is your solid ground for decision-makers, so before you conduct marketing research for your business you have to know more about research methodologies(Qualitative and Quantitative).

 Qualitative research
Qualitative research

Qualitative Research:

Qualitative research is a method of data collection where data is collected in a natural setting using tools such as observation, interviews, surveys, and focus groups.

The goal is to obtain information that is specific, usable, and actionable. Research aimed at gathering information about a population can identify market trends, consumer attitudes, buyer needs, and issues, while quantitative research is carried out to obtain information about a set of sustainable products or market data.

Unlike qualitative research, quantitative research is concerned with obtaining accurate results. Market analysts need to establish a good understanding of how factors such as supply chains, distribution, price, and quality impact a consumer’s decision.

The best research findings can be used to improve future decisions and production processes.
The Danish government agency Danmark Statistics (Danes Statistik), for example, uses quantitative and qualitative data in their risk assessment, etc. For example, Denmark uses data collected from qualitative surveys and focus groups to understand consumers’ perceptions of financial risk. Their research helps drivers make better decisions on car insurance.

The best research is serendipitous and unveils surprising new insights. It leads to important insights into what consumers are looking for and buying.
Examples of quantitative research include the Bureau of Labor Statistics (US Bureau of Labor Statistics), which produces monthly statistics on Labor Force Statistics. They release quantitative results in their Statistical Brief, which are widely read and understood.

Another example is the Dutch National Institute of Economic Research (AMOS), which publishes research results in the prestigious Journal of Economic Surveys. While releasing their research in the Journal, AMOS uses a quantitative approach such as surveys, focus groups, etc., to substantiate their findings.
After ten years of gathering data from US consumer and business research firms, researchers at Dentsu, Japan’s National Institute of Informatics, and US consulting firm Deloitte developed a scoring matrix to guide study results in global markets.

Qualitative research methods:

  1. Focus groups
  2. In depth interview (IDI)
  3. Shop along
  4. In home visit
  5. Case study
 Quantitative research
Quantitative research

Quantitative Research:

Quantitative research uses data to explore questions and hypotheses. It is a systematic process of gathering and analyzing data to make sense of it. Quantitative research involves the systematic collection and analysis of data to test a hypothesis. It is an effective method for examining large amounts of data and looking for trends and patterns.
In essence, quantitative research questions focus on a hypothesis, which is a thought-provoking question that can or cannot be proven via logic alone. If the answer to the question can be proven, then we can also conclude an answer to the question.
Let’s look at some questions that can be categorized as quantitative research, so you can recognize the general method used to gather data.

  1. How many years would it take to reach global population parity? Based on current trends, as of 2040, the world’s population will be around 7.2 billion and there will still be some way to go before the number of people equal those of today. Given the fact that the world’s population has increased by more than 50% since 1950, it is likely that global population parity will not be achieved until the end of the 21st century at the earliest.
  2. Which brand pair would you recommend to your friends and family? Coke or Pepsi? Winning Pepsi-branded kids’ toys were selected by families during a recent BBC One poll.
  3. What American city is the most diverse? Santa Fe, New Mexico with a population of 596,985 is one of the Most Diverse Cities in the US, according to the 2018 census. Although not always considered as part of the diverse cities category, Santa Fe was ranked as one of the top 10 percent most racially and ethnically diverse cities.
  4. How many times did China admit a woman to the male year-end leadership event? China has successfully hosted two World Economic Forum events held in 2019 and 2020. However, many think that more needs to be done.

Quantitative research methods:

  1. Computer assistant personal interview (CAPI)
  2. Computer assistant telephone interview (CATI)
  3. Computer assistant Web interview (CAWI)

How Can You Use Qualitative And Quantitative Research For Your Business?

It’s important to use both qualitative and quantitative research when you’re trying to understand your customers.

Qualitative research helps understand the subjective, emotional side of things. For example, you can ask your customers to describe their experience with your product or service or you can ask them to explain why they did or didn’t like something.

All of this type of research uses general questions and data to understand the customer’s thoughts. You can also look at customer reviews online to see whether what your customers are saying makes sense or not.

Next, you can use quantitative research to gain specific, actionable insights. Quantitative research helps you gain information that can often pinpoint what actions customers should take next to get the desired result. For example, you can collect data on your customer service interactions and compare them to similar actions taken by your customers. You’ll then be able to understand the factors that make a difference and, ultimately, advise on ways to prevent the problem from occurring in the first place.

If you perform qualitative research but know you want to use the results to advise customers on how to upgrade, why? You may get the answer you were looking for but maybe not as you were hoping. Content marketing is all about creating experiences that enrich the lives of your customers. So, it’s likely you’ll need to use both qualitative and quantitative research to reach your goals.

Dissecting data is called “data science”. If you’re considering purchasing a new brush for your painting, for example, you might want to find out how often people who buy brushes brush their teeth. Using data to analyze what sounds best or how to increase sales can also be referred to as “data-driven decisions,” and the process of collecting data is called “data-driven marketing.” There is no place like the data to understand what your customers want.
Comparing data points is how you gain valuable insights from your data. The more data you have at your disposal, the better you can make your decisions.

What Are The Advantages And Disadvantages Of Each Type Of Research Method?

Research methods are the broad categories of methods used to collect, analyze, and interpret information. There are four major research methods:

  1. Qualitative research
  2. Quantitative research,
  3. Secondary research,
  4. Primary research.

Qualitative research is research that is based on subjective judgments and interpretations about the meaning of data.

Quantitative research is research that is based on the collection of objective data. Secondary research is research that is based on the analysis of data gathered during the initial research stage. Primary research takes a series of digression or analysis steps to answer questions about an existing body of knowledge.

At DataKind, we have built-in systems to automatically categorize and organize our findings based on the criteria you define. While this first approach may seem simple, it brings many advantages for companies looking to train and retrain the future workforce. Let’s take a look at why it is both useful and important.

Before you start any data-driven research project, it’s a good idea to understand what the intent of the project is. Does everyone in your company know how to perform a facial recognition analysis today? Probably, not. Analyze the problem if you’re going to give it a traditional statistical approach. But if you plan to study your stakeholders’ perception of facial recognition as a method to prevent or detect fraud, understand the relationships between stakeholders and the technology and how that ties back to climate change strategies.

This brings me to the larger purpose for developing the standard operating procedures (SOPs) for determining how your research will be conducted. First, develop the basic concepts, like how your organization will collect data, record the data, package and store the data, access the data, analyze the data, and share the data. Next, define the types of documents, data sources, and analytical methods that will be used — again, the more granular, the better. Finally, develop an evidence-based SOP roadmap. This document, along with a formal evidence-based methodology, will be used to guide your organization in collecting data, verifying the data, preparing reports, constructing guidelines, and performing analyses.

Related: Global Marketing Research 2020 Top News

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