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Quantitative market research methods

What is market research?

Market research is a scientific method that uses deductive reasoning to come to a decision about a research problem. Market research is the process of collecting large amounts of data through online mediums like surveys, blogs, and twitter. By doing this, the researcher can make informed decisions based on the data they collect. It aims to answer questions like:

  • Who are the people that buy my products and services?

  • Why do they have such negative opinions about me?

  • and: Would you buy that product or service from me?

What is quantitative research?

Quantitative market research refers to the process of collecting large amounts of data through online mediums like surveys, blogs, and twitter. It describes the process of developing and testing a theory or hypothesis, which in this case is based on quantitative data.

How does quantitative market research work?

Quantitative market research techniques allow researchers to make informed decisions based on the collected data. When a technique is used to collect data, it is called a survey. The collected data is analyzed to see if certain strategies, techniques or insights are needed to solve the market research problem. If so, the research is deemed successful. If a critical mass of consumers adopt a particular strategy, tactic or insight, it is called a successful campaign.

Related terms and related fields of study inmarket research:

  • Market research

  • Quantitative market research

  • Qualitative market research

  • Internal & external market research

How to do market research?

This market research technique works on a logarithmic scale, with each phase corresponding to a few percentage points of change. The logarithmic scale is useful for tracking the quantifiable changes that can be made to a market due to a change in focus, technology adoption, or a market segment.

How to quantify and present data?

In quantitative market research, there are many related scales, methods, and research databases to quantify and present data, especially machine learning methods that emerged in the past few years. They work well for quantifying the differences between groups of consumers, and so on. These are consistent across categories that a researcher can think of, from adding a new product, to an existing one, to reviewing old photographs.

The biggest benefit, though, is that some of them are extremely visual. It is clear how many, and what percentage of a market share a new product or service will bring. This is invaluable data that can be leveraged to make meaningful comparisons across different companies and product categories. The biggest challenges that a researcher may face are:

  • Defining, Quantifying, and Mapping Customer Behaviors

  • Negotiating for / defining customer motivation

  • Big changes in using base scales and methods

  • Drawing the line at 1%, or 5%, or 10% in statistical verification?

  • Testing the statistical significance for more superior conclusions

  • Testing a claim and calculating better results

  • Internal & external market research

These are the most common challenges that researchers face when preparing to present quantitative results. That’s how to do market research. This article includes a list of general guidelines. However, quantitative market research remains largely unverified when:

  • it lacks sufficient corresponding examples

  • the author is unfamiliar with the research method

  • the method is unproven

  • the underlying theory is unproven

Some of these points might be compensated by using qualitative market research.

What is qualitative market research?

Qualitative market research is interested in finding the opinions, beliefs, and values of a target population. It began with face-to-face techniques and now has other branches.

Qualitative market research empowers marketing managers to make informed decisions that will have a measurable and positive impact on the communities they serve. It is an inductive research method because it does not rely on large samples to reach a conclusive outcome.

Its popularity is largely due to its non-judgmental approach to data collection. Instead of presenting quantitative data, qualitative research focuses on determining what is surprising or inconclusive about a consumer's response. This approach can be useful in shaping a consumer's perception of a problem before it becomes a crisis. Its primary use is in market research, which is a descriptive term that refers to any type of market research.

Internal & External Market Research

Internal & External Data

Internal & external market research refers to the process of collecting internal and external data through online mediums like surveys, blogs, and twitter. It describes the process of testing a hypothesis, estimating the end result, and reporting the results.