Understanding Quantitative Market Research
Market research has a key role in determining what leads to business or organizational success. For example, it can help you understand the size of a potential market or the competition for a particular product.
However, you must employ strategies that bring about valuable results, and that’s where Quantitative Research Companies come in. In this case, the companies help you with your quantitative market research assignment and ensure you obtain your objectives. This post will share details on market research so that you can make informed decisions in your efforts.
What is Quantitative Market Research?
Quantitative market research involves employing data capture methods and statistical analysis. You can use it to assess customer attitudes and behaviors, market segmentation, and identify drivers for brand recall and purchase decisions.
How Quantitative Market Research Works
Quantitative Market Research Panel Companies like Slice MR follow a systematic approach when it comes to market research. In this case, they first understand their client’s goals and research objectives so that they can tailor the best way to obtain and analyze data for meaningful results. The process involves:
Step 1: Defining the Problem. It involves defining the problem statement and determining the research objectives. This helps define the subsequent steps the researcher will take to help you achieve your goals.
Step 2: Formulating a Research Plan: In this case, you’ll work with the panel provider to draw a research plan. It comprises the target audience and the tools needed as long as they align with your goals.
Step 3: Data Collection. The market research company will devise the best way to get answers from the respondents. They often use online survey panels and websites, emails, social media platforms, and publicly available research reports. Working with online panel companies may be the best method for data collection.
Step 4: Data Analysis. This step involves statistical analysis of the data collected. A panel provider may be able to divide the findings into various relationships in the collected data.
Step 5: Reporting. The final step is about presenting the information in self-explanatory tables. The results will help you assimilate the findings into your goals easily. They also allow you to react quickly to consumer responses and act on notable aspects of the analysis.
What is the Significance of Quantitative Market Research?
Quantitative market research is one of the most effective market research techniques. When done correctly, it comes with multiple benefits, including the following:
Higher Sample Size
Paid Survey Panels may provide a more reliable market research strategy than social media polls because surveys online may produce more meaningful data because they are targeted. A broader sample size of targeted respondents comes with more reliable results and a smaller margin of error.
A higher sample size also guarantees accuracy in market research results. This is because the respondents represent a large group of people, balancing out anomalies and narrowing the final results to reflect the general truth. Market researchers also get the chance to run quality checks to minimize issues, delivering meaningful analysis to your business.
Timely Data Collection
Online surveys reach many people because most internet users are constantly online. In this case, a quantitative market researcher will help you formulate relevant questions for engaging surveys. Therefore, it becomes easier to acquire feedback from a particular audience who may not find time to participate in more qualitative research methods . This way, you’ll have the information you need to make the necessary adjustments to your business and keep up with the current trends.
Investing in quantitative research means you need quick answers for a specific purpose. Fortunately, Online Survey Panels are structured with little room for interpretation. The respondents may only need to tick boxes, and there are no leading questions that steer the participant to give the answers the market research company or client may want. This way, the survey focuses on facts about how the respondents feel or perceive your brand. The analysis will help you make better decisions to improve your experience. In addition, the research is anonymous. It is the best way to ensure truthful answers are given without fear of judgment.
If you are planning to conduct quantitative market research, do not hesitate to get in touch with Slice MR for professional assistance. We are available on-call and online, so you’ll always have someone at your service.