3 reasons why you should consider quantitative market research (without neglecting qualitative research)

Quantitative market research: what it is and why, along with qualitative surveys, it is critical for companies.

Market research is essential before a company or product launch, to prevent and solve reputational crises, to grow in the target market by outperforming competitors, and on many other occasions.

As we have seen other times, all companies, whether SMEs or Large Enterprises, need market surveys. They need it in order to adopt profitable marketing strategies based on real data and, therefore, be successful.

As you may have already heard, these surveys fall into two types: quantitative and qualitative market research.

But what are the benefits of quantitative market research?

First, let’s go over the definition of the term and, subsequently, the reasons why this methodology is indispensable for companies.

Definition of quantitative market research.

Quantitative market research is conducted by analyzing a large amount of data with the goal of obtaining accurate reports about the target market, target customers, and, if provided in the survey, about the competition.

Specifically, our quantitative market research aims at the statistical measurement of Big Data (online and public) concerning a large number of people. Such people are, basically, the potential customers of the companies we work for.

When research includescompetitor analysis, we extract a great deal of data and information about competing companies as well.

But what data are we talking about?

The answer is simple: opinions, reviews, articles, referral customer posts, and information posted by competitors on the Internet and social media.

These are spontaneous, authentic words and thoughts, not the result of surveys and interviews (a method not used by us at CMI, it just would not allow us to get such accurate results).

We acquire this data through the use of powerful web analytics software and organize it so that it is usable by our clients.

Now, let’s take a little step back….

Earlier, we talked about quantitative research as one of two types of market survey, as it is usually defined on the Web.

Actually, it would be more appropriate to speak of stages of market research. Let’s find out together why…

A comprehensive market research combines the quantitative research phase with the exploratory research phase (as thequalitative survey is also called).

In order to answer companies’ marketing questions in a targeted and timely manner, and depending on the budget available, it is advisable to start with the quantitative phase and then move on to the exploratory phase.

These two stages (or types of research) are actually complementary.

This means that setting them up in succession provides a comprehensive analysis of the market, the target clientele, and-if the project requires it-a meticulous analysis of the competition.

In short, everything needed to “attack the market.”

After conducting a quantitative market survey, conducting qualitative research enables further refinement of the results obtained.

Perhaps, at this point you are wondering why not conduct exploratory research directly, right?

That would be a mistake. There are at least 3 basic reasons why you should definitely not leave out quantitative market research. And they are these…

Read also: Qualitative research in marketing: definition and difference with quantitative research

1) Quantitative research provides you with basic information about your target market. Qualitative investigations go to investigate why this information is given.

When we put together a market survey, we must first start with the “what” and then unearth the “why.” Quantitative market research investigates exactly “what,” providing us with a great deal of data as an answer to our questions.

For example, quantitative research might include the collection of data and information aimed at:

• consumers’ needs and habits,
• consumption parameters,
• the preferences of the target market,
• the performance of your company’s campaign or that of competitors…

And much more.

The qualitative or exploratory phase, on the other hand, consists of looking for reasons for the results obtained during the quantitative phase and refining the research.

As you can well imagine, we cannot ask why a particular piece of information is needed without having hard data about it. That is for sure.

2) The quantitative phase of market research allows us to get precise answers to our customers’ questions.

Analyzing a large amount of data is the key method of finding specific information that is truly useful for the goals of our client companies.

Quantitative research consists precisely of acquiring such information and processing it into clear, concrete reports.

If we did not have the ability to source millions of data, our research would be inaccurate, based on approximation, and would lead companies to make bad decisions.

You will understand that such an event would go completely against the goals of market research!

Read also: The quantitative and qualitative analysis phase in social media listening

3) If you have a limited budget, you can ask for quantitative market research only. The same cannot be done with exploratory research.

Let’s talk about money…

Exploratory or qualitative market research starts with data obtained from quantitative research.

For this reason, if you have a limited budget to devote to market research you can also request only quantitative research (while you cannot request only exploratory research ).

In this way you have the opportunity to obtain information that is critical to your business even without investigating why the results are there.

Of course, the perfect market survey also includes the exploratory phase, but stopping at the quantitative still allows for very useful answers.

If you wish, you can also focus only on certain quality aspects, those that are most profitable for your business.

In conclusion

While reading this article, you understood the meaning of quantitative market research and were able to read why it is an essential procedure for your business.

At this point, if you would like more information about this or to book a consultation to find out what we can do for you, all you have to do is write to us. We are at your disposal.

Contact us now!