Today we will talk about What are qualitative and quantitative market research methods and techniques? When we talk about market research, we refer to a process that seeks and encompasses different actions for the collection, identification, and dissemination of a company’s product . These investigations are decisive for its success before and during its release to the market, being a fundamental part of a business plan .
What is the objective of a market research?
Market research has the main function of analyzing the behavior and characteristics of a population . The objective of market research is to know the customer to sell a good, collaborating on its success before launching a product .
When conducting a market research, we can find two types as they are, a qualitative or quantitative market research. These two types of research have different methodologies, each one is used depending on the objective of the research
Qualitative market research
Qualitative research uses human resources and their opinions as analysis data . With this, he manages to understand the consumer more deeply within the cultural context where he is to obtain more information about a situation, event, or attitude of the same.
Its character tends to be deeper since it delves into the knowledge of the client’s needs. Thus providing an identification of the reactions that may arise regarding an object of study, helping companies and brands to get products more equivalent to what the customer expects to receive. To know the data that the company needs, methods such as:
- Discussion groups, with these groups that are made up of a limited number of participants, it is expected to obtain their opinion on some aspect of the product that a company offers . Although this practice is applied on a physical plane, its equivalent in the digital world can be the comments of a product.
- On the other hand, elaborate interviews are used, where at the end of the dialogue, conclusions are drawn about the point that the interview wants to analyze
- Finally, in the qualitative market, the analysis method is usually used, observing consumers at the company’s headquarters . These analyzes are made by those who work in the store, since they are the ones who have more contact with the consumer.
Quantitative market research
It has an approach towards studies that aim at measurement. makes main use of mathematical data, collecting them through surveys and interviews, to obtain measurable data and discover patterns in research.
Regularly this kind of research focuses on the collection and structures of data to give statistics . Its focus is adjusted on collecting information through a greater number of participants, thus examining each one, and applying techniques to recognize these patterns, such as:
- Through telephone interviews, a set of specific questions are made to a group of the population, obtaining answers that are used for market research.
- Another method is surveys or interviews, where a series of questions is delivered, with which the market preferences are analyzed in the responses . It can be done in person or online
- In market research, if we want to analyze the competition, the Mystery Shoping method is usually used, where purchases are made with planning, to study the elements that the competitor’s company needs.
It is worth mentioning that they are not the only ones because after the great technological advance that we have presented over the years, they have managed to evolve hand in hand with the population , creating multiple ways to collect and study information in a simpler way and specific to create an interaction with consumers and companies, thus demonstrating its importance in the marketing strategy .
We hope this article has been useful to you, where we saw What are the qualitative and quantitative market research methods and techniques?