Most manufacturers recognise this, and that they must understand customers behaviours, perspectives, needs and attitudes to succeed in effectively positioning a new product in the market.
There are several types of methods used to gain this necessary insight. Broadly speaking, they can be split up into qualitative and quantitative methods.
The debate of qualitative vs. quantitative market research and which is superior is complicated, and the real challenge in market research is in blending the two methods to achieve actionable insights.
The goal of quantitative market research is to collect numerical data from a targeted sample of people. The data is then analysed using mathematical methods to find patterns, make predictions, test causal relationships, and generalise results to the wider population.
It is considered the opposite of qualitative research, an umbrella term that encompasses a range of methods such as interviews, ethnographic research, and cases studies, but essentially involves collecting and analysing text, videos and images.
However, quantitative research is not limited to closed questions such as “How many patients do you see each week?”. Data that does not appear in a quantitative form, such as attitudes and perceptions, can also be collected quantitatively using specifically designed research instruments.
For example, by using the Likert scale (rating scale), you can rank customers responses to questions.
There are four main types of research questions that warrant the use of quantitative methods:
Whilst quantitative market research methods are appropriate for measuring the above, there are other types of research questions that are not well suited to these methods and instead need a qualitative approach:
Below you will find a list of some of the commonly used quantitative market research methods:
Quantitative research methods can effectively be used in research projects that demand a clear numerical answer, investigate the relationship between two variables, or that require the validation of a pre-defined hypothesis.
When used as an adjunct to qualitative market research, it can be highly effective in complex research projects.
Although it does not work well in every case, particularly when used in isolation, it is therefore important to investigate different market research methods and consider which would be the most appropriate for your next pricing project.
As a renowned market research industry leader, we have conducted projects in over 30 countries to drive success of brands, products, and services of our clients.
If you are interested in conducting quantitative research project do not hesitate to contact us. We would be delighted to offer an initial telephone discussion, or an online meeting to understand how we can assist you.