Deciphering everything in numbers is the easiest way to know the business growth and when it comes to making business strategies, numbers and figures are everything! The world is practically running on excel sheets and google analytics dashboard.
Now, the question is, how to put the data into numbers and those numbers work to build an effective marketing strategy?
Well, the answer is simple - quantitative market research.
Quantitative research is conducted using statistical methods like surveys, forms, questionnaires, polls, and more to collect data. The researchers use mathematical frameworks and formulas to process the data into the one that is required by businesses.
But let's be real: sifting through piles of data can be about as exciting as watching paint dry. That's where we come in.
In this blog, we'll show you how to turn your quantitative market research into a superpower. We'll guide you through the process of collecting and analyzing data, offer tips on how to avoid common pitfalls, and show you how to present your findings in a way that will impress even the most sceptical stakeholders.
Let’s understand the quantitative data research in depth before knowing how to maximize the impact
What is Quantitative Market Research?
Quantitative market research is a method of collecting and analyzing numerical data to understand the attitudes, behaviours, preferences, and opinions of a target audience. This type of research involves collecting data from a large sample size using structured surveys, questionnaires, and other quantitative methods.
The goal of quantitative market research is to gather statistically significant data that can be analyzed using various statistical tools and techniques. This helps businesses make data-driven decisions and gain insights into their target market, competitors, and industry trends.
Examples of quantitative market research include measuring customer satisfaction, conducting pricing studies, analyzing product performance, and tracking brand awareness. It is often used in combination with qualitative market research, which focuses on gathering non-numerical data such as opinions, perceptions, and experiences.
How Does Quantitative Market Research work?
Quantitative research involves using structured surveys, questionnaires, and other quantitative methods to gather data. Here is an overview of the steps involved in conducting quantitative market research:
Define the research question
The first step in conducting quantitative market research is to define the research question. This involves determining the information that needs to be gathered and the research objectives.
Determine the sample size
The next step is to determine the sample size. This involves selecting a representative sample of the target audience to gather data. The sample size should be large enough to ensure statistical significance but small enough to make data collection manageable.
Develop the survey instrument
The survey instrument is the tool used to gather data from the sample. It can take the form of a questionnaire, online survey, telephone survey, or face-to-face interview. The survey instrument should be designed to collect data on the research question and research objectives.
Conduct the survey
Once the survey instrument has been developed, it's time to conduct the survey. The survey can be administered in person, over the phone, online, or through the mail.
Analyze the data
The data collected through the survey instrument needs to be analyzed to gain insights into the target audience. This involves using various statistical tools and techniques such as regression analysis, factor analysis, and cluster analysis.
Interpret the results
The final step in conducting quantitative market research is to interpret the results. The results should be analyzed in the context of the research question and research objectives. The insights gained from the research can then be used to make data-driven decisions and inform business strategy.
Effective Ways to Maximize the Impact of Your Quantitative Market Research
There are several ways to maximize the impact of quantitative market research. Here are some tips to help you get the most out of your research:
Define clear research objectives
Before conducting any research, it's important to clearly define your research objectives. This will help ensure that you are collecting data that will provide actionable insights and meet your business needs.
Use a representative sample
It's important to use a representative sample when conducting quantitative market research. This means selecting a sample that is representative of your target audience. A representative sample will help ensure that your findings are accurate and reliable.
Choose the right survey instrument
Selecting the right survey instrument is crucial to collecting reliable data. The survey instrument should be designed to collect data on the research question and research objectives. It's important to choose the right format (e.g., online, telephone, in-person) based on the target audience and research objectives.
Use multiple channels to collect data
Using multiple channels to collect data can help increase the response rate and improve the representativeness of the sample. For example, using both online and telephone surveys can help capture responses from a wider range of individuals.
Ensure data quality
Ensuring the quality of data is critical to making sound decisions. To ensure data quality, it's important to check for errors, inconsistencies, and missing data. Additionally, it's important to verify the data by checking it against external sources or conducting a second round of data collection.
Use statistical analysis to identify trends
Statistical analysis can help identify trends in the data that may not be immediately apparent. Tools such as regression analysis, factor analysis, and cluster analysis can be used to identify relationships between variables and segment the data based on common characteristics.
Present the findings in a clear and concise manner
Finally, it's important to present the findings in a way that is easy to understand and communicate. This may involve creating visual aids such as graphs and charts, using clear and concise language, and highlighting the most important insights.
How Quantitative Market Research Companies Can help?
A good quantitative market research company can assist you with your quantitative research, regardless of whether you are a marketing professional or a researcher. Along with the research, the company should also give you quantitative data analysis that works for your business.
Insights Opinion, one of the emerging panel research companies, is familiar with how you want to receive and utilize the data and can provide you with the same. Their quantitative survey techniques produce representative results that are very valuable to businesses because we adhere to strict quality control procedures.
Their team follows research protocols strictly to ensure quality data, whether it's an online, telephone, or offline survey. Their quantitative data analysis methods are proven and provide highly precise results as they employ both online and offline methods, including CATI (Computer Aided Telephonic Interview), CAWI (Computer Aided Web Interview), PAPI (Pen and Paper Interview), and CLT (Central Location Test) when working with you. Our team is qualified to create customized reports within tight deadlines, in addition to insightful dashboards, to make your reporting easier and more effective.