Along with qualitative research, quantitative research is a significant subfield of study. The method of systematically questioning your target audience through polls, surveys, or questionnaires is known as quantitative market research. With knowledge, you can review your feedback and decide how to improve our goods and services.
The organisation focuses on statistical data evaluation in quantitative analysis to give systematic and comprehensive information on topics and target groups. Using numerical, statistical, and mathematical analysis, the data gathered from the public opinion polls, questionnaires, and surveys used in this market research technique makes it possible to develop more effective marketing strategies.
Why Quantitative Market Research
- The first step to a good marketing campaign is research, whether launching a new product, presenting yourself in a pitch, or performing data-driven statistical analysis.
- By performing quantitative online market research, you can learn more about websites, managing social media pages, and marketing initiatives like newsletters.
- You can get the answers to several questions, including “Who is currently purchasing my product/service?” and “How to reach new customers?” by performing quantitative market research.
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There are four main ways to perform quantitative research.
Research that describes
To ascertain the status of variables, use this. Explains the circumstances and setting of a variable or issue. As a result, it is applied to set up contrasts, describe sample features, and validate pre-existing occurrences.
Studies of correlation
The links between various subjects and factors are studied using this research methodology. To test theories or predictions, relationship analysis is necessary. As this study focuses on correlations between fixed variables, other marginal variables are not included in the analysis.
Experimental investigation
This approach is used to determine whether two variables are causally related. The scientific method is used in this kind of investigation. Experimental studies, in contrast to correlation studies, manipulate variables.
Research study
Understanding behaviour requires using the last investigative strategy. It is frequently employed in market research to match the brand with the target audience’s aspirations, requirements, issues, and behaviours.
The significance of quantitative market research
Quantitative market research is, as the name implies, centred on the quantity and organised collection of data. Online surveys like QuestionPro have replaced the once-familiar face-to-face approach. Data on consumer behaviour, market size, the drivers of repeat business, etc., are frequently collected using this method. Usually, many samples are used in this kind of market research.
Quantitative market research characteristics
The following are the fundamental traits of quantitative market research:
- The goal of quantitative market research is to verify the how much phenomenon hypothesis.
- Statistical formulas can be applied to the data, which is only in numerical representation, to produce quantitative and useful insights.
- Both collected information and gathering methods are very organised. It includes a variety of surveys, polls, and other tools.
Advantages
More respondents in the sample: The results are more accurate when more respondents are in the sample.
Highly structured: methods for gathering numerical data such as surveys and questionnaires
Concentration: Before the start of the investigation, the study’s design is chosen.
Made for Analysis: Tables, charts, infographics, and other non-textual formats are used to exhibit numbers and information for easy analysis.
Theory-based: Research validates theories and offers proof.
