Since the right business decision can be the difference between success and failure. Lets discuss how to make informed decisions.
Qualitative vs. Quantitative research
If you have carried out market research then you will be familiar with common qualitative and quantitative research tools such as in-depth one-on-one interviews (qualitative) and mall intercepts (quantitative). Qualitative market research is generally confined to small groups of participants, often focus groups that are led by a moderator. The objective is to establish a discussion about product experience, features, user needs and user pain points, etc.
The type of research you choose to conduct may fall into either of these types of research depending on the information you are seeking. Both quantitative and qualitative market research have specific applications but at times using both can give a more complete picture.
A common use of quantitative research is to give hard evidence to support something uncovered in qualitative research. For example, the importance of qualitative market research is that it gives us an insight that the reason people don’t see value in a certain product feature. The reason being that is that the feature doesn’t perform the job correctly in terms of the audiences adopted standards. Quantitative research methods could substantiate this, giving enough hard facts for us to believe that this represents the feelings of the majority of the potential users.
Although there are clear differences between qualitative and quantitative market research the decision to choose a particular methodology and the associated qualitative and quantitative research tools, should have more to do with the end objective than favouring a particular method.
There is a school of thought which says that combining qualitative and quantitative market research is difficult, if not impossible, as they come from opposing viewpoints. Objective vs. subjective, numbers vs. words, prediction vs. interpretation. However, in terms of gaining information about your product and the market you operate in, a combination of qualitative and quantitative market research can give you the depth of information you require.
Using research to bring products to market
What else do we need to know if we are bringing a new product to market? This is where the importance of qualitative market research becomes clear.
Quantitative research can be used to uncover an insight and then qualitative will help you understand what and why is happening.
Humans complex and our decision making process is based on multiple factors. The importance of qualitative market research is drawing out those other factors that will influence buying decisions and product preference.
Filed under: Market Research
