What is Qualitative Market Research?

Market research is the process of collecting, evaluating, and interpreting information pertaining to an enterprise’s target ‘market,’ consumers, competitors, etc. The contemporary world of cutthroat business competition has made market research indispensable for commercial ventures to stay afloat. Market research has four dimensions – primary, secondary, qualitative, and quantitative. The ideal approach is an amalgamation of the four-abovementioned approaches. However, robust market research also mandates that you meticulously focus on each individual aspect as well. In this article, we will look into the A to Z qualitative market research and see how it adds value to the whole process.

Qualitative Market Research: An Introduction

Qualitative market research revolves around the reasons and motivations behind customers’ behaviors, opinions, desires, and expectations. Unlike quantitative analysis, which reveals hard data about a business’s state of being, qualitative scrutiny attempts to explain the factors leading to its current state. Companies can co-opt qualitative market research to gain actionable insights on improving their sales strategies, product launches, product performances, and more. There are multiple ways to materialize robust qualitative market research, some of which are mentioned below.

Top Five Qualitative Market Research Strategies 

1. Focus Groups – They are small discussion groups of six to eight people from diverse backgrounds and disparate perspectives but with a unifying trait in tandem with the brand or product. For example, a focus group might include people who own the product they have come to deliberate on. In a focus group discussion, a market researcher functions as a moderator, and the participants are encouraged to openly talk and opine about the company, brand, service, etc.

2. Observations – Also known as shop-along, the mechanism entails market researchers accompanying participants as they browse stores or relevant online catalogs. The experience enables the market researcher to evaluate the participants’ interactions and reactions to the things they see in-store displays, prices, packaging, their buying choices, perspective on pricing, and more. It is noteworthy to mention that shop-along does not mandate that a researcher physically accompany a person; the observation can be done remotely via cameras.

3. Individual Interviews – They provide invaluable insights into a person’s needs, requirements, desires, and motivations regarding a product, service, or brand. The distinguishing aspect of one-on-one interviews is that they ensure the participant’s opinions are free from the influence of other people.

4. Home Usage – It is an excellent market research strategy to test new products. Here, researchers send the product to participants to use in the organic environment of their homes for a specific period. After the participants typically use the product, they have to complete a follow-up survey.

5. Ethnographic Market research – It refers to the process of observing participants’ interaction with a product in their organic or natural ambiance. It is a stellar strategy to get a more lucid and accurate picture of how people would use the product and how it satisfies their needs.

Now that we know about the five most common qualitative market research strategies let us see how they help businesses of customer opinion.

Three Benefits of Qualitative Market Research for Businesses

• In-depth Information – To begin with, qualitative market research helps businesses transcend beyond surface-level metrics and gain a nuanced perspective into many facets of their business. Instead of simply concluding if a brand is doing well, qualitative research pushes enterprises toward strategies that can elevate business profits, sales, etc.

• Innovation – Qualitative market research enables businesses to generate and ideate novel concepts about marketing, product development, etc. For instance, focus groups can tell if new product launches will succeed.

• Customer Retention – Thirdly, qualitative market research merits enterprises by strengthening customer retention. As qualitative investigation reveals a customer’s desire for a product or brand, companies can devise a robust product development plan to satisfy customers’ wants and increase retention rates.

So, there we have it, three ways by which qualitative market research benefits enterprises from diverse niches. For comprehensive qualitative market research, Customer Opinion is the best choice. We support our partners in robust decision-making with our personalized and business-ready solutions. Besides qualitative research, we also focus on in-depth quantitative studies, desk surveys, and more. Thus, carving a unique niche in a competitive commercial world is easier than ever.