What is Quantitative Market Research ?

In the 21st century, staying afloat as a profitable commercial venture requires concerted efforts. Businesses must partake in preemptive analysis to stay ahead of trends, customers’ demands and desires, industry fluctuations, and more. One of the tried-and-tested trajectories that enable enterprises of all scales and types to gain a unique footing, even in the most saturated niche, is market research. The significance of market research can be gauged from the fact that it is a USD 76.37 billion industry and is expected to touch the USD 100 billion thresholds by 2026.

Market research refers to the collection, analysis, and interpretation of information pertaining to a business’s target market, customer preferences, product performance, and more. It is a multi-dimensional process that includes primary, secondary, qualitative, and quantitative research. The optimal approach toward market research encompasses all four elements mentioned above. Simultaneously, all the individual aspects of market research also demand dedicated attention. Thus, the ‘all-for-one and one-for-all adage is pertinent to robust market research projects. In this blog, we will look into the A to Z of quantitative market research and its merits for various industries.

Quantitative Market Research: A Brief Introduction

Simply put, quantitative market research is a highly specialized and scientific market research method that co-opts deductive reasoning to arrive at a conclusion and create actionable insights from the collected data. The primary focus of quantitative market research is the consumer, and the main mediums of investigation include surveys, questionnaires, and polls. The qualitative analysis provides a nuanced reasoning of customer behavior, business stature, and more; quantitative market analysis, on the other hand, offers marketers with hard-facts and metrics that paint a lucid, objective, and transparent picture of where the business or the product stands.  

In quantitative market analysis, researchers ask questions to the target audience in an organized fashion using polls, surveys, and more. The responses are compiled and analyzed to make well-thought-out decisions for profitability, product improvement, higher customer satisfaction, and client retention. Some of the distinguishing characteristics of quantitative market research are –

• The underlying bedrock of quantitative market research is to confirm the hypothesis of the phenomenon ‘how many.’

• As the name suggests, the data extracted during quantitative market surveys are ‘quantifiable’ in the form of numbers and statistical formulas that can help devise actionable insights.

• The data collected and the mode of data collection are structured.

• The survey, poll, or questionnaire in a quantitative market study is created beforehand after thorough research. Most of the devised questions are close-ended so that the responses can b compiled to produce concrete results

Top Seven Reasons that Make Quantitative Market Research Indispensable for Businesses

Quantitative market research revolves around quantity, numbers, metrics, and structured data collection. It was initially flagged off as an in-person phenomenon, mandating physical contact. However, quantitative market studies can be conducted online and remotely nowadays. Quantitative market research has unrivaled significance for enterprises of all types, such as –

1. It helps extract concrete and quantifiable data about the contemporary market environment.

2. A quantitative market study is the first step toward a successful market campaign, whether it is a new product launch, sales pitch positioning, etc.

3. Quantitative market data can be co-opted for an assortment of marketing tools, like SWOT, marketing mix, etc.

4. The quantitative market study also helps a business gain invaluable insights regarding its advertising and promotional activities, such as website updates, loading, speeding, newsletters, social media content, and more.

5. It assists in ideation, innovation, and creativity vis-à-vis products, services, brand image, marketing, and so forth.

6. A quantitative market study provides a tangible, concrete, and interpretable essay on customers’ needs, wants, expectations, etc.

7. Quantitative market research can be a quick fix for companies wanting to improve product performance.

Wrapping It Up

So, there we have it: a comprehensive overview of the crux of quantitative market research, its characteristics, and its significance for businesses. For all-around quantitative market research, Customer Opinion ought to be your one-stop-shop. We support our partners in robust decision-making with our personalized and business-ready solutions. Besides quantitative analysis, we also focus on in-depth qualitative market studies, desk surveys, and more. Thus, standing out as a steller business bigwig becomes an achievable goal when you collaborate with us.