Many people believe they have a great idea for a business, but very few actually understand what it takes to move forward and create a successful organisation. This is due in large part to the importance of research when it comes to marketing and sales. Even great products and services can be overlooked due to poor marketing, and in a society where the marketplace has gone global and is full of competitors, there are plenty of alternatives.
What sets certain businesses apart from the rest? Some would say “luck”, and while that might certainly play a small role, the more accurate response is “research”. Market research, more specifically, is vital to growth and success. As its name suggests, this form of research is conducted to determine information about a business’ market. This is done a few different ways with the options generally falling into the qualitative or quantitative research categories. These research methods differ in a few distinct ways and it’s important to understand that in order to know which option is right for you.
Quantitative is a Puzzle
The idea of “research” brings scientific studies to mind for many. The collection of massive amounts of data and the careful analyzation of that data to produce a set of statistics is a classic image to conjure. This kind of research is known as “quantitative” research. Quantitative research is a research method that places the emphasis on the collection of data via questionnaires or surveys. The responses are coded and then broken down into different categories and synthesized into valuable data.
Conducting quantitative research is a bit like having an idea of a completed puzzle in your mind and searching for the individual pieces to fit. Research areas are often strictly defined and the data collection method is designed to gather specific insights to solve a particular problem or glean information about a specific topic.
Qualitative is a Mystery
Qualitative research is often considered a more “personal” form of research. No less important than quantitative, qualitative research is conducted to gain deeper insights and understanding into participants’ motivations and emotions. Instead of collecting data about what someone is doing, in other words, qualitative data seeks to determine why they’re doing something. It’s a mystery that must be solved, and qualitative data is just the research method to help. Qualitative data is quite vital to determining someone’s motivation for hiring a particular service or buying a particular product.
Which method is right for your business?
It can be difficult to determine what kind of research you need to conduct for your business. The smartest answer is generally “both”. That’s because a business problem is a mix of both puzzles and mysteries. You need to understand who is buying your products – that determines a large aspect of your market and is where quantitative research comes in to validate your goals and direction. But you also need to understand why they’re buying your products (or services). This gives you insight about what problem or concern your brand is solving for consumers and is where qualitative research comes in to help explore (and clarify) the mystery. Investing in market research that combines both qualitative and quantitative research is a great way to establish your business and determine your place in the market.
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