Quantitative Market Research
What is Quantitative Market research?
Simplistically put, Quantitative consumer research is the methodology of asking questions to a well- defined target audience, in an organized manner. It may be conducted using surveys, polls or tech tools like eye-tracking devices. Responses are analyzed to aid decision-making in various business aspects such as Marketing, Communication, Distribution, Customer experience design.
Traditionally speaking, the market research industry has been driven by Quantitative research. Such research is typically conducted in large sample sizes. Quantitative customer research is used to measure extent of customer perceptions/ behavior/ expectations (the what, where, how often, how much. Since it deals with measurable and generalizable data; it is generally speaking, considered more objective and factual than other research methodologies like Semiotics & Qualitative research.
Which data-collection methods does Quantitative research use?
Most Quantitative customer research methods are structured, involving an ‘ask-and-get-response’ approach to data collection. Certain Quantitative research methods might involve unsolicited responses eg. Google Search analytics, Social Media Analytics etc. Typical characteristics of Quantitative research methods are:
- It focuses on objective, close-ended questions
- Open-ended questions are limited
- It captures responses on scales, offering the respondent a range of possible pre-coded responses
It can be used to...
- describe a particular customer phenomenon or
- establish causality among multiple factors affecting customer decision-making or
- forecast future trends basis historical/ past data or
- conduct experiments to validate ‘what if’ scenarios
Broadly speaking, there are 3 methods to collect data in Quantitative data-collection:
- Face-to-face (manual)
- Telephonic (manual)
- Online (digital)
- Panels (manual/ digital)
This is possibly the oldest form of data collection for Quantitative research. It involves interviewing respondents in-person, administering a pre-defined structured questionnaire. Despite global ‘digitisation’, it is a popular method in developing markets.
Depending on the target group being covered, a Quantitative study might be conducted using telephonic interviews. Such interviews are typically structured and shorter in duration compared to face-to-face interviews. Market research agencies are likely to recommend telephonic studies for quick, ‘yes-no’ kind of research requirements eg. understand whether or not a product meets customer expectations.
Online quantitative research is conducted through in-app surveys and web surveys; over online platforms owned by the end-client (eg. app company) or the market research agency. It is often recommended to understand user experience of a particular digital product/ service eg. an e-commerce app or an online banking service.
PANELS (manual/ digital)
Over time, this has become a relatively cheaper means of collecting data. It is implemented by market research agencies that are specialists in setting up panels of customers, basis pre-specified criteria. Each panel is ‘refreshed’ from time to time, depending on the categories/ brands panel respondents are exposed to.
Interviews among panel respondents might be conducted in-person OR digitally, depending on the client’s requirements. For instance, a product-testing panel could include face-to-face interviews among a selected panel. Instead, a media measurement study could involve the research agency installing a data-capture device in the panel-respondent’s home.
Finding Quantitative Market Research companies and how we can help
With growing complexity in Quantitative research methods, choosing the ‘right’ partner has become increasingly challenging. There are several agencies locally and globally, that can address your Quantitative research needs. Directories like ESOMAR, Greenbook and Quirks list hundreds of market research agencies. There are specialist agencies that might execute one particular Quantitative research methodology better than generalist big agencies. All of this makes choosing the right partner, a time-consuming and tedious task, one that eats into your time.
How myMRPlace works
Finding the best-fit Quantitative research supplier is easy and swift, on myMRPlace. Here’s how:
As a buyer, you create your account within 5 minutes and post your project. You can post piecemeal requirements eg. only recruitment/ fieldwork/ coding/ analysis OR a full-fledged Quantitative market research project.
Next, myMRPlace notifies all eligible Quantitative research suppliers in its database, about your requirement. Suppliers typically respond within 1 working day. The platform currently has over 800 suppliers, spread across 90 countries. Apart from currently registered suppliers, depending on the project requirement, myMRPlace team can reach out to suppliers from its 10000+ strong database of verified research companies.
Once you receive quotes and choose a supplier, myMRPlace can become your single-point platform for all your project management needs.
myMRPlace has delivered over 100 Quantitative research projects, across South East Asian, African and European markets. Reach out to myMRPlace suppliers now, to quickly identify, genuine and competent research companies across the world.