Organizations of any size and in any industry can benefit from a better understanding of their customers, employees and competitors. A major way organizations use this information is to generate actionable insights that inform business decisions. As such, obtaining this information and the insight it offers is critical to success across industries.
In the arena of marketing and advertising, the process of gathering and analyzing this type of information is known as quantitative market research. The study of market research is a key component of specialized degree programs such as the online Bachelor of Arts (BA) in Business Administration – Marketing program from Florida Institute of Technology.
What Is Quantitative Market Research?
Perhaps the simplest definition of quantitative research is that it is a numbers-based research method used to measure relationships between variables. Quantitative data allows the researcher to quantify results through some form of objective measurement followed by statistical, mathematical or numerical analysis of data. This type of research enables researchers and business leaders to draw general conclusions rooted in statistics and informed by data.
Marketing professionals use quantitative market research to uncover insight into buying habits, preferences and trends in consumers. This insight helps professionals in business functions like marketing devise data-driven strategies, make informed decisions, determine where to focus efforts and resources, and much more.
Quantitative vs. Qualitative Research
Although quantitative research and qualitative research are distinctly different research methods, the two can be complementary, offering both breadth (quantitative) and depth (qualitative). If quantitative marketing research provides you with the numbers to measure something, then qualitative research gives you the words and details to describe it.
For example, using quantitative research, a business leader may learn that just 50% of customers are satisfied with delivery times. Using qualitative research, they may discover that customers are infuriated by the way delayed deliveries are handled.
Reasons to Conduct Qualitative Research: Qualitative research is often a solid launchpad because it helps the researcher to gather specific, detailed information on a topic and better understand how people are thinking and feeling. This insight often informs how any subsequent quantitative research is designed and conducted. Qualitative research can also add color to final findings. It gives a human voice to many of the facts and figures shown in a report.
Reasons to Conduct Quantitative Research: Quantitative research can validate a hypothesis generated from initial qualitative research. It helps business leaders and researchers understand if a sentiment is widespread, or just one person’s beliefs. Quantitative research introduces objectivity into observations, providing evidence-based insights. Quantitative research can also help business leaders understand answers to questions in a broader context. For example, a market research analyst might use quantitative research to answer questions like: Which company do consumers prefer most for their coffee? Which ad should we run for the Super Bowl? What features are most important to consumers buying a new computer?
Quantitative Market Research Methods
Quantitative market research must be scientific. Through effective analysis, it can provide conclusive and actionable insights derived from data. Here are some quantitative market research techniques:
Surveys: While surveys were once mostly paper-based, today they are typically digital, and can gather information from a much broader cross section of people. Survey questions are usually closed-ended (respondents select from a list of answer options). Surveys enable researchers to generalize an entire population with relative accuracy. SEO specialists, for example, can use advanced analysis tools and customer satisfaction survey data to optimize messaging, content and services.
Cross-sectional research survey: This type of market research analyzes the data from multiple variables collected at a single point in time across a sample population. Participants may be similar in every demographic except one differentiating factor or variable being researched. For example, a marketing team might focus on variables like age and location and use the data to target sales of a product or service.
One-on-one interviews: Technology has also evolved this technique from face-to-face to the telephone or online. Quantitative interviews are highly structured, and they allow for highly detailed data to be collected.
5 Steps to Creating a Quantitative Survey
Researchers conduct successful quantitative surveys using numerous methods. However, these five steps are central to ensuring quantitative accuracy and actionable results:
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- Establish the goal: An understanding of what the outcome should be is essential to informing the research design. For example, an objective might be to win back customer loyalty. Establishing the desired outcome also involves understanding the target audience.
- Create a plan: Determine what tools will be necessary, such as an online programming platform for your questionnaire, define the audience who should participate and draft the survey.
- Collect the data: Determine whether to collect data online or from a phone or web interview.
- Analyze the data: Analyze the data as planned in the planning phase.
- Create reports: In most instances, stakeholders do not want to sift through complex datasets and analyses. Instead, you’ll want to create reports and data visualization tools such as charts and tables that tell the data’s story clearly and concisely.
Quantitative Market Research Examples and Questions
Quantitative research questions should be closed-ended, which means they ask respondents to choose from a pre-populated list. Because much of the work is done for the participant, quantitative research can typically include more questions. Some common question types include:
Net promoter score: This methodology allows businesses to segment their customer base into promoters, detractors and passives as an indication of company performance. For participants, it’s a very simple question: How likely are you to recommend this brand to a friend or colleague, where 0 is not at all likely and 10 is very likely?
Likert Scale: This scale helps to evaluate options using a scale of opposites. For example, a market researcher may ask participants: How satisfied were you with the technician’s support today? The answer options would be:
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- Extremely Dissatisfied
- Dissatisfied
- Neutral
- Satisfied
- Extremely Satisfied
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In some cases, questions are asked as a matrix or grid to help respondents compare items or make it easier for them to answer. This can also provide more complex or nuanced data-driven insights.
The Bottom Line on Quantitative Market Research
Quantitative market research plays a crucial role in making business decisions. When quantitative market researchers plan thoughtful research, they can generate insights that inform impactful business decisions and actions.
Aspiring marketing professionals can discover the complexities of quantitative research through Florida Tech’s courses like Business Research Skills and Application, Consumer Behavior, Marketing Research, and Marketing Analysis and Strategy. With quantitative research expertise gained from these studies, marketers can vastly improve their strategic planning, campaigns and decision-making practices.
Learn more about the online BA in Business Administration – Marketing program from Florida Institute of Technology.
