What is quantitative research and why do we need it
Quantitative research is a way of studying the market through numbers and statistics. Quantitative researchers use data-driven models to conduct their analyses, which produce accurate predictions about customer behavior or future trends in the marketplace. Quantitative Research saves you time on product development because it gives you an accurate forecast for how many customers would buy your products at different price
How does Quantitative Research differ from Qualitative Research
A big difference between Quantitative Research and Qualitative Research is the method of gathering data. Quantitative Research is about numbers and statistics, while qualitative research explores customer behaviors with surveys or interviews. Quantitative researchers use statistical models to conduct their analyses, which produce accurate predictions about customer behavior or future trends in the marketplace.
Depending on your research objective, it might make sense to start with Qualitative Research; Discovering the "WHY" of a stakeholder. Once you've gained these qualitative data, you can use Quantitative Research to validate your qualitative research methods.
The data collected from quantitative studies are often used to validate and predict the behaviors of a company’s customer base. Quantitative research can be either descriptive or predictive in nature, depending on what you want to find out about your customer.
Four important facts about Quantitative Research
- Quantitative Research is less expensive than Qualitative Research;
- Quantitative Research provides accurate predictions about customers;
- Quantitative Research is more objective than Qualitative Research;
- Quantitative Research is more quantitative than qualitative.
The advantages of quantitative data vs qualitative data
Compared to the qualitative methods, quantitative methods are less expensive. Quantitative data are more accurate than qualitative data and provide better predictions about customer behavior while being more objective which makes them the preferred method of choice in many cases. Quantitative methods are also more quantitative so it is easier to find patterns or relationships between variables for future use as compared with qualitative research where you need human input to make
Examples of how to use the information gained through a study for marketing purposes
One example of how the information gained from Quantitative Research can help your business is to work out the customer lifetime value. Quantitative analysis determines what percentage of customers from a particular population group are likely to be your regular customers or high-value customers. Quantitative research can also provide insights into how much money you should spend on promoting and advertising which channels will get more bang for their buck, reduce churn by creating and delivering the right product to your customers, or help you understand which segments are worth marketing too.
Quantitative research is also known as data-driven decisions or empirical evidence because it uses mathematical models, statistical analysis, and other quantitative techniques that provide a solid foundation for business decision-making.
How to apply Quantitative Research Methods and work with numerical data
Besides the skills required to apply research methods, descriptive statistics, data collection or data analysis, conducting quantitative research study it's not something you can just pick up.
In order to apply Quantitative Research Methods, there are some important factors that you should consider:
Quantitative research requires sophisticated data gathering and analysis techniques, which require extensive training and experience to execute effectively.
Why you should hire a professional market researcher to help you with your study rather than try to conduct one yourself
At BTNG we believe in collaboration. Quantitative research is a collaborative process that often involves input from many different people who have expertise in the field, which means you’ll get better results. Quantitative research also requires sophisticated data gathering and analysis techniques, which require extensive training and experience to execute effectively.
We will analyze your goals for the study carefully before creating a plan of attack. Making sure BTNG is able to create a more valuable study and saving you a lot of time.
Want to learn more about BTNG's Quantitative or Qualitative Research Methods?
Want to learn more about Quantitative research? Click here for a free consultation from our team of experts on how Quantitative Research can impact your business.
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