You have an idea for a new product. You're excited about it and you can't wait to get started on the development process. The only problem is that you don't know how much people are willing to pay for your product, how long they'll use it, or if they will even like it at all! What do you do?
Quantitative research is one of the best ways to solve these problems before starting development. Quantitative research uses data mining techniques such as surveys, interviews and focus groups in order to quantitative data (numerical data) which provide insights into what people want in order to make better decisions about your products and services. It's the science behind understanding customer needs so that companies can build better products with more accurate market forecasts (and higher profits!).
If you're not sure whether or not your idea is marketable, consider this: will people find it interesting? Will they think it's helpful? Will their lives be improved by buying it and using it? These are all important questions to ask, but quantitive research as a standalone can solve these issues before the production phase begins. Quantitative research right at the start of the process gives you insight into what people want--or might want--before they even know that they need that particular thing.
Quantitative Research is the science behind understand your Customer Needs. By doing your Quantitative Research you can validate the outcome of Qualitative Research. It will confirm what your customers want.
The way Quantitative Research saves you a bunch of resources on your product development is by providing you with an accurate market forecast. Quantitative Research will tell you how many customers would buy a certain product and the price point they'd be willing to pay so that when it's time for production, all of this information can be taken into account in order to get the most bang for your buck.
By having a better understanding of your customer needs, you'll have a more accurate market forecast. With this information, you can better build products to meet those needs. Quantitative Research is a science that will help your company make smarter business decisions and create more innovative products for customers with a clearer understanding of their needs.
Quantitative Research will help you save time and money by ensuring that the products your company develops are what customers want to buy, increasing profits in the process.
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
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.
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
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.
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.
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 Quantitative research? Click here for a free consultation from our team of experts on how Quantitative Research can impact your business.