Market research is an important factor when it comes to utilizing collected data for the renewed growth and success of an organization. In order to effectively understand how to market/ sell products and services keeping in mind the market trends, industry environment etc, it is necessary to conduct some form of market research.
Consumer demand keeps on diversifying. In order to understand how to be in demand, organizations depend on the collated data from different forms of market research. Now, this is divided into quantitative and qualitative market research. While quantitative research in marketing understands the data in terms of numbers, comparisons; qualitative research understands the market in terms of the reasons for specific market trends.
While both are equally important in their own way, there are debates about one being superior to the other. But we understand it is relevant for organizations to understand the need to combine quantitative and quantitative research for marketing into one detailed study.
Let’s look at some of the ways that this can be done:
Initiating with quantitative and moving over to qualitative- In some industries, it is best to first begin with the quantitative aspect and then move on to the qualitative. In case you are just beginning to set up a business, it is best to begin with identifying the size of the market and number of consumers before we move on to other facets such as how much a consumer spends etc.
This will help you effectively gauge how and why a particular industry runs. While this method is most suitable for industry debutants; we believe it should equally be done by those who are fielding an addition to their company.
Linking in One Design- Another method of combining both quantitative and qualitative market research for marketing is having both conducted simultaneously. Miles and Huberman specifically talk about these various methodologies where both types of market research can be carried on at the same time to retrieve the best results.
A business can conduct a focus group, use the data collected from this source and make it to the basis for a quantitative mobile or email survey. Information so collected can further be tested in a second focus group before it is actually used in the course of business activities.
Miles and Huberman understand it to be a sustained, continuous process where the qualitative provides an initial exploration point followed by a detailed questionnaire which will provide figures supporting our reasoning and then an organization can successfully delve into the assessment of such results.
Triangulation- With regard to data and analytics, it is necessary to understand neither quantitative nor qualitative market research are superior to each other. The data collected through each can be combined to understand how the consumer and market performs.
They are only varied types of research conducted to provide the same answers. Often times, the same consumers who participate in one type can be invited to participate in the other as well. This will help provide a more consistent and authenticated form of data.
You can allocate market research to companies such as Impetus Research in order to have more accuracy in results.