Posted on: 21 June 2016Share
If you are getting ready to launch your own product or business, you may conduct market research studies. Market research studies allow you to get inside of the head of your consumer, finding out what they like and dislike about your product. This information can help you make changes to your product or business so that it will be better received or scrap it if consumers show no interest. When you conduct market research, you can do qualitative or quantitative market research. Learning the pros and cons of each will help you decide which is better for you. Here are a couple of the advantages and disadvantages of qualitative market research.
Benefits of Qualitative Market Research
- You Get More In-Depth Information
Quantitative market research is a series of standard questions. The consumer answers with a simple one-word or one-sentence answer. For example, they may simply state no, they aren't interested in your product. But you never get to hear the why. Qualitative studies are done in person as a group, allowing people to provide you with long answers. This can give you more information into the inner workings of your ideal consumer's mind.
- The Questions Can Be Changed as the Discussion Progresses
When you perform quantitative research, your questions are already drawn up and ready to go. Much like a test, the questions can't be changed to fit the feedback you are getting from consumers. Instead, you will have to conduct a new research group with new questions if you find you didn't get the answers you needed. With qualitative research, you are able to change up the questions based on the feedback you are getting from consumers. This can help you get more feedback from the group.
Downsides of Qualitative Market Research
- You Won't Get Statistical Data
One of the disadvantages to qualitative market research is you won't walk away with statistical data. Since the groups are so small, it would be hard to say four out of five dentists recommend your product or other similar statistical data. You need larger test groups than you typically get with qualitative research groups. If this is the type of information you are after, quantitative research is a better option.
- You Can Get Skewed Data
The other downside to qualitative market research is you can get skewed data. When people take quantitative studies, they can answer with their true feelings in front of a computer without anyone judging them. When you do qualitative research, you have people participating as a group. People may not always state what they are thinking in a group or in front of people who may judge them. Unfortunately, this can skew your results.
Market research can provide you with invaluable information from the people who would be most likely to buy your product or use the services your business is planning on offering. Learning the advantages of qualitative and quantitative market research will help you decide which type of research makes the most sense for your business.
For qualitative market research, contact a company such as Beall Research.