Market research plays a very important role in determining the success of business. A good market research will help the person to deepen the roots of its business in the market. Quantitative research helps in data capturing methods and statistical analysis. Quantitative research is that tool which estimates consumer attitudes and behaviors. It determines the market size and segmentation. It helps in identifying drivers for brand recall and product purchase decisions.
There are various methods of conducting quantitative market research and which one is best is depend on your need. The most common type of conducting quantitative research is online surveys. A researcher can also opt for personal quantitative interviews and e-mail interviews. There are also phone surveys available for the ease of researchers.
In the research process, the first important task which is assigned to the researcher is to understand the need of research and what will be the priorities of research exercise. So here are six steps by which you can conduct a quantitative market research for your business.
1. Determine your goal
It is the first step where researcher sets the objective of the research. He must know the reason behind the research otherwise it is time waste to conduct research.
2. Define the problem
When you determine your goal then you need to define your problem with the objectives. All the subsequent activities will follow the goals.
3. Designing the Research Plan
Before starting your research and data collection prepare a detailed research plan which comprises of the target audience for the research and tools required for the research.
4. Data collection
After defining the objective and problem, the time comes to decide the data collection tool in the quantitative market research process. There are basically three methods of data collection which we use.
• Telephonic Interviews
This is the cheapest and convenient way to get the answer and complete your research. But it is generally implied during small sample sizes
• Online Research
A vendor like Impetus Research helps the researchers in conducting online surveys. Online surveys use websites and publically available research reports.
• Email Surveys
They are also cheap surveys but generally the results of this kind of survey are very low because people don’t show proper interest while completing survey through email.
5. Information Analysis
After collecting the data through the appropriate tool it is necessary to analyze the data for finding out the results.
After collecting and summarizing the data the final stage of the research requires presenting this data in the form of graphs, charts etc. It will help the reader to understand the result more quickly.
There are some research companies available which conduct qualitative market research for the business. They are highly professional and save the time of the company.