Introduction to Quantitative Market Research
Quantitative market research is a research technique that is used to gather data by asking questions from a targeted audience or by surveying a huge sample of people in an organized manner using surveys, polls, or questionnaires.
Under this approach, the received responses can later be analyzed using statistical tools to determine patterns, trends, correlations, and other diverse insights. The collection and analysis of the numerical data assists in realizing the market trends and patterns, consumer (B2B) behaviors as well as other significant business-related variables.
With this approach, we help our B2B market research clients make well-informed decisions to enhance the quality of products and services needed to boost research experts’ satisfaction levels. However, a well-founded and reliable outcome can only be achieved using a large sample size representing a population being surveyed.
Characteristics | Here are a few basic characteristics of quantitative market research:
Structured Data Collection | The data is collected using structured qualitative research methods, including surveys, questionnaires, and other techniques that allow the gathering of objective yet measurable data.
Large Sample Sizes | Quantitative market research guarantees statistical significance by typically allowing a large sample size for conducting surveys or examining data. This ensures that the collected data is representative of the wider population.
Objectivity | The gathered data is unbiased and objective which can be utilized for making informed decisions.
Replicability | It allows the researcher to use the same method for collecting and analyzing data which allows for the outcomes to be verified and validated over time.
The Importance of Quantitative
Market Research
This age of information has constantly transformed purchasing and selling norms and habits. Information is now worth more than gold. Companies’ rise and fall depend majorly on the decisions they make after collecting and analyzing data. Businesses have now become consumer-centric, for which they need consumer feedback collected through research methodologies.
B2B Quantitative Research methodology plays a significant role when a B2B market research client needs to make informed decisions to drive business success. Here are multiple reasons showing the importance of quantitative market research.
Data-Driven Insights
With quantitative market research, businesses gain insight into B2B consumer preferences, behaviors, and attitudes, which helps them make evidence-based decisions instead of assumptions.
Market Segmentation
Quantitative market research assists businesses in segmenting their potential markets based on demographic, geographic, and behavioral factors. Through these segmentations, market strategies and product offering techniques can be tailored to B2B consumer needs, maximizing market research clients’ effectiveness and appeal.
Product Development and Innovation
Businesses evaluate market demands, identify market gaps, and comprehend B2B consumer needs and preferences. With this knowledge, businesses can produce novel products or services or modify existing offers, making certain that all of those things align with the targeted B2B consumers.
Competitive Analysis
With this approach, market research clients can determine opportunities and each competitive dimension by benchmarking against competitors and analyzing market share, B2B consumer satisfaction levels, pricing strategies, or other key performance indicators.
Key Methods in Quantitative
Market Research
Online Web Surveys
Previously, surveys were paper-based, but they have now turned digital. Online web surveys are among the most widely employed methods of quantitative market research because they allow B2B Quantitative market research agencies to generalize an entire population with relative accuracy. Online web surveys involve gathering data from a significant quantity of individuals via structured questionnaires or interviews. Surveys can be conducted online using closed-ended survey questions (which B2B professionals choose from a list of answer options).
Face-To-Face Interviews
In this technique, our client (interviewer) forms a list of vital questions along with the already-asked survey questions for which experts provide extensive details regarding the concept under discussion. The interviewer can bond at a personal level with the professionals and have a highly structured interview, hence getting improved responses. With the advancement of technology, face-to-face interviews have now transformed into telephonic or online.
Telephonic Interviews
Telephone-based interviews are not a new method, but this quantitative research method is widely used. Despite the time zone and distance difference between the interviewer and the interviewee, communication is just a one phone call away from telephonic interviews. Selected B2B experts are contacted at mutually convenient times.
Analyzing Data in Quantitative Market Research
Analyzing data through quantitative market research inculcates processing as well as interpreting data in numerical form collected through surveys, questionnaires, experiments, or diverse other quantitative research methodologies. At Inventive Research Group, our expert network plays a crucial role in analyzing data in quantitative market research. Our expert network has a network of B2B professionals having diverse industry experience, backgrounds, analytical capabilities, and subject matter expertise.
These B2B experts assist in providing meaningful insight and interpretation of data gathered through quantitative approaches within their respective fields. This way, we help our expert network help our client identify diverse trends, patterns, and implications related to the research objectives. Now, quantitative market research results can be analyzed more easily using the onset of automated equipment and tools than they were used before. With our automation tools, the B2B market research client can enhance accuracy, agility, and efficiency.
However, quantitative research still needs a human aspect where our expert network comes into play. The reason behind it is that with tools the client will not be able to get rid of the outliers or form questions to differentiate B2B professionals who will not help produce better results. Aside from that, our expert network supports validating and verifying quantitative data gathered from research experts. With the assistance of our expert network, our client can easily review data sets, evaluate data quality, and determine any inconsistencies or errors that may affect the validity or reliability of the findings.
What We Do in Quantitative Market Research
Here at Inventive Research Group, we present B2B expert recruitment for a Quantitative market research Company to conduct online surveys and examine the behaviors. With this traditional quantitative market research approach we allow our client to conduct market research worldwide.
Aside from that, our expert network also provides B2B market research clients assistance with programming, hosting, advice regarding designing questionnaires or screeners, gathering well-tabulated results, and easily understandable reports having clear conclusions. When it comes to recruiting experts for quantitative surveys, most of the time, we begin with our in-house panel. However, we can also contribute by connecting the external expert panels with our professional research-conducting clients.
Unlike numerous other expert network agencies, our expert network at Inventive Research Group takes pleasure in carrying out our professionals’ recruitment to conduct quantitative surveys. As an expert network, we help figure out and recruit only those experts who have specialized knowledge and expertise about the research objectives. Such experts may include industry practitioners, analysts, academics, and consultants, to mention a few.
This way, we ensure that we deliver a validated and reliable niche audience, which is usually hard to find. Quantitative marketing research methodologies that we use include face-to-face interviews, online web surveys, and telephone interviews. Our expert network helps manage data collection processes, guaranteeing data quality and accuracy and compliance with regulations and ethical standards.