Having co-existed for several years, quantitative and qualitative approaches for data collection have proven to be highly effective and valuable to date. Especially in the United States, data collection is widely executed with the help of online web surveys, interviews, and questionnaires, considering each state’s vast population. It is believed that about 60% of all the businesses in the US make use of quantitative methods of market research. At the same time, 40% of all the research studies use qualitative research methods.
A not-so-common fact is that most businesses might struggle to decide which type of data collection best suits their business requirements. Allow us to assist you in making the right decision, empowering you to decide which research type best suits your purpose.
Quantitative Approach
Best suited for almost every type of business regardless of the business’ size, quantitative market research enables professional researchers to create population ranges, categories, and segments to compare and analyze the obtained numerical data. When researchers aim to target a large number of the business’s target audience members, quantitative research automatically becomes the number one choice that most researchers opt for. Let’s discover why:
Sorting Data Categorically
Quantitative data can easily be subdivided into numerical ranges, which makes it more convenient for the researchers to arrange all the obtained responses. What makes it even more interesting is that this data sorting is predictable primarily because the answers are mere numbers or percentages. For example, if one of the questions requires the person’s age to be filled out, the researchers have all reasons to believe and predict that the maximum age limit would be around 90, the lowest being 10. Once the limits are indicated, the researchers can easily define numerical ranges to cover all age groups, such as “10 to 20 years”, “20 to 30 years”, and so on. All the person is expected to do is select the numerical range that aligns with their actual age.
Easier Comparison of Results
Filling out numerical data is ten times easier than filling out open-ended questions, and we can all agree on this. Not only is it quicker and time-saving to complete the survey with numerical values, but it also saves time. This goes for both the involved parties! Once the person submits their survey responses, the researchers can sort the data according to their designated ranges, making it easier to compare the results with others.
Applicable with Every Sample Size
Unlike qualitative data, quantitative data can suit every business size, whether small, medium, or large. However, the professionals in the field do not advise using the qualitative approach to acquiring data. This is due to the effort, time, and resources that are consumed to reach larger target audiences, making it an unfavorable choice.
Qualitative Approach
If a business wishes to discover the reason behind changing consumer behavior or customer preferences, qualitative market research is the most effective way to acquire such elaborate information. While quantitative data is vastly dependent on standardized responses and numerical ranges, it is comparatively more insightful, detailed, and holistic in considering a variety of different perspectives and opinions.
For every approach, a few plus points help in deciding the usefulness of that particular approach. Considering the same idea, qualitative data has countless advantages that can prove to be essential for a business in more than one way. A few of them are mentioned as follows:
Opinion-Based, Diverse Responses
With quantitative data, the biggest obstacle is that you cannot expect or obtain any personalized responses from the audience members. The lack of in-depth responses, elaborations, and advice makes it difficult to deduce reliable results from the research. With qualitative data, you can collect different opinions, diverse responses, and valuable insights from several audience members. You can also include a few close-ended, short questions that could simplify the process even more. You can also place a word limit or specify the maximum number of characters that can be used to give out responses for more standardization.
Opportunity to Gain Valuable Subjectivity
The subjective responses from the sample population often contain valuable advice and suggestions that allow you to reflect upon the areas of improvement. The holistic approach is used in collecting several responses to open-ended questions, making the results more inclusive and highly considerate of diverse opinions. This also rids you of numerous biases that affect the research’s authenticity. Additionally, your approach will not be labeled as reductionist due to the collection of qualitative data.
Choosing the Best-Suited Research Method
Depending on several factors, it is reasonable to comment that the business’ preferences and requirements play a significant role in deciding which type of market research suits that business best. For example, if a large business wishes to conduct in-person interviews with all its audience members, experts would advise against it. This is because conducting qualitative interviews is a slightly more time-consuming process that requires researchers to be present while conducting the interviews. Additionally, other factors need to be taken care of, such as the interviewer’s biases or the nonflexible availability of every audience member.
On the other hand, small businesses can manage in-person interviews comparatively well due to their small-sized target audience. Thus, both research methods are beneficial in different ways, and the one that aligns best with your business needs is the right one for you.
What you need to focus most on is the right service provider who can assist you in conducting proactive market research using the latest research methods and can help you choose the right approach. At Inventive Research Group, our team is best known for conducting reliable market research that allows businesses to make well-informed decisions that lead to success. We are one call away if you are looking for the right service provider!