If you are a market research firm, you would need prolific skills to climb up and remain at the top of the competition for longer period of time. Your bow of skills needed distinct qualitative and quantitative skills, with power to analyse and conclude (draw) results from raw and unstructured data. Your firm should be good to distinguish whom to target for particular unbiased information gathering, what is the perfect time and way for right questioning etc. Your team must be capable of engaging your targeted audience to gain valuable and sorted information.
Let's starts with
Qualitative research: - It provides significant answers to questions about why and how people behave in the way they do, provides in-depth information about human behaviour. It provide effective ways of exploring such issues as private thoughts and feelings, important issue of emotions, provide depth of understanding of current situation, why things, are the way they are. Qualitative research should consider following aspects like what is the decision? Who are the respondents? What are the key issues? What are practical and informal issues? etc.
Number of techniques to gather qualitative data
Interviews: - Data is gathered by interviewing one on one or interviewing one individual by group of people. Data gathering process of interviews may be structured, semi-structured or unstructured depending upon the time offered to complete the project. Sometimes they can be tricky, if respondent behave ignorant or provide biased information.
Focus groups: - Focus group is highly targeted group of people who satisfy certain conditions like a certain geography, demography and behaviour patterns. Multiple participants give their free and unbiased view about particular topic.
Observations: - Which may be on site, or under ‘laboratory conditions’, for example, where participants are asked to role-play a situation to show what they might do.
Secondary data: - Include diaries, written accounts of past events, company reports, questionnaire that ask focused questions to participants and allow them to write in their own words.
Quantitative research: - It is a process with motive of collecting raw data from various sources, to process it using different mathematical tools to analyse and draw results that will help to grow big. Quantitative research typically more useful when you are in environment where numbers have high value and data drawn from them considered as first class segment. It helps small firms to improve their products and services by enabling them to make informed decisions. It is all about asking people for their opinions in formulated way, so that you can get the facts and form strategies that will help you to get desired results.
Data collection methods for quantitative research
Online research: - Data is collected through various online sources like websites, social platforms, publicly available research documents and industry channels.
Interviews via telephone: - It is widely used option for data collection because it is cheaper than other methods (field studies, in-person interview) and it can be applied to all sample variants.
Email surveys: - It is cost-effective way of collecting data from large population and campaign can be designed to increase the responses such as email GIFs etc.