Now that we are aware what market research is all about, and how useful it can be in helping you to optimize your business efforts… so what sort of research is going to suitable for you?
There are two types of market research which every smart business owner should know.
- Quantitative (Quant for short)
- Qualitative (Qual for short)
These may sound like very scientific words. But in fact, their concepts are simple.
Quantitative has to do with measuring the quantity of something.
This type of research is very structured. It’s used to measure, verify and validate.
For example:
- Out of 100 shoppers, 85 of them liked the new coffee drink.
- You could also say the new coffee drink received an 85% appeal score from shoppers.
The second type of research is Qualitative
This type of research is exploratory in nature. It enables us to not only understand opinions, but also uncover underlying motivations, barriers, or reasons why people behave the way they do.
You can find out why shoppers shop the way they do. Or, you could discover why consumers prefer certain food and drinks.
An example of qualitative research would be:
“How do young people between the ages of 18 and 25 see McDonald’s as a brand?”
In this type of inquiry, you’ll get opinions like:
- It’s not suitable as a regular meal option.
- I like it when I’m in a hurry.
- It’s mainly for kids because they like the toys in the Happy Meal.
You can expand your questioning to something like:
Why McDonald’s when in a hurry? Why not pizza?
You may get answers like: “Because it’s convenient to hold while I’m driving. And besides, pizza has stuff falling off of it”.
Obtaining this information can help you understand your target market better.
Many business owners have their own opinions of what consumers think. But, research often shows these opinions to be incorrect.
With research, you find out the real answers. And that insight brings about certainty and improves success.
Which Type of Research Is Right for My Business?
By now, you’re asking yourself which type is best for you. The short answer is both because:
- They answer different questions
- They complement each other to give a complete picture in terms of insights and understanding
Real Life Examples of Quant & Qual Research
Adam and Lisa own a start-up skin care company. They are bringing a new facial whitening product to market. They want to know:
- What type of customers will buy our product? (Qual)
- What are their perceptions on whitening? (Qual)
- Why do they want a whiter look? (Qual)
- What does the word illuminate mean to them? (Qual)
- How often will they buy it? (Quant)
- How much will they spend on it? (Quant)
- Can they feel the moisture in the product? (Quant)
- Do they like the packaging? (Quant)
As you can see, these are very different questions. But they are all important.
For the Quantitative research:
Adam and Lisa select women in their 30s. The women use the product daily for one week. Each woman records her experience daily in a diary. They also answer these questions:
Quantitative
- On a scale of 1 to 10, was the product effective?
- Would you buy it? Yes, no, maybe.
- Would you buy it for $10? Yes, no, maybe.
Qualitative
- How does this product compare to other top brands?
- How does the cream feel on your skin?
- What does the logo on the jar represent to you?
Because Adam and Lisa took the time to do their research, their product was a success.
If you’d like to be successful like Adam and Lisa – contact us today for a free 30-minute consultation.
