Various Marketing Research Methods and Their Timely Applications
In the world of business, making informed decisions is crucial. One of the ways companies gather valuable data to fuel these decisions is through marketing research. This article will delve into the realm of quantitative marketing research, a vital tool that provides objective, empirical data to support decision-making.
Organizations often turn to secondary market research as a first step, utilising data that is already available in the market. However, when data is not obtained from secondary sources, primary market research becomes essential. This involves collecting original data from the market, such as through surveys, experiments, observational studies, or secondary data analysis.
Quantitative market research is a type of primary research that deals with collecting large amounts of data. The main types of quantitative marketing research methods include surveys (structured questionnaires), experiments, observational studies with measurements, and secondary data analysis of numerical information. These methods generate numerical data that can be statistically analysed to provide insights on customer behaviour, preferences, market trends, and campaign ROI.
Surveys and Questionnaires are commonly used, employing structured questions with fixed response options to collect data from large, randomly selected samples. Applications include measuring customer satisfaction, product preferences, brand awareness, and purchase intention.
Experiments involve controlled tests where one or more variables are manipulated to observe their effect on outcomes. Examples include test markets, purchasing labs, or A/B testing, and are useful for evaluating advertising effectiveness, pricing strategies, and product designs.
Observational Studies with Quantitative Data involve systematic collection of numerical data through direct observation or tracking behaviours, such as product-use analysis or website analytics. Applications include analysing customer usage patterns, segmentation, and behaviour tracking.
Secondary Data Analysis involves analysing existing numerical data from government databases, industry reports, CRM systems, or analytics tools like Google Analytics. This method is useful for market trend analysis, competitive benchmarking, and forecasting demand.
Each of these methods supports decision-making by providing objective, empirical data typically expressed in percentages, numbers, or scales, which can be statistically tested to generalise findings to larger populations. For example, surveys help quantify customer preferences, experiments test hypotheses about marketing strategies, and secondary data provide context and benchmarking for market environments.
In practice, marketers often combine these quantitative methods with qualitative research to gain both numerical evidence and a deeper understanding of motivations behind consumer behaviour. Successful survey market research requires a spot-on questionnaire and a large sample size of the target market.
Observational research, commonly used in the retail and online markets, involves observing the behaviour of the target audience during the purchasing process to understand influencers on their buying decisions. Focus group research, gathering a group of people to discuss a particular topic and observe their points of view, is often used for launching new products or changing a company's positioning in the market.
The choice of a market research firm can depend on the method of research being used. It's important to note that quantitative market research is further subdivided into six different types, each with its unique advantages and disadvantages.
Properly implemented primary research can provide unique insights into market conditions and potential actions for a company to improve its position. By understanding and utilising the various methods of quantitative marketing research, businesses can make informed decisions, drive growth, and stay competitive in their respective industries.
Organizations may opt for secondary market research initially, utilising pre-existing data in the market, but when original data is needed, primary market research becomes indispensable, involving the collection of original data from various means such as surveys, experiments, or secondary data analysis.
Quantitative market research, a type of primary research, focuses on gathering large amounts of numerical data through techniques like surveys, experiments, observational studies with measurements, and secondary data analysis, providing objective data to support business decisions, analyze customer behavior, and measure campaign ROI.
