3 Common Types Of Quantitative Market Research

Quantitative market research is defined as a scientific investigation of phenomena based on the collection of quantitative data and the application of mathematics or procedural approaches. In quantitative research, data is analyzed mathematically to obtain insights. The overall structure of quantitative research is based on a scientific approach. It deploys the method of aggregation of various information throughout the course of the program to allow the drawing of actionable conclusions. Let us look at the three most common types of quantitative market research methods that market research firms such as Unimrkt Research employ to collect data.

1. Survey Research

The primary goal of a survey is to collect data that helps in explaining peculiarities of a specific group or community. This study is commonly used by both small and large businesses looking to have a better understanding of their clients as well as goods and product perceptions among the consumers. The two primary types of surveys that can be utilized to conduct survey quantitative research are cross-sectional and longitudinal.

• A cross-sectional survey is done on a specific population at a certain point in time. These surveys are commonly used to conduct research in retail businesses, the healthcare industry, and other industries.
• In a longitudinal survey, research is carried out over a period of time. Such a method is widely used in medicine and applied sciences.

The data gathered from surveys can then be analyzed to come up with deep insights about various aspects of the industry in focus.

2. Descriptive Research

Descriptive research aims to collect data that is useful in explaining the current state of a variable that has been identified. The goal of descriptive research is to observe the existing state of individuals, places, circumstances, or events. The data collected from the research can then be analyzed and interpreted, to arrive at an actionable or thought-provoking conclusion. It’s worth noting that the researcher does not start descriptive research with a hypothesis. That part comes after gathering relevant data through descriptive research. Systematic data collection is the core purpose of descriptive research.

3. Experimental Research

Experimental research is frequently based on one or multiple theories. It derives meaningful facts and data through scientific research. The findings, in turn, are crucial in determining the cause-and-effect link between a set of variables. Experimental research design's components are listed below.

• A comparative group of random volunteers assigned to two groups: (i) experimental and (ii) control.
• An experimental variable, also known as an independent variable, is applied to the experimental group.
• A dependent variable, also known as a post-test variable, is one that can be measured in the same way for all groups.

Once the above mentioned components are in place, participants of the groups undergo an experimental study. This study allows researchers to gather valuable response in the form of data, which are then measured, calculated and compared to draw conclusions. The findings of experimental research also indicate whether the previously constructed hypothesis (if any) is accurate or not.

Final Word

For your market research program to succeed, you need relevant response data. Without actionable data, you cannot draw decisive conclusions. If you want to gather crucial data so that you can generate insights through statistical analysis, quantitative research companies can help. In today’s hypercompetitive era, companies are focusing more on global market research to stay ahead of the curve by detecting industry trends and ever-changing customer sentiments. Come, partner with Unimrkt Research, a proven quantitative research firm. We offer top-notch quantitative market research services by employing the best scientific research techniques. To learn more about our services, call +91-124-424-5210 or fill out our contact form.