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Best Practices for Quantitative Market Research

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Best Practices for Quantitative Market Research

By Unimrkt 31/10/2022

In a digital age, data is one of the most precious resources. Brands can stay ahead of the curve by having access to the most recent data and conducting precise analyses. A corporation must therefore make quantitative market research a part of its arsenal. Yes, gut instinct can be helpful at times, but when you're spending a lot of money on a project, it pays to do some quantitative descriptive research first. With a team dedicated to conducting market research, you will be able to determine the return on investment and whether the plan is worthwhile. To get the best from quantitative market research, let’s look at some of the best practices.

What is quantitative market research?

Quantitative research, as the name suggests, focuses on information that can be expressed as numbers. Diverse data from various sources, like surveys, polls, etc., are compiled and examined. Data collection techniques used in this procedure include computational, statistical, and mathematical. Quantitative research produces very rigid results and assists businesses in objectively assessing their assets, liabilities and practical strategies for achieving their goals. Quantitative market research is typically carried out to examine a business's potential and to make accurate estimates. It assists in identifying the many issues with a structure and determining their underlying causes.

Top Quantitative Market Research Best Practices

Here we have outlined some of the prominent market research approaches that can significantly influence your research efforts. Let’s get started:

Choose an appropriate sample size

Remember, not all surveys call for thousands of participants. Instead, take a seat and determine what is the right sample size for your research efforts before creating the survey. For instance, if you are a local business trying to improve your offerings and scale up your brand identity, you will need a different sample size, as compared to a multinational organization looking to open its first store in Puerto Rico.

Be clear and succinct about your research goals

It is very tempting to overthink the questionnaire design when you are just starting. You can ask your customers a plethora of questions, but must keep in mind that not all of them are necessary. Furthermore, you cannot let your personal preferences influence the form's design. Understanding your goal can help you create a form that people will find appealing.

Be calm while collecting data

It can be intimidating to employ complicated and sophisticated statistical models that are frequently used in quantitative research. Do not be intimidated by them. Keep in mind that not every circumstance calls for the use of every one of these models. In many instances, you can even utilize a simple yet powerful tool that applies more accurate models for your requirement or simple measurements and methods of summarizing quantitative research findings, like Excel.

Ask simple questions

Whatever method you use to gather data, keep in mind that you want to be able to quantify the outcomes. To allow them to be easily measured, your queries should generate precise, specified responses. Close-ended inquiries, yes-or-no questions, and multiple-choice responses are all recommended. Additionally, it is crucial to avoid ambiguity while creating your survey.

Final Word

Quantitative market research can be extremely beneficial for detecting and understanding changing customer sentiments and market demography. When looking to collect high-quality data using quantitative research methods, it helps to partner with quantitative research companies that offer scientifically proven quantitative market research services. When looking for such a quantitative research firm, look no further than Unimrkt Research. We are one of the leading global market research firms that have immense experience operating in different industries, across different countries, and in a variety of languages. To learn about our market research consulting services, call +91-124-424-5210, email or fill out our contact form.

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