It may sound a bit complicated to understand but qualitative market research refers to a research made with small or controlled group of people and not with a large group or generalized research. Frequently, this research is being done exclusively for a company that pays for such research, or it may be acquired after the research is done.
There are too may basis on why qualitative market research is useful for a business regardless of what the company or the industry is. If you would like to consider acquiring research or having it done for your business, there are various ways you can take to make it more useful to you in general.
Using qualitative market research will mean that you can target a group of persons that are a good representation of your customers or clients. Research that is too generalized may mean that you're getting responses and information from persons that are not qualified to give you a response since they may never fall into your customer base in the first place.
Let's have one good scenario, suppose you want to run a restaurant in a particular neighborhood. Having generalized information about restaurants across the country will surely help you in deciding if this would be a profitable idea but having qualitative market research prepared in that specific neighborhood will most likely be better for you. The dining practice of those in that neighborhood will generally give more impact on your business than the dining practice of someone who lives in another state.
Procuring qualitative market research would mean being able to decide for your company if your clients or customers are more generalized in this mode. You may present a product that cannot be acquired by the general public or you may only have a service which can only be bought by a small group. Securing research that is completed with a control group will mean quality results.
Using qualitative market research will mean making the best decision for your company. Market trends help you to understand the products and services that customers are purchasing, and these trends need to be considered carefully. Many business owners or managers have market research conducted but then often don't use those results in the best way.
The end result of qualitative market research may mean that you need to think twice about a business you want to open, or need to make adjustments to that business. A brick and mortar business may do better in a different neighborhood, or a different type of product may be more profitable. In some cases certain businesses are already failing in an area, and that qualitative market research may serve as a cautionary tale for opening a new one that is the same or similar.
If you are to pay for that qualitative market research, it would be great to apply it properly. Allow it to alter your mind concerning your business, services and products. If you are going to do this then your business will be more cost-effective.