Quantitative market research refers to research that is done with a large group of people or a generalized group instead of a small focus group. For various companies this kind of research can be very useful: a larger focus group can imply a wide scope of opinions and contributions from that group.
Not all company may or could utilize quantitative market research. One example is that if you’re planning to open a small store in a strip mall in your area, general research about buying habits for that kind of store can help extremely. On the other hand, more detailed research concerning that particular neighborhood and other stores like that in the area can even have greater advantage. Those people who live next to the store shop and are making their purchasing decisions are more imperative to that business than any other information.
Therefore, what kind of businesses that can apply quantitative market research? Will your business or company benefits from this research? And were there times that you needed both quantitative and qualitative research completed?
Very often larger stores and businesses need to have quantitative market research because they appeal to a larger range of customers or clients. For instance, chain stores may need to know overall purchasing patterns from their customer base since they will have stores in many different areas of the company. Suppliers of wholesale items may need this type of research since their customers will also be more widespread.
Those that are operating their business online should also need a wider range of research since their customers may also be more far reaching. For online business of this type, quantitative market research is incredibly helpful when it comes to products which are selling across the board as well as with the purchasing process such as checkout and payment options.
Some businesses with national presence versus local businesses will be in need of quantitative market research. Studying general trends will assist a business owner to make decisions that will be very valuable for the company in general. Alterations can be made to local stores or businesses as necessary but this general or overall look at market trends will greatly help with major decisions to be made.
Habitually, quantitative market research is fairly broad and far-reaching so, it is important to understand how to use it efficiently. This research will tell you general purchasing patterns and marketing trends that’s why you would need to make sure that you’re applying that research properly. Do you have to upgrade machinery and equipment so that you would provide your customers with the products and services they need? Are you getting rid of products that do not have large enough profit margin on a national level or that are very slow moving?
Studying market trends will mean understanding future trading habits as well. If one product or service is losing customers then you should know that it is improbable for those customers to return. You can make use of this quantitative market research to help you right away in making decisions which are meant to benefit you in the future.