The term quantitative market research is referring to research that is made with a large group of people or a generalized group, rather than focusing on a small group. For a number of companies, this kind of research can be priceless: a larger group can mean a broad variety of opinions and participation 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.
So what businesses should be using quantitative market research? Would your company or business benefit from this research? And are there time when you need both quantitative and qualitative research done?
Frequently, larger stores and businesses maybe in need of having quantitative market research because they appeal to a larger range of customers or clients. Chain stores for example may need to know the overall purchasing patterns based from their customers since they may have stores in many other vicinity of the company. Suppliers of wholesale products might need this kind of research given that their customers will also be extra extensive.
Those that have online businesses should also require a larger range of research since their customers may also be more far reaching. For those online businesses, quantitative market research is very much helpful when it comes to products that are selling across the board as well as with the process of purchasing like checkout and payment choices.
Any business with a national presence versus a local business will need quantitative market research. Understanding general trends will help a business owner to make decisions that will be beneficial for the company overall. Changes can be made to local stores or businesses as needed, but this general or overall look at market trends will help with major decisions to be made.
Often quantitative market research is somewhat broad and far-reaching, so it’s important to understand how to use it effectively. This research may tell you general purchasing patterns and marketing trends, so you need to make sure you’re applying that research properly. Do you need to upgrade machinery and equipment so that you’re offering customers the products and services they need? Are you getting rid of products that are very slow moving or that don’t have a large enough profit margin on a national level?
Learning market trends would mean understanding future buying behaviour as well. If a product or service is the reason for you to lose your customers then, you know exactly that it is unlikely that those customers will return. You can utilize this quantitative market research to assist you immediately in creating decisions that are meant to help you in the future.