Quantitative market research pours in insights from the users about their behavior, buying journeys, interests, and problems they face. These numbers play an important role in
How Quantitative Market Research Helps with Decision Making
By Validating Your Ideas and Concepts
Before you invest heavily in an idea or a design concept, consider quantitative market research to understand the potential market, your audience, and peers. A data-led decision in such a situation helps you save from setbacks from the finance side and even your brand at an early stage.
If your market research data doesn’t show positive signs about your concept, you can modify it or redevelop it into something else based on the users’ inputs to solve their problems. This saves you from risks and losses later.
By Forecasting Prospects
Statistical data from market research helps you forecast demand in the market. For instance, if the current data shows a rise in demand for wearable gadgets with a tracking system, it’s time for you to modify your offerings to suit the market needs.
Based on this forecast data from quantitative market research, you can also plan inventory and your go-to market strategy.
By Understanding the Users’ Needs
An online survey can reveal what users like in your product and what they’re looking forward to in future releases. Once you understand which challenge gets the highest vote in your survey, target that as a priority.
Improvement one step at a time.
Suppose your loyal users don’t like the hassles of yearly subscription renewals. You can introduce a lifetime license access for them.
By Measuring Your Brand
With online surveys and NPS, you can figure out where your brand stands in the industry as well as among your audience.
You can establish competitive benchmarking and understand how your peers are doing, about their marketing style, and where the gap exists in the industry that you can fill in.
By Tracking Customer Satisfaction
The most important matrix for a business that you can’t ignore is your users’ satisfaction level. And for measuring it, you turn to stats and run a CSAT survey.
A satisfaction survey helps to analyze how well your audience likes you, how strong your bonds are with them, and how they feel about your services.
Primary Quantitative Review Methods
Online Surveys
Mobile-based, app-based, or email surveys are the most used online surveys, where a user fills out a form to express their views.
This might take somewhere between 5 and 20 minutes, depending on the number of questions. Your audience needs to have access to the internet, a device to fill out the survey form, and the capabilities to browse through and understand the survey.
CATI
Use this to have a 1-1 telephonic call with your users who are hard to reach via online surveys, whether because of limited resources, geographical boundaries, or their unawareness of using an app or digital mediums.
In all such cases, a telephonic-assisted call with an agent helps.
NPS
Net promoter score, or NPS, helps you analyze how many users recommend your brand and product to others in their circle.
It’s a time-tested method that asks 1 to 2 questions about users recommending your product to others. A score of 9 or 10 is a great sign that you are on your audience’s mind when it comes to referrals and loyalty.
You should follow up with a detailed survey to learn more.
Design Your Quantitative Market Research Surveys with Track Opinion
Track Opinion, one of the fastest-growing brands in market research, owns a panel of 4.8 million panelists. We have expertise in online surveys and CATI, besides brand image studies.
If you’re looking forward to conducting a market research project soon, you’ve come to the right place. Contact us today to discuss your needs.
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