Tuesday, February 21, 2017

The Market for Qualitative Market Research

The information that a business can reap from a very effective market research is invaluable. Market research, especially a qualitative one, can dictate the course of a business plan. A smart analogy of the data presented on certain market researches give clear vision on where a business is currently at and where it stand among its competitors . In reality, it is not easy to just plunge in into business without looking up what is out there in the market. This is where it can do great wonders. With effective market research and a good strategy, a company can gain advantage on economic shifts, demographics, and the current market trends.

There are several ways in conducting a market research. One of the most effective types is using a qualitative market research. It is often done in times when trying to gain an understanding of underlying reasons and motivations on a certain specific area and trying to uncover prevalent trends in thought and opinion. It is also effective in situations wherein an insight is needed to be tried out in a setting of problem to generate ideas or hypotheses that can be beneficial for further researches.

It is important to understand that it can be used for pilot studies, to illustrate the results of a statistical analysis, in mixed methods studies. It aims to develop an initial understanding and sound base for further decision making so the data collection doesn’t necessarily follow a specific structure as it can come out in form of in-depth interview or discussion of theories. In this kind of market research, samples that are prepared are a lot smaller in quantity. Respondents are selected to fulfill a certain audience quota. But with how quickly market trends come and go due to the current technology emergence, one may question where does qualitative market research really stand in the market?

Researches can be really expensive even if a company decided to conduct it on their own. It might take some time for results to come up a solid data that would be impacting to business. Time is directly related to the costs, as the longer the research takes, the more costly it may turn out for the company. Another factor is that not every company may be able to conduct their own marketing research as it will require people that are knowledgeable in the research field as well as machinery an even if they are able to, the validity of the results may be compromised. In a qualitative market research where data analysis isn’t statistical, interpreting the data can be difficult.

Given the factors above, market research outsourcing has found its own premise in the market wielding the advantages a company can get from outsourcing including cost efficiency, the quality of work, and access to machinery. Outsourcing market research proposes minimizing the error on a research process end plus with guarantees.

There is no taking away that it is indeed an important aspect in business. It is necessary to understand that research is also considered as a first step in undertaking many key marketing tasks that may involve a marketing plan, product development, need analysis, hazard and risk assessment, branding, and even pricing. So if you are taking that first step, might as well start on a steady well-thought out plan that will come up from a quality market research.


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