Qualitative Research
Qualitative research is defined as a market research method that focuses on obtaining data through open-ended and conversational communication.
This method is not only about “what” people think but also “why” they think so. For example, consider a convenience store looking to improve its patronage. A systematic observation concludes that the number of men visiting this store are more. One good method to determine why women were not visiting the store is to conduct an in-depth interview of potential customers in the category.
For example, on successfully interviewing female customers, visiting the nearby stores and malls, and selecting them through random sampling, it was known that the store doesn’t have enough items for women and so there were fewer women visiting the store, which was understood only by personally interacting with them and understanding why they didn’t visit the store, because there were more male products than female ones.
Qualitative research is based on the disciplines of social sciences like psychology, sociology, and anthropology. Therefore, the qualitative research methods allow for in-depth and further probing and questioning of respondents based on their responses, where the interviewer/researcher also tries to understand their motivation and feelings. Understanding how your audience takes decisions can help derive conclusions in market research.
Quantitative Research
Quantitative research is a systematic investigation of phenomena by gathering quantifiable data and performing statistical, mathematical, or computational techniques. Quantitative research collects information from existing and potential customers using sampling methods and sending out online surveys, online polls, and questionnaires, for example.
The results of which can be depicted in the form of numerical. After careful understanding of these numbers to predict the future of a product or service and make changes accordingly.
An example of quantitative research is the survey conducted to understand the amount of time a doctor takes to tend to a patient when the patient walks into the hospital. A patient satisfaction survey template can be administered to ask questions like how much time a doctor takes to see a patient, how often a patient walks into a hospital, and other such questions.
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