When diving into the world of market research, one of the most critical decisions you’ll face is selecting the right methodology. It’s a choice that can shape the direction of your insights, influencing everything from product development to marketing strategies.
At its core, market research can be divided into two fundamental approaches: qualitative (exploratory) and quantitative (measurement).
In this blog, our market research company dives into several different methodologies, exploring their unique advantages and ideal applications.
Qualitative vs. Quantitative Market Research
An early lesson in market research is the difference between qualitative and quantitative research.
Qualitative research is based on research unrelated to numbers and statistical reliability (focus groups, observation, etc.) while quantitative research is reliant on hard data (telephone surveys, online surveys, etc.)
These two separate items of qualitative vs. quantitative are easy to grasp, but it may be tricky to understand which methodology works best for you because your objectives, scope, or goals for your market research study may vary greatly.
Simply ask yourself if they want to "explore" or "measure"? If you want to explore, steer the research methodology to qualitative. If you want to measure, steer the research methodology to quantitative.
Types of Market Research Methodologies
Online
Online market research is the most common form of market research. Research methods often come in the form of online surveys or online focus groups. Online surveys are typically the most cost-effective and provide the quickest feedback, however it doesn't provide the most in-depth feedback when compared to qualitative studies.
From our experience, if you are looking for quick results from hundreds of respondents, online surveys are the way to go.
If you would rather earn more exploratory feedback, than speaking with a smaller group of people through an online focus group would be a greater benefit to your team.
Phone
This form of market research allows the interviewer to probe for detailed responses from participants, which makes the data more robust than what you’d normally collect through standard online market research methods.
Phone surveys normally require a little longer of a process because participants have to be screened and scheduled for an interview. If working with a phone survey research company like Drive Research, the phone survey process can be completely executed by the third-party.
This includes creating an online survey screener, rescreening survey respondents, recruiting participants, interviewing participants, and analyzing results.
Recommended Reading: 15 Steps in a Phone Survey Project
In-Person
If budget allows, in-person interviews or focus groups make for a great way to collect in-depth and valuable feedback.
Generally, the interviews are conducted on a one-on-one basis or through focus groups at a research facility. Like phone surveys, collecting data through in-person interviews allows the interviewer to collect a greater level of feedback.
This method is especially helpful if you need feedback on the look, feel, smell, of a product or food. However, in-person market research can become expensive because you have added costs associated with qualitative research such as facility rental, incentives, travel fees, etc.
Conducting market research via regular mail (surveys) is not typically recommended but may be required in certain industries or depending on what type of information is being collected. It can take longer to process feedback from this form of data collection process, but it is more convenient for respondents because they can complete it when they have time.
Another downside of using this market research method is not knowing whether all recipients actually received the survey.
Let’s say you send out 500 surveys through the mail but only 300 people actually receive them. Out of those 300, only 170 people actually fill out the survey and return it. These numbers can greatly impact the quality of your data.
What is the Best Market Research Methodology?
Whether you’re a seasoned market researcher or a business owner looking to harness the power of data, understanding when to explore and when to measure can be the key to unlocking deeper, more actionable insights.
But, determining the best type of market research depends on several factors, including your objectives, timeline, and budget.
Let's break down how these elements influence the choice of methodology:
What are your objectives?
Exploratory Objectives: Qualitative is best
If your goal is to understand new markets, identify potential opportunities, or generate hypotheses, qualitative research methodologies like focus groups, in-depth interviews, or ethnographic studies are ideal.
These methods provide rich, detailed insights that help you explore the unknown and understand the 'why' behind consumer behavior.
Descriptive Objectives: Quantitative is best
When you need to describe characteristics of a population or understand the frequency of certain behaviors, quantitative research methods such as surveys and observational studies are recommended. These methods provide measurable, statistical data that can be used to make informed decisions.
What is your timeline?
Short Timeline: Quantitative is best
If you need quick results, consider methodologies that are faster to implement. Online surveys and secondary data analysis can provide valuable insights in a short period.
Online focus groups or quick-turnaround qualitative studies can also be efficient if you need in-depth insights without extensive time investments.
Medium to Long Timeline: Qualitative is best
For more comprehensive studies, such as longitudinal surveys or in-person focus groups, the timeline can extend to several weeks or months. These methodologies provide deeper insights but require more time for data collection and analysis.
What is your budget?
Limited Budget: Quantitative is best
When working with a tight budget, cost-effective methods like online surveys, secondary data analysis, and social media listening can be highly effective. These methodologies offer good value for money and can provide actionable insights without significant financial investment.
Moderate Budget: Qualitative is best
With a moderate budget, you can consider methods like telephone surveys, in-person focus groups, or online communities. These approaches balance cost with the depth of insight, providing robust data without excessive expenditure.
Generous Budget: Hybrid of quantitative and qualitative is best
If you have a larger budget, you can invest in comprehensive methodologies like ethnographic research, large-scale quantitative surveys, or extensive experimental studies. These methods offer the most detailed and reliable data but require significant financial resources.
Contact Our Full-Service Market Research Company
Drive Research is a full-service market research company specializing in both qualitative and quantitative methodologies. Based on your unique objectives, goals, timeline, and budget, our team can recommend the best methodology. We work closely with B2B and B2C organizations across the globe to deliver custom insights to drive better decision-making.
To learn more about our market research firm or get a quote, contact us today.
- Message us on our website
- Email us at [email protected]
- Call us at 888-725-DATA
- Text us at 315-303-2040
Emily Rodgers
A SUNY Cortland graduate, Emily has taken her passion for social and content marketing to Drive Research as the Senior Marketing Manager. She has earned certificates for both Google Analytics and Google AdWords.
Learn more about Emily, here.
