Quantitative market research consists of developing large-scale surveys or panels by distributing a questionnaire to a large sample of people. The objective of a quantitative study is to answer questions such as who? What? or ? how much?
To carry out a quantitative study, we must first determine the sample of people interviewed and then develop the questionnaire.
What is Quantitative Market Research?
Quantitative market studies are surveys carried out through a questionnaire among a targeted sample of the population to analyze their opinions and behavior. The objective here is to favor the width of the model of people questioned to the detriment of the questions’ depth (we tend quantity rather than quality).
Methods for carrying out Quantitative Market Research
Quantitative market research can be carried out using two methods: that of surveys and that of panels.
The method of Quantitative Market Research by Surveys
The survey makes it possible to obtain information on a market by offering a specific vision of a phenomenon. The results are likely to become less and less relevant as time goes on.
The results do not provide a dynamic view of market trends and their evolutions. The survey is an operation carried out at an instant T and not repeated at regular intervals.
The method of Quantitative Market Research by panels
The panel consists of permanently interviewing a sample of people at regular intervals. This method makes it possible to obtain a dynamic view of the market and its evolution over time and to detect trends to project oneself towards the future better.
The panel method is, however, complex and expensive; large accounts instead use it. It is also possible to subscribe to the results published by organizations specializing in carrying out quantitative market research by the panel.
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How to do Quantitative Market Research?
The realization of the quantitative study begins with its preparation to determine the sample of people questioned and the drafting of the questionnaire . After that, it is necessary to disseminate the questionnaire and then collect and analyze the results.
We are interested in the survey, which is commonly used by entrepreneurs who carry out a quantitative market study; the panels are rather reserved for large companies.
Determining the sample of individuals interviewed
Sampling involves defining the type of people who should be selected to answer the questionnaire and then determining the number of people who should be interviewed.
Therefore, people can be targeted according to several criteria such as their sex, their age, their socio-professional category, their household (couples, relatives, etc.). The objective is to obtain a representative sample of people corresponding to the criteria. That interests you.
The Quantitative Market Research Questionnaire
It is then necessary to select the list of questions to ask and to write them. The questionnaire is the basis of market research; it is made up of open questions (written answers, numerical answers) or closed (yes / no answers, multiple choice answers).
The questions asked as part of a quantitative market study aim to explore a market, obtain information on a specific area and detect trends.
The approach here is different from that of a qualitative market study. The depth of the questionnaire is the priority to more precisely measure the needs and expectations of customers.
Dissemination of the Questionnaire and Interpretation of the results
The questionnaire can be distributed in several ways: by internet, by mail, by telephone, by post, or directly by hand. It will be necessary to collect the questionnaires’ responses, possibly to eliminate any non-exploitable feedback, and analyze the results. If you need to deepen specific points of your study, you can also carry out a qualitative market study.