Quantitative VS qualitative market research: Which method is best for you?

Whether you want to develop a custom application or bring a transformation in one of the business operations, you must do solid market research. There are two types of research - qualitative and quantitative market research. Both are directed to reveal different information and data about the business or the subject under test. However, they yield maximum results with accuracy and precision only when the methods are used in conjugation.

But sometimes, you may have to use a single research method only. In this case, you should know the differences between them. This will help you choose the best method to yield the desired result without any further hassle. Keeping this in mind, we have explained the differences between qualitative and quantitative market research.

What are quantitative research and the types?

Quantitative market research aims to get certain and definitive answers to the most crucial questions. For example, if we consider a retail business, it can conduct quantitative research for facts like-

• What percentage of the audience will want a mobile application?
• How many sales can be targeted by the end of a financial year?
• What is the trend in sales for the past six months?

These questions indicate that the answer needs to be in number or any other form that can be quantified. Since the numbers need to be accurate, up to three decimal places, researchers need to adopt proper and high-quality analytical methods. There is no place for assumptions in quantitative research, which is why it is considered one of the most difficult market analyses.

There are four types of quantitative market research that one can implement:

• Descriptive research
• Quasi-experimental research
• Correlational research
• Experimental research

Out of these types, descriptive research covers the maximum area of the market while experimental research needs to be specific and to the point.

What are qualitative research and the types?

As the name suggests, qualitative market research is conducted to gain deeper insights into consumer behavior and thoughts. It is based more on assumptions instead of data. Although there are assumptions involved, qualitative research can provide a deeper understanding of the current trends in customer behavior and whether they will change in the future. 

It is mainly implemented to understand what the customer likes or dislikes, their experience with the business, insights into the business operations, and so on. There are several types of qualitative research, like

• Historical research
• Ethnographic research
• Case studies
• Grounded theory research
• Action research

Based on the feasibility of the process and the given set of conditions, one needs to choose the best method to yield the desired results. At times it can be difficult to understand the market and customer behavior and emotions using just a single method of qualitative analysis. Researchers draw a combined strategy using two or more analytical methods. 

What are the differences between quantitative and qualitative analysis?

To choose between quantitative market research and qualitative market research, you must understand how these are different from one another. In this section, we have drawn parallels for more clarification. 

Quantitative market research	Qualitative market research
Quantitative research is based on datasets obtained from various channels.	Qualitative research involves the use of descriptions, past trends, and observations.
It is an objective research method to find a certain answer to a question.	It is more subjective and indicates the consumer market's emotional and behavioral side.
Quantitative research can find trends and patterns in the datasets and unravel more information about the concerned question.	This market research is conducted to understand human behavior, motivating factors, reasons for disappointment, expectations, etc.
Data is collected using structured and well-defined methods to prevent any redundancy and discrepancy in the collected datasets.	In this case, the datasets are collected through unstructured or semi-structured methods.
Quantitative market research provides accurate results based on datasets.	Qualitative research can only shed light on observations and not measurable metrics.

Conclusion

This discussion shows that quantitative market research yields the most accurate and definitive results, while qualitative research is based more on assumptions. Since conducting the research alone can be difficult, it is better to ask for help. Insights Opinion is here to help you since the company's research team is strong and highly skilled.