There’s a saying that asking is the first step to receiving. This principle reminds us that we must pay attention to the form and means used to obtain an answer. In Market Research, we also work with this principle, allowing us to be more precise in the results obtained. It’s worth remembering that in our field, we have two main ways to achieve our goals: quantitative and qualitative methodologies.
In this post, we’ll focus on the former. One of the requirements for choosing this methodology relates to the quantity and quality of the data available for the project we want to launch. Without this raw material, market analysts specializing in mathematics cannot perform the calculations, models, and analyses necessary to draw effective and valid conclusions. For this reason, this week we’ve listed four reasons that justify the use of quantitative techniques.
Mature Topics. In other posts on this blog, we’ve rightly stated that a limitation of data-based methodologies is that we depend on topics with a visible history and track record. Therefore, if your research topic is quite recent and there is little prior research on the subject, we recommend opting for a qualitative approach. Otherwise, you can choose techniques that use easily accessible databases.
Sampling. The reality is vast. Even if we are dealing with a topic with a long history, we may also encounter segments with data that we will need to collect from consumers. In these scenarios, we are obligated to know, with reasonable precision, the size and characteristics of our target population. Knowing this, we must define a collection of individuals that represent the environment.
Comparison. Just as maps and photographs are representations of a specific moment in time, databases are similarly representative. To conduct correlation analysis, for example, we need a series of data from a specific period of time. This is why we must ensure that we have access to comparable sets of data. A textbook example of this is the Population and Housing Census.
Resources. One advantage of these techniques is the amount of time and investment required to implement them. Since we rely on resources that are typically already available, it reduces the expenses needed to achieve the objectives. Even when fieldwork is necessary, we can start with brief, structured data collection instruments with pre-coded response options. This principle isn’t strict, and there will be times when the required budget may be higher.
To get the most out of this methodology, it requires researchers with extensive experience in searching, cleaning, analyzing, and synthesizing available data. It’s also crucial to carefully consider the types of calculations performed because not all databases are suitable for all types of analysis. Finally, it’s essential to know how to represent the data with graphs appropriate to the type of numbers being analyzed, ensuring quick and easy interpretation.
At Acertiva, we have a team of analysts and strategic partners with years of experience in this field. If you’d like to update your business plans with quantitative market research this year, contact us. We have over two decades of experience understanding brands and consumers in LATAM. Take advantage of our free fifteen-minute consultation to get your questions answered. Make your next success story a reality with our support.
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