Stories about fortunate accidents leading to the development of well-known products are amusing and, some would even say, inspirational. Many folks are intrigued by the possibility of coming up with a multi-million dollar product through sheer luck. Of course, it’s also important to remember that those incidents are incredibly rare. More often than not, the products that enjoy remarkable success were developed with the help of extensive research and testing.
The role that research plays in product development is not highlighted enough, considering its importance. Without the insights granted by consumer research, companies may struggle to even nudge their newest ideas out of the brainstorming stage.
Qualitative and quantitative consumer research efforts are especially helpful to companies planning to bring new products to the market. Research firms such as The Benchmarking Company have helped numerous brands execute successful launches by offering those services.
Your company can also benefit greatly from conducting qualitative and quantitative consumer research. Find out why those services are so valuable by continuing with the rest of this article.
What Is the Importance of Qualitative Consumer Research?
Defining qualitative and quantitative consumer research can highlight the different ways they can improve the product development process. Qualitative consumer research specifically focuses on the different aspects of consumer behavior.
Questions asked while conducting qualitative research focus on understanding a consumer’s mindset. For instance, a researcher may ask a buyer why they chose a specific brand of shampoo. They may hone in on factors such as pricing, branding, or any other selling points the particular shampoo may have. Researchers may also check if the purchased product was the consumer’s first choice.
Those are just some of the questions that may be asked as part of qualitative research. It’s up to the researchers to determine which questions can yield the most valuable information. They can also decide to change the questions they present based on the customers they’re interviewing.
According to Indeed, qualitative consumer research is conducted on a smaller scale. Many research efforts involve one-on-one interviews, but there may also be studies completed with the help of small focus groups.
The information provided by qualitative consumer research remains useful even if it comes from smaller samples. That’s because companies use the data from those efforts to generate new ideas or improve existing products. They’re using qualitative consumer research to explore a unique direction. For the most part, the information gathered from qualitative consumer research is earmarked for internal use.
What Is the Value of Quantitative Consumer Research?
While qualitative consumer research focuses on consumer behavior, quantitative research is more about the numbers related to your business. A critical point of emphasis for quantitative consumer research is recording data without bias. The numbers gathered as part of quantitative consumer research should speak for themselves.
Quantitative consumer research must also use data from large sample sizes. According to The Hartford, it may use surveys and questionnaires. Small data samples will not suffice because they may not provide the full picture of the market.
Thanks to the insights granted by quantitative consumer research, companies can better understand their consumers. A study can identify the market size for a new type of lotion. After learning that information, you can decide if the time is right to enter that market.
The results of quantitative consumer research are useful not just for gauging the viability of new products. By conducting that type of research, you can also check the performance of your current offerings. You can examine the latest trends and either build on your successes or implement changes that minimize your losses.
Information provided by quantitative consumer research is also critical for projecting the market. It can help you chart the best path forward and boost investor confidence.
Qualitative and quantitative consumer research can prime your products for success. Take full advantage of their benefits to refine your development process.
