Importance of Qualitative and Quantitative Research for Small Business
If you’re a small business owner, chances are you will need information about the market you’re entering. And if you want to make it big, you must do some research before you jump in. You can do so either with quantitative or qualitative research. They’re each effective with their benefits. A combination of two provides the best results.
Qualitative Research
Qualitative research gauges how people feel, what inspires decision-making, and what impacts choices. It could help you in deciding a lot from what to name your brand to how to design your grids to entice more customers. In short, it provides insight into the likes and dislikes of potential customers.
Benefits:
● Qualitative research can be recorded making responses easier to analyze.
● It’s cheaper and a large number can be researched without much cost.
● It can be taken at the time and place that suits everyone.
● A wide range of topics can be explored.
Ways to conduct Qualitative Research:
1. One-on-one interviews
Focus groups entail a small group of people who discuss a predefined topic in the presence of a moderator. To get an accurate understanding, the moderator should remain unbiased and not prompt at any point. Focus group discussion gives a broad perspective about prevailing opinions in the market.
2. One-on-one interviews
One-to-one interviews could be done over the phone or face-to-face. It’s a more personal approach and provides a deeper understanding of the individuals without external influence. Participants are often more comfortable in this approach than through focus groups.
Quantitative Research
Quantitative research is more structured and statistical. It usually consists of a small sample group who are given specific questions to answer. The questions have choices in answers that allow researchers to understand which are the most preferable options. In quantitative research numerical values are attached to answers, which helps in finding out the most selected answer.
Benefits:
● It helps entrepreneurs measure large data in a short time and provide a broad view of the situation.
● A comprehensive view helps small businesses in making sound decisions.
● Since surveys can be anonymous, it gives people the comfort to answer sensitive topics with honesty.
Ways to conduct Quantitative Research
- Questionnaires and Surveys
Questionnaires and Surveys can be sent to a large sample group with questions that have a list of preferable answers. The options limit the scope of answers resulting in a more detailed survey. The survey is quantified by graphically representing the proportion in which each answer has been chosen. With online forms for a survey, data collection and interpretation have become even easier.
What results in the success of a business is if the information provided is used in the most effective way possible. A good market researcher can assist you in making sound decisions with the data you have. Work smarter, not harder!
