Every business needs proper planning for growth and development. But to come up with the right plans, companies must base all their decisions on research data gathered by reliable qualitative research firms. In addition, the information these firms collect will help businesses meet their overall strategic goals.
While the numbers presented in the data generated are highly important, they cannot provide the whole picture in understanding your customers’ holistic view. If you truly want to understand your market, you need to do beyond the data to check out the reason behind their actions using qualitative research methods. You may also discover other significant benefits that your company will get from this research process along the way.
Generally, research is composed of two data collection methods: qualitative and quantitative. Based on their definition, quantitative research deals with collecting information that can be measured or quantified. While the data gathered may provide precise information on certain aspects, it cannot completely describe other factors, such as customer behaviour, outside of the metrics you are trying to measure.
If your company wants to cover everything in a study, then using qualitative research must be included in your plan. For example, a method like a focus group study can determine the motivation behind consumers’ actions instead of getting simple “yes” and “no” answers. This type of marketing research can be used as one of the formulas for business success.
However, not all companies recognise the value of looking beyond numbers. According to a study shared by Qualtrics XM Institute, almost 90% of consumers entrust a company they believe provides “very good” offers that take care of their needs. However, earlier data from another research, Edelman’s Consumer Marketing Study, found that roughly 10% of brands take advantage of this opportunity.
Thankfully, new perspectives and techniques in digital marketing have helped businesses around the world to close this gap. To aid their market research, Singapore companies hire agencies that can do qualitative research for more holistic data. This move is also being done in economically advanced nations such as the United States to help them maximize the use of data for their marketing strategies.
Businesses can get plenty of benefits by hiring a research firm to work on qualitative research. Here are the top three things they can leverage for success:
Changes are inevitable when it comes to consumer patterns. When the changes happen abruptly, companies will start wondering what happened to their market’s old habits.
If a business will call for a qualitative study, it will allow them to understand the shift in customers’ attitudes. As a result, it can enable companies to adapt and retain a good relationship with their consumers or audiences.
Even experienced marketers can find it difficult to look for fresh ways to introduce old content. Qualitative research can also help in this situation. Through the qualitative research approach, it would be easier for them to find genuine ideas based on responses gathered from particular groups of respondents through segmentation and insights from experts.
Companies can transform their data into ideas that, in turn, can serve as valuable content that accurately communicates brand messages. If this process is executed properly, all parties can benefit from a precise and favourable value proposition.
While statistics allow businesses to identify and understand trends, “human experiences” (HX) are also important to evaluate a company’s performance. Some studies claim that HX is now the future of design. HX motivates two different individuals to look at the same event and see it in two completely different ways.
If your company chooses to use qualitative research in conjunction with measurable marketing aspects, they can generate more “humanized” insights to form a more accurate picture of their market’s mindset. Both perspectives – qualitative and quantitative – are crucial in helping companies develop the right strategies for improving their operations.
While conducting an in-house study is a popular choice among companies for conducting market research, hiring a third-party market research firm could be the better option for numerous reasons.
First, an external research company can offer you a fresh and independent perspective regarding the subject of the study. For example, some organizations are already contented to doing things using their preferred or existing methods. However, it can limit them from exploring new ideas and implement innovation when they can only see things from the perspective they’re used to.
Second, hiring a digital marketing agency that offers qualitative research can help your company save a significant amount of time. Designating research tasks on a market research partner will allow your company to focus on your regular tasks and business properties to ensure that operations will run smoothly.
Most importantly, hiring reliable digital marketing companies to take care of your qualitative research ensures that highly capable individuals will conduct the study. Field experts always use the latest and most advanced survey tools and other market research resources to conduct effective studies. As a result, you will get the best survey results to help you scale and grow your company without the need to invest in these tools. This advantage will come in handy to avoid overspending on research and development, as market research practices tend to change over time.
Doing qualitative research allows businesses to learn more about various factors regarding their company’s performance and how they can transform useful information into better customer experiences.
If you want to know about how your organization can benefit from conducting qualitative research, experts from digital marketing companies in Singapore, such as Media Manager, can help. Our experts can provide in-depth studies that will gain you valuable market data and insights.
Learn more about our qualitative research services by sending a message at https://www.mediamanager.com.sg/contact/.