Companies are fighting tooth and nail to stay ahead of the competition. Besides deploying aggressive market campaigns, they are focusing on increasing their dependency on research in order to understand market competition and trends. The changing market dynamics entails closer look at various aspects connected to the data.
The market research aims at giving business organizations information about customers or markets for making informed business decisions. This effort to collect information is done to analyse market size and needs along with the nature of market competition. This can help in making business strategies to get an edge over competitors. Companies either do research themselves or hire the services of agencies that offer professional market research services.
This is where specialised fields such as quantitative analysis and qualitative analysis come handy and gives companies the desired results. Essentially, qualitative data collection and analysis is exploratory research. It is done in order to have a better understanding of opinions and reasons. This gives deep understanding into a problem or aids in developing ideas for potential quantitative research. It also uncovers trends in opinions and thoughts by delving deeper into the problem. On the other hand, Quantitative data analysis generates numerical data which can be changed into statistics of utility. Basically, analysis of quantitative data helps in quantifying attitudes, opinions and behaviours along with other variables for generating results from a big set of population. This uncovers patters through research by using the measurable data.
Hence, while qualitative data collection and analysis uses unstructured or semi-structured and the sample size of people involved is typically small, methods involved in analysis of quantitative data collection methods are much more structured than Qualitative data collection methods. The qualitative data collection methods include surveys such as paper surveys, telephonic interviews, online polls and systematic observations.
Companies today need a mix of quantitative and qualitative data analysis to give them details of trends, patterns and consumer mindset. Hence, many small research firms have started offering these specialised data analysis to their clients who are willing to spend a fortune in order to launch strategies and create products that give them a foothold in the market which is witnessing more competition with each passing day. Choosing a competitive research firm can be a task and one which understands your requirement by giving you the desired output is not an easy task. Impetus research is one such firm offering both these services. A list of reputed clientele who have taken their services indicates the robust analysis that the company offers.
Qualitative data analysis and collection involves ethnography studies, telephonic interviews, focus group recruitment and discussions amongst others. In addition to it, Impetus research also provides stand-alone services such as transcription, custom reporting in word format as well as development of discussion guides. However, in quantitative research, it undertakes development of questionnaire, data processing amongst other services.
Overall, an informed decision to opt for a reliable firm offering both qualitative and quantitative data analysis can go a long way in helping businesses in achieving their goals.