Why Is Qualitative Market Research The Need Of The Hour?

 

Brands are funneling billions of dollars into their Big Data and Data Analytics campaigns each year in order to be able to forecast the behaviors of their customers. Many of them have managed to compile massive troves of consumer data. This has led to these brands becoming complacent, being under the impression that they have all the insight they need to be able to sell their products and services better. However, with all the data that these brands have managed to collect, they still lack the ability to humanize this information, in order to make the progress that they wish to make. Global powerhouses such as Google, that can get their hands on all the data that they could possibly need, nonetheless employ qualitative research strategies to acquire a deeper understanding of the reasoning behind why their customers and users behave the way they do. 

Even as brands are noticing that their investments in data collection and analytics technologies aren’t paying off, the realization that it is not big data but strategic data collection that is important, is beginning to dawn on them. This is exactly what qualitative market research is all about – utilizing already existing data in a more efficient manner, so as to be able to make better-informed business decisions. 

Acquiring the intelligence to make these better-informed business decisions involves asking the right questions, including – 

• What makes consumers tend to prefer certain brands over others? 
• Do aspects such as brand image and product packaging have a bearing on purchasing decisions?
• What marketing mediums do consumers respond to the most?
• Do prices play a role in their decision-making process?

as well as specific ones, such as – 

• How do customers view my brand, its products, and its services? 
• How satisfied are customers with a certain product line or service of mine? etc.  

What Does Qualitative Market Research Entail?

Brands today are not only looking to gain a comprehensive understanding of the buying habits of their customers but also the emotions behind their purchases. While technologies such as Big Data have made it easy for them to figure out the numbers, it is only qualitative market research that can help brands acquire a deeper perspective on their consumers. These deeper insights are acquired by reaching out to customers directly, through either conversational or observational means. Qualitative market research is the single most effective means for brands and companies to begin to understand the buying journeys of their customers from their own viewpoints. This negates the need for having to try and make sense of large quantities of data, where there is plenty of room for misinterpretation and little room to obtain concrete insights. 

Using qualitative analysis, companies can bridge the divide between them and their customers. It makes it possible for them to go back to the days of acquiring feedback on every intricate aspect of a product or service straight from the mouth of the customer, something that is completely neglected in the modern-day business landscape. Qualitative research offers brands a more in-depth insight into what consumers truly think about them, their products and services than they can obtain from any amount of customer data that they can possibly get their hands on.

The Analyst Agency – Helping Brands Brand Bridge The Divide Between Them & Their Customers

Qualitative market research is the only way for a brand to think from the perspective of its customers and acquire a clear idea of the shortcomings of their offerings, as well as accomplishments. This understanding, in turn, helps them develop more strategically sound marketing campaigns that are entirely customer-oriented and not solely data-based.

The Analyst Agency is a highly reputed Market research company Toronto that helps brands connect with their customers and be able to constantly ascertain their growing expectations and wants. By utilizing modern qualitative market research techniques such as:

• online surveys (that are far better at reaching broader audiences than traditional surveys), 
• in-depth face-to-face interviews (that are often used in conjunction with focus groups for greater efficacy), 
• focus groups (both online and offline), 

we at The Analyst Agency are able to help our clientele acquire an understanding of exactly what their customers think about their brand, how they feel about their offerings, the aspects of their products and services that they think need improving, what measures they can take to make their buying journeys as seamless as possible, and lots more. 

Not Your Run-Of-The-Mill Market Research Company Toronto

By employing advanced observational qualitative re

search techniques (involving rigorous scrutinizing of the behaviors of customers in-store, social media monitoring, the observation of interactive forums, message boards, etc), The Analyst Agency is able to go above and beyond in helping your brand find context to the results of its data analysis programs as well as relate to the emotions of its customers. As a result, you will be able to plan and execute more effective marketing campaigns and also refine all its offerings.