Looking Beyond Quant Data in Market Research

Performing successful market research that sets you apart from the competition requires the gathering of insights, rather than just the compiling of information. Insightful interpretation can really set your data apart from others while also allowing for novel means of reaching different consumers for any kind of business. Really, rather than concentrating on a specific project, it can actually be more helpful nowadays to set out to discover insights for a variety of topics to better understand the dynamics and motivators of target groups. We discuss ways that you can incorporate an insight-based approach to your marketing research process here.

You should review current information.

To gather more holistic insights, it’s important to start off by using multiple sources of data to begin your initial review. Research data on complaints, service requests, Internet reviews, and other related published surveys and reports. Also, pay attention to both qualitative and quantitative research—Qualitative sources are what will put quantitative insights into the right context, especially if there seems to be a difference or disagreement between two studies.

Do your own market research.

It’s also helpful to collect more than just data from your surveys and interviews. When speaking to people, try marking down insights, as well as answers, such as what emotions are being displayed behind the actual answers you are being given. There are multiple ways out there to quantify the qualitative. Additionally, dig deeper to find the reasons behind consumers’ purchases and spending habits, rather than just narrowing in on what they’re buying. Find that driving force behind why certain promotions are more appealing than others, rather than just accepting a number to decide what is successful and what is not.

Work closely with participants.

Lastly, to gather more insights to complement your harder data, discuss early findings with the company for whom you’re performing the research. Talk to everyone involved, not only to record their insights, but also to increase the chances of your insights’ being heard and implemented in the future. Also, create a database to contain both the insights and the data, as it can be a great tool for future cross-referencing. It’s important too to be prepared with analytical findings, as well as with foundational insights, so that these combined may be the basis for other, more specific market studies. Having a database of both figures and insights can really put you ahead of companies that record only hard data.

A successful strategy is not just about gathering numbers and analyzing how certain companies attract more consumers. Rather, it’s also about why consumers are drawn to spend their time and money at specific establishments. The more insights you can gather in market research, really, the greater success you will probably have when completing specific projects down the line.