Among many other factors, businesses usually thrive on the information obtained from market research. When conducting market research for the first time, this may appear or even sound extremely complicated. Nevertheless, some important piece of information may prove useful when you are planning to conduct market research for the first time. It is important to note that market research falls into two main categories namely, qualitative and quantitative research. While a good research may require inclusion of these two distinct areas, some industries may end up utilizing only one of these components of market research. Moreover, sometimes it is also dependent on the nature of marketing objectives in regard to the kind of information needed. Obviously, there are clear differences between quantitative and qualitative research and this explains why a company may choose to utilize both or either of them depending on the needs at hand.
Apparently, firms that lack the necessary resources or firms capitalizing on outsourcing have the option of hiring qualitative market research companies. These are companies specializing on offering market research services using the qualitative approach. These companies go a long way in removing the burden from firms with no experience doing market research or firms that are aiming at cutting down on costs.
Typically, qualitative market research companies do not rely on data and numbers. They use an approach that is more focused on people’s feelings, thoughts and how they make specific choices. For instance, a company thinking of changing its branding should conduct qualitative research. This will help determine the emotional reactions that people have with the new identity as well as what they usually associate it with. Market research companies know how to handle consumers and how to get them to speak out their thoughts and feelings concerning an issue. To make informed market decisions, this is the kind of information that any business should seek.
Relying on market research companies will ensure that you get nearly accurate information that satisfies your research needs. This is because such companies have invested in the necessary capital and human resources that your firm may not be in a position to afford. Instead of introducing a research department in your organization, which will eat more into company finances, the best way of handling it is outsourcing the services of such companies. Besides, what is the point of maintaining research officers in your payroll while you do not require their services every other day?