There are a number of methods that are incredibly important to understand when you are conducting market research campaigns. The two most common methods are quantitative and qualitative analytics, with each method having its own strengths and weaknesses. Depending on the size of your business, as well as the amount of information that you want to find out, one method might be more effective than the other, so it is important to know when to use them.
Knowing The Difference
Before you begin conducting any type of research, you need to know the difference between qualitative and quantitative analytics. Their names might be similar, but they are very different when it comes to the type of information that they analyze.
Quantitative analytics refers to actually looking at the numbers of what you’re researching and is useful when you want to get hard data on how your consumers act. Qualitative analytics, in comparison, look at things that can’t necessarily be measured by numbers. It is far more subjective and can be used in order to understand why your
consumers do the things they do.
When To Use Qualitative Analytics
As stated earlier, qualitative analytics measure intangibles, so you should use this method when you are trying to determine any of the following things:
Why Your Customers Choose Your Business
Many business owners pride themselves on the quality of their goods and services. But by researching why your customers picked you over a competitor, you can better understand the needs and wants of your customers and change any of your business models in order to better satisfy them. You would be surprised at how much you can find out by simply asking your customers an open-ended questions like, “Why do you use our product/service?”
How Your Customer Views Your Product/Service
Anyone who works in marketing will tell you how important the concept of branding is, which is why you can use qualitative analytics to determine how your customers view the “value” of your brand. Doing so can have a significant impact on how you market your future products and services, as you will want to convince future customers that what you provide is of the highest quality.
Finding Shared Opinions
By utilizing the power of a qualitative analytics service, you can examine which phrases or words are most used by your customers when they describe your products or services. In doing so, you can get a better understanding of what your consumer base finds desirable and you can use these attributes in your own marketing campaign in order to promote your products and services!
When To Use Quantitative Analytics
This type of research method is fairly straightforward and can be used to determine a number of valuable things about your customers, including:
How Your Products/Services Are Being Used
Whether you run a small business or work for a nationwide company, understanding how your customers use your products and services is incredibly important. By using quantitative analytics, you can get the exact data points you need in order to determine which of your products or services are being used the most. This can have a tremendous impact when it comes to your marketing campaigns, as you’ll know which products and services to focus on.
Finding Out Your Website’s Traffic
It’s nice to see how many people are visiting your website, but using a quantitative analytics program like Google Analytics can allow you to see how visitors are finding out about your website. This can include anything from a simple Google search to clicking on a link from a referral site. Understanding which ways bring in more customers can allow you to redirect your marketing efforts and significantly increase your business!
Internet users can become bored very quickly, so if you don’t openly display your information on your website, you’ll find that your potential customers will quickly exit your site. Quantitative analytics are perfect for understanding where your visitors lose interest, which can allow you to make the necessary changes to your website. This is the perfect way for you to increase your conversion optimization rate, as no one likes losing out on potential customers!
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