Broadly speaking, as far as data collection is concerned, there are two types of market research. And really, it starts with data, since the volume and kind of information or insight a company seeks, will determine the methods used to gather the data, from the myriad of different types of market research. The two main types are qualitative and quantitative.
With the types of market research questionnaires geared around mainly qualitative data, telemarketers will speak with a fairly small sample of people to understand their experience. Usually used for around 100 to 500 respondents, it could comprise of questions about what a respondent thinks of an organisation. This may include their products or their people. Questions could also refer to innovation, new potential product releases, competitor activity, or just about anything else. The basis here is that freefall dialog is used to paint a picture that is individual to each respondent.
Why qualitative market research is used
Of the different types of market research, this method takes longer and usually costs more per response, because the results have to be carefully broken up, tagged, and analysed to create a report. The benefit is that open questions can be used to generate lots of useful information. Conducting these surveys over the phone is heavily reliant on highly trained researchers, like those at Blue Donkey, who are used to ‘reading between the lines’ so they’ll listen not only to the answers but to the tone of voice. By doing so they can gently probe and tease out information that less trained or experienced telemarketers would miss.
Of the different types of market research quantitative research is usually appropriate where an organisation requires bigger volumes of surveys. The questionnaires are more standardised. They generally opt for closed questions or those that can produce a limited number of options. They can include yes, no, or single word prompts, they can be rate and weight scales, or preference selections.
Why quantitative market research is used
Volume is the real benefit offered by this method. It can be done using direct mail, email, or online, helping to manage the cost. The advantage of using trained researchers like Blue Donkey is that the response rate will be much higher. Respondents are also less likely to abort surveys halfway if they are conducted with a professional. They offer the advantage that an open question can be added to the end, for example, to help bolster these types of market research surveys.
How different types of market research can help a business
As professional telemarketers, Blue Donkey regularly carries out all types of market research, including both qualitative and quantitative. There are a number of reasons clients commission research for their business. They include understanding where organisations key success factors are, and how their competitive landscape looks. It can also be used to determine what the customer experience is, and where their advantages or disadvantages might lie.
Research is often used in the process of identifying new product development opportunities or innovating existing ones. Anything from pricing, to value proposition, to brand recognition can be measured using either of the approaches to data collection above.
Understanding opportunities, averting risk, and maximising successes all boil down to a good understanding of the market. And like many things in business or life, if you don’t ask, you don’t get. According to Hubspot, “Research not only drives growth, it also impacts profitability. Firms become better positioned to secure prospects and grow their client relationships.”
To find out more about Blue Donkey and the different types of market research we offer, explore our site, or contact a member of our team.