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Quantitative market research studies are designed to assess, predict, and estimate buyer attitudes and behaviors, used for market sizing, market segmentation, and uncovering "drivers" for brand and product preference.
Quantitative marketing research designs gauge, describe, and forecast quantity. Using a range of
sampling strategies, quantitative market research studies often project
results of quantitative market surveys to the entire marketplace. Popular quantitative market survey methods include online surveys, personal
quantitative interviews, mail surveys, intercept studies, and phone surveys. At Power
Decisions Group, we recommend the data collection technique -- phone, personal interviews, online web interviews, mail -- according to the research objective, time requirements, and quality control issues at play.
Quantitative Research Data Collection Methods -- Key Strengths
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Fast implementation for
complex measurement constructions. |
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Top-of-mind
brand awareness and first reaction attitudes. |
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Hybrid
quantitative/qualitative; depth probing of attitudes and beliefs by
skilled interviewers. |
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Allows time for respondent
to think about complicated issues without pressure or interviewer
influence. |
Intercept
Central Location Testing (CLT):
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For both
quantitative questions and for choice exercises in mock stores, and for
physical product examination and concept testing. |
Market Surveys
Types
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Type
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Description
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Strengths
Weaknesses
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Quantitative Market Surveys
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Phone
Surveys
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Random
probability samples can be generated from firms such as Survey
Sampling, Inc. (SSI)
Best
for mostly close-end questioning, when dimensions and ranges
of issues are known. Success
depends highly on filtering sample to those consumer or
business users who find topic or category relevant. 10-12
average interview length is maximum target unless highly
specialized population or incentives paid.
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Optimum
use is for top-of-mind awareness, branding and brand
comparisons, and perception studies.
Response
rate is critical, especially with growing privacy issues and
phone screening among consumers and business executives alike.
Low
relative cost
Generally,
fast implementation.
Skilled
interviewer can extract more information than a
self-administered method (mail, online)
Critical
to monitor response rate to ensure sample is representative of
target sampling frame.
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Personal Interviews
and
Central
Location Interviews
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Random
probability sample -OR- convenience sample, depending upon
design. (Central location usually use a convenience
sample, i.e. mall traffic)
Used
where a face-to-face environment is desired.
In
B2B market research, personal interviews may be done by appointment
where interviewer goes to respondent's office.
Some
special consumer studies may be done in-home by appointment.
Often
respondents are recruited to come to a central location, or
recruited from mall traffic to a nearby office to conduct
interview.
Used
for complicated or sensitive issues, B2B market research environments, or
where extensive physical or visual display requirements exist
along with need for specialized interviewing skills (depth
probing, time for evaluation and reaction.)
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High
cost.
Can
provide good hybrid method combining features of qualitative
and quantitative research by asking quant-type questions
first, followed by in-depth probing questions and projective
techniques.
Skilled
interviewer can extract more information than a
self-administered method (mail, online)
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(Web
Surveys)
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Can
employ true random probability sampling
Complicated
survey questionnaire formats can be used. For example, piping,
rating, rankings, constant sum questions, etc.
Easy
to display visual information previously available only in a
face-to-face interview format. (advertising copy, concept
statements, projective stimuli, etc.)
Allows
deployment of complicated respondent tasks. (card sorts,
conjoint ratings, etc.)
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Low
relative cost
Generally,
fast implementation.
Sampling
control is critical.
Large
pre-recruited panels allow quick access to willing
respondents, although sampling validity must be carefully
assessed.
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Hybrid
Surveys -- Methods
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Hybrid
methods combine two or more techniques to optimize response or
measurement validity.
Examples:
>Mail
or phone invitation to online surveys.
>Online
surveys with phone follow-up to permit depth probing of key
market research questions by expert interviewer.
>Quantitative
surveys from which participants are selected based on their
answers for a follow-up qualitative phase (focus
group, depth)
>Panel
recruited from a one-time quantitative survey. (see Panel
Research FAQ)
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Higher cost
More time required
for implementation.
Enhances quality through higher response rates, and better response quality or validity.
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Marketing Consulting Services :: Overview
Marketing Strategy Consultants
As marketing strategy consultants, our firm will work with you and your company and management team in a professional product launch, branding research, or market sizing or targeting engagement. Since each client company or firm is unique with its own set of issues and opportunities, we often begin our relationship with a decision identification and clarification engagement – what we call Decision Mapping. This identifies the most relevant problems, opportunities, and issues most relevant, and serves to clarify the decision agenda. We believe this is a crucial step to ensure as consultants to your company, that our research or marketing strategy engagement meets your specific management requirements. Further, Decision Mapping saves both time and money as it sharpens focus as to the exact work which needs to be accomplished in our remaining consulting or market research work for your company.
Experts in Marketing Strategy
As experts and specialists in marketing and market research, we are well qualified in these strategy arenas:
positioning, segmentation, product launch, new product development advertising strategy, corporate and product naming, company branding, brand equity measurement, pricing, brand development, brand strategy, product concept testing, identifying opportunities, and targeting positioning.
Functional Marketing Research Experience
Our consulting company has deep experience working with large and small firms, although typical clients include Fortune 500, Fortune 100, or middle market companies. Our team members have been involved as executives and board members of technology venture start-ups, conducting research and assessments used by private equity, and venture capital firms.
Industry Consulting and Market Research Experience
First, we are not industry specialists or experts. Our philosophy is that we bring a tool kit of analytical and management skills to the table. You bring deep industry knowledge of your business. The blending of our functional and management expertise, and your knowledge of your own business and industry, makes for a productive decision-focused engagement.
Here are some examples from industries we've served with management strategy consulting and marketing research...
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Venture Capital Due Diligence Marketing Research
Venture capital investment firms require fast turn, robust analysis of market opportunities.We deliver 'real world' marketing research data on how your investment target fares in the marketplace. We assess customer satisfaction, brand position, and marketplace performance in the eyes of their industry and customers.
We tailor each marketing research study for venture capital firms such that our focus is on the decision parameters most important to the VC partners evaluating the venture investment. Some studies are conducted using depth interviews of industry players; others by phone or online market research among customers or prospects of the target company. Whatever the tools and techniques, we work closely with the VC partner or project director to ensure that we uncover the essence of the target's marketing positioning and effectiveness. This permits the Venture Capital firm, our client, to have the best possible information for the venture decision.
For implementation, we understand that "time is of the essence" in evaluating most deals. Thus, we work 24/7 on VC projects to deliver quality data quickly. For fast turn studies we can deliver top line analysis in 10 days or less.
Power Decisions Group is especially well qualified to work with VC firms. We've been there. Our principals have been CEO's, and board members of technology spin-offs and start-ups. We bring this experience to the table as we assess and interpret our primary marketing research data.
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Business-to-Business: B2B
B2B marketing studies are focused, practical research efforts to enhance the fast-paced decision-making requirements of the B2B marketing environment. Industrial and B2B manufacturing and wholesale marketing research studies are designed to be practical, accurate, and reflective of the particular client needs and the nature of the targeted market.
We've conducted scores of industrial B2B studies for manufacturing firms engaged in sales of chemicals, heavy equipment, technology products, software systems, plant procesing equipment, computer systems, farm equipment and implements. Industrial B2B market research, as in consumer research, requires decision-clarification up front, tight goal definition, rigorous research design, and meticulous field research data collection.
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Marketing Due Diligence
Marketing due diligence research provides stand-alone market research assessments. With primary and secondary research we uncover how a company fares in the marketplace as an investment target. We assess customer satisfaction, brand position, value proposition, and marketplace performance in the eyes of colleagues and analysts covering the trade and industry; and among customers and other key stakeholders that affect market share.
We tailor each marketing due diligence research study..
Our focus is on the decision parameters most important to investors. Some studies are conducted using depth interviews of industry players; others by phone or online market research among customers or prospects of the target company. Whatever the tools and techniques, we work closely with the VC partner or project director to ensure that we uncover the essence of the target's marketing positioning and effectiveness. This permits the Venture Capital firm, our client, to have the best possible information for the venture decision.
For implementation, we understand that "time is of the essence" in evaluating most deals. Thus, we work 24/7 on VC projects to deliver quality data quickly. For fast turn studies we can deliver top line analysis in 10 days or less.
Power Decisions Group is especially well qualified to work with VC private equity firms. We've been there. Our principals have been CEO's, and board members of technology spin-offs and start-ups. We bring this experience to the table as we assess and interpret our primary marketing research data.
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