How Quantitative Research Services Benefit Businesses

Posted by Nirmalendu Chaudhuri on September 9th, 2015

Market and business research can be carried out using quantitative or qualitative study. While research studies typically combine both, having an understanding of each will definitely help you appreciate the value of each in different evaluation scenarios. Quantitative research primarily relies on the collection and analysis of numerical data while qualitative research focuses on samplings where a richer depth of information can be drawn either through interviews or discussion groups. Quantitative research service is highly beneficial when there is large amount of numerical data to collect and analyse that may potentially contain valuable information such as trend, customer behaviour, competitive landscape etc.

The principal aim of quantitative research is to define variables, collect information, design appropriate statistical methods, analyse and interpret and findings Quantitative researchers gather information from a larger number of samples and representative individuals compared to qualitative researchers. However, they also get to spend less time with each representative, impeding deeper insights. This is exactly why quantitative research is a more appropriate study approach when dealing with numerical data.

In addition to market research for businesses, quantitative research methods are also ideal for measuring and analysing concepts, trends, product usage, and product consumption, among many other variables with mathematical precision. Other applications in and outside of finance include:

• Measuring the usage and awareness of a product, service, or a brand across large audiences.
• Statistically validating a particular hypothesis or theory.
• Segmenting and measuring market for a particular product or opportunities for a new service.
• Testing market preferences.
• Evaluating preferences for concepts, ads, packaging, promotion, and communications; and
• Comparing the desirability and the likely demand for product concepts and service ideas within a specific target market.

About the Company:

Quant Fin is an independent consulting firm based in Australia. Quant Fin offers one-stop solution for your financial modelling, model validation, capital structuring, financial valuation and risk management to financial training requirements.