Qualitative market research helps you have an inside look in your consumer’s perception and behavior towards your product/brand, helping improve your future decision making leading to better return on Investments (RoIs).
Qualitative market research is the unstructured or semi-structured way of data collection and analysis of a consumer’s lifestyle behavior, and in-depth research of ‘why’ a consumer behaves in a certain way. It helps in future decision-making of an organization. The research entails detailed interviews, participation observation, using innovation games, group discussions and case studies.
Qualitative market research is often used before the introduction of a new product idea and its development; when exploring new markets/demographics/customer groups; to assess the strength and weaknesses of a particular product/brand; for product positioning and marketing strategy, company/brand perceptions or assessing the reaction to a mass communication campaign – giving the qualitative research a wider usage scope for any type and size of an enterprise.
Due to complexity of data, Qualitative research uses small group of people with similar set of characteristics (like backgrounds, attitudes/nature and demographics) and a predetermined topic. But organizations should be careful to as qualitative market research is more dependent on the skills of the researcher. Considering that there is cost and future decision making associated with qualitative research, one should be very cautious while selecting a market research firm. For firms with tight budget tapping the marketing research programs of business schools is a good idea, while others can tap trade associations and other marketing or research associations
With the ever increasing data and changing social landscape, usage of social media has helped Qualitative research in monitoring whole online communities, helping get faster and accurate results. It also helping in tapping many diverse and sensitive issues which, earlier people might have not been comfortable in a group discussion environment.
Also there is a major shift in businesses outlook of getting more engaged/connected and gain a deeper empathy towards their consumer whom they are targeting. The demand from qualitative researchers is no longer limited to providing an insight but provide smart innovative solutions and content analysis techniques for better Qualitative Market Research experience.