Relevance of Qualitative Market Research in Data Mining

1. Relevance of Qualitative Market Research in Data Mining

2. When you conduct extensive market research to build a framework or an idea into something substantial and determine its feasibility, you indulge in data mining. Data mining is an integral part of a research study that requires you to understand or find patterns or correlations in and between large chunks of raw data. The idea is to predict results or outcomes by gathering valuable data from raw data and then leveraging that data to test a hypothesis or a model. When you gather data from primary sources of information, like people or groups of people or organizations or communities, it is referred to as primary data. There is a wide range of methods that you can use to carry out primary data mining. However, it can be majorly classified into two categories, qualitative market research and quantitative market research. Qualitative Market research helps you to understand the feelings, perspectives, emotions of your target audience. So, it usually revolves around gathering information from them related to the hows and whys. As it’s self-explanatory, qualitative data is non-numeric and is presented or mined in the form of paragraphs or words. In addition, it also justifies or supports the statistical data of a problem.

3. There are various ways to carry out qualitative market research. As one of the best market research companies worldwide, we offer a variety of methods to conduct qualitative data analysis for your brands, such as in-depth interviews, in-home usage testing (iHUTs), and online bulletin boards. In-depth interviews are basically appointment-based interviews either conducted on the phone or in-person across varied geographies. They target actual decision-makers. Online bulletin boards are an immersive way of carrying out qualitative market research. They help you gather valuable insights related to exploratory research. In-home usage testing is a famous market research method usually opted by various FMCGs and consumer durable companies. They can help you improve products, measure a product’s shelf life, assess potential threat levels, predict how people will accept new products, and enhance product acceptance. So, if you are launching a new product, this is surely one of the effective market research methods. However, the most popular and effective way of gathering multiple perspectives and views on a topic and understanding where those perspectives come from is focus group discussions.

4. Focus group discussions are either semi-structured or unstructured interviews moderated by a professional who has stellar group leadership and interpersonal skills. They ask diverse, broad questions to trigger diverse responses and engage in productive discussions. So, focus group discussions are highly effective for understanding an issue or problem at a profound level and observing behaviours in a particular social situation, which is much better than conducting a survey because surveys have limitations. Qualitative market research involves asking open-ended questions, which means the interviewer has to be good at framing questions and asking them. So, it is also relevant to determining the effects of a campaign or program, or trend. Qualitative market research and data analysis are compelling as a market research tool because they allow you to delve into the ins and outs of a problem, thereby providing you with complex explanations and patterns regarding how people behave or interact, or perceive. This helps in understanding the role played by intangible factors, such as socioeconomic problems and social traditions. It can be extremely difficult to explore such scenarios with quantitative research.

5. Moreover, the valuable data gathered by you and the insights derived from qualitative data analysis can also help you improve certain aspects of your business, such as your revenue, customer relationships, and costs. However, it takes an elite team of research professionals to understand how they can leverage useful insights to develop ideas for enhancing their success rate. So, suppose you want to explore the hows and whys of a problem or idea you’re working on and you want intricate descriptions of people’s behaviours or attitudes towards that idea or problem, we highly recommend you get in touch with a reliable market research company that specializes in qualitative market research. We, at Unimrkt Research, boast of providing our clients with varied high-end market research services. Check out our website to know more!