Thursday, December 18, 2014

Overview of the Market Research Services Provided by TechWise

TechWise Research.There are two types of market research: qualitative and quantitative. Each approach can offer valuable information and insights to help you make informed business decisions. The first step in any research study is to determine which type of research is most appropriate. In some cases, however, a combined qualitative/quantitative research strategy is best, as these two research methods often complement each other. Regardless of the approach, TechWise Research has the expertise to help you select and implement the research strategy that best meets your research objectives and resources.

Before making recommendations regarding study design and methodology, TechWise Research asks the following questions at start of each project:
  • What business decisions do you need to make?
  • Who are you trying to survey?
  • What type of information do you need?
  • When do you need the information?
  • What is your budget for the project?
Based on your answers to the above questions, we work with you to select the methodology that best meets your research needs.

Qualitative Market Research

Qualitative studies are generally exploratory in nature and involve small sample sizes. Unlike quantitative research, questions are more loosely structured in order to promote discussion. We often use qualitative research to help our clients understand the reasoning behind someone's decision to buy (or not buy) a particular product or service. This research approach can also be used to explore-or even to generate-new ideas for products and services. These types of studies allow us to ask probing questions to both identify the factors that drive purchase behavior and to understand why the factors are important. The following is a list of some of the types of qualitative studies we conduct:
  • Concept Testing
  • Purchase Process Research
  • Success Stories
  • User Needs Analysis

Quantitative Market Research

Quantitative studies are best to implement when you need conclusive answers to research questions. Unlike qualitative studies, quantitative research involves large sample sizes where the survey questions are defined and specific, rather than exploratory. The goal of quantitative research is to provide statistical information about research questions so that accurate conclusions can be drawn from the data. We often conduct quantitative studies to help our clients understand how many people will buy their product or service and to profile these prospective customers in a statistically valid way. Because of the large sample size and "categorized" responses to questions, the data can be aggregated and quantified. This makes it possible to draw conclusions that are "projectable" to the target audience you want to reach. That audience may either be your current customer base or your "potential" customer base.

Sample size alone, however, does not make research results projectable to your target audience. There are many different ways to determine both the number and type of people that should be surveyed for a specific project. This is what is commonly referred to in the industry as a "sampling plan." It is an integral part of any quantitative study and will directly impact the projectability of the study results.

Following is a list of some of the types of quantitative studies we conduct:

If you are interested in learning more about the services that we offer, contact us.