Data collected for market research may be ‘qualitative’ or ‘quantitative’, but what is the difference between these two concepts?
What is Quantitative Data Analysis?
Essentially, quantitative data analysis involves analysing numerical data. As a result, the means of collecting data is often more structured, such as questionnaires and polls. The data may be presented in formats such as graphs and tables. Quantitative data is great for garnering general views or behaviour patterns for large numbers of respondents, as well as data on sales.
It can be low in cost, despite the numbers involved, as each person is asked the same questions and can answer them in easy formats, such as email or online questionnaires. For large scale data collection companies such as //shepper.com/ can help businesses collect the numbers they need.
What is Qualitative Data Analysis?
Qualitative data is more textual than numerical. It is usually applied to data that is retrieved from asking a smaller number of people more in-depth questions. This may include interviews or focus groups. It won’t necessarily tell analysts about the general behaviour of populations, but it can unearth meaningful insights to human feelings, motivations and behaviours. Qualitative data collection can be time-consuming and requires specific skills, which is why it is typical to employ the skills of a data analysis company for this kind of research.
Both qualitative and quantitative market data analysis offer huge benefits to companies, with one giving broader, larger insights and the other giving more nuanced, detailed information as to the thoughts and actions of individuals.