Last month, we discussed Usage and Attitude Surveys, and how they can strengthen products and services already on the market. Now, we’ll go more in-depth to discuss quantitative analysis.
Exactly what is quantitative analysis?
The purpose of quantitative analysis is to quantify “reality”. In essence, we use theories developed in statistics in order to be able to describe a population based on asking questions to a sample of it. Any question asked following these rules therefore constitutes quantitative analysis. In general, the specific statistical methods used (correlations, quadrant analysis, regression, factor analysis, etc.) are not as important as the quality of the questions asked. Quantitative analysis provides deeper understanding about reality through quantifying it and discovering the underlying dynamics that are not apparent through simple observation.”
There are a few methods used in quantitative analysis. For example, there is “TURF analysis”, which is a technique that allows us to determine the minimum amount of options needed to reach the maximum amount of a target. This technique is mainly used in media research in order to determine the best combination of media necessary to reach the maximum amount of a targeted audience. Another method is “conjoint analysis.” Conjoint analysis is used to determine underlying preferences for variable product characteristics when they are grouped together. Segmentations use several different types of statistical methods in order to divide a market according to different variables, often preferences or attitudes.
Quantitative analysis is beneficial to clients, as it provides deeper understanding about reality through quantifying it, and discovering underlying dynamics that are not apparent through simple observation.
Let SmartPoint Research help you with your market research needs when it comes to Quantitative Analysis. For more information on this and our other services, please don’t hesitate to contact us.