How to Choose the Right Research Method
For manufacturers who are new to research, it can feel overwhelming to start conducting market research. Here’s your guide to determining which method to use and why.
To begin, there are two main types of research.
Quantitative research involves collecting and analyzing numerical data to identify patterns, relationships and trends through statistical analysis. For example, surveys that ask users to rate things on a scale from 1 to 5.
Qualitative research involves collecting and analyzing non-numerical data to more deeply understand concepts, opinions or experiences. For example, in-depth interviews with users.
When Should You Use Quantitative Research?
1. Market Sizing and Segmentation
Understanding Market Potential: Quantitative surveys can help estimate the size of the market, identify key segments and understand the demographic and psychographic profiles of potential customers.
Market Trends: Tracking changes in market trends, preferences and behaviors through large-scale surveys and data analysis.
2. Product Development
Feature Prioritization: Using conjoint analysis or other quantitative methods to determine which features are most important to customers and should be prioritized.
Pricing Analysis: Conducting pricing studies to understand the price sensitivity of the market and determine optimal pricing strategies.
3. Post-Launch Measurement
Customer Satisfaction and NPS: Using structured surveys to measure customer satisfaction and Net Promoter Score (NPS) to quantify customer loyalty and likelihood of recommending the product.
When Should You Use Qualitative Research?
1. Exploratory Phase
Understanding Market Needs: Before developing a new product, qualitative research helps understand customer needs, pain points and preferences. Methods include in-depth interviews and ethnographic studies.
Brand Perception: Understanding how customers perceive the brand and identifying attributes that are important to them.
2. Product Development
Design and Usability Testing: To assess the usability and design of prototypes. Interviews and usability tests can provide insights into user interactions and potential improvements.
Concept Testing: To test initial product concepts and gather detailed feedback on potential features, benefits and overall appeal.
3. Post-Launch Evaluation
Customer Satisfaction:
Conducting interviews to understand customer satisfaction and gather detailed feedback on product performance.
Product Improvement:
Identifying specific issues or areas for enhancement based on detailed customer feedback.
The right research method will help your team gain valuable insights to drive your product strategy forward.
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Posted in Improve Product Manager | Tagged Research, Skills, Tools
