Can you imagine going into a strategy session not knowing the growth projections for your market, your product or your industry?
Can you conceive of not knowing your share of the market compared to the market share of your competitors?
Arming yourself with this strategic quantitative data is critical to understanding how to grow your market presence, how to sell more products and services and how to win more customers.
But equally important is knowing why the market is growing quickly, knowing why certain competitors are gaining share at your expense and knowing why key customers may be defecting.
This blending of hard data with softer, descriptive information is the essence of research, analysis and reporting for many companies. Yet for some organizations, there’s an increasingly strong bias toward data-only feedback. Driven in large part by big data and data analytics, this trend has led some to mistakenly believe that qualitative data is superfluous and no longer needed.
B2B Business Intelligence Strategy
There’s an ongoing debate over which type of data is better: qualitative (“qual”) or quantitative (“quant”). For researchers who have used and benefited from both, there are distinct advantages and disadvantages from each. There are also instances in which each method is best suited to a specific application.
Qualitative data helps explain the “why” and “how” behind the numbers. It gives meaning and context to the raw data. It provides color. Examples of qualitative data are free-form responses to questions asked in telephone and in-person interviews.
Quantitative data is all about numbers. When people talk about “big data,” they’re talking about quantitative data—exact, scientific, precise. Black or white, quantitative data is straightforward, although the interpretation of quantitative data can be manipulated—think statistics.
How do you know when and whether you should collect and use qualitative data versus quantitative data?
In the B2B Qualitative vs. Quantitative Data eBook, you’ll learn the merits of using a combination of qualitative and quantitative data, along with best practices for collecting qualitative and quantitative data in Business-to-Business research.
You’ll learn the impact that a dual “qual/quant” collection strategy can have on your organization’s long-term strategic success.
By adopting these tried and true practices, you’ll be on your way to collecting first-rate customer, competitor, and market intelligence – whether it’s qualitative or quantitative.