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We discuss the two types of data that a global B2B survey can produce: qualitative and quantitative data
Here, we are going to talk about the two types of data that a global B2B survey can produce: qualitative and quantitative market research data. But first, let’s start with the basics. Global B2B surveys are filled by business professionals and decision makers and explore themes such as customer attitudes, feedback to improve products and services and industry trends. When you extend this concept on a global level, you get a global B2B survey.
If you want to learn about what’s the best way to craft a global B2B survey, check out our blog post here.
There are some unique features that global B2B surveys have that are explored below:
One thing that differentiates B2B surveys are response rates. According to this article by Gartner, in a company that has 100-500 employees, an average of 7-8 people are involved in a single purchase decision. This is why global B2B surveys are often aimed at decision makers. On the other hand B2C surveys can usually be sent out to a lot more people than B2B surveys. What also plays a role here, is the fact that B2B professionals don’t have as much time as consumers do. Additionally, B2B professionals are harder to find than consumers.
B2C respondents are generally paid less than B2B respondents. The price for B2C respondents can reach anywhere from $25 to $100. On the other side, B2B respondents get paid between $100 to $300.
The cost factor is hard to determine and can vary based on the nature of the survey. For instance, if the sample size is smaller as mentioned above, a B2B survey may be less costly. B2C surveys if administered to thousands of people would naturally cost more. However, global B2B surveys may require additional follows, which may end up increasing the cost.
Research done by CheckMarket shows the difference between B2B and B2C respondents, and the length of the survey. According to the study, the best time to send out surveys to B2B respondents is Monday 12pm to 1pm and 3pm to 6pm. Also, the best time on Thursday and Friday is from 3pm to 6pm.
Quantitative research refers to collecting numerical data through surveys, interviews and questionnaires. On the other hand, qualitative research refers to collecting non-numerical but rather subjective data such as opinions or preferences.
For instance, if you want to find out the number of industry leaders in the automotive industry in Saudi Arabia, you would turn to quantitative market research. But, if you would like to know the reasons behind why teachers from one educational institution to the other, qualitative market research would be more appropriate.
Here are some of the ways in which quantitative market research differs from qualitative market research.
The reason behind doing quantitative research is to gauge standardized facts and statistics to guide questions, such as “Is there a market we can pursue for our product?” or “How many of our target customers think our product is useful?” The purpose of qualitative research is to dig deep into meaningful insights into customer buying habits and sentiments. We can say that the quantitative part is mostly about the “how many or to what extent” of customer mannerisms, qualitative centers around the “why." Through qualitative research, you can discover why consumers buy a certain product or what they think about a certain company.
Another logical difference between qualitative and quantitative market research is the types of questions asked. In quantitative e-market research, the most typical answers involve numbers or statistics. Whereas, in qualitative research, the answers are typically subjective and paragraph styled. Additionally, questions can be open ended providing room to express thoughts and opinions. In quantitative market research, questions are typically close ended.
Quantitative market research is typically analysed through some kind or data analysis technique or even using statistical software. While qualitative market search is analysed using one’s own personal judgement and interpretation.
Typically, quantitative market research is used when you want to understand a topic and get in depth insights. Quantitative market research is used when you want to text or confirm a theory or a belief. For example, you want to test how many people will want to buy a new product vs you want to understand what consumers feel about that product.
Qualitative data is usually collected through interviews and focus groups. Scribbr.com details another way of collecting this data which is through an ethnography. This is done by participating in a particular company to gain knowledge on culture and behaviour norms over an extended period of time. Quantitative market research is conducted through surveys, observations and experiments.
Qualitative market research is performed at a lower scale as compared to quantitative market research. So, the sample size in qualitative research is lesser than its quantitative counterpart.
Qualitative market research takes a shorter time to conduct as compared to quantitative market research. It can take a few days or a week whereas it usually takes months to do quantitative research.
Qualitative data is presented in a way that captures the main story of the data. Survey responses in the form of videos, quotes and audio are presented and usually a theme emerges. Quantitative data is shown through graphs, charts, tables and other statistical diagrams.
Qualitative and quantitative market research become even more stronger when combined together. Data from the quantitative market research can be utilised to centre discussions in the qualitative stage, giving the chance to confirm or deny the findings. The reasons behind any discrepancies can then be investigated. When considering which method to begin, we recommend starting with clear objects and an understanding of the end result from the data gathered. You can conduct a meeting with business stakeholders to envision the ultimate aim and develop a methodology to conduct the research. We cannot say which type of research will be more important than the other as both provide unique datasets. This will depend largely on the nature of the research project.
At GrapeData, we specialise in both quantitative and qualitative market research. Using AI and geolocation, we carefully target the right kind of respondents for your research project. We pride ourselves on providing high quality data within a matter of days. If you’d like to read more about our projects, you can read this LinkedIn post. You can also see our website to see how we can help you.