Every research project starts with the same starting point: a question that needs an answer. Are my customers satisfied? What can be improved in products and services? What is my company's reputation? What are the main trends in the sector? What market innovations do I need to follow? What is the trend of opinion makers in the debate on that regulatory measure? Should I explore a new market niche?
Knowing precisely what type of strategic data the company needs to collect to support its communication, marketing and business planning is essential for defining the best methodology. It is what will ensure that the survey is actually useful, bringing relevant insights and compensating – often exceeding – the return on investment. Among the techniques used are desk research, qualitative research and quantitative research, all currently supported by advanced technologies, such as Artificial Intelligence.
Also known as secondary research, the desk research it is a systematized process of investigation, compilation and analysis of information already available on that topic or sector – hence the use of the term secondary. It may include access to public or signed databases, internal or external, sectoral reports published by entities or authorities, previous studies already carried out, articles published by the press, academic publications and posts and conversations on social media, among other sources. It is recommended when the goal is to generate an initial scenario, supported by existing knowledge. In times of fierce competition and such dynamic changes, it would be the basic “homework” of all good strategic planning.
Qualitative research is an exploratory research method, recommended when the need is to identify the motivations, opinions and perceptions of your company's target audience, the stakeholders, on a given topic. It is not intended to generate numerical or statistical analyses, but rather to respond specifically to how and why those trends, experiences, points of view, concepts and beliefs manifest themselves. Uses open-ended questions and generally involves in-depth individual interviews or focus groups, where a limited number of people debate and interact on the topic.
Quantitative research meets the demand for numerical data, based on statistically validated models and samples to understand the predominance of certain behavior, opinions, difficulties and profiles of customers and other stakeholders. While qualitative research aims to answer how and why that trend occurs, here the question is how much that trend occurs. The first measure is to calculate the statistically valid sample – it could be 10, 100, 1000 respondents or more. What influences this quantity is the total universe of this audience and some of its characteristics. In this case, a structured questionnaire with closed questions is applied, generally in person, by telephone or by filling out an online form. The results enable numerical analysis, using graphs and indicators.
All together yes, but not mixed
There is no research project like another. Each survey must be structured by the strategic analysis professional according to the company's objective, with the most appropriate techniques, including variables such as the available funds and the required deadline. In many cases, these three methodologies are used together, as part of a more elaborate investigation process, where one step complements the other. This is the case, for example, with the launch of a new product or service, when the company needs to work with long-term goals, there is a high investment at stake and, of course, a high expectation of return.
At an early stage, desk research can help you understand everything about the current market, who are the competitors already present, what similar products or services already exist, the competitive advantages you may have, who your potential customers are, what you already have was done in terms of marketing and communication, possible challenges inherent to the sector and who the relevant opinion leaders are.
With this first scenario in hand, qualitative research with these opinion leaders and potential customers comes into play, seeking to understand what drives the choice and demand for this type of product or service, the possible perceptions and even misconceptions that may affect your consumption. Armed with these insights, quantitative research can validate the degree to which these behaviors and beliefs predominate among your target audience. The final report of this entire survey brings valuable conclusions and indicators, which could be the difference between the success or failure of your launch.
Is doing research too expensive? Fake News!
Due to their versatility, research and data analysis methodologies can be suitable for all company sizes, all objectives and, very importantly, all budgets. The main competitive advantage today of a company specializing in strategic analysis – perhaps of all companies – is precisely the capacity, knowledge and experience to confidently recommend the best personalized strategy for each client and their demands. This includes flexibility, customization, openness to negotiation and a long-term vision to foster lasting and productive partnerships.
If you believe that this is an inaccessible resource for your company, think again. Maybe I just haven't found the one yet. right and competent partner for this task.
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