Understanding Mixed-Method Research in Market Analysis
This post will dive into mixed-method research and what it means for market research methodology. We’ll take a look at combining qualitative and quantitative research, as well as make the case for why use mixed method research in the first place.
What is Mixed-Method Research and How Does it Work?
Mixed-method research is an information-gathering practice whose hallmark is collecting and combining qualitative and quantitative data. Qualitative data is usually presented in varying ways, gathered in interviews or focus groups, and subjective conclusions are made about it. Quantitative data, on the other hand, is presented in the same way, gathered through experiments, measurements or tests, and objective conclusions are made about it, often involving statistical analysis. Combining qualitative and quantitative data draws on the strengths of each kind of methodology and, in a corporate context, is a method of conducting holistic market research.
Combining Qualitative and Quantitative Insights
Combining qualitative and quantitative data means using the numerical data that can be straightforwardly measured and analyzed in conjunction with qualitative emotional or preferential content that is hard to put numbers on. As applied to market research methodology, it may involve collecting hard data from payment processors or merchants on how much consumers spend and at what times of year (quantitative), plus conducting interviews with buyers about their emotions and attitudes surrounding the purchase (qualitative).
Why Mixed-Methodology Offers a More Holistic View
A major reason to use mixed method research is that it provides a look at how parts of a market fit together. Combining qualitative and quantitative research leads to better coverage of the market of interest. Doing so reveals the truly important factors in buyer decision making, and holistic market research like this is one of the key benefits of mixed-method research.
Benefits of Mixed-Method Research for Market Understanding
In a world driven by data, sometimes the answer to the question “Why use mixed method research?” (as opposed to just quantitative) is not obvious behind the whirl of numbers and projections. Here we will take a look at the benefits of mixed method research and see how the holistic market research approach gives brands clearer, better insight into market conditions.
Capturing Both Numerical Data and Human Context
Mixed-method research is the basis of holistic market research, since it provides indicators on behavior that can straightforwardly be measured and quantified, while explaining the underlying consumer tastes and emotions. By asking people questions about how and why they make the decisions they do brands can understand the rationale behind those decisions and how their business can profit off consumer thought processes.
Improving Accuracy in Consumer Behavior Predictions
Another reason to use mixed method research is that it improves the accuracy of consumer behavior predictions. By studying the psychological aspect, brands come away with clearer understanding of what guides spending decisions, and thus can better predict future consumer actions.
Bridging the Gap Between Data and Decision-Making
When applied to market research methodology, mixed-method research can produce hard purchasing data, while illuminating the thought processes behind why buyers made the purchases they did. This is a reason to use mixed method research because brands won’t have to guess why people made the purchasing decisions behind the data – they get an answer by combining qualitative and quantitative research.
When to Use Mixed-Method Research in Your Market Strategy
An important part of market research methodology is deciding when to deploy mixed-method research. Let’s take a look at the development cycle and how you can maximize benefits of mixed method research at each stage.
New Product Development and Market Entry
At this stage, a reason to use mixed method research could be that it will provide insight into your target market. By combining qualitative and quantitative data, you can find information on purchasing patterns while simultaneously figuring out how your target buyers think. Another reason to use mixed-method research is that holistic market research may reveal customer needs that aren’t being met, which alerts you to a potentially profitable gap in the market.
Customer Experience and Brand Perception Studies
An additional reason to use mixed method research is that it can shed light on post-launch brand performance metrics and the reasons buyers perceive your brand the way they do. By gathering and combining qualitative and quantitative research data (e.g. information on the times and volumes of your sales, plus interviews with customers who discuss their choices), you can learn why customers are choosing your brand – or not choosing it. Holistic market research will also gather information on competitors and provide insight on how your brand might capture market share.
Testing Marketing Messaging and Campaign Concepts
Once your product has launched, one of the benefits of mixed method research is it can tell you if you need to adjust your strategy. Why use mixed method research for this? Because mixed-method research strikes a balance between being granular enough to examine case studies and individual buyer journeys (such as through customer interviews) while also capturing broader trends (e.g. industry-wide purchasing data). This is one of the top benefits of mixed method research.
Common Techniques Used in Mixed-Method Market Research
While the exact market research methodology will vary from project to project, there are some general elements to combining qualitative and quantitative research.
Surveys Combined with In-Depth Interviews
Perhaps the most classic form of mixed-method research is to have people take surveys and then ask them questions about their answers. By combining qualitative and quantitative data in this way, researchers can go beyond identifying buyer opinions and find out why buyers have those opinions. A reason to use mixed method research in this modality is to provide context on survey answers so you can guide your brand’s next steps based on these consumer thoughts.
Focus Groups Followed by Quantitative Validation
Focus groups are powerful tools to get opinions, but mixed-method research shows that there is often a difference between what people say they will do and what they actually do. Combining qualitative and quantitative data by holding a focus group and then tracking/testing what consumers do after the discussion can be part of a market research methodology that captures that difference between stated and revealed preferences.
Ethnographic Studies Supported by Behavioral Data
Another type of market research methodology involves combining behavioral data with observations of members of your target market outside of a test or study. A reason to use mixed method research like this is that it may identify opportunities to nudge consumers into buying your product. For example, if the qualitative and quantitative research shows that consumers spend a long time comparing competing versions of a product but making few purchases, that could suggest consumers are looking for a feature that is not currently available.
Digital Analytics Enhanced by User Feedback
Digital methods are especially prevalent on e-commerce platforms. Visitor tracking tools on websites gather quantitative data (e.g. how long a user spends on a site), and combining qualitative and quantitative data is possible when users are asked to share their feedback on the experience. For instance, the market research methodology may involve offering an open-ended questionnaire to everyone who makes a purchase.
How Mixed-Method Research Enhances Competitive Advantage
Another reason to use mixed method research is that it gives brands an edge in the market. Holistic market research that explains the “How?” and not just the “What?” leads to the insight a firm needs to beat the competition, a persuasive answer to the question “Why use mixed method research in the first place?”
Uncovering Deeper Consumer Motivations
Mixed-method research shows what drives consumers, letting them talk about what is important to them and what they are concerned about or looking for in a brand. Before or after a purchase (depending on the exact market research methodology), a brand talks to consumers and sees how their purchasing decisions line up against their stated rationales. Combining qualitative and quantitative methodology to learn what motivates a purchase is key to capturing the next purchase a consumer makes.
Reducing Risk in Strategic Business Decisions
By combining qualitative and quantitative data, brands have the best possible information about the market and that reduces risk in business decisions. When a firm needs to decide what products to sell and to which segment of the market, comprehensive and holistic market research is critical. Having that insight is another of the benefits of mixed-method research.
Improving ROI Through Smarter Insights
Another reason to use mixed method research is that it can increase ROI. Holistic market research that examines the entire buyer profile can identify customer pain points. A combination of qualitative and quantitative research can point to gaps in the market, and your brand will be well positioned to serve those segments and increase profits.
Partnering with ESR Research for Mixed-Method Insights
ESR Research is pleased to offer itself as your partner for qualitative and quantitative research so that your firm can reap the benefits of mixed-method research.
Proven Expertise in Blending Quant and Qual Approaches
Our firm can point to years of experience in qualitative and quantitative research, complementing surveys and industry data with interviews and focus groups with buyers. We have partnered with firms of all sizes and market segments, combining qualitative and quantitative data to deliver the benefits of mixed method research to our clients.
Tailored Research Frameworks for Your Business Needs
We’ll adapt our approach to the needs of your firm and develop a custom market research methodology to fit your business objectives. A major reason to use mixed method research is that it can be customized to match your firm’s goals. We will tailor our approach to take the fullest advantage of mixed-method research, and make a clear case for why use mixed method research for your project.
Actionable Insights that Drive Growth
The benefits of mixed-method research are manifold, and a business strategy that involves combining qualitative and quantitative data will deliver the insights you need to increase sales, edge out competitors and solidify your company’s position in the market. ESR Research is committed to the success of your firm and will work hard to design and execute the market research methodology your firm needs to thrive.
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