If you are the owner of a small business, your marketing budget may not be robust, which may limit the amount that you can invest in market research. Qualitative market research, consisting of surveys, focus groups, individual interviews, and case studies, can often be more expensive than quantitative research which is often limited to basic surveys. However, there are three times when you should consider the benefits of qualitative research and budget for more intensive qualitative market research.
There Is a Sudden Drop In Sales
There are several factors that can contribute to a sudden drop in sales. Perhaps a similar product became available recently or maybe your new website design is not impressing customers. A quick qualitative study with past clients or a sample that is similar to your current target audience can quickly help you determine exactly why there was a drop in your sales and give you the critical information that you need to help get your sales up again.
The Amount of Web Traffic You Are Getting Changes Significantly
Qualitative market research on web usage is one of the easier types of qualitative research to conduct because participants can complete interviews from their own home without additional products being sent to them. It can be extremely useful if you notice a drop in traffic as it can help you determine problems with your website.
However, it can also be important if you notice a sudden rise in traffic at your website. Qualitative market research in that situation can let you figure out how to get sales conversions from website visitors and what additional website features can help you maintain your high traffic numbers.
You Are Ready to Expand Your Business
Before you begin developing a new product or introduce a new service to your customers, you should always consider conducting qualitative market research. This will let you know exactly what products and services your customers are looking for, which will allow you to expand with less risk. Additionally, it will help you develop a price point for your new products or services that your customers will be willing to pay.
While you may have a logical area to expand into, market research will give you greater details about how to customize your product and make it stand out on the market.
If you are facing any of the above situations, you should consider talking with a market research firm (like Beall Research or a similar location) about getting more information.