Do Quantitative Data Tell You Enough About Your Customers?
Big data is becoming more and more crucial for marketing and commercial success. Big data-driven analytics are now used by about 53% of businesses, and this percentage is expected to rise.
A “yes” or “no” binary response or a number on a scale from 1 to 10 as a subjective rating are examples of quantitative data points that are exactly measured and are used as the foundation for the majority of big data analytics applications. Because of the great potential that quantitative data holds when combined with cutting-edge analytics platforms, businesses are investing more time and effort in obtaining it. However, is it really sufficient to comprehend your client base?
The Benefits of Quantitative Information
Using quantitative data to comprehend your audience has a number of important benefits, to be sure:
1. Data volume:
Firstly, quantitative data enables you to collect a much larger volume of data overall. The amount of data you can extract from a single survey is essentially limitless because you can collect quantitative measures from thousands of respondents at once. More data is usually better since it allows you to observe a more accurate “average” for a certain population; the larger your sample size, the more accurate your results will be.
Metrics based on numbers are, by nature, objective. Even though some respondents could be ranking qualitative experiences, they’ll be doing it in a way that’s straightforward to quantify. When you say that the average customer’s experience is a 7, there is no room for interpretation; rather, you are stating a simple fact that is unaffected by bias or exaggeration. Your results will, therefore, often be more reliable and representative.
3. Time and money:
Quantitative data is frequently preferred because it is affordable and requires little effort to collect. Since individual responses to qualitative approaches typically need to be reviewed one at a time, they might take much longer to gather or aggregate than discrete, numerical data points.
When it comes to customer retention and brand reputation, customer engagement is the actual key. Quantitative research might make consumers feel like numbers or like they are just another gear in the wheel. Using qualitative research techniques, you can get to know your clients on a more intimate level. You’ll have the opportunity to interact more personally with your target demographics, and study participants will feel more noticed and heard.
Outliers: The presence of outliers is often hidden when quantitative data is compiled. Yes, the most of your target demographics spend $250 per month on groceries, but what about the few odd instances who spend $100 or $600 per month? You can better understand these unusual variances by delving deeper into particular circumstances.
2. The “why” element:
Additionally, quantitative statistics cannot explain the “why” behind the characteristics and responses of your clients. For instance, you might find out that your clients prefer chicken to beef, but if you don’t know why you might not be able to sell to them successfully. If you assume that people prefer chicken to beef due to perceived health benefits, your argument may fall flat if the truth is that they do so because chicken is associated with a certain cuisine. You can only get more accurate conclusions in this situation through qualitative data.
Frequently asked questions:
What can we infer from quantitative data?
Numbers are used to expressing quantitative data, which are measures of values or counts. The focus of quantitative data is numerical variables (e.g., how many; how much; or how often). Qualitative data are measures of “types” and can be expressed as a name, symbol, or number code.
What can you learn with quantitative data?
Information that can be quantified is the simplest definition of quantitative data. It is the knowledge that can be counted, added up, or given a number. Quantitative variables can be used to determine “how much,” “how many,” or “how frequently.”
What aspect of customer service is quantitative?
Statistics are used in a quantitative approach, which aids in spotting broad trends. You can comprehend why customers behave, feel, or think a certain way by using the qualitative data you collect. For quantitative research, closed-ended questions are recommended since they limit the possible responses from participants.
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