Hi-Point conducts a variety of market research studies to gather the opinions of individuals to gain insights into consumer trends, opinions on public and social issues, programs, or initiatives.
Before making recommendations regarding study design and methodology, we ask the following questions at start of each project:
- What business decisions do you need to make?
- Who are you trying to survey?
- What type of information do you need?
- When do you need the information?
- What is your budget for the project?
Based on your answers to the above questions, we work with you to select the methodology that best meets your research needs.
Qualitative Market Research
Qualitative studies are generally exploratory in nature and involve small sample sizes. Unlike quantitative research, questions are more loosely structured in order to promote discussion. We often use qualitative research to help our clients understand the reasoning behind someone’s decision to buy (or not buy) a particular product or service. This research approach can also be used to explore-or even to generate-new ideas for products and services. These types of studies allow us to ask probing questions to both identify the factors that drive purchase behavior and to understand why the factors are important. The following is a list of some of the types of qualitative studies we conduct:
- Concept Testing
- Purchase Process Research
- Success Stories
- User Needs Analysis
Quantitative Market Research
Quantitative studies are best to implement when you need conclusive answers to research questions. Unlike qualitative studies, quantitative research involves large sample sizes where the survey questions are defined and specific, rather than exploratory. The goal of quantitative research is to provide statistical information about research questions so that accurate conclusions can be drawn from the data. We often conduct quantitative studies to help our clients understand how many people will buy their product or service and to profile these prospective customers in a statistically valid way. Because of the large sample size and “categorized” responses to questions, the data can be aggregated and quantified. This makes it possible to draw conclusions that are “projectable” to the target audience you want to reach. That audience may either be your current customer base or your “potential” customer base.
Sample size alone, however, does not make research results projectable to your target audience. There are many different ways to determine both the number and type of people that should be surveyed for a specific project. This is what is commonly referred to in the industry as a “sampling plan.” It is an integral part of any quantitative study and will directly impact the projectability of the study results.
Market Research Tools
Multiple tools may be selected to get opinions from a targeted group including live and web based tools in a group setting or one-to-one. Our research will provide you a written report with summary of findings in narrative and in graphical formats. If desired by the client, we can provide additional analysis of findings with conclusions and recommendations.
Hi-Point uses a variety of market research tools:
- Focus Groups
- Online Focus Groups
- One-to-One Interviews
- Online Surveys
- Telephone Suveys