Interviews as a fundamental method in market analysis - ConQuest
Provided by consulting firms, market research is a natural part of planning an effective development strategy for any business. It finds its application in order to study customer or employee satisfaction, learn about consumer preferences and competitor activities, determine current demand, optimal pricing and brand strength and image. The basic research method in market analysis is interviews conducted on a specific group of respondents, which are used in both quantitative and qualitative research. Choosing the right type of research depends on its purpose, i.e. what the company wants to learn from it. When applying to a consulting firm, it is useful to be aware of how these surveys differ, as they allow you to obtain information about the market in different aspects.
Conducted on relatively large samples, quantitative surveys help establish the scale of occurrence of certain phenomena, determine their numerical or percentage characteristics, and provide the opportunity for statistical inference. The purpose of this type of research is to identify the state or trends of the market, to determine the magnitude of demand for a product or service, and to determine how often certain phenomena occur in different communities. We distinguish between different methods of data collection in quantitative market research because of the way they are carried out.
CATI (Computer Assisted Telephone Interview), or computer-assisted telephone interviewing, is one of the most effective ways of obtaining information in quantitative research. CATI involves conducting an interview via telephone, while respondents' answers are automatically entered into a computer. This method ensures a high quality survey, and its main advantage is the speed of implementation and close monitoring of the interviewers' work. A barrier of CATIs is their short duration, so they work best when conducting simple surveys on uncomplicated issues.
CAWI (Computer Assisted Web Interview) are interviews conducted via the Internet using a questionnaire provided to respondents. They have the advantage of being able to add narrow user groups, speed of execution and relatively low cost. The anonymity of respondents makes it easier to obtain answers to sensitive questions, however, it also increases the risk of inconsistent answers, which is the main disadvantage of this method. CAWI surveys have grown significantly in popularity in recent years due to the spread of the Internet.
PAPI (Paper and Pencil Interview) is a traditional method of recording the respondent's answers on a paper questionnaire during a face-to-face interview. Subsequently, the collected data is coded and submitted for analysis. The main disadvantages of this method are the relatively large financial outlay due to the need to print the forms, the time-consuming nature of conducting such an interview, and the risk of coding errors when transferring the obtained responses for analysis.
CAPI (Computer Assisted Personal Interview) is a method that resembles PAPI; however, this type of survey uses mobile devices, such as a tablet or laptop, into which the respondent's answers are directly entered. The use of a computer makes it possible to eliminate the problems known in the PAPI method of coding errors.
We use qualitative methods if the client cares more about getting to the motives, habits, perceptions and reasons for the behavior of a target group than quantitative parameters. This type of research allows us to identify a new market. Qualitative research can be a stand-alone method in a project or can be used to verify hypotheses and deepen conclusions of quantitative research.
FGI (Focus Group Interview) is a focus group interview consisting of a discussion among respondents with similar characteristics. A focus group interview is focused on a specific issue and is conducted according to a predetermined scenario by a designated moderator. The scenario consists of questions and a description of hypothetical situations that stimulate co-interviewees to discuss loosely within a given topic. FGI research allows for greater involvement of participants, whose individual opinions confront and complement each other. The above advantages make focus group research increasingly popular.
IDI (In-Depth Interview), or individual in-depth interview, is based on a personal, in-depth conversation with the respondent. IDI does not have a rigidly defined script and requires the interviewer to flexibly adapt to the interviewee's responses, so that all topics are covered despite the freedom of expression. This type of interview is conducted when we are interested in learning the detailed opinion of a small group of people, such as industry experts.
Effectiveness of interviews during market research
Used in market research, interviews bring many opportunities for companies that are trying to strengthen their position in the market, increase their competitiveness or want to enter a new market with their products or services. Knowledge of the information obtained through interviews also allows more effective planning of marketing strategies. Market research enables entrepreneurs to achieve better results, which is why the use of market analysis services in recent years has become an indispensable part of any company's development strategy.