There is a constant struggle between marketers and business analysts as to which one is the ‘right’ or ‘correct’ approach to research.

Now, let’s put this debate to rest. While there may be circumstances where one approach clearly outperforms the other, in most cases, it is best to utilize a combination of both research methods. The challenge is in applying the right method at the right time for the right reason.

In this article, we will discuss the various approaches to market research and how you can practically apply them in your day-to-day life.

Traditional Approaches

As the name suggests, traditional research methods are based on gathering data through interviews and surveys from existing customers, potential customers, and other stakeholders. This type of research typically gathers big data, which can be quite valuable, but it also has some significant drawbacks.

Firstly, traditional research is quite expensive. Not only do you have to pay for the interviews and surveys, but you also have to cover the cost of paper and ink to print out the reports.

In addition, the data gathered through traditional approaches is often not up to date, as the respondents are likely to be over-optimistic about their opinions, thus skewing the results. Even worse, with traditional research, you only get responses from a select group of people, which may not be representative of the entire audience you are trying to reach.

Modern Approaches

Marketing researchers typically use tools, such as survey software or online questionnaires, to engage respondents, obtain feedback, and gather data for analysis. These tools allow you to quickly conduct surveys and reach a large audience. The benefit of using a survey tool is that you can save the results in a CSV file and import them into analysis software for further evaluation. This reduces the amount of time it takes to analyze the data and reach meaningful conclusions.

Online questionnaires provide a similar functionality and are often the preferred choice of respondents, as they feel more comfortable giving feedback via an online channel rather than an interview or a survey.

Hybrid Approaches

If you feel that the benefits of both traditional and online research tools justify the cost and time required to conduct them, you can take a hybrid approach, which blends the best of both worlds. The most popular hybrid approach is Survey hybridization, which marries qualitative and quantitative data to create a more complete picture of consumer behavior.

By combining both approaches, you can gain the benefits of traditional research, such as the depth of analysis and the ability to draw significant conclusions, while also being able to take advantage of the benefits of online research, such as reach and engagement. Through hybridization, you get the benefits of both approaches while minimizing the significant drawbacks of either one.

Which One To Use?

Ultimately, you need to ask yourself the question, ‘Which one am I going to use to gather the data I need?,’ and then choose one of the following two options.

First, you can decide that all you need is big data, the more the better. In this case, cost and time do not matter, and you can use any one of the traditional or online research methods you want, as long as you have enough respondents to reach your goal.

Second, you can determine that quality and cost are both important to you, and in this case, you should utilize a traditional research method. While you don’t need to limit yourself to one method, it’s often a good idea to go with the one that’s been around the longest and is considered the most reliable.

The choice between these two approaches comes down to what you’re looking for in your research. If your objective is to gain general insights into consumer behavior, you can opt for the cheaper and more practical option of using online tools, as long as you are confident that the quality of data you’re getting is sufficient. If your objective is to have a scientific basis for your marketing decisions, you should use a traditional research method, as this will provide you with the most accurate results.

Which One To Use?

Ultimately, you need to ask yourself the question, ‘Which one am I going to use to gather the data I need?,’ and then choose one of the following two options.

First, you can decide that all you need is big data, the more the better. In this case, cost and time do not matter, and you can use any one of the traditional or online research methods you want, as long as you have enough respondents to reach your goal.

Second, you can determine that quality and cost are both important to you, and in this case, you should utilize a traditional research method. While you don’t need to limit yourself to one method, it’s often a good idea to go with the one that’s been around the longest and is considered the most reliable.

The choice between these two approaches comes down to what you’re looking for in your research. If your objective is to gain general insights into consumer behavior, you can opt for the cheaper and more practical option of using online tools, as long as you are confident that the quality of data you’re getting is sufficient. If your objective is to have a scientific basis for your marketing decisions, you should use a traditional research method, as this will provide you with the most accurate results.

When selecting a research method, consider the questions you’ll be able to answer with the information you gather. The more specific you can be, the more effective your strategy will be. If you have a clear idea of where you are going with your research, the decision is easier. When in doubt, go with the well-known and trusted methods first, and if you can’t find the answers you’re looking for, then opt for the other one.