What are some of the benefits of "soft" market research data gathered using techniques such as focus groups and observation. What are the benefits of using "hard" data such as statistics on consumers' buying habits and figures on market size? When might each kind of data be preferred and why?
Market research is essential to any business, whether expanding into new markets or develop strategies to increase competitiveness in current markets. Soft and hard data are both useful in gaining further insight. However, each has its place in the market research process. Soft market research involves gathering information on aspects of product or service purchase, such as experience, emotion, and psychological connections. Hard research relies on gathering numerical and demographic data, which helps determine who the organization's customers are and what they want, how much they want, and when or how they want the product or service.
Soft market research is ideal for understanding what the organization's products or brands ...
This discussion focuses on the differences between hard and soft market research. It also provides explanations of when each form of market research is most useful.