Are you looking for tips on how to do marketing research in Singapore? This article will help you do that successfully. Singapore has one of the most vibrant digital marketing industries in the world. High internet and smartphone penetration coupled by the need to conveniently shop for products fuel the growth of the industry.
As a company planning to venture into the country, it is imperative to carry out extensive marketing research. The research will help you understand the market better and provide you with real data that you can use to make informed decisions in business.
Here are the basics of marketing research in Singapore.
Marketing Research is an Ongoing Process
One of the main objectives of carrying our marketing research in Singapore is to get information about the wants and needs of the target customers. With the ever-changing society, we live in and technological advancements, consumers’ needs are very dynamic. Research will help you to identify trends and patterns in the market and come up with robust ways of responding to each of them.
As you embark on marketing research in Singapore, understand that this is an ongoing process. You also need to focus on not only the customers but also competitors if you are to succeed in managing your brand well.
Ignore Opportunity Costs
Just like the conventional opportunity costs in business decisions, market research has its own fair share of similar costs. The benefits that your Singapore business might have got by implementing an alternative policy or action or conducting new market research might have more impact on your business than the benefits you are currently enjoying without doing any marketing research at all.
Do not allow the opportunity costs deter you from carrying out extensive marketing research in Singapore. The benefits that you will get from it supersede the time and resources that you will use to do the research.
Avoid Short Term Research Methods
The beauty of modern technology is that it offers countless market research tools and methods. No single method will work for all your research projects in Singapore. Sometimes, you will have to use multiple research tools to achieve a particular objective.
The point we are trying to put across is that you should not limit yourself to just one marketing method or tool. Multiple courses of action such as reviewing secondary data, focus group, and social media surveys will sometimes yield more accurate results than a single strategy.
Define Your Objectives
Just like any other business venture that you undertake in Singapore, your marketing research in Singapore should be guided by a set of objectives. Before you even embark on selecting research methods, outline the objectives or the goals that you want to achieve from the research.
List down questions that you want answered by the results of the research to avoid straying away from the main goal. The goals will help your market research team to stay on the task and cushion you from spending money on the wrong initiatives.
The bottom line is that as you conduct marketing research in Singapore, the questions and objectives should be at the back of your head. They should be the blueprint of your research.
Study the Customers
The first thing that you need to note is that it is not possible to understand your clients’ needs and expectations from your brand by simply tracking their purchases. We human are emotional and cognitive beings. Therefore, your clients’ emotions and actions need to be fully understood if you are to succeed in giving your Singapore business an upper hand in the market.
As you conduct marketing research in Singapore, take a closer look at their rational thoughts and emotional drivers. What motivates them to purchase the product? Why do they choose your brand over other companies offering similar products?
Understanding your customers will help you come up with better Singapore marketing strategies. Remember, running a digital marketing campaign such Instagram marketing in Singapore is an expensive venture so any mistakes can lead to loss of thousands of dollars that would have been invested in other aspects of your Singapore business.
80/20 Pareto’s Principle
Contact the wholesale distributors and big retailers and request for the buyer for your product category. Connecting with them will give you a clearer perspective of the market and help you make informed decisions for your Singapore business.
Understand that most of them may prefer doing business with a company that is already established and has multiple products to increase their margins. Explain to them that you understand this sentiment and show that you are willing to do everything possible to ensure they also benefit by marketing and distributing the product through their existing networks.
Research Trade Displays and Expos in Singapore
Every month, multiple trade displays and expos are scheduled in Singapore. The events give businesses an excellent opportunity to show their products to potential customers. One also gets a chance to interact with customers who visit the stand to learn more about the product.
Use the internet to know the dates, location, and registration process of upcoming expos and trade displays in Singapore. Be sure to register early enough to get the best spot in the event. Your interactions with potential customers during the events will give you a chance to not only pitch your product but also get insights about the product. You might get an idea on how to improve your product and inbound marketing strategies in Singapore.
More importantly, you can attend the event and become a mystery shopper. That is, pretend you are a customer and visit your competitors’ stands to know their product better as well as pricing.
Discuss the Research Results with Co-Workers and Business Partners
Now that you have collected enough data from the target market in Singapore, the next step is sharing and discussing the research results with business partners and co-workers. Prepare a report and share it with all of them to kick-start a discussion.
Schedule a meeting to discuss the results openly and take note of their suggestions. A brainstorming session after conducting marketing research in Singapore could also help you come up with new products, improve on existing ones, or create new marketing campaigns.
The above basics of marketing research in Singapore will help you get a clearer perspective of the market. Allocate enough time to the process to collect as much data as possible. The analysis should be done in a rational and holistic way to benefit your business.
Get in touch with us for professional digital marketing services in Singapore. We will create a campaign that is based on the market data you collected. More importantly, we will work with your team to ensure the expected results are achieved.