Professional market research services
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Professional Market Research Services: Pratical needs
From “head-spinning” questions when doing product marketing
Everyone can easily agree that building a Marketing plan in long-term and establishing a brandname in the market is an indispensable task for enterprises to survive and thrive.
Frequently asked questions may be pointed out, such as: What are our product strengths to attract many buyers and distinguish itself from other products? How to build our product image and position it in consumers’ mind? Should I launch a new product line when current products are having a good sale? Is there any opportunity for the current sector? How to make customers come to us, while our price and competitor’s price are quite same? If our competitor launches a new product, should I “counterattack” with a similar one?
The core issue lies in all above questions is “What does a product look like to satisfy all consumers’ needs?”. It needs to start with “understanding consumers”. So, how do Vietnamese enterprises understand consumers and how well?
The story about perfume and charm…
One time when talking to a friend, who used to be head of marketing department in a Vietnamese enterprise producing perfume with fragrances imported from France, I happened to know that their price of perfume sold domestically was only 1/8 as imported perfume. Meanwhile, an Australian company was willing to purchase their perfume, repack with Australian label and export to Australia at a very high price. We could see that their perfume had quality, why was their price much lower than foreign products? What were problems? What were decision factors that affected customers when buying perfume? What did they expect from purchasing perfume? In fact, the price on the package is normally higher than the cost of recipe and ingredients to produce it! This is not unreasonable, because when buying perfume, consumers are buying “charm”, “attractiveness to people of the opposite gender”. Certainly, perfume itself and the package must contain that promise and be able to convince consumers that it can bring them what is expected. Foreign perfume and cosmetics manufacturers don’t hesitate to invest in market research. They want to ilfiltrate and comprehend what customers expect and demand when buying this product.
The story about the logo of a jewelry brand
When comparing two jewelry booths of two big manufacturers displayed at the Vietnamese High-quality Goods fair, I realized their brands were quite familiar with Vietnamese people, but when someone looked at their logos from a distance, they could hardly recognize them as jewelry brands. I used to ask consumers what they would imagine when talking about jewelry, many responses were the twinkling, brightness and stylization. Of course, there are many more questions enterprises might have to raise when they do a jewelry-related business (gold, silver, diamond, gemstone…) such as “your expectation from wearing a gem jewel and from wearing a diamond jewel”, to deliver to consumers what they desire and seek. It must be acknowledged how sophisticated a luxurious product business is, from a logo to color, design is important. That’s why market researchers often ask simple questions like “What do you think when talking about gem jewel or silver jewel?…” Based on that, they will provide producers with crucial information to develop product name, design, package color… If market research task is skipped before building and developing brand, we incidentally hand over customers to foreign companies, who are always willing to invest in “understanding consumers” before investing in products. Because they want to sell what consumers need and desire!
Real situation of doing market research in Vietnamese enterprises:
In 12/2003, I.A.M. Research conducted a preliminary research among several marketing staffs working for Vietnamese enterprises in Ho Chi Minh city to understand how enterprises evaluate market research and apply it. The survey was carried out in 20 samples, respondents filled out the designed questionnaire. We would like to present some noticeable results from that survey.
Results showed that only 35% of enterprises had conducted market research for their products. Of which, only 10% outsourced external market research agencies, while the rest 25% did it by themselves. Almost all of the enterprises which had done market research were manufacturing companies. They said the research result helped them understand the market demand and make more precise decisions (86%).
Main reasons for not conducting market research in enterprises were that they had no knowledge about market research, hence they had no idea when a market research was necessary and which method was suitable.
Budget limitation might be another obstacle for doing market research. After discussing with some enterprises, we realized that their company had no budget planning in marketing for market research, since all marketing budget were saved for advertisements and promotions.
One argument is raised, what is harmful if market research is skipped? Everyone should know whenever an invesment is made for launching a new product, we need to know whether this new product can attract customers and they will accept our product or not? We can refer to a typical example of the launch of the instant coffee with ginseng made by a large Vietnamese coffee manufacturer. Speaking of coffee, we often think about a product that keeps us staying awake, not to supplement nutrition. So, could a ginseng coffee be a success when the combined benefits of coffee and ginseng are not aware? Let alone, the flavors of coffee and ginseng are hard to mixed and blended. Without noticing these points, did the manufacturer invest in a product with no potential to be accepted by the market? That would mean no return on the investment.
Market research to have optimal marketing approach
Once getting to “understand” consumers is acknowledged as a must-do task, enterprises should use professional market research services to obtain verified information that meets with their needs. Importantly, market research needs placing in an overall Marketing strategy and conducting in a mindset of a “strategic marketer” in order to come up with optimal marketing approaches. The reasons many Vietnamese enterprises are unable to apply and utilize Market Research results most effectively are the lack of proficient and professional Marketing knowledge and experience.
Therefore, Vietnamese enterprises can choose to work with market research companies which have Marketing experience to help them acquire optimal marketing approaches.
Hosha Market research services
What are market research services?
Everyone can easily agree that building a Marketing plan in long-term and establishing a brandname in the market is an indispensable task for enterprises to survive and thrive.
What are market research services? Frequently asked questions may be pointed out, such as:
What are our product strengths to attract many buyers and distinguish itself from other products?
How to build our product image and position it in consumers’ mind?
Should I launch a new product line when current products are having a good sale?
Is there any opportunity for the current sector?
How to make customers come to us, while our price and competitor’s price are quite same?
If our competitor launches a new product, should I “counterattack” with a similar one?
The core issue lies in all above questions is “What does a product look like to satisfy all consumers’ needs?”
Therefore, market research services need to start by “understanding consumers”.
So, how do Vietnamese enterprises understand consumers and how well?
Main reasons for not conducting market research in enterprises were that they had no knowledge about market research, hence they had no idea when a market research was necessary and which method was suitable.
Budget limitation might be another obstacle for doing market research.
After discussing with some enterprises, we realized that their company had no budget planning in marketing for market research, since all marketing budget were saved for advertisements and promotions.
One argument is raised, what is harmful if market research is skipped?
Everyone should know whenever an invesment is made for launching a new product, we need to know whether this new product can attract customers and they will accept our product or not?
Why hesitating? Contact us right away to get detailed advice on high-quality, dedicating and professional market research services at Hosha
Contact information:
HOSHA Joint Stock Company Market research services
Email: hosha@hosha.vn
Website: www.hosha.vn
Hotline: 0906358114
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