Best Ways How To Do Market Research In The Philippines: Are you thinking about starting a new business in the Philippines or perhaps launching a product? Whatever the area of interest you are investigating, market research in the Philippines is essential.
In today’s article, we will explain how to do market research in the Philippines so that you have the best information at your disposal ready to start a new business or a new service.
We will also be discussing market research businesses in the Philippines and exploring the business model for complete beginners.
How To Do Market Research In The Philippines
1. Understand The Need For Research
There are various reasons why a business will opt to do market research. For instance, it can be used to check the threats and risks of the business, lessen the problems, and make opportunities.
In addition, market research can be used to check issues in the past to lower the risks in the future. Another way to use the study is to examine successes in the past to see what the business can continue doing in the future.
For internal purposes, it can be used to improve operations or the cash flow of the business. For external purposes, it can be used to convince lenders to provide a business loan. This is crucial since the research can show lenders that the business or new product or service can grow.
The research type businesses will conduct depending on the purpose. For instance, if it is for internal purposes, there can be less data needed than external purposes. But, of course, it can be used for both purposes, too. What is more important is that the purpose is determined before proceeding.
2. Check The Outlook Of The Industry In The Philippines
This step means businesses need to check the current situation of their industry. It also includes knowing where the industry is by utilizing trends, sizes, and growth metrics.
Relevant data is important to support the claims. Lenders and investors can realize that entrepreneurs understand the industry and decide if the industry is worth the money and time.
At the bottom of this post, we have to include several information websites that are very handy in industry research.
3. Identify Your Target Audience
Analyzing the market is crucial on how to do market research in the Philippines because not all people can be your client. That is why entrepreneurs need to know who their potential customers are. Aside from knowing who the clients are, they also have to know where the customers are from. Here are some of the things they can look to identify their target audience:
- Marital Or Family Status
- Education Attainment
After determining who the target customers are, the next thing to know is their interests, demographics, behavior, and needs. You can also consider making buyer personas based on the gathered information.
Building these can present your likely customers. This can be helpful in how your product or service can better cater to the market. Since your business will still grow, it is best to revisit your target market from time to time.
4. Observe What & Why The Competition Do What They Do
To better understand how to do market research in the Philippines, it is crucial to understand the business’s competitors. So first, businesses have to find out who the target market of their competitors are.
Then, it is important to take the time to research what other similar products or services are out there. Finally, they can check what their competitors offer, their customers, and market disadvantages.
They can do this step by listing their primary competitors. Then, they go through every competitor and identify their strengths and weaknesses through SWOT analysis. Some of the questions you can answer are:
- What Do Their Products Or Services Have That Yours Do Not Have?
- What Is The Possible Reason Why A Customer Would Purchase Their Product Or Service Instead Of Yours?
- Are They A Threat To Your Business?
After creating the analysis, it is time to rank their strengths, weaknesses, opportunities, and threats from the most to least dangerous for the business. Then, entrepreneurs can figure out their business’ marketing position and advantages.
But most importantly, WHY!? Why are they doing selling like this? Why do they follow this process? Asking WHO, WHAT, WHERE, WHEN, WHY & HOW will help you start market research in the Philippines. For some extra ideas take a look at our free business plan!
5. Obtain Essential Information And Build Up From There
Information is the best tool when doing market research. Therefore, the business will be better if business owners put the effort in gathering and obtaining the right information from statistics, data and surveys.
They need to keep in mind that the information should be factual, unbiased, and relevant. Then, depending on correct information, they can make decisions.
Here are some of the details that can be included in the research findings:
- An Overview Of Your Industry’s Size And Growth Rate
- The Amount Customers Are Willing To Pay
- The Expected Growth Of Your Business
- Prices Of Your Products Or Services
- Discounts That You Plan To Offer
- The Percentage Of Your Projected Market Share
- Your Outlook For The Industry
- Buying Trends
- Your Projected Cash Flow
- Your Customer Groups
- Results Of Your Other Research
Business owners can also predict other aspects from the additional information obtained, such as the buying habits of their customers, cash flow cycle, and gross profit margin.
6. Put The Research Into Action
The process of how to do market research in the Philippines may seem overwhelming, but entrepreneurs will realize how helpful it is later. Because much time was spent working on the research, putting all the extensive research into action is a must.
If the market research is done for internal purposes, the findings can be used to improve the business to make the business’ procedures more effective. The findings can help owners be better prepared to discuss their new products or services with lenders or investors for external purposes.
Therefore, market research is not meant to be archived and used later. However, revisiting it from time to time and making changes are necessary.
7. Utilizing Key-word & Key-phrase Search
Using keywords can help customers find your business online since website ranking is affected by the use of keywords. Therefore, it is important to know what keywords people use to search for your products or services.
The interest these keywords make, and the number of your competitors using these are other things to consider. Therefore, it is recommended to utilize a keyword search service or tool to know the ideal keywords to use for your business.
8. View Online Content And The Comments (Blog, Youtube, Etc)
It is important to read blogs about other products and services in the business industry. Compared to normal websites, content in blogs are faster and more updated. Therefore, quality blog posts are expected to be fresh and relevant.
Business owners can understand what people need or want from the relaxed mood and fun topics of blogs. To see blogs in their niche, entrepreneurs can utilize search engines made for their blogs. Don’t forget to check out the comments on blog posts & Youtube videos!
9. Carry Out Surveys Online
Entrepreneurs can use online surveys to see how people perceive their brand. This is a budget-friendly way to know what customers will think of a new product or service. The survey can be short. 25 questions are enough to get the needed information. Close-ended questions are better for this kind of survey.
What Does a Market Research Company Do In The Philippines?
Market research companies collect and analyze data about customers, competition, distributors, and other factors that affect the market of a business.
Specific businesses delegate a big chunk of the tasks performed by many market research companies for various purposes. However, some market research companies routinely gather a wide range of data and try to sell this information to businesses that can benefit from it.
One of the market research firms in the Philippines is The Kadence Philippines. Their team comprises experienced professionals in the market research industry such as data processors, analysts, project managers, and researchers.
They also have international clients and provide them with additional market research and intelligence.
Types of Market Research Companies
Organized: This type of market research company prepares reports by looking at the requirements of the market. Therefore, instead of particular businesses, their Research is for the open market.
Customized: These firms provide personalized market research based on the needs of their clients.
Specialty: This market research company concentrates on a specialty. They do in-depth Research based on the specific requirements set by the client. For example, they can do market feasibility studies for a product or service to be launched.
Online: These companies are beneficial for e-commerce business owners, online marketers, and bloggers. While they conduct analysis online, they also link websites or brand owners to their target market.
In addition, this kind of market research company helps online businesses to rank on search engines and trends on social media platforms such as Facebook.
Best Sources For Market Research In The Philippines
- Pew Research Center (Insights About The Trends On Social, Media, And Industry)
- Statista (Researching Data And Statistics)
- Google Trends (Popular Topics And Stories, Analysis Of Popular Top Search Queries On Google)
- Social Mention (Collection Of Socials Posts That Indicate A Specific Search Term)
- Social Weather Station (Public-Opinion Polls)
- Nielsen (What Filipinos Are Watching, Reading, Playing, Browsing, And Buying Among Many Others)
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