As your business scales, gaining insights into your customers becomes crucial.
To achieve this, having a system to collect customer data is essential. However, if you don’t have one, conducting market research may be your next best step.
If you want to deepen your understanding of how market research works in Malaysia, you’ve come to the right place.
We’ve compiled everything you need to know right here.
What are the 4 Types of Market Surveys?
To make informed decisions about the type of market survey your business needs, you first need to understand the types of market research available.
In total, there are 4 types of market surveys:
- Customer Satisfaction Surveys: These surveys assess customer satisfaction with products or services.
- Brand Awareness Surveys: These surveys evaluate how well a brand is recognised.
- Product Feedback Surveys: These surveys gather insights during product launches or updates. Grab uses them to refine features based on user experiences.
- Market Segmentation Surveys: These surveys gather insights during product launches or updates.
What Research Methods Do Market Research Companies Typically Use in Malaysia?
Market research companies in Malaysia utilize a variety of survey methods to gather data. The below 3 are the most common one:
- Qualitative Research: Focuses on understanding consumer attitudes and motivations through in-depth interviews and focus groups, providing rich, descriptive insights.
- Quantitative Research: Utilizes structured surveys to collect numerical data, allowing for statistical analysis and generalization of results across a larger population.
- Secondary Research: Involves analyzing existing data from reports, studies, or databases to complement primary research findings.
Popular Market Research Distribution Channels in Malaysia
Market research uses different distribution channels to help gather insights from various target audiences.
Each method is designed to fit specific needs and preferences, making sure you get the most complete data possible. The most common methods include:
- online surveys
- phone interviews
- face-to-face interactions such as conducting a focus group
How Market Research Works: Step-by-Step Guide for Business Owners
Now that we’ve covered the basics, let’s dive into how market research companies work.
When engaging a market research service, they typically start with a questionnaire to determine the survey's purpose and scope of your business. Here’s how the process generally works:
Step 1: Identifying Goals and Objectives
At this stage, a research company would determine the purpose of your research. Are you looking to gauge customer preferences or assess market fit?
Establishing clear objectives is vital.
Step 2: Designing the Survey (Target Audience & Methodology)
Then, market research companies will work to:
- Define your target audience (by analyzing demographics and psychographics)
- Choose between qualitative (interviews, focus groups) or quantitative (surveys) methodologies
- Craft survey questions
Step 3: Data Collection (Survey Distribution Channels)
This stage focuses on distributing your survey via different channels, such as online surveys, social media, email campaigns, or in-person interviews.
P.S. The survey could be distributed via WhatsApp or Facebook as well to maximize your reach.
Step 4: Analyzing Results and Implementing Changes
Finally, the market research company will then utilize statistical tools to analyze the data collected, look for trends and derive actionable insights.
They will compile these findings and present them to you, enabling you to make informed adjustments to your strategies, products, or services so they better align with your consumer needs.
What Are the Benefits of Market Research for Businesses in Malaysia?
Conducting market research can greatly enhance your business strategies. Here are some key benefits:
- Boosting customer engagement through informed strategies.
- Identifying new market opportunities.
- Enhancing product development based on real consumer feedback.
- Strengthening brand perception and loyalty.
While this all sounds promising, let’s examine a real-life example to truly appreciate the benefits of conducting market research on your customers.
A Malaysian Case Study: How Baskin Robin Increased Sales By 25% Through Market Research
Baskin Robbins, a popular ice cream brand in Malaysia, used Vase.ai's market research to better understand what customers like and improve their marketing strategies.
The research found that 75% of respondents preferred promotions linked to specific flavors, and 63% appreciated loyalty programs.
With these insights, Baskin Robbins launched targeted campaigns that led to a 25% increase in sales during promotional periods. The data also revealed opportunities for new products, allowing the brand to introduce flavors that really resonated with customers!
Read the full case study here.
How Long Does Market Research Take?
The duration of market research in Malaysia can vary quite a bit depending on several factors. Here are some key elements that can influence the timeline:
- Types of Research
- Project Complexity
- Sample Size
- Stakeholder Feedback
Typical Timelines For Conducting Market Research
Generally, here’s what you can expect from Vase.ai:
- Short-term Projects: 2–4 weeks
- Medium-term Projects: 4–8 weeks
- Long-term Projects: 8+ weeks
This gives you a good idea of how long the process might take, helping you and your business plan accordingly.
How Often Should You Conduct Market Research in Malaysia?
Ultimately, this will depend on the type of industry your business is in. And it could be influenced by couple of factors such as:
- Type of Industry
- Consumer Behavior Changes
- Market Competition
- Product Launches
- Economic Conditions
As a general rule of thumb, Vase.ai recommends:
- Quarterly: For industries experiencing rapid changes, such as technology, to stay updated with the latest trends and consumer feedback.
- Annually: Ideal for FMCG or retail companies to evaluate brand perception, product satisfaction, and overall market conditions.
Remember, regular market research can help your companies stay competitive and potentially support your long-term goals.
How To Choose The Right Market Research Company in Malaysia?
When selecting a market research company, here are some helpful tips from Vase.ai:
- Check Credentials and Experience: Look for a strong track record in your industry.
- Assess Methodologies: Ensure they use robust research methods that align with your objectives.
- Seek Client Testimonials: Read reviews to gauge reliability and quality of insights.
- Compare Pricing and Services: Obtain quotes from multiple companies to ensure good value.
Remember, your business has specific needs. Clearly communicate these needs before signing up for any services, and make sure to do your own research to find the best fit.
How Much Does Market Research Typically Cost In Malaysia?
When considering the cost of market research, several factors may come into play such as the scope of the study, methodology, and target audience.
In general, the cost of conducting market research in Malaysia typically ranges from a few thousand to tens of thousands of ringgit.
If the market research company suggests using only online surveys for your needs, the cost will typically be lower than if you opted for in-person interviews or focus groups.
For a detailed breakdown, feel free to go through our article on the cost of market research here.
In summary, market research is a powerful tool for businesses in Malaysia. By getting to know what your customers want and understanding the market, you can make smart decisions that give you a competitive edge.
Introducing Vase.ai - A Reputable Market Research Company in Malaysia
At Vase.ai, we live and breathe market research.
Sign up for a free Vase.ai account, and launch a market research campaign that provides you with insights in days, not weeks.
Or book a strategy call with one of our expert researchers to help you with your market research needs.
