In the current hypercompetitive business environment, market research is very important to provide enterprises with detailed insights into their customers’ preferences, pain points and buying patterns. However, most companies in Malaysia do not conduct market research as it is viewed as expensive and time-consuming, says Vase.ai co-founder and CEO Julie Ng.
“There is a perception among local companies that market research costs a fortune and that only those with five or six figures to spend would be able to afford it. It is also common for them to think that it would take months to complete. Since consumers of the current age change their behaviours constantly, companies think it would be a waste to spend so much on something that provides outdated information,” she adds.
Recognising that this could be a key area for disruption, Ng and her co-founders, chief operating officer Zhen Ng and chief technology officer Asyrique Thevendran, launched validation-as-a-service platform Vase.ai. The self-service platform, which provides local enterprises with insights into consumers, markets, brands, products and advertisements on a one-off or monthly subscription basis.
Unlike other companies purveying market insights, which could take months to complete a single piece of research, Vase.ai is able to do it in less than 24 hours, says Asyrique. Typically, these companies collect data through traditional methods such as paper surveys and actual focus groups. Vase.ai’s research is done online.
By Khairani Afifi Noordin, The Edge Markets