Market Research Malaysia: Tips for Small Business
Market research is important, regardless of the scale of the business. Market research helps a business to understand their customers, know their competitions, and know how much customers are willing to pay to get their product or service.
Below, we listed market research Malaysia tips for small businesses that you can use to grow your business.
The first market research Malaysia tips are to start as soon as you can. By doing it as soon as possible, a business can save money and resource in the long run.
With market research, a business can know the right sectors as well as the right products where they can invest. As such, mistakes that eat up money and resources can be avoided.
It Should Be Done More than Once
Market research is very important when a business venture is started. However, this should not be the only time market research is done.
A business needs to keep doing market research if it wants to grow. Market research can give insight not just to develop the right product, but also a new product, the price of the product as well as the legislative change that needs to be dealt with.
Market Research Doesn’t Have to Be Expensive
It is true that market research can cost a lot of money. However, it doesn’t have to be like that every time. There are ways to do market research that are inexpensive.
For example, you can try online surveys on social media. Or, you can also hand questionnaires directly to people. This may be old-fashioned, but many businesses still do it especially those in the food business.
Many Secondary Research Results Are Already Available
Primary research is not the only type of research. You don’t need to do all the researches yourself, either. There are many available secondary research results that you can use.For example, you can get information regarding the certain area, occupation, as well as the age groups in that area from local government websites.
Do It Yourself before You Outsource It to Others
Small businesses have limited resources. Having your market research project done by a market research agency is always an option. The question is, is it worth the money?
The answer is yes. Yes, it is worth the money. That being the case, you should do at least try to do basic market research yourself first.
After you have done basic market research in Malaysia, you will gain a lot of insight into the market. At some point, you might find out that some of the ideas that you want to do might be too challenging or too big.
At this moment, you can outsource the research to a market research agency. By giving the task to a professional, you will be able to understand things better.