You’ve probably realized by now that market research is becoming the trend in growing one’s business. If in the past it delved mainly on learning about penetrating an already existing market, these days it’s more about creating new markets to further expand one’s reach. Getting to know more about your market gives you leverage against your competitors, as not only do you pinpoint what sells to your audience, but also find subgroups in which you can amplify your profit from.
The same idea goes with market research in the Philippines. It can likewise be exciting to do a market study in the country, mainly because you are faced with a vast audience consisting of a smorgasbord of cultures. It all boils down to doing your research right in order to properly identify where your market is and how you turn them into your loyal customer base.
So how do you start your Philippines market research? If you are looking towards expanding your business to the Philippines, then better begin with these 5 sure fire ways:
- Define the current status of your business.
Before going towards a market research, you must first be able to define the status of your business. The fact that you’re going to do a research means that you have questions that need to be addressed and resolved. So yes, it is a must that you lay down your questions first.
Let’s say that your business is doing well, but you would like to expand your reach to a Philippine audience. You may want to answer why it is worth investing in the Philippines, what perks will you be getting, and if the audience would be able to grasp your line of business-and where on the map you will find that particular audience. These may not necessarily be the same questions you have, but it is downright important to have them listed as they will serve as a guide towards an effective research.
- How is your industry doing in your target area?
Once you have a shortlist of research questions, you may want to look at the current situation of your industry in your targeted area. How is it doing so far? Which businesses are dominating the industry as a whole? This is a very important step because it is where you will find loopholes and opportunities to expand your reach. This is also the step where you are able to map out your business’ strengths and weaknesses as it penetrates your targeted location.
- How should you reach out?
When planning your research, you should also know how to reach out to your target audience. Remember, communication is key, so it is a must that you are able to speak to them.
You should determine the forms of communication to use, from personal outreach to emails and phone calls, as well as the language used by the people in the area, and who to speak to.
- Who are your stakeholders?
Who should you speak with when doing your research? Sure, you have a big picture of your industry and the area, but who exactly are the people you will be dealing with? You need to identify them as well, from your target consumers to related business influencers and the institutions involved in the industry. By knowing everybody, you are able to quickly build a network of your market and easily work your research out.
Once you’re done with preparatory stages above, then you are all set to explore your market. It is better if you have a dedicated team who will execute the research, from gathering the data from your prospective audiences, stakeholders, influencers, analyzing the results, and putting everything into paper. From there, you are able to know in which direction your business should take given that you already know your market.