Market research is an indispensable activity for any business that wants to develop and compete in the Vietnamese market. Market research helps businesses understand customer needs, behaviors, habits and trends, as well as the competitive situation, opportunities and challenges of the market.
By researching the market, businesses can make strategic decisions about products, pricing, distribution and promotion, to create a unique and differentiated value proposition for customers. This article will introduce you to the importance of market research, market research methods, and reputable market research companies in Vietnam.
The importance of market research
Vietnam is one of the fastest growing markets in Southeast Asia, driven largely by growing manufacturing, exports, and an expanding middle class. According to World Bank forecasts, Vietnam's economy will grow by 6.7% by the end of 2022 and up to 7% by 2023. This is a clear demonstration of the sustainability of the Vietnamese economy. Nam and full recovery after the Covid-19 pandemic. Thanks to that, consumption trends and business opportunities in Vietnam are also changing rapidly with many positive signals.
Vietnamese customers are increasingly interested in modern lifestyles and the need for safer and better quality products. This creates many opportunities for businesses in fields such as food and beverage, e-commerce, and digital economy. However, the Vietnamese market is also full of challenges such as fierce competition, market changes, and differences in culture and consumption habits between regions. Therefore, market research is an important step to help businesses grasp the Vietnamese market and adjust their business strategies in a timely manner.
Market research can bring many benefits to businesses, such as:
Helps businesses identify target markets, customer segments, and brand positioning.
Helps businesses develop and improve products, services, and solutions that suit customer needs and desires.
Helps businesses price products, services, and solutions reasonably, competitively, and optimize profits.
Helps businesses choose effective and cost-effective distribution channels, distribution networks, and delivery methods.
Helps businesses design and implement promotional, advertising, and communication campaigns that are attractive and convincing to customers.
Helps businesses monitor and evaluate the effectiveness of business activities, and update new market trends.
Market research methods
Market research can be conducted using many different methods, depending on the purpose, scope, and resources of the business. Some of the most popular market research methods are:
Quantitative market research: A market research method based on the collection and analysis of numerical data, such as quantity, rate, value, etc. Quantitative market research helps businesses measure the size, potential, and trends of the market, as well as evaluate the effectiveness of business activities. Some means of collecting quantitative data are surveys, experiments, observations, and statistical analysis.
Qualitative market research: A market research method based on the collection and analysis of text data, such as opinions, feelings, attitudes, etc. Qualitative market research helps businesses understand the reasons, motivations, and behaviors of customers, as well as discover market opportunities and challenges. Some means of collecting qualitative data are interviews, discussion groups, case studies, and content analysis.
Secondary market research: A market research method based on the use of data that has been collected and published by other organizations, such as government agencies, trade associations, and corporations. market research company, etc. Secondary market research helps businesses save time and costs, as well as gain an overview and insight into the market. However, secondary market research also has limitations such as data that may be outdated and not necessarily suitable for the purpose and audience of the business.
Primary market research: A market research method based on the collection and analysis of new data, conducted by the business itself. Primary market research helps businesses obtain accurate, updated, and exclusive data that matches the needs and goals of the business. However, primary market research also has limitations such as high costs, long duration, and the need for specialized skills.
Reputable market research companies in Vietnam
If you want to conduct market research for your business, you can do it yourself or hire professional market research companies. Market research companies can provide you with services such as research design, data collection, data analysis, results reporting, and strategic consulting. However, you also need to choose reputable and experienced market research companies in your field, to ensure the quality and effectiveness of the research. Below are some reputable market research companies in Vietnam that you can refer to:
Nielsen: Is one of the world's leading market research companies, present in more than 100 countries, including Vietnam. Nielsen provides quantitative and qualitative market research services across sectors such as consumer, media, retail, and technology. Nielsen also provides market reports, market indices, and online market analysis tools.
Kantar: Is the world's largest market research company, present in more than 90 countries, including Vietnam. Kantar provides quantitative and qualitative market research services, covering sectors such as consumer, media, retail, technology, and health. Kantar also provides market reports, market indices, and online market analysis tools.
Q&Me: Is a market research company specializing in the Vietnamese market, headquartered in Hanoi and City. Ho Chi Minh. Q&Me provides quantitative and qualitative market research services, covering sectors such as consumer, media, retail, and technology. Q&Me also provides market reports, market indices, and online market analysis tools.
Cimigo: Is a market research company specializing in the Asian market, present in 8 countries, including Vietnam. Cimigo provides quantitative and qualitative market research services, covering sectors such as consumer, media, retail, technology, and health. Cimigo also provides market reports, market indices, and online market analysis tools.
Ipsos: Is the third largest market research company in the world, present in more than 80 countries, including Vietnam. Ipsos provides quantitative and qualitative market research services, covering sectors such as consumer, media, retail, technology, and health. Ipsos also provides market reports, market indices, and online market analysis tools.
Market research is an important step to succeed in business in Vietnam. By researching the market, you can understand your customers and market, and make sound strategic decisions. You can do your own market research with your business needs and goals in mind.
Proactive market research: A market research method based on collecting new and exclusive data for businesses, by designing and implementing quantitative or qualitative research as required. Proactive market research helps businesses obtain data that is accurate, up-to-date, and consistent with the needs and goals of the business. However, proactive market research is also time-consuming and expensive, as well as requiring a lot of skills and experience.
Reputable market research companies in Vietnam
If you want to do market research in Vietnam, you can do it yourself or hire professional market research companies to assist. There are many reputable market research companies in Vietnam, with different services and expertise. Below are some prominent market research companies in Vietnam:
Nielsen: Is one of the world's leading market research companies, with more than 90 years of experience and presence in more than 100 countries. Nielsen provides consumer, media, and business market research services, using cutting-edge technologies and methods. Nielsen is headquartered in Hanoi and has a branch in Ho Chi Minh City. Ho Chi Minh.
Kantar: Is one of the largest market research companies in the world, with more than 30,000 employees and presence in more than 80 countries. Kantar provides consumer, media, and business market research services, using a variety of data sources. Kantar is headquartered in the city. Ho Chi Minh and branch in Hanoi.
Q&Me: Is a market research company specializing in the Vietnamese market, with more than 7 years of experience and more than 100 customers. Q&Me provides quantitative and qualitative market research services, using online and mobile tools. Q&Me is headquartered in the city. Ho Chi Minh and branch in Hanoi.
Cimigo: Is a market research company specializing in the Asian region, with more than 20 years of experience and more than 300 employees. Cimigo provides quantitative and qualitative market research services, using traditional and modern methods. Cimigo is headquartered in the city. Ho Chi Minh and branch in Hanoi.
Ipsos: Is one of the largest market research companies in the world, with more than 75 years of experience and more than 18,000 employees. Ipsos provides consumer, media, and business market research services, using diverse and innovative methods. Ipsos is headquartered in Hanoi and has a branch in City. Ho Chi Minh.
Market research is an important step to succeed in business in Vietnam. By doing market research, you can understand your customers and market, and make sound strategic decisions. You can do market research yourself or hire reputable market research companies to assist. Hopefully this article has provided you with useful and interesting information about market research. Thank you for reading! 😊
