An entertainment company executive realised she lacked understanding of the consumer segments she was serving or aimed to serve.
Her previous segmentation strategy consisted of targeting specific programs to various groups, such as younger people, older adults, families, and single individuals. However, she felt that this approach was too basic. The executive thus decided to commission a research firm to analyse the market.
Without doing market research, your business strategy may be a hit or miss. If you would like to make smart decisions, you would need insightful information that can result in concrete, implementable outcomes.
Not all market survey firms are the same. In this blog post, we'll be exploring market research firms in Singapore and what makes them stand out from their competitors.
Market research is the process of gathering data about a product or service and its target audience. It involves analysing the data to gain insights into consumer behaviour and preferences, identifying opportunities and challenges, and making informed decisions on how to develop and market the product or service.
With market research, businesses can better understand their target market, tailor their messaging, improve customer satisfaction, and optimise their business strategies.
The entertainment company executive mentioned earlier asked for help from the best market research agency. Despite high expectations and a detailed market study filled with statistics, the executive was disappointed with the findings.
She stated, "The research mostly told me things I already knew." The industry her business operated in had already been researched over 200 times. Each study has produced similar intelligence reports: the audience was mainly female, economically well-off, educated, urban, and spread across the age spectrum.
"The results were lacking," the executive lamented, "and didn't provide me with the information I needed to put them into action." The customer profile was mainly divided based on demographics.
She wonders why less men are buying compared to women. Is the interest low or is there a barrier preventing them? And what about the age differences? Are the middle-aged group leaving because the business is not meeting their needs, or are they pursuing other interests?
The executive realised who her customers were not but not how to motivate them. One of the takeaways should be this: The most crucial aspect for ensuring a successful outcome is a strong and close partnership between the researcher and the client.
A fast-growing company may think that inadequate information is the problem. However, rather than just reducing the knowledge gap, market research must aim to provide actionable and relevant solutions. This will bring sustainable satisfaction to leaders by empowering them with results that they can put into practice.
To effectively address the client's situation, the standard steps include:
This process is followed to ensure comprehensive and accurate findings.
Don't worry about the specifics and let the best marketing research agencies do what they're best at. Sit back and relax while you wait for findings that are not just fascinating but also have practical applications.
Incorporating market research is a crucial aspect of achieving successful campaigns in Singapore, whether through digital or traditional channels and is essential in creating viral marketing examples. By conducting research on the market, companies can gain:
Market data can also help companies determine the likes and dislikes of their target customers, allowing them to develop products that meet their needs. With access to reliable primary data from in-house or commissioned agencies, companies can make informed decisions about their marketing strategies, achieving customer satisfaction.
The top market research companies in Singapore listed below provide comprehensive services. These will help businesses make informed decisions and stay ahead of the competition.
Based in Southeast Asia, Milieu Insight is an award-winning consumer research and data analytics company that helps businesses succeed in the ever-evolving, data-driven market of today. Acknowledging the growing need for accurate and timely information to guide strategic choices, they are committed to going beyond simple insights, driven by their intense desire to understand human behavior—thoughts, feelings, and deeds.
Their services encompass:
Contact Details:
20 Cairnhill Rd, Singapore 229652
In Singapore, Acorn is one of the largest, independent research agencies employing a global network of professionals. They specialise in problem-solving research and modelling, including:
Acorn, with its full-service offices in 11 Asia-Pacific countries, possesses the expertise and know-how to provide effective online marketing services. Their solutions are tailored to each partner's specific needs and are supported by their extensive research industry experience. Acorn prides itself in deeply knowing Asia, with a proven track record of delivering results.
Whether you’re looking for a comprehensive suite of marketing research or just need to update your strategy, Acorn is the perfect partner for you.
Acorn Building, 12 & 13 Mohamed Sultan Road. #02-01, Singapore 238961
Tel: (65) 6733 6565
Fax: (65) 6732 6128
singapore@acornasia.com
GfK Asia is a leading provider of market research and intelligence solutions in the Asia-Pacific region. They empower brands to achieve their full potential through their services, which include:
Priding themselves in reliably delivering "Growth from Knowledge" solutions, the value they provide lies in data competence and actionable recommendations driven by their people and the global community. Their deep understanding of the market, psychology and consumer behaviour drive business success and help brands to be their best.
103 Penang Rd, #05-01/05 Visioncrest Commercial 238467 Singapore
Kantar claims to be the world's leading data, insights and consulting company. With a team of 30,000 experts in human understanding and advanced technologies, they provide innovative solutions that help the world's top organisations succeed and grow. Among their expertise are:
The brand is confident in its comprehensive and unparalleled understanding of people worldwide, including their thoughts, emotions, and actions in over 90 markets. The company's expertise goes beyond simply providing clients with an understanding of what has happened— they also explain why and offer guidance on how to shape the future.
Position your brand strategically for growth with accurate insight from Kantar.
50 Scotts Rd, #02-01 Singapore 228242
Tel: (65) 6597 7300
Nielsen Singapore is a global leader in audience measurement, data, and analytics, shaping the future of local media.
Clients can rely on Nielsen to measure market performance, analyse market dynamics, diagnose and solve marketing and sales problems, and identify growth opportunities. Specifically, the solutions they offer are:
Nielsen partners with clients to provide actionable insights and services for informed decision-making. Their integrated market information and advanced analytics offer a comprehensive range of market data, enabling data-driven decisions for growth.
Choose Nielsen for a partner that will help you find the best path to success.
https://www.nielsen.com/about-us/locations/singapore/
9 Raffles Place, Republic Plaza #23-02 Singapore 048619
Tel: (65) 6672 6600
Headquartered in Singapore, the full-service agency offers a comprehensive suit of solutions across the whole of Asia-Pacific.
Axanteus Research is dedicated to providing market research services relating to customer behaviour and market trends using:
Their services focus on:
They also have experience working with international market research firms. With its wide range of services, Axanteus Research offers a one-stop solution for consultancy, market data, and cost-effective research services across various industries.
176 Orchard Road, The Centrepoint, #05-05, Singapore 238843
Tel: (65) 6332 6888
contact@axanteusresearch.com
Apeiron is a leading member of an international Market Research organisation, committed to providing high-quality and professional services in compliance with industry standards. They claim to have a deep understanding of ASEAN markets, especially Singapore.
Client satisfaction is at the heart of Apeiron's approach. They strive to maintain long-term relationships with their business partners and offer additional support in a constantly changing market.
Apeiron specialises in:
Rest assured that the company's competitive pricing strategy does not undermine the quality or timely delivery of projects. Their objective is to transform data into meaningful information, which in turn generates valuable insights.
Gather strong local insights personalised depending on your situation. Choose Apeiron for a professional, knowledgeable and client-focused market research partner.
60 Woodlands Drive 16, #01-22 LA CASA, Singapore 737896
Tel: (65) 6909 7482
info@apeiron.sg
Born in Jakarta in 1997, the business is now headquartered in Singapore enjoying over two decades of success. Their services focus on solving business and brand problems through research.
Project types involve:
Discover (expand your understanding of Asian markets and consumers) Innovate and design (get to market fast with the best product formulation) Communicate (support your marketing communication) Test and monitor (how are you performing in Asian markets)
60 Paya Lebar Rd, #06-05 Paya Lebar Square, Singapore 409051
Tel: (65) 6338 4780
Media Research Consultants is an ISO-certified full-service consumer research consultancy with over two decades of local expertise. Established in Singapore in 1987, the full-service market research agency provides a variety of services, ranging from advanced analytics to qualitative exploration.
You can choose from their so-comprehensive suite of solutions, which includes:
They have established a strong reputation for providing reliable data to their clients, allowing them to make informed decisions when it comes to their business decisions.
Additionally, the company culture is one of collaboration, creativity and innovation. They strive to create an inclusive work environment that encourages employees to reach their potential and be their best selves.
It's no wonder that the company got recognised for its outstanding work with various awards and accolades.
Mediacorp Campus, 1 Stars Avenue, Singapore 138507
Tel: (65) 6255 7484
info@mrconsultants.sg
The company was established in 1994 by Mr. Frank Boey and Ms. Carol Goh with the mission to provide market research services and data collection for clients all over the world.
Since its establishment, Joshua Research Consultants has grown exponentially, winning numerous awards for its services and becoming one of the most trusted research and data collection service providers in Singapore.
They specialise in:
Their services are all designed to provide accurate, reliable, and high-quality data to help clients make informed decisions. With their commitment to upholding the highest standards of transparency, research and engagement, they're easily one of the leading companies when it comes to market research.
https://www.joshuaresearch.com/
1 Commonwealth Lane #08-30 One Commonwealth, Singapore, 149544
Tel: (65) 6797 0603
info@joshuaresearch.com
Market research can offer numerous advantages to companies like yours. Working with the right firm is a must, as each agency boasts unique strengths. Whether it's in terms of offerings or areas of expertise, a consulting company can provide strong local insights.
While going for the least expensive or the most comprehensive and accessible agency may seem appealing, they may not have the capacity to deliver the same depth of insights or research services as a specialised market research firm.
A small business may also benefit from exploring self-service tools in the digital world. Examples of social media marketing tools include Google Keyword Planner and Facebook Audience Insights.
Nonetheless, by leveraging the expertise of the leading market research company, businesses can make sure they have data-driven insights to craft an effective marketing plan.
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