How important do you rate Market Research?
Very important – Important – Not very important – Yes it is okay, it is okay not?
Small and medium enterprises or startups of course all want to do market research, want to understand the right customer insight, really want to know what their target customers need and want. However, with Market Research, it is difficult to get truly skilled resources, expertise and market experience. Most of the businesses still have limitations on resources such as finance, people or ideas that lead to limited market research ability. This leads to the business selling a product that is not according to market demand or a product that only meets a part of the market demand.
Because of such limited resources, employees do not know what specific marketing is, do not analyze and grasp the needs of customers, SEO staff do not have enough skills and standard attitudes to approach customer files. in the process of market research… Market research results are inaccurate, since then, businesses choose the wrong products and the number of products in stock is increasing but the Board of Management really doesn’t know how to ‘debug’ from where.
“Without market research, the product does not come out of the idea room”
Picture: Equitix Investing
Speaking of subjective factors, it is the Business Owner who is so in love and passionate about the product that is his ‘brainchild’, they love it so much that they forget that the customer is not them, so of course unable to understand the product and know how good it is. Therefore, the business owner needs to stand on the stance and perspective of his customers to evaluate where his product is good and where it is not.
Business owners have not measured and do not have enough data to analyze why they are selling products or services to people who need it. Whether the product we deal in is precisely due to the acumen due to careful analysis of market angles. Or is the number of products sold mostly due to the relationship, but the business does not really sell products based on the internal resources of the business?
Your business must be able to answer 02 questions “How is your product different from competitors in the same segment?” and “Why should customers choose your product?”. The product must be at least different from the rest of the businesses in the target market and the product needs to be new and special than the competition. If it’s just ‘old wine in a new bottle’, rationality remains the same, changes in clothes and media messages say, gradually, customers will return to choosing the old product.
“The right person…
Customers do not really understand what they really need, the business has to find that hidden need, is Customer Insight. Every business owner is confident that he understands correctly and deeply enough about the market, understands what his customers need and want… But no, customer needs are diverse and quickly change according to market trends.
When business owners lack information, leading to wrong analysis, wrong analysis, building an inaccurate strategy. With that amount of inaccurate information, they paint a strategic picture that looks good but has no value, or simply cannot be used.
In that situation, there are businesses that are still ‘not defeated’ but will certainly be ‘major’, even there are lucky cases of ‘winning’ but this victory is not worth celebrating, because this is not the case. The most fun here is that even the reason we won, we don’t know.
Right time…”
The market moves too fast, while doing research, the market has moved into a new state, new demand. Unfortunately, the right person has to be at the right time. Don’t decide quickly but procrastinate, don’t be smart… lead and fish are nowhere to be found.
Objective factors affecting market research
Objective factors affecting market research such as small sampling, wrong survey respondents, poor interviewing methods, questionnaires ̣doesn’t define what goals they will achieve… The main reason is that there is no professional rental unit perform.
The emotional factor comes from the ‘agricultural thinking’ in Vietnamese culture. Market research is looking at numbers that speak for scientifically proven feasibility. It can’t be ‘fix it’ or rely too much on luck. In Market Research, do not allow the appearance of phrases: “I think”, “I think”, “I think”… Based on the power of data and numbers that speak, continue brought to the deployment table.
“Market research is looking at talking numbers” – Freepik
thing as a good and perfect product right from the moment it hits the market. The discovery of their weaknesses, thereby developing in parallel and perfecting details such as apparatus, structure, culture, personnel, products… is obvious. Being willing to receive feedback is essential to turning a bad product into a good one, making a good product even better.
Current status of Vietnamese enterprises?
In Vietnam, 90% are small and medium enterprises. The startup movement is on the rise. Leadership personnel are too ambitious but lack capacity, preparation and feasibility. In small and medium-sized companies, it is difficult for personnel to stabilize because they are dominated by personal interests. After being trained by the company, they quit or move to another larger company because that place brings them more benefits.
Senior management and service are the most difficult to recruit, only having a university degree after graduating from college is a lot, like working hard, you can’t do it, can’t do it, thinking is not enough, and serving as a service person can’t be done. refused.
Companies do not have much budget, but always crave a methodical Marketing strategy. But Marketing costs quite a lot, and it is very difficult for partners to implement strategies to accept cooperation.
Collaborative partners have a very high perspective and demand for treatment, obviously in order to find a startup partner with the same core values and working style, or sooner or later they will ‘sleep garlic’. Because of the lack of game setting and clarity of interests, a code of conduct or corporate culture has not been and has never been respected.
The vision and mission of the business is too far-fetched for new businesses, because the most important thing is the ‘daily food’. The Strategy is good, but it cannot be executed because of the lack of personnel.
Enterprises know the importance and know the strategic planning but lack of drastic. There is not really a specific roadmap and wait until the strategy is no longer suitable to enter a market that has moved away.
Leadership and decision makers in the end do not have the same vision and direction, who is enough to win people’s hearts now, or people lead each other’s hands to the east, others pull each other’s feet to the west, each person’s ego is too high. big and no one to bear…
Vietnamese people are not inferior to Westerners, just lack the solidarity and connection to become a strong collective, temporarily giving up ego and immediate benefits to realize sustainable businesses.
Written by:
Chairman of international investment SAADO Holdings company limited.
Investment Director of SAADO Holdings.
SAADO Holdings is currently an investment company and main shareholder for startups & SMEs with a diversified portfolio focusing on businesses that can be strong in Vietnam’s raw material areas.