Singapore is only one of the few nations where stability and security in doing business are constantly present. With a relentless, fast-growing economy, companies in this Asian Tiger are enjoying a continuous boom in their own businesses. In addition, foreign investors find this nation a very feasible geographical location to spend their money on. This is accentuated by the fact that Singapore has been holding the top-rank position in the “Ease of Doing Business Index” since 2010, conducted by the World Bank. Add to the accolade is the presence of racial harmony and absence of discrimination among all cultures.

Though Singaporean companies have a lot to be grateful for, they are still in dire need of accurate and updated business information. These data refer to those that have a relationship with their customers and competitors. In order to power up their marketing activities, every bit of scoop that they can gather will be used for a variety of purposes to keep up with the changes in the business community, such as in the technology sector. With the development of applied science occurring almost all of the times, it is important for a Singaporean firm to capture this news for it can lead to the refinement of its good and/or service. Another thing is the change in consumer taste and buying behavior. Almost all products do not last for a lifetime, except the staple food. Equally important are the data about the activities of the competitors.

This then calls the companies in Singapore to organize successful market surveys that will catch these transformations. A market survey, also called as market research, is designed to get a detailed, specific and precise understanding about the needs of the consumers. Through the use of a well-thought-out questionnaire, a market research can extract consumers’ opinions on a wide array of issues which may include perceptions on the quality of existing products, price tags, packaging, advertisements and other marketing campaigns. The end result of this engagement is strategic information about the market, prospective clients and their desires and the competition. This aggregate data can be utilized to concentrate a firm’s resources and efforts with the end result.

Furthermore, it can help a business lessen the risk of failure in launching a new product or service. Frequently, there is little guarantee that any novel ideas will create high demand, even if such produce is of high-quality and available at an affordable price. However, accurate information about the current market trends and consumer behavior can aid a company to make economic decisions out of judicious judgments. Market surveys are capable of supplying data that can determine future customer needs. This allows business entities to make the necessary adjustments to their production and operations.

When it comes to market research, telemarketing is always a reliable medium, if done properly. Telemarketing surveys are cost-efficient, especially with the introduction of VOIP or Voice over Internet Protocol. The use of live operators as interviewers boosts the morale of respondents to participate actively in the activity. The idea alone of giving them voice is a motivation that will help increase response rates. For large surveys, say for example national or international sampling needs, the use of the telephone is well suited. In stark contrast, telemarketing has its weak points too. This channel is lame when market surveys include non-audio information like taste, images and smell. The choppy telephone lines in rural areas are also one of the impediments. So, if you think your market surveys will be better off with the help of telemarketing, hire a first-rate

Maegan Anderson works as a professional consultant. She helps businesses in AU and SG increase their revenue by lead generation and appointment setting services through telemarketing. To know more about this visit: http://www.callbox.com.sg/

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