Why is market research necessary? Tips to conduct Market research

Why is market research necessary? Tips to conduct Market research

Marketing is all about getting clients through a set of activities that are processed for creating, delivering, communicating, and exchanging offerings for customers, partners, clients, and society.  Before the launch of any service or product, thorough market research is essential.

What is market research with a global perspective?

Marketing is all about reaching the target audience with a soft approach. Every product or service has a message to the audience. Every product is known by its unique selling point or USP. Marketing activity aims to bring this message to the end user.  Global marketing is a mix of all activities. Every product or service is specific to a region. The combination of actions is mainly about how localized or standardized the products can adapt to situations.

Say, for example, Red Bull is an Austrian drink appreciated by the Americans, Britons, and Germans. The brand successfully hosts sports events across the world. While the Red Bull Air Race is hosted in the UK, the Red Bull Indianapolis Grand Prix is in the USA. Jordan holds the Red Bull Soapbox race.  Red Bull has a global outlook doesn’t look like a traditional American soft drink. This is much more European.

While KFC is American by origin, it has different strategies in Japan. Japanese tend to enjoy Christmas; hence, KFC has associated itself with X-Mas crispy chicken, a concept quite in line with the Japanese choice.  One of the most convincing strategies is to feature the product in local ads and with models.

What are the mandates for doing Market research in Japan?

While conducting research in the local Japanese market, there are specific facts you need to follow.

  • No research in English: Well, Japan is a land where English is the least popular language. If you conduct research in English, you might be missing some vital information. Hence, the best step that you can do is to use Google Chrome and then translate the popular questions into Japanese language. You may hire a Japanese-speaking marketing agent for your help.
  • Understanding market size: Before you enter the market with a specific product, it’s essential to understand the market’s potential. Well, you need to understand the size of the market and its scope. Depending on those factors, you can determine the type of marketing campaign. It could be offline or even online. Opting for online distribution and sales channels could be bliss for your business.
  • Knowing the standard: Knowing the standard practice of a particular region makes a tremendous difference. For any service or product, you will have to know the standard delivery process. If you are opting for a delivery within the stipulated area, then you will have to consider the time required. Say, if you are doing business in Japan, delivering a packet within Tokyo will take you the shortest possible time. You will have to calculate the time required and commit your customers accordingly.
  • Capturing the entire process: The entire process has to be done schematically. You may record the entire process, starting from receiving an order and then processing it. You can take some screenshots of the in-between process. Taking some customer interviews can add credibility to the entire process. You may publish them on your website and make the process convincing enough.
  • Planning the next steps: After planning the entire strategy, you can craft a road map requiring expertise to derive a successful business plan. You can plan strategic partnerships with the local partners.

If you are planning effective market research, then make utilization of market research firms in Japan that can give you a first-hand idea.

What are the tips that you need to follow while being in Japan?

There are some facts about Japan that you need to know. In case you are looking to have a market in Japan, then there have to be specific considerations.

  • Japan has the highest consumer market: Japan is one of the wealthiest countries, having the third biggest GDP in the world and HNWI (High net worth individuals). Everyone in seventeen Japanese is a millionaire. Almost every couple in Japan is established. Hence, Japan has one of the best customer bases in the world.
  • While you are in Japan, adapt to the culture: Japan has a culture quite different from that of the world. You will find huge differences between the culture of the US and any other developed country. People are sensitive here and very much true to their culture. Japanese have their own culture and prefer to preserve that.

If you work in the Japanese market, you must know, realize, and apply specific facts accordingly. All you have to do is gain trust and take hold of the market and the potential consumers. Once you have earned trust, you can indulge your potential customers for your product or service. By understanding the customers’ requirements well, you can reset the agenda of your niche. You can prepare the marketing strategies accordingly and make the maximum profit.

Knowing Japan’s aging population: It was known that in 2008, Japan had a comparatively more significant aging population. Almost 20 % of people were in the age bracket of 65 years and more. In fact, by 2030, the older population could be 30%. The elderly population is not a burden but an advantage to the market. The consumption done by these people will be considerately high. They are comparatively affluent and will show a positive curve towards consumption. This generation is a boon to the new companies as their purchasing power is higher than the youngsters.

Japan is not a monolithic market but has traits of its own. You will have to carry out some research on consumer habits and propose questionnaires for the interview in the same way. You must be extra polite and ask for valuable time to answer all your questions.

Why market research and marketing in Japan will see a different angle?

Well, marketing of goods in Japan and market research requires different expertise. If you are thinking of launching a new product in Japan, you must look for market research report & firms in Japan. Expertise in this field will identify the true areas of core strength. You need to know the next purchase intention of a customer and then frame the questions accordingly. You must develop the unique value customers choose and prepare your marketing strategy accordingly. Japan has a market research conservative approach compared to other developed countries, and hence, this country has a different success story altogether.

Well, if you think to think before any investment, then looking for a market research professional could be the best alternative. You will understand the aesthetics of the customers and manage your brand accordingly. Well, Japanese style of market research rests upon two kinds of data. They are mainly the soft data obtained from the dealers and hard data obtained from the inventory. You can combine the two kinds of data and obtain a questionnaire, the best way to get customer insights. They require information that pertains to context and not context-free. If you are confident to make your way to the Japanese market, make sure you have done market research in the proper way. Gather the data and get useful information for penetration into the market.

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