The success or failure of a product or service could either be strengthened or avoided if the vendor is able to evaluate actual market conditions and to craft his marketing and penetration strategies to suit the market conditions. What better way than to do a Market Research Study or Survey of the intended target audience, about the potential competitors and even the possible limits to purchasing power of a particular group of people.

The use of Market Research studies well before entering the market used to be done by the MNCs. SMEs are unlikely or unable to want to spend such resources, even if they have them. Singapore-Business.com however believes that there are easier ways to get the same results and without having to spend what the MNCs are spending.

We have the following options / suggestions for SMEs on this area:

a) Conduct your own impromptu study by doing a straw poll -- get the product you wish to market; zero in on your intended target audience and get their reactions. If out of 20 respondents, 70% to 80% are in favour or enthusiastic about it, then go for it. Of course, you want to have a set of simple questions to ask first to guage price resistance level, perceived benefits and brand loyalty, if at all.

b) Engage students for this -- Singapore Polytechnic is known to want to work with SMEs to assist them in this manner. For the students it become part of their project work. For contact with the relevant lecturers, do let us know so that we can do the necessary liaision work on your behalf.

c) Engage professional market research companies -- Singapore-Business.com is in a unique position to assist companies take a step in the right direction. In our dealings with numerous companies, both local and foreign, we have formed close relationships with market research companies; particularly those who are able to adjust their scope and depth to cater to the varying budgets of SMEs, and which are willing to take a long term view with regards to projects with such SMEs.

For a no-obligations discussion, please email us and tell us your requirements. We would then put you in touch with the relevant company or organisation, who are willing to work towards your requirements.