The market research industry in the Asia Pacific region is undergoing an exciting transitional phase. It is steadily making a much-needed transition towards online and digital mediums for data collection and implementing technology driven platforms and solutions that will transform the way market research has been conducted in APAC in the past.
The COVID-19 pandemic acted as tailwind for the online market research industry to grow in APAC and provided impetus to move beyond conventional data collection methods such as offline, face-to-face and telephone interviews and to embrace and adopt online research methods. With a diverse market landscape and a rapidly growing internet and smartphone user base, APAC holds immense potential for growth and innovation in the online market research field.
Challenges and Opportunities in the Asia-Pacific Region
Opportunity: Diverse Markets – The APAC region is large, hugely diverse, and versatile; from the language and nomenclature to products and currencies. There are unique opportunities throughout.
Challenge: Representation – The scope of online research is still primarily limited to consumers belonging to a higher socioeconomic-profile, urban areas, younger age groups, and mid to high income groups.
Opportunity: Growth – The Asia-Pacific (APAC) region has the world’s fastest-growing internet and smartphone market and online shopping channels. Home to sixty percent of the world’s population, it is no surprise that the increased demand for online research and digital advertising is on an upward trajectory.
Challenge: Localization Challenges – Adapting to different languages and dialects, local product lists, cultural affinities, and regions in conducting the research can pose challenges. It takes considerable efforts to translate in local languages to conduct thorough and accurate research.
Since time immemorial, the market research industry relied on face-to-face and telephone interview methods which were both time consuming and expensive. In the ever-changing environment, the industry is looking at a faster adoption of online data collection methods that promise agility and better value. Online market research offers advantages such as faster data collection and cost-efficiency compared to traditional methods.
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Different types of studies that can be conducted online in APAC:
- Brand/Ad Tracking – Tracking studies account for over 25% of overall research spending industry-wide provide clients with meaningful benchmark data on products, services, ad campaigns, customer base, and brand perceptions. By conducting tracking studies online, researchers can provide clients with real-time data and analysis, even while the study is still in the field. Researchers can manage data collection at a weekly, monthly, quarterly, or annual frequency. Compared to a conventional study, online tracking can save a significant amount of time and money.
- Concept/Product Testing – Concepts and products can be tested online as quickly as the client can generate them. Graphics, audiovisuals, and 3D imagery can be inserted into online surveys for easy appraisal from participants. Best of all, online concept and product testing are amazingly fast and cost-efficient when compared to offline or more traditional research. Concept-testing research projects that used to take two to three weeks to complete are now getting accomplished at much quicker speeds with timelines as short as a single day to a maximum of a few days.
- Conjoint/Discrete Choice – Because of their complexity, these types of studies demand survey respondents who are highly cooperative and motivated. Members of online panels double-opt-in and sign up to participate in online surveys for an extended period, making them ideal for the involved nature of conjoint studies.
- Product Placement/In-Home Product Usage Test – Online Product Placements and In-home studies do not bias respondents with telephone or in-person interactions (except for product delivery and respondent verification). Clients using this method benefit from fast returns of robust feedback in various forms.
- Market/Segmentation Studies – Online consumer panels can help create more targeted campaigns by developing customer segments. The sheer size and outstanding quality of the panel enables research firms to obtain any sample that a client may need.
- Media Testing – Television commercials, movie trailers, and long-format video presentations present a high-stake investment and media spending for clients. Getting genuine consumer reactions is crucial, and time is of the essence. Online panels have the reach and technology that enable clients to get this media in front of representative samples and highly targeted and engaged respondents.
- Omnibus Studies – Online consumer panel offerings accommodate the most demanding timelines and tightest budgets. This shared cost study is an effective means to gather quick feedback from either an internet-representative, or census-representative audience, and/or low-incidence groups.
- In-Depth Qualitative Interviews – Leveraging the internet to find specialty professionals in APAC helps clients understand consumer and target markets at a deeper level, uncovering market drivers as well as consumer wants, needs, and attitudes.
- Online panels and Expert Networks – Partner with leading-edge firms to provide qualitative and mix method offerings that seamlessly integrate with their high-quality sampling capabilities to conduct in-depth Interviews, focus groups and online bulletin board sessions.
The market research sector in the Asia-Pacific is still in a transitional phase and will undergo changes with the ongoing advancement of ChatGPT and Artificial Intelligence. Recent technology set-ups are redefining how we engage with customers for data collection, whether it be for quantitative surveys, qualitative interviews, bulletin boards, product placements, or digital ethnographies.
We need to continue working towards simplifying the instrument of research for better consumer participation to ensure that clients get high-quality, real-time data at a faster pace, enabling better business decision-making. Overall, these are exciting times for our industry, which will revolutionize how we look at online market research opportunities in APAC.
