Market research is the process of collecting, analyzing, and interpreting information about a market, product, or service to be offered for sale in that market. It can help businesses to understand the market environment, the customers, the competitors, and the opportunities better and make informed decisions that lead to success.
Cambodia is a Southeast Asian country with a population of about 16.7 million people and a GDP of about $27.2 billion in 2020. The country has experienced rapid economic growth in recent years, averaging 7.1% annually from 2010 to 2019, driven by exports, tourism, construction, and agriculture. However, the COVID-19 pandemic has severely affected the country’s economy, causing a contraction of 3.1% in 2020 and a slow recovery of 4% in 2021.
Despite the challenges posed by the pandemic, Cambodia still offers attractive opportunities for businesses looking to expand their market share in the region. The country has a young and growing population, a strategic location, a liberal trade regime, and a favorable investment climate. Moreover, the country is expected to accelerate its economic growth by 5.3% in 2022 and 6.5% in 2023, according to the Asian Development Bank.
However, entering and succeeding in the Cambodian market is not without risks and challenges. The market is highly competitive and dynamic, requiring businesses to have a deep understanding of the local consumers, competitors, regulations, trends, and opportunities.
This is where MRTS Consulting can play a vital role in helping businesses conduct market research in Cambodia. MRTS Consulting is a professional market research and strategy consulting company headquartered in Cambodia. It is currently the only company in Cambodia with the capability to provide both offline and online data collection services using experienced field teams and its proprietary online panel.
MRTS Consulting was established in 2015 by a team of Cambodians and expatriates with more than 50 years of combined experience in marketing, research, and consulting in Cambodia. The company founder has almost 20 years of experience in market research in Cambodia and strong knowledge of local markets which can help clients with insights, trends and winning strategies for growth.
MRTS Consulting provides various market research services for companies exploring and growing their businesses in Cambodia. These include:
- Market entry strategies: Helping clients to identify and evaluate the size, potential, and characteristics of the target market and determine the optimal pricing, positioning, distribution, and promotion strategies.
- Competitive benchmarking: Helping clients to assess the strengths, weaknesses, opportunities, and threats of the competitors and leverage their competitive advantages.
- Channel model identification: Helping clients to identify and select the best channels to reach their customers and optimize their channel performance.
- Market assessments: Helping clients to measure customer satisfaction, loyalty, awareness, attitudes, intentions, behaviors, etc. and monitor and measure the performance and satisfaction of the customers and stakeholders.
MRTS Consulting uses various methods and tools to conduct market research in Cambodia. These include:
- Surveys: Using online or offline surveys to collect quantitative data from a large sample of respondents using structured instruments.
- Interviews: Using face-to-face or phone interviews to collect qualitative data from a small sample of respondents or experts using semi-structured or unstructured instruments.
- Focus groups: Using group discussions to collect qualitative data from a small sample of respondents or experts using semi-structured or unstructured instruments.
- Observations: Using direct or indirect observations to collect qualitative or quantitative data from natural or controlled settings using structured or unstructured instruments.
- Experiments: Using controlled experiments to collect quantitative data from a small sample of respondents or participants using structured instruments.
- Secondary data sources: Using existing data sources such as reports, publications, statistics, etc. to collect quantitative or qualitative data from various sources.
- Online platforms: Using online platforms such as social media, websites, blogs, forums, etc. to collect quantitative or qualitative data from various sources.
MRTS Consulting also has its own proprietary online panel for market research in Cambodia. It is the first and only online panel platform in Cambodia with double opt-in verification and members are recruited from different channels to ensure good representation. It provides clients with a cost-effective and speedy solution for Cambodian data collection.
To conduct market research in Cambodia using MRTS Consulting, you need to follow these steps:
- Contact MRTS Consulting via their website at https://mrtsconsulting.com/ or via phone at +855 (0)12 610 677 or via email at info@mrtsconsulting.com.
- Discuss your research objectives and questions with MRTS Consulting and get a quote or a proposal for your project.
- Review and approve the proposal and sign a contract with MRTS Consulting.
- Collaborate with MRTS Consulting to design your research instruments and sampling plan and provide any feedback or input as needed.
- Wait for MRTS Consulting to conduct your fieldwork and data collection using the agreed methods and tools and provide any support or assistance as needed.
- Receive and review the data and information from MRTS Consulting and provide any feedback or input as needed.
- Receive and review the findings and recommendations from MRTS Consulting and provide any feedback or input as needed.
- Implement the findings and recommendations from MRTS Consulting in your business strategy and decision making.
MRTS Consulting is a reliable partner that can help businesses conduct market research in Cambodia with their professional market research and strategy consulting services. They can help businesses to understand the market environment, the customers, the competitors, and the opportunities better and make informed decisions that lead to success.