Market research is a crucial process for any business that wants to understand its customers, competitors, and market potential. Market research can help businesses make informed decisions, identify new trends, and develop effective strategies for growth.
Cambodia is a developing country in Southeast Asia with a population of about 16 million people. The country has experienced rapid economic growth in recent years, driven by exports, tourism, construction, and agriculture. The Asian Development Bank projected Cambodia’s economy to accelerate by 5.3% in 2022 and 6.5% in 2023.
However, conducting market research in Cambodia can be challenging due to several factors, such as:
- Lack of reliable data sources: Cambodia has limited official statistics and databases on various sectors and consumer segments. Therefore, market researchers need to rely on primary data collection methods, such as surveys, interviews, focus groups, and observations.
- Diversity of consumer preferences: Cambodia has a diverse population with different ethnicities, religions, languages, cultures, and lifestyles. Therefore, market researchers need to understand the nuances and differences among various consumer groups and tailor their research accordingly.
- Rapid changes in the socio-economic environment: Cambodia is undergoing rapid social and economic changes due to urbanization, globalization, digitalization, and modernization. Therefore, market researchers need to keep up with the changing consumer behavior, needs, expectations, and preferences.
Despite these challenges, market research in Cambodia also offers many opportunities for businesses that want to enter or expand in this emerging market. Some of the opportunities are:
- Growing demand for goods and services: As Cambodia’s economy grows and incomes rise, consumers are demanding more quality products and services across various sectors, such as banking, telecom, FMCG, healthcare, education, tourism, and NGO.
- Increasing online penetration: Cambodia has a young and tech-savvy population that is increasingly using the internet and social media for information, communication, entertainment, and shopping. Therefore, market researchers can leverage online platforms and tools to reach and engage with consumers more effectively and efficiently.
- Rising awareness of hygiene and health: The COVID-19 pandemic has heightened the awareness of hygiene and health among Cambodian consumers. Therefore, market researchers can explore the opportunities for products and services that promote hygiene, health, wellness, and safety.
To conduct market research in Cambodia successfully, businesses need to partner with professional market research firms that have local expertise and experience. One such firm is MRTS Consulting Ltd, a consulting firm that supports companies expanding and capturing opportunities in Cambodia.
MRTS Consulting offers a wide range of market research services, including:
- Market landscaping
- Market demand identification
- Consumer usage and attitude
- Brand image and positioning
- Concept testing
- Product assessment
- Advertising communications testing
- Packaging/design assessment
- Brand health tracking
- Advertising tracking
- Event/activity/promotion evaluation
- Customer satisfaction survey
- Service standard measurement
- Competitive intelligence
MRTS Consulting has worked with both local and multinational companies from various sectors and countries. The firm has a team of consultants who can help clients identify industry trends, market environments, possible threats, and specific challenges that their business will face in Cambodia.
MRTS Consulting also uses cutting-edge technology to ensure accuracy and reliability of data collection. The firm has the capability to provide both offline and online data collection services using experienced field teams and its proprietary online panel. The online panel is the first and only one of its kind in Cambodia, with a variety of target consumer profiles from all over the country.
If you are looking for a reliable and professional market research partner in Cambodia, you can contact MRTS Consulting via vuthy@mrtsconsulting.com