Filipino Market Research
What is Filipino Market Research?
This world is interconnected. People now can travel great distances with more ease. So, they are now taking the chance to leave their countries of origin. Many are in search of new and better opportunities. East Asians, particularly Filipinos, have begun to integrate into many developed nations. The United States, Canada, the United Kingdom, and other countries have seen a steady rise in their local Filipino populations. Folks are taking notice. Now there is a new market on the rise.
And so, they have a significant impact on the economies of both the Philippines and the countries to which they move. With a new demographic comes and new market and new avenues for business. Some East Asian trends can help companies to get a glimmer of how to approach the Filipino Market. But, it is better to talk with Filipinos directly. That way, you can work off of facts rather than assumptions. But to do that, your company needs to take a systematic approach to gaining info. That’s Market Research.
Why is Filipino Market Research Important?
Market research is essential. It allows companies to get better ideas on the market they are going into. As said before, assumptions can often waste time and effort. They often cause you to miss out on many outside factors and prevent you from making good predictions. That’s why market research is so important. They give firms a better view into the mind of the average Filipino consumer. Historically, Filipinos are a recent addition to the population of most countries. So, there is a lot to learn from them about their interests. Often they go overlooked when talking about immigrant populations. Time isn’t spent marketing to them. But, a company that can capitalize on this new market will be very successful. As the Filipino population continues to grow, so will its spending power. That relationship with them is going to be invaluable to your company.
Key Job Titles
Notable jobs include:
- Market Research Analysts
- Data Analysts
- Filipino Consultant/Expert
- Social Worker
- Database Administrator
Why Businesses need Filipino Market Research
There are a host of factors that may not be clear at first glance. Yet, they can significantly affect a business’s success in the Filipino market. For example, it’s essential to understand the migrant status of the population. This knowledge may give you an idea of the interests they have. Some Filipinos have just moved to the country and are trying to set up themselves. Others have been here for one or two generations and have integrated into the country. So, there will be a difference in what both groups are looking for because they need different things. This factor, among many other things, is why businesses need market research. Firms need to know when to take these factors into account.
Key Success Factors
It’s essential to be comprehensive in your research. Make sure to use more than one method of market research. In that way, you have many levels with which you can approach your target demographic. Some techniques are better with only primary data. Others allow you to get a more in-depth understanding of your Filipino customers. It’s your Market researcher’s job to find the best methods based on the situation.
One thing that sometimes goes ignored is the value of being polite. Often people coming into another country can be a bit wary of others. They tend to stick with close friends and family. It’s a natural response to an unknown area, so do well to put them at ease. Reinforce that you’re only doing this to serve them better as a company. It’s an excellent way to create some loyalty to your brand. And that is important for any business.
About Filipino Market Research
We cannot understate the importance of having a comprehensive approach to market research. It can improve a company’s success. Focus groups, interviews, and surveys can all help you as a company to get the data you need. You can use them to plan your marketing strategy. Good qualitative and quantitative data are vital. It can be the difference between having a good quarter and going bust. So, make sure to be deliberate. There is a lot you can do with these methods. The more you use them, the better it’ll be be for your business.