Malaysia is one of the countries in Southeast Asia that is interesting as a location to expand your business. To optimally expand the market expansion in Malaysia and generate profits, it is very important to use several strategies and market analysis.
We have summarized various business growth strategies that you can use in the article below!
Market Research Strategies for Business Expansion in Malaysia
As an entrepreneur, you certainly know that market study plays an important role in ensuring the success of business expansion. Especially if you are searching for a new location.
If you understand the needs, tastes, trends, and competition, then your products and services can be more easily accepted by that audience. So, some strategies that can be used during the study are:
1. Primary Research
In this strategy, you must gather data straight from the origin. Some normally used methods are interviews, surveys, observations, and focus groups.
However, of the multiple prior research strategies, surveys are the most favored. The reason is because you can collect a lot of data at once, so the analysis is easier. Meanwhile, if you want the explanations to be more clear, you can use focus groups and interviews.
When researching in Malaysia, be sure to consider its diverse elements like language and ethnicity. This will make it easier to compile research media and for survey recipients. Also, make sure you have picked the main research goal so that the results are more attentive.
2. Secondary Research
The strategy using secondary research does not need you to be instantly involved with the source or target audience. You only use data received from various references.
The most frequently used references are previous market studies, publications, private and government reports, and data spread online. The advantage of this research method is that it is more economical and has a broader perspective.
Because it depends on references, make sure the source you choose is up-to-date and trustworthy. To prove its validity, you can verify it by cross-verifying through other sources at the final stage of research.
This research also requires in-depth analysis and critical thinking so that the results can help expand your business.
Analyzing Research Data
After you have finished collecting all the data through primary or secondary research, you can start interpreting the data.
This process involves organizing data, spotting trends and patterns, and noting noteworthy findings or impactful outcomes. You can use this analysis process manually or using software, using some statistical techniques.
When interpreting it, make sure to be in a broad market landscape so that you get more insight. This will help identify both opportunities and challenges ahead. With all the strategies and analysis, your decision-making and market expansion Malaysia efforts that you are planning can run more optimally.
