On 4 May, Spire and Yamada Business Consulting (YBC) jointly held a Breakfast Seminar in Singapore to share ideas on how Small and Medium-sized Enterprises (SME) can drive growth using smart Market and industry research.
Japnit Singh, Deputy Chief Executive Officer at Spire Research and Consulting, discussed how market research decisions impact different operating functions within a typical SME and what kinds of research techniques are commonly used, together with the pitfalls associated with each.
Singh highlighted how market research can go beyond customer analysis at manageable cost if the business objective is clear, although the analysis of internal data and business intelligence can only provide limited information.
To maintain the accuracy of market research data, a few pitfalls should be avoided. It is crucial to avoid asking the wrong questions, targeting the wrong respondents and over-emphasizing sample size, to name a few.