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Market research is an effective tool to assist your business planning. It is about collecting information that provides an insight into your customers thinking, buying patterns, and location. In addition, market research can also assist you to monitor market trends and keep an eye on what your competition is doing.

We have outlined in this article the four ways that effective market research can help your business to grow to the next level.

1. It Ensures Your Relevancy

As the old adage goes, change is the only true constant. And in the marketing world, this is especially true. In order to remain successful, all businesses need to anticipate and react to the change in order to stay relevant. By researching the evolving needs of consumers, and analyzing your competition’s reactions, you are securing longevity and relevancy in the market. Market research allows business owners to stay innovative and successful—and change with the times.

How to stay relevant:

The easiest way to stay relevant is to run a tracking survey. Simply with MRTS SURVEY we can create this tracking survey and run on a regular basis amongst your target customers. We provide the reporting feature which you can select the date range you want to see the results of your survey anytime from your computer. You can also check the progress of the survey on the real-time basis.

2. It Grows Your Business

All small business owners want to grow their company—but many are unsure where to begin. Research is your best tool for any type of product development, launch, or business expansion. Effective market research can help:

• Keep track of trends and future markets
• Identify areas for expansion
• Set realistic targets for business
• Beat competition
• Optimize results

3. Market Research Centers Business on the Customers

Simply put, market research is the process of analyzing data about a market, product, or service. And the most obvious benefit is its ability to help you understand your customer. Who are they? What do they want? What do they expect? Through efficient research, businesses are able to establish an open-ended line of communication with their customers. Once you understand your customer’s needs, you will be able to tailor your business to meet them.

How to start collecting customer feedback today:

• Create a master customer list. Be sure that this list includes the customer’s email and then we can send them regularly the surveys to collect their feedback for your products or services that they use.
• Why not collect customer feedback directly when they visit your venue (s)? Use the MRTS SURVEY “Feedback Collection” feature to create a set of questions to collect feedback to measure and evaluate the customer experience and satisfaction. The feedback can be collected via QR code on the feedback card that we provide to each of the customer that visit our place(s) to purchase the products and services.

4. It Enables You to Test for Success

Need help judging whether a new product or service will connect with your customer? Research is the most effective way to test out ideas before you decide to go full-throttle with them. From the results of market research, small business owners are able to see which concepts, campaigns and messaging are resonating best with target customers. Market research saves money and ensures success.

Got a new idea? Contact us now to discuss how to test your concept.

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Cambodian economy will grow at 5.1 percent this year and 6.2 percent in 2023, according to the Ministry of Economy and Finance.

The forecast followed the preliminary assessment of the macroeconomic situation of Cambodia by the International Monetary Fund (IMF) mission here.

Regarding the assessment of the economic and financial situation in the country, Alasdair Scott, the IMF’s mission chief for Cambodia said that the growth will be due to the socio-economic recovery, despite some risks such as high inflation, ongoing Russian-Ukrainian war, a slowdown of the Chinese economy, and faster-than-expected tightening monetary policy in developed countries.

At the same time, the Cambodian economy in 2023 is expected to grow higher than the previous forecast at 6.2 percent, mainly due to the growth of the tourism sector.

The IMF also urged the government of Cambodia to take timely steps to address the social and economic challenges and prevent the spread of Covid-19. In particular, Cambodia’s successful vaccination campaign should continue.

The working group of the mission also expressed a strong will to support Cambodia in hosting the upcoming Asean Summit 2022 and provide further support to the government of Cambodia in terms of technical assistance and policy guidelines.

www.mrtsconsulting.com

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Welcome back to our new audio series, we are going to share with you 11 important tips for running effective qualitative research interviews.

This article includes tips for running effective in-depth interviews.

1. Ask open-ended questions as much as possible.

2. Ask non-leading questions as much as possible.

3. Turn people’s questions back at them.

4. Use the ‘Five whys’ technique.

5. Use basic prompts.

6. Keep people talking with silence

7. Ask people to refer to real-life examples and stories as much as possible.

8. Don’t be afraid to cross-examine using previous answers.

9. Ask people to recall strong emotions and specific events to jog memory

10. Don’t lose focus of what you need to discuss, and keep an eye on the time.

11. Don’t stay wedded to the discussion guide, if you feel it makes sense.

Finally, these are just useful techniques. It’s helpful to remember that each interviewer has a different personality and a different way to ask questions, which will develop with experience.

Link: https://mrtsconsulting.com/news/11-tips-for-running-effective-qualitative-research-interviews/

Need help for Market Research in Cambodia? Contact us now: vuthy@mrtsconsulting.com

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Good News: Mask free in Cambodia
As Cambodians enjoy being mask free after over 2 years of restrictions – and the Kingdom moves further forward to a post COVID ‘normalcy’ –
cases remained at their current ultra-low levels

Today’s official daily new COVID case total (diagnosed by PCR test) was 5 – all the Omicron variant – bringing the COVID case total to 136,251 cases.

Despite predictions by experts that case numbers could jump again after large amounts of Cambodians – many of them apparently not wearing masks – gathered for the Khmer New Year celebrations, numbers remained low last week and, so far, this week.

Govt. of Cambodia announcement on Tuesday that Cambodians will no longer be required to wear masks in open spaces seems to indicate that Cambodia
is now going full steam ahead towards ‘normality’.

However, the government warned on Wednesday that the battle against COVID-19 is not yet over – and that mandatory mask wearing could return at any time if conditions change.

“If anything happens, we will return to mandatory mask-wearing. Therefore, the 3 Dos and 3 Don’ts is still necessary,”

The Royal Cambodian Government has lifted the travel restrictions from foreign investors. The investors can come to Cambodia without spending time in quarantine.

The Government has always thought ahead about prevention procedures and tools against new variants so that the economic activities can move with their pace.
Cambodia GDP is expected to be 4 percent in 2022 compared to 2.5 percent in 2021, according to World Bank.

MRTS Consulting provides market research services to assist foreign investors exploring opportunities in this unique market.

For more details:
Email: vuthy@mrtsconsulting.com
Website: www.mrtsconsulting.com

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Hi Everyone,

I am Phoung vuthy (Managing Director of MRTS Consulting), wanted to share with you my experience when i am thinking about Online research Panel in Cambodia?

If you had asked me this question 3 years ago, my answer would have been no and no. There were a few barriers including slow internet speeds (although not quite true), unfamiliarity among people with self-administered questionnaires (for online survey) or limited interaction (for qualitative research) because the respondents were conscious about responding when on their phone camera etc.

I decided to invest on building an online panel in Cambodia in February 2020 just before the pandemic because I believed it was time to move to online research to keep up with the latest trend. Frankly I didn’t even know what an online panel was and how to run it. I had to do a lot of research to be on top of it since then.

We had the platform ready in June 2020. Surprisingly, since the launch, we have had a great success with high participation rate of the target audiences. We have now over 10k of panelists with registrations growing every day!

Due to COVID-19, we conducted many FGDs and IDIs via Zoom. Earlier, I thought it would be difficult to manage the online FGDs and I was a bit hesitant to recommend this method to clients. But I was wrong! Our groups went so smoothly, though we had to follow some protocols and checklists to ensure that issues with internet connections and engagement were minimized. Our clients were impressed with our arrangements and insights we could gather from the online groups. The most recent groups we did were with mothers in both Phnom Penh and other key cities of Cambodia, and all groups went off very well.

We also now have the experience with Online Communities with platforms such as QualBoard and FocusVision.

So, if you ask me now, my answer will be Yes! It is possible!! Online research is the method that I want to recommend for research projects in Cambodia.

With online research, we can save a lot of cost of travel and accommodation for researchers. The respondents also don’t need to come over to the venue, which is quite convenience for them so they are less likely to refuse our invitation for participation. In addition, it is safe for both researchers and respondents during COVID-19 because they don’t have to meet face to face.

By Phoung Vuthy, Managing Director of MRTS Consulting Ltd.

Do you need help with Online Market Research in Cambodia? Contact us now: vuthy@mrtsconsulting.com

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In this audio series, Mr. Phoung Vuthy will discuss about Dos and Don't Online Research in Cambodia and put together a number of important considerations when it comes to the successful execution of online research in the Cambodia market.

1. Not too long questionnaire - the length of the questionnaire should be as short as possible to encourage completion. The length of around 10 to 15 mins has less dropout rate.

2. Keep it as simple as possible – something to keep in mind that Cambodian consumers are new to the self-complete questionnaire which means complicated questions such as matrix and the format or layout of the questionnaire that people don't normally see when they were at school should be avoided.

3. Short and straight forward – not many people like to read so the question with many texts will easily lead to the dropout. The online self-complete is different from the face-to-face interview and while many people in Cambodia are not familiar with online research, we need to make things short and straight forward so they don’t feel bored reading and confused. The matrix question with many long statements to read should be avoided if possible.

4. Should not use OE questions – it is difficult to type the Khmer characters on mobile phone plus it takes longer if compared to English so people tend to write short answers meaning the results from the OE question can be short, incomplete and vague so we don’t recommend it.

5. Mobile user friendly - no laptop and tablet. Cambodia has one of the highest mobile penetration rates in the world, with 20.8 million mobile connections or 124 per cent of the population. 10.7 million Smartphones are connected to the internet. Data rates are one of the cheapest in the region at US$1 per 10GB.

6. Cover mostly urban areas where the internet speed is high - while the smartphone penetration rate is almost nationwide but the mobile internet speed is not the same. The internet speed in the rural areas is not as fast as in urban areas. Hence, long videos and too many pictures are not advisable.

Cambodia’s internet penetration rate stood at 78.8 percent of the total population at the start of 2022.

Data published by Ookla indicate that internet users in Cambodia could have expected the following internet connection speeds at the start of 2022:

· Median mobile internet connection speed via cellular networks: 16.51 Mbps.

· Median fixed internet connection speed: 18.96 Mbps.

1. Money as the incentive - we provide a variety of options for our panelists to choose from products in our store to mobile phone top-up to money transfer to their bank account. Money is the most preferred option from our experiences.

2. Khmer language only - According to the 2013 Census of Cambodia, the country has 12 major languages. Khmer is the most widely spoken language. Hence, it needs to put it as the default language to show from the first page if there are multiple languages to choose from.

By Phoung Vuthy, Managing Director of MRTS Consulting Ltd

Visit us: www.mrtsconsulting.com
: www.mrtssurvey.com

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Health Benefits of regular cycling:

· Cycling is excellent exercise. More cycling will help more people meet the recommended physical activity guidelines, improve their physical and mental health and well-being, while Reducing their risk of premature death and ill-health.

· Cycling is far more likely to benefit an individual’s health than damage it; and the more cyclists there are, the safer cycling becomes – the ‘safety in numbers’ effect.

· Cycling fits into daily routines better than many other forms of exercise, because it doubles up as transport to work, school or the shops etc. It’s easier than finding extra time to visit the gym and far less costly.

· Lack of exercise can make people ill. It can lead to obesity, coronary heart disease (CHD), stroke, cancers, type 2 diabetes and other life-threatening conditions.

· Obesity in particular is a growing, costly burden to the health service. Without action, 60% of men, 50% of women and 25% of children will be obese by 2050 in the UK.

· CHD is the UK’s biggest killer – well over 90,000 people die of it each year with over 33% of these attributable to lack of physical activity.

· Unlike driving, cycling causes negligible harm to others, either through road injuries or pollution, so it’s a healthy option not just for cyclists, but for everyone else too.

www.mrtsconsulting.com

Email: Vuthy@mrtsconsulting.com

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By studying children, we can learn more about why they develop the way they do and also the most effective ways to help them to develop as responsible citizens with positive contributions to make.

Important reason for studying Children:

1. To learn more about the child you were.

2. To find out how children think & behave 

3. To understand growth & development 

4. To strengthen the relationship with the children already in your life 

5. To prepare you for future community, social and work situations that involve children;

6. To give you confidence when children are placed in your care 

7. To be able to identify and take action against child abuse 

8. To see the world through the eyes of a child 

9. To be the best parent you can be someday 

10.To understand the contributions of your own parents to your growth & development.

Visit Website: www.mrtsconsulting.com

For more details about our MRTS Consulting:

Office: info@mrtsconsulting.com

Research: vuthy@mrtsconsulting.com

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Skill development means a process which enables trainees and the working age people to gain access to dexterity, knowledge and ability, career ethics and good working attitude by skill training, establishing skill standards, and other relating activities.

MRTS Academy is a business division of MRTS Consulting Ltd (MRTS), a Research and Consulting company in Cambodia. The company was established in 2012 by a team of professionals with extensive practical experience in various areas especially of market research, marketing, training and business management. The company was registered officially in 2015 with the Ministry of Commerce and is now regarded as one of the leading providers of market research and consulting services in Cambodia.

MRTS Academy is focused on Training and Coaching services by our trainers and consultants in Cambodia and from around the world.

Our focus is not the theory-based training that is why we only provide training by using trainers who have at least 10 years of practical experiences in their industry and currently been success in their career. Our trainers are not only having the practical experiences but they are enjoying sharing their knowledge and experiences to those who want to be succeed in their career.

For more information about MRTS,

Mobile: 077/087 292 292

Email: training@mrtsconsulting.com

I42, St. 4, Phnom Penh, Cambodia

Monday - Friday: 08:30 am - 5:00 pm

Saturday: 08:30 am - 12:00 pm