GFK Marketwise focuses on social media, online research
IN the wake of emerging digital media, GFK Marketwise is focusing more on social-media analysis and intelligence and online qualitative research for its existing clients - and to attract new ones.
Market-research spending in the automotive industry, consumer goods, financial services and electronic manufacturing are still on the rise and present more opportunities for market-research firms to offer social-analysis systems for companies in order to detect their customers’ purchase journeys and make sure that their brands and new products hit the right targets.
In an exclusive talk with The Nation, Ralph Wirth, associate director of Global Innovation and Digital Consumer Experience at Germany-based GFK SE – GFK Marketwise’s parent company – said the consumer journey in purchasing products had changed due to the rapid development of digital communication.
“Before making a decision to buy a product, many customers search for more details on the Internet, reading product reviews and price comparisons, and consult their close friends or family members,” he said.
Besides emphasising its traditional market-research service, the company also supports clients in accessing digital data to connect with offline data to help them improve their products and brands, he added.
Under this strategy, GFK Marketwise has introduced an array of online data-collection services such as online qualitative research, social-media analysis and social-media intelligence, in the Thai market.
“To help our clients’ business growth amid intense competition, we must connect the dots both in online and offline data and come up with the right strategy,” said Wirth.
For the Thai market, Daranee Chareon-Rajapark, managing director of GFK Marketwise, said the industries with particularly high growth for the company were consumer goods, automotive, consumer health and pharmaceuticals, financial services and social research. GFK also has a strong position in the electronics and technology industries.
Key clients include BMW, Michelin, PepsiCo, Premier, the Energy Ministry and the Tourism Authority of Thailand.
“Our company is on track to reach its target for this year, and has earmarked growth for next year at more than 20 per cent,” said the MD.
Overall market-research revenue in the Kingdom has reached US$154 million (Bt4.82 billion) and although annual growth is not as high as that in developing economies, it is steady at 6.7 per cent net.
Thailand has the sixth-largest market-research industry in Asia-Pacific, and the 26th biggest in the world.
However, spending on market research per capita and as a percentage of advertising spending is still low at $2.39 and 3.8 per cent, respectively, compared with developed countries like Germany, where the figures are $40.54 and 13.7 per cent.
Only recently has detailed information been available on the research market in Myanmar, which is regarded by GFK as a regional star performer.
GFK has found dizzying net growth of 88.5 per cent in the market, fuelled by foreign investors and the presence of non-government organisations conducting social research.
