By Thue Quist Thomasen
Even before COVID-19 transformed the retail landscape, competition among brands was becoming more intense. Nowhere is this truer than Vietnam, where established international investors fight with emerging local companies for market share. Now, that competition is gathering pace as new technologies disrupt old sectors and consumer preferences become ever more diversified.
In this competitive environment, just knowing what people think is no longer enough. Brands need to respond to fast-moving consumer trends in real-time. Those who react first to changing attitudes, with campaigns built on an in-depth understanding of their audience, will be best able to convert consumer trends into customer engagement.
That’s why Decision Lab decided to bring YouGov and its innovative market research tools to Vietnam: To help our clients gain a competitive advantage in this fast-growing market. Headquartered in the UK, YouGov is an international research, data, and analytics group. With offices around the globe, it is a trusted source of accurate and reliable data for some of the world’s biggest and most successful brands. Now, for the first time, YouGov’s market-leading services are available in Vietnam.
Know what the world thinks
How brands communicate is changing. It is no longer about broadcasting a static message to a passive audience. Campaigns are much more fluid as attention shifts to new and more innovative platforms. Now, communication is interactive and “always-on”. It is a constant conversation where people react and respond in real-time. And that means how we track consumers’ needs to change, too.
But traditional Usage & Attitude (or U&A) studies take months. So their insights are obsolete because trends now move faster than the tools, which track them. Companies who use U&As are making huge commercial decisions based on old, out-of-date information. And these brands risk missing out as consumer behavior changes and new trends emerge.
In a world where metrics move in minutes, time is of the essence. Brands need to make quick, informed decisions based on real-time customer insight. So we need a new approach.
One, which can harness the power of data on-demand. One which can respond to fast-changing customer attitudes. And one which is based on continuous consumer interaction and feedback. In short, we need detailed data at our fingertips.
How YouGov’s platforms will benefit brands in Vietnam
Now, for the first time in Vietnam, companies can get real-time consumer insights from around the world thanks to a new partnership between YouGov and Decision Lab. Launched in September, it brings together international insight and local knowledge to let companies harness the power of data on-demand. Through YouGov’s market-leading platforms, brands can access a global database of consumer insight covering the most important, forward-looking metrics.
The first platform, YouGov BrandIndex, monitors public perceptions of brands across the world through thousands of consumer interviews. Unique metrics like “Buzz”, “Recommend”, and “Value” track customer sentiment, awareness, and satisfaction. On the intuitive BrandIndex platform, companies can compare scores with their competitors, measure their performance against broader consumer trends, and make informed decisions based on up-to-the-minute data. Read more here.
The second, YouGov Profiles, is all about knowing the consumer inside out. Using 10,000 unique data points, it deep-dives into the shopping habits, media consumption, and digital behavior of 18,000 YouGov community members from across Vietnam. This treasure-trove of information means that companies can target specific segments with a laser-like focus on the platforms that influence brand interaction and change customer behavior. Read more here.
The third, YouGov RealTime, taps into a dedicated panel of people from all over the world.
Brands can design bespoke research and commission responses from a specific cross-section of consumers. All our data at YouGov is connected. And our bespoke research can utilize the thousands of data points already available through YouGov Profiles to gain a 360-degree view of consumers and uncover new insights. It is all stored in The Cube - a goldmine of information from people around the world where users can deep-dive into unique data points for the most granular and detailed consumer insights.
Get ahead of the game
In the future, competition among brands will continue to grow as people embrace new platforms and disruptive trends. Succeeding in this environment requires tracking customer preferences not just in-depth but in real-time. It also means knowing people – their attitudes, spending habits, and online activities – better than ever before. But companies need the tools to unlock this knowledge and the technologies to leverage it.
That’s where YouGov comes in. We help brands react to fast-changing consumer behavior. And we give them the tools to build campaigns based on an in-depth understanding of their audience.