People are influenced by countless internal and external conditions that influence our decisions. Even when it seems we are completely free to choose between a series of alternatives, it is possible to determine that a degree of this freedom is influenced by systemic factors. Add to these conditions such as biases and Latin American idiosyncrasies that lead us to adopt certain actions. These phenomena are of great interest to Market Research.
Whenever it is possible to reduce risk, it is worth investing in consumer knowledge. Many sciences help us achieve this goal. Among the best known are Psychology, Anthropology, Economics, Geography, and Sociology. Thanks to the methods of these disciplines, it has been possible to find some guidelines that help brands offer better communications, products, and services. Based on this, we list four conditions that encourage people to purchase with less difficulty.
Cost-benefit ratio. Contrary to what it may seem, we are not talking about a directly proportional relationship between higher quality and a greater willingness to purchase. In these times, we have witnessed the rise of brands that offer very cheap products whose workmanship guarantees a very short shelf life. However, people establish an acceptable price range based on the advice of those close to them and their own experiences. Now, they seek to satisfy emotions such as amazement, belonging to a group, and immediate satisfaction.
Good treatment. In Latin America, the relationship between people is highly valued and cultivated. This is even a common knowledge both within and outside our geography. We are a group of societies where we invest a lot of time in socializing in different settings: parties, casual get-togethers, mass events, religious services, etc. This need extends to our purchasing actions. We expect cordial treatment and service. In part, this is because from childhood we are taught to be attentive to guests. A bad experience will be shared exponentially and will lead to a cancellation on social media.
Prestige. A regional adage says that a good place to shop or eat is one that is full of people. However, this is only one of the mechanisms available to assess a location’s reputation. Among the most popular are word-of-mouth recommendations, online references, customs among friends, and popular knowledge. In a few cases, prestige is enough for a valued brand to invest little in advertising. In other cases, it’s worth investing to learn more about the specific topic.
Stability. As we have pointed out in previous posts on this blog, it is to be expected that in times of political and economic clarity, there will be room to spend without thinking so much about tomorrow. Ultimately, there will be an opportunity to recoup frivolous spending in the short or medium term. However, at this very moment, when we are witnessing news around the world pointing to an increasingly volatile environment, rationality is resuming. On the contrary, it is also a good time to be disruptive and take advantage of the situation to innovate and increase sales.
The dimensions and attributes that define the magnitude of each parameter listed above will depend on each country and specific time. Even if there are general guidelines that seem universal, when it comes to human studies, it is worth personalizing them to achieve the greatest accuracy in the reports. Market Research works tirelessly to offer tools that allow brands to become more resilient and be fundamental pieces of a more competitive society in the face of adversity.
At Acertiva, we have had the opportunity to face several crises in our just over two decades of experience. We have assembled a team of analysts and strategic suppliers who will address your needs for knowledge of people and competitors in LATAM. If you are facing a process of preparing to navigate the coming times, contact us. We offer a free initial consultation to get you started on your project. This way, together we can write your next success story.
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