Some brands seek to open new locations to offer services and produce goods. These investments are usually very large. This is because goods and supplies such as land or real estate, furniture, machinery and consumables are acquired. However, most of the plans to open new locations refer to the team of collaborators who will make the launch of the new units a reality.
Given the great uncertainty that these projects represent, companies seek to answer as many questions as possible through Market Research. Although it is impossible to dispel all doubts about each and every one of the circumstances of the environment, it is possible to take control of the variables that most influence the result. Therefore, we list four means by which these objectives are met.
Desk research. This is the most traditional and classic way to resolve the doubts raised in feasibility studies. It allows collecting all available sources to make an inventory of the data and information related to the topic of interest. However, it is limited by the scope, veracity and timeliness of the documents studied. For this reason, it is usually accompanied by other mechanisms.
Mystery Shopper. In many market segments, participants keep their data secret and keep a low profile regarding their operation. In this case, a first way to get to know the competitors is to train analysts who will go to the brand units related to the project topic and act as clients. Generally, they will carry out the entire purchasing process and it involves a budget for the acquisition of goods whose characteristics are only reported to consumers.
Geomarketing. The territorial element is quite relevant in deciding the way in which a new store or plant is established. These studies include most aspects of the space. First are the natural characteristics that we mentioned in our blog entry last week. Sociodemographic aspects are also included, such as the population that may be potential consumers and who may be part of the team of workers. Finally, it is verified if there are convenient economic and political conditions nearby.
In-depth interviews. In the event that the topic we want to explore in depth is of very recent creation or if the means described above have not been sufficient to fully understand the phenomenon we want to understand, we will use qualitative techniques. We look for people who are clearly experts in the subjects that are linked to our objective and we interview them to obtain the most recent ideas and news on the subject.
As the research progresses, the means used to meet the objectives will be adjusted. Although at first a single mechanism was chosen, halfway through the execution other alternatives can be added. Among these, the purchase of databases can even be considered, which must be considered in the budgets at a certain time. In any case, market analysts will guide you in this regard.
At Acertiva we have more than two decades of experience getting to know people and brands in LATAM. Our team of researchers and strategic allies specialized in Market Research are ready to meet your requirements in studies and projects in the sector. Contact us today to tell us about your plans. We will respond with how together we can make your next success story a reality.
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