Many of us are in the retail industry for one reason or another. When we think about who can benefit from Market Research, we usually think of large companies that can afford generous budgets and personnel to conduct sophisticated and innovative studies. However, the truth is that the vast majority of businesses in the world are made up of countless small economic units. These are the ones that often drive a large part of the economies of their geographic areas.
Whether your business is retail or you provide services to an area closer to your branch, it’s a good idea to consider learning more about your segment and the people who buy your products or goods. For this reason, this week we’re listing four topics you can explore in depth with the help of market analysts who collaborate with your company.
Target consumer. Small businesses have the advantage of maintaining close relationships with their consumers. In some cases, these economic units serve as integrating hubs for their communities. However, at any given time, it’s impossible to fully understand the market you serve. In these scenarios, we recommend characterizing the people who visit you so you can continue offering the personal service they expect from you.
Competition. In an increasingly competitive environment, it’s necessary to be certain who’s in your niche. Family-owned or small businesses typically dedicate most of their time and effort to running day-to-day operations. When this happens, you can lose sight of the outside world and fall into a kind of blindness to your surroundings. A geomarketing project can resolve this uncertainty, to cite an example.
Uses and habits. Consumer decisions are often an area that many retailers would like to understand. The latter is crucial, as many purchases depend on it, enabling many businesses to continue operating. Perhaps, for the scale we’re working on today, this is a bit unattainable. However, there are qualitative and quantitative alternatives that allow you to understand what habits lead your market to consider a particular choice.
Pricing. There are many ways to address this issue. Some may offer great added value and afford to offer consumers costs above the average within the segment in which you operate. In other circumstances, you could be fighting a price battle to be the one offering the lowest price. In any case, you need a detailed list of your competitors’ costs to establish a policy tailored to your interests and conditions.
At first, the range of techniques and methodologies you can afford may seem somewhat limited. However, this can be the basis for your brand to begin growing faster than those around you and help you stand out as quickly as possible. It may seem like an expense, but a well-planned and properly designed study can be an investment that you should keep in mind in the short and medium term.
At Acertiva, we have over two decades of experience offering customized solutions to diverse brands and companies that need to meet their Market Research needs in LATAM. Our team of analysts and strategic partners are ready to turn your research objectives into key findings for your business plans. Contact us today for a free 15-minute consultation to help you make your next success story a reality.
Short Link: