Many of us are in business for one reason or another. When we think about who can use market research, we tend to visualize large companies that can afford large budgets and personnel to execute 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. It is these that tend to drive much of the economies of their geographies.
Whether your line of business is retail or you provide services to an area rather close to your branch, it is a good idea to consider at some point to know more about your segment and the people who buy your products or goods offered. For this reason, this week we list four topics that 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 a close relationship with their consumers. In some cases these economic units serve as integrating hubs for their communities. However, at a given moment it is impossible to know in detail the market you serve. In these scenarios, we recommend that you characterize the people who visit you so that you can continue to offer the close relationship they expect from you.
Competition. In an increasingly competitive environment it is necessary to be certain of who is in your niche. Generally, family-owned or small companies tend to spend most of their time and effort on running their day-to-day operations. When this happens, you can lose sight of the big picture and become blind to your surroundings. A Geomarketing project can solve this doubt, for example.
Uses and habits. Consumer decisions are often an area that many retailers would like to understand. The latter is crucial, since many purchases depend on it, making it possible for many stores to continue operating. Perhaps for the scale we are dealing with today this is a bit unattainable. However, there are qualitative and quantitative alternatives that allow you to know what habits lead your market to consider this or that choice.
Pricing. There are many possibilities to deal with this issue. Some may offer great added value and be able to offer above-average costs to the consumer within the segment in which you operate. In other circumstances you may be fighting a price battle to be the lowest value bidder. In any case, you need to have a detailed list of your competitors’ prices in order to establish a policy according to your interests and conditions.
Initially, the range of techniques and methodologies you can afford may be a bit compact. However, this can be the basis for your brand to start growing faster than those around you and to stand out as soon as possible. At first it may seem like an expense, but a well-planned and well-designed study can be an investment that you should keep in mind in the short and medium term.
At Acertiva, we have more than two decades of experience offering customized solutions for diverse brands and companies that need to satisfy their Market Research needs in LATAM. Our team of analysts and strategic allies are ready to turn your research objectives into key findings for your business plans. Contact us today for a free 15-minute consultation and from there make your next success story a reality.
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