In law there is an approach that indicates that in the realm of the possible there is the to be and the ought to be. In other words, you could think of expectation and reality. When faced with a consumer and brand awareness project, we must be very careful to fully meet all the specific objectives with the available resources. However, there are several combinations of circumstances that are worth reviewing at this point.
Thanks to technological advances, countless solutions have been opened up that in the past would have required an enormous amount of material and personnel. However, we still live in a finite world and this influences the possibilities of developing market research. Against this background, this week we would like to point out four combinations of external and internal conditions that are most common in our practice.
Indispensable elements. In this scenario we find situations where only the basics are available. Here we can consider, for example, quite small business units that are just starting out. It is also common to include here entrepreneurs who know very little about the line of business in which they are seeking to enter. In this segment we recommend applying exploratory descriptive studies such as desk research.
Average scope. Here we include the bulk of customers and needs where the requirements are not so basic, but not so exhaustive. In addition to the above, we have brands with sufficient budgets to execute the most common methodologies without going into as much detail as possible. Within this sector we can list techniques such as quantitative surveys with medium-sized samples and in-depth interviews with a universe of experts.
Large scope. When companies are more established, they can afford large research protocols that often put them ahead of the competition. In this group we visualize large teams that apply some of the most innovative techniques such as media measurement and focus groups. As you can imagine, this segment demands resources reserved for large conglomerates.
Exceptions. At the top of the market participants are the major leaders in their niches. In general, these brands usually have internal market intelligence departments that dedicate permanent processes to market intelligence. As they have the most resources available, before thinking about governments, they can afford studies such as segmentation and sectoral censuses.
The types listed above are not mutually exclusive. Combinations of these may occur depending on many variables. For example, time constraints can be overcome the more personnel that are integrated into a work team. However, the latter will require a larger budget. On the other hand, if there is enough time and this condition does not affect the initial objectives, the number of people involved simultaneously can be reduced.
At Acertiva, we are very sensitive to this issue because we offer tailor-made solutions for our clients. Thanks to our more than two decades of experience, we are able to guide you when you are looking for a Market Research project in LATAM. Contact us when you have an idea. We’ll get back to you with a way for both parties to make your next success story a reality.
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