Entering the market with your brand is a high-stakes endeavor. Anyone who has set the goal of launching a product or service knows the scale of this undertaking perfectly well. There are elements as varied as determining suppliers, the location of the operations center and retail space, securing a critical mass of customers, communicating the value proposition effectively, fulfilling legal requirements, and building a team of employees, among others.
Among all the essential tasks that must be carried out to ensure the investment doesn’t become an expense is Market Research. Reducing uncertainty in decision-making can be one of the most profitable steps in the business world. This is because if you make the mistake of relying on intuition or personal preferences, the result is being left out of the market. For this reason, this week we’ve listed four barriers you can overcome with the support of analysts.
Target Consumer. This aspect is possibly the starting point for any business. When starting on a relatively small scale, it’s often quite easy to know your target audience since you can get to know and interact directly with each of your customers. However, in other scenarios where this close relationship is lost, it’s necessary to conduct research that defines in detail the characteristics of the population segment that consumes your brand. Otherwise, you could misdirect your efforts.
Optimal Price. In Marketing, the value of a product or service is crucial because it’s an attribute that helps people choose between different options within the same category. In this area, we also find other extreme values. The minimum price marks the point at which people lose confidence in a product’s quality, and the maximum price determines the point at which people would definitively stop buying your product or service. Establishing the ideal price requires analyzing your customers’ aspirations and habits.
Choice Variables. Human beings are quite complex. This also extends to our decision-making process. Although we recognize ourselves as thinking beings, it’s true that we’re also influenced by countless factors that transcend pure rationality. People base their purchasing decisions on a multitude of aspects. Identifying those that most influence decision-making can help you boost your sales.
Competition. What would the market be without peers who operate in the same sector or target market? Unless you’re located in a very isolated area with a tightly knit society, you’ll always have at least one competitor pushing you to constantly improve. Otherwise, you risk losing relevance and consumer preference. Delve deeper into this topic with the help of market research, allowing you to focus your energy on more pressing activities.
There are cases of brands that forgo market research, but their growth and longevity may suffer from lower success rates. Similarly, avoiding consumer research and comparisons with other brands can slow a company’s growth. For this reason, we invite you to reconsider this week’s topic to give your company a boost and stop relying on strokes of luck in an increasingly uncertain world.
At Acertiva, we have over two decades of experience as an ally to a long list of brands and organizations that trust Market Research to underpin successful decisions. We put our team of analysts and strategic suppliers at your disposal so you can stand out in LATAM. We also offer a free fifteen-minute consultation to help you take the first step in your next study. Together, we will write your next success story.
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