In these turbulent times when doubts paralyze your business plans, it makes even more sense to be strategic. Geography has been known since ancient times as a science of kings and soldiers. This statement arises because it provides your collaborators with a series of tools and methods that result in data and information of enormous value to always be two steps ahead of your adversaries.
In Market Research we know this and that is why this science is one of the disciplines that contributes the most to brands. Perhaps at first it may seem to you that its usefulness is somewhat anachronistic, but this is because you may still consider it as that school subject where you only learn about countries and capitals. That is why we share with you four topics that the studies of this subject bring to you.
Demography. As a social science, geography is concerned with the spatial distribution of people. It is also interested in characterizing consumers through variables such as age, gender, and socioeconomic and educational levels. Although in many cases the availability of these data depends on official public sources, it is true that it is also possible to collect them for a given sample of a population through quantitative studies.
Competition. Unless you are in a fairly isolated market and in a rural environment, you will have competition in any place where you establish yourself. There are two types of competitors: direct and indirect. The former will offer the same as your brand and will focus their efforts on a similar target consumer. On the other hand, the latter may refer to similar or complementary companies in your segment. Locating both is a goal of today’s discipline.
Accessibility. A business requires many external aspects that must come from multiple sources. We are talking about resources such as the supply of goods, infrastructure, utilities, customers and workers. In the category studies you will have the opportunity to list the forms and degree of accessibility of these resources in the form of logistics routes, electricity and drinking water supply lines and public transportation stations.
Policy. Companies depend on the choice of third parties on sensitive issues. We are talking about authorities and people with factual powers. To a large extent, the uncertain environment of the last few months has been defined by personalities in this category. A review of the objectives of countries, their governments and companies can give you a starting point for defining tactical steps in the short term.
It is still impossible to predict the future. Faced with this reality, we can only work with a margin of uncertainty. The smaller and better known the uncertainty, the more realistic the steps to be taken will be. As long as the horizon is clear enough, we should be more prudent than before when investing. However, we have already mentioned in other posts in this blog that crises are also times of unrepeatable opportunities.
At Acertiva we have helped our clients overcome and overcome doubts in different environments. Over two decades we have assembled a team of analysts and strategic allies that will help you meet your Market Research needs. Send us a message right now to tell us about your upcoming market research projects in LATAM. We’ll get back to you with how together we can make your next success story a reality.
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