Market Research is a discipline that is used to reduce the gap between doubt and certainty. It is true that uncertainty can never be zero because it is impossible to have control of all variables. This principle takes on greater weight when we refer to systems such as the exchange of products and services for money. In general, we face a more or less daily environment with ups and downs that are not within a manageable range for most people.
However, in recent weeks we are entering an environment that is looking increasingly volatile. Although there are certain circumstances that may indicate a possible trend of what lies ahead, it is also true that everything is in the realm of the possible. These conditions lead us to ask ourselves what our discipline has to offer in this regard. So, today we list four topics related to this strategic application.
Political Geography. To understand with objectivity and depth the events that are shaking the markets, it is necessary to listen to analysts in this field. Although it is true that the political decisions of countries have a large economic component, it is also true that in times of friction many elections of people with power can be directed by reasons that involve objectives that range from the electoral, territorial and symbolic.
Inventory. When faced with an out-of-order challenge, one tends to pause and review the amount of resources available to overcome a hypothetical crisis. The same is true for these times we are going through. It is worthwhile to quantify and list everything we have at the moment and plan a series of preventive measures based on this, which can range from discarding what is unnecessary in the immediate future to making specific investments to help overcome the crisis.
Perception. In addition to brands and companies, people are also aware of the uncertainty that is flooding the market. There are signs in some segments and news that attest to this. As a result, consumers are either considering changes in consumption patterns or have already made them. It is a priority to conduct studies that allow us to identify the tacit and unspoken motivators that will help guide your future plans.
Price. When a storm is brewing, the cost of things can increase its weight as a constraint for acquiring a satisfactor. If your company does not have recent price elasticity studies, it is worthwhile to update them or develop the first ones. This way you will have the minimum, optimum and maximum price figures that consumers are willing to pay for your offer before they choose to stop buying from you or opt for the competition.
The findings you obtain from these topics must be harmonized with the work of all areas of your organization to turn this now economic conflagration into a real opportunity for growth and advancement. A maxim says that prevention is always better than cure. In the face of signs of a complication in relations between countries, the only thing left to do is to take action and establish an effective and profitable roadmap.
At Acertiva we are ready to support your proactive plans in this objective. Thanks to our two decades of experience we can offer you Market Research projects in LATAM. Our team of analysts and strategic allies are waiting to advise you and participate in your projects in the region. Send us a message today. You will get an answer on how together we can make your next success story a reality.
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