We live in a world that is becoming more competitive and dynamic. In the past, the permanence of customers and suppliers was somewhat more stable. For this reason, changes used to be more the exception than the rule. However, this situation has changed in our time and it is necessary to assume that updating databases is a permanent investment and no longer a sporadic one. No one escapes this logic.
It is also true that innovation costs a lot. Although the adage says that what works should not be touched, it is true that in areas such as customer records and the computer systems on which a brand’s operations are based, they must be renewed to ensure that brands are market leaders. This week we list four reasons why you should invest in updating your data.
Correct location. One of the most valuable attributes for brands that supply products and services to a significant number of economic units is determined by latitude and longitude; sometimes it is defined through the address. In any case, many times this data is modified due to moves that are not reported by other channels. In some other situations there will be errors of origin and it will be necessary to correct this area of opportunity either in the field or in the office.
Proof of permanence. In some countries, when a person reaches a certain age and is pensioned off, he or she is required to prove survival by visiting an office in person from time to time. The Market Research equivalent of this action is to send investigators to the business unit to corroborate that the premises in question still exist. The advantage of this task is to be able to eliminate items that may be increasing expendable transportation and planning costs.
Increase registrations. Conversely, the market may grow faster than the current capacity to keep up to date. In such cases, it will be worthwhile to establish periodic sweeps of the fastest growing areas to add the most recent points and add them to the registers. In this way, it is possible to gain ground on competitors and adapt logistics routes based on the new reality as soon as possible.
Know your competition. Business planning depends on having the most complete and up-to-date picture of the market. To achieve this, researchers can make road tours to learn the details of brand tenure and sales floor presentations. Generally this should be done by observation only. In other situations, a representative sample can be selected and a more detailed survey can be carried out later.
Geomarketing data update studies come with many steps that you should think about before requesting one. To cite one of the most common is to consider the most effective and functional type of deliverable. You can opt for anything from a final report to a real-time data visualization platform. The relevance of each depends on how much staff requires such findings and what decisions these graphs and maps are needed for.
At Acertiva we are ready to support you when you need to develop studies such as the one in today’s blog post. Thanks to our more than twenty years of experience, we can put our team of analysts and strategic allies at your disposal to answer your questions. Contact us now to get to know LATAM’s people and brands in a personalized way. Together we will make your next success story a reality.
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