A long time ago you may have had a great idea. Over the years it prospered based on shared and personal effort. However, competition and changes in consumer needs can erode a brand that seemed solid until very recently. For this reason, it is a continuous process to innovate in every sense. Otherwise, you run the risk of being out of people’s focus and failing without even realizing it.
In particular, these weeks we have heard of companies that seemed stable a few years ago and that have now declared bankruptcy. It is not necessary to go to such extremes to take action. Market analysts are strategic allies that will allow you to take what suits you from the new to remain current. Following that line, we list four aspects in which a market study can help you.
Target consumer. Most people swear that they know perfectly the person or people to whom they sell their product or service. You’d be surprised at the data you find when you compare expectations with reality. Even if at first both concepts matched, it may be possible that over time your target consumers have changed. It is essential to check from time to time if your target segment is the same or if it is urgent to redirect your business plans.
Identity. Generations have their own aesthetics and values. Although we have doubts about the characteristics that will evoke nostalgia for those born in the decades of this century, we do have examples from the previous century in which this principle applies. Brands have not been immune to these transformations and have responded accordingly. Sometimes it is scary to modify aspects such as the icon or typography of your identity, but it is unavoidable to adapt to current tastes so as not to be seen as old-fashioned or inflexible.
Prices. Although this area has a rather internal component, the perception among people makes up a significant weight in the formula. Identifying the maximum, minimum and optimal prices is crossed by more variables than a balance of production and logistics costs. This aspect becomes more relevant in times of crisis such as the COVID-19 pandemic or in the midst of disasters such as wars and rampant devaluations. Finding the middle ground between profitability and prestige is invaluable.
Point of sale. In our region, physical stores still have a very large presence in the mix of options to choose where to buy. However, alternatives such as online stores or through representatives are not insignificant either. With a market made up of numerous segments with different impulses and tastes, it makes sense to locate as clearly as possible the tangible and intangible geographies where your brand should be present.
The elements described above are just some of the topics that are addressed as objectives in market studies. It is generally believed that doing a project on the subject every few years is enough. However, practice tells us that people’s preferences and requirements change more quickly every day. Of course, staying up to date is a great challenge, but thanks to market analysts this goal is more viable and affordable.
At Acertiva, we have more than two decades of experience in getting to know both brands and consumers. This track record allows us to have a team of researchers and strategic allies waiting to collaborate with you. We put at your disposal our Market Research experience in LATAM within the education, pharmaceutical, retail and restaurant segments. Get in touch today so we can tell you how we can make your next success story a reality.
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