The market is huge and quite varied. The world is perceived as larger by an increasing number of people. For this reason, tastes have become diversified. Before, minorities were communities of very few individuals. Now non-majority segments can represent groups of hundreds or thousands of people. An extreme case occurs in highly populated countries, such as India, where a minority can be the size of millions of people.
This can be extrapolated to consumers. In large territories there has been a wide diversification of the offer. One possible explanation is that there are now enough people for it to be profitable to offer specialized products and services today. Since market niches have increased, this week we address some tips for approaching studies of this type.
Document review. In general, topics that are typical of the majority or that have been in circulation for quite some time have abundant antecedents in primary and secondary sources. However, when we deal with small or recently existing niche markets we face a data and information gap. In those cases it is well worth ruling this out with desk research that demonstrates such a hypothesis or collects the few findings already made by third parties.
Interviews. When faced with an issue in the process of consolidation, it is highly advisable to find out with the members of a niche their needs and aspirations. When we deal with this type of research we must understand that quality is rarely an option and we must value the few informants we have available. You can think of recruitment processes such as «snowball» and in-depth interviews to cover our objectives.
Comparative study. There will be situations in which the market niche to be explored has some others that are similar to it to some degree. Depending on the similarity, it will be possible to establish models or parallelisms that make sense to understand them. It is also possible, in this globalized world, to leave the country’s borders to look for examples of foreign niches that we can draw on to have a starting point.
Active feedback. Those who participate in an activity or circumstance know it better than anyone else. Analysts are in a constant learning process and that is why we are open to collecting information from various informants. Likewise, it is not possible to be experts in all topics. When we are not versed in a niche, we must build bridges of communication with those in the know to adjust our protocols in real time if necessary.
Although it is desirable that there were experts from each segment, reality tells us that this is a somewhat distant condition in Latin America. With a correct research approach and the necessary means, it is possible to carry out almost any market study. It is also good practice to recognize when a topic of study is out of scope due to good reasons; In our region this can be explained by issues of accessibility to niches and security in the territories of interest.
At Acertiva we have received requests for very diverse topics that are minority. Our team of analysts and strategic suppliers are ready to listen to your projects and advise you so you can make them a reality. Our more than twenty years of knowledge in Market Research awaits you to satisfy your aspirations. Write to us today so that together we can make your next success story a reality.
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