There are multiple objectives that can be pursued in Market Research projects. Some studies will be exploratory and are limited to knowing the general characteristics of a sector. At other times the goal will be to test a hypothesis. In some more situations, a study that is repeated constantly over time will be followed up.
However, there will be market research projects that attempt to establish strategic planning that will enable brands to address unexplored markets. To characterize some of the questions contemplated in this type of research, today we list four topics that must be contained in this type of projects.
Product. Sometimes these types of studies are based on an already existing product or service. However, it is worth confirming whether the characteristics of the current offer really meet the needs of the people to whom it is directed. Otherwise, the desired attributes must be known to make the appropriate changes. It is also necessary to define if there are applicable laws and that it is mandatory to comply.
Place. It is necessary to establish whether the available channels in which it is intended to place what is offered are really at an optimal point between what people demand and what companies are willing to handle. There will be occasions in which basic logistics and point of sale practices can be repeated and many others in which it will be necessary to opt for means that may perhaps be totally different from the previous experience that brands have, such as moving from a retail scheme to online.
Price. After the COVID-19 health crisis and after some events that have altered the economy of several countries, this parameter becomes more relevant. When people perceive that the prices of things are higher than what their pockets allow, they will begin to make more rational purchasing decisions. For this reason, it is extremely relevant to establish through price elasticity analysis what is the optimal cost at which people can be offered the goods they are looking for.
Promotion. There is a saying that «he who does not teach does not sell» and this is a basic principle within Marketing. Strategic studies can also define the main characteristics of communication campaigns. These will include the basic elements of a strategy that contains the valid interlocutors, the most recognizable keywords and the type of language or vocabulary that must be used to connect with the segments of interest.
Carrying out Strategic Market Studies aims to reduce uncertainty to the greatest extent possible for brand decision makers. Whenever you try to address a segment or market other than the one you have experience with, it represents a challenge that can be more bearable when you have the support and advice of experienced market analysts.
Thanks to our more than 20 years of experience knowing the markets of the countries that make up Latin America, Acertiva can put at your disposal a team of analysts and strategic allies who will help you satisfy your needs. Write to us today so that together we can write your next success story.