In people’s lives there are a number of events that mark a before and after. Birth, the first day of school, graduation, marriage and the arrival of children are some of the most common milestones. However, some add to this list the foundation of a business or company. Everyone is free to choose the turn and segment in which it will unfold. Uncertainty is an unavoidable part of the beginning of many ventures and Market Research helps reduce the latter.
Although it is not possible to date to predict the behavior of consumers and markets 100%, what can be done is anticipate the major trends that motivate purchasing decisions. In addition, it is possible to forecast some situations so that merchants and industrialists can prepare for many situations and come out of them stronger. Here are five reasons why you should invest in Market Research when you’re thinking about launching your brand.
- Be clear about your value offer. It may sound obvious, but many times the concept of entrepreneurship is sometimes vague, even in the first moments of several attempts. In these times of high competitiveness, it is not enough to open a physical shop or an online store offering what dozens or hundreds already do at the same time. Also, sometimes the mistake of covering an extremely large catalog of products is made and this prevents people from knowing why they should choose you over other similar competitors. Very fast deliveries, a very attractive brand, superior quality or captivating customer service are some examples of value offers that can make a difference.
- Establish your target consumer. Perhaps it is another kind of manual opportunity area, but it is very common to see among those who start a business that they have not defined the profile of whom their offer of products or services is aimed at. Although it seems that this factor is not so important, many more decisions depend on it than initially thought. The location, the promise of value, communication, the nature of the brand, among other elements depend on it. It is not the same to try to serve, for example, adolescents of high school age or housewives who live in suburbs.
- Choose the best location. When most of the requirements to open the door of the new business are already covered, it is still necessary to know where it is convenient to establish the first branch. In this step it is crucial to have an empirical and objective knowledge of the conditions of the chosen space. If it is a physical space, places that are easily accessible to the greatest possible number of target consumers are usually reduced. On the other hand, if it is a virtual store, it is convenient to know on what platform and with what design to start offering.
- Give personality to your brand. Although at times this step seems reserved only for large businesses, identity is a task that cannot be neglected. Although the best conditions for an enterprise are investigated, but it is not born with a name and distinctive characteristics, it can lead to confusion between insiders and outsiders. In addition, if a good brand design is done, it can become a very valuable asset over time.
- Identify your competition. Finally, at the time of undertaking it will always be worth all the trouble in the world to identify the competitors; be they direct or indirect. Although the five stages listed above are clearly defined, if the other undertakings are not known in detail, there is a risk of repeating mistakes that one can avoid. In addition, you can avoid falling into common places that can make consumers think that what you offer is something repetitive and boring.
In the five tasks indicated above, you can get help from Marketing Research. In some cases where bank investments come into play, it will even be an essential requirement to access resources. Whether through cabinet studies, interviews in the field or qualitative research, it is always more profitable to invest in projects that help clear up as many doubts as possible before launching a company. At Acertiva we have more than 18 years of experience in the field. Write us today to tell you how together we can create your next success story.