When carrying out market research, you seek to answer a series of questions. The answers to these questions are intended to reduce uncertainty in the decision-making of people in positions of power within brands and companies. These choices define multiple actions such as business plans, launch of new products and services or communication campaigns.
Among the studies we can do are feasibility investigations. Its main objective is to define whether a project has the possibility of being carried out with the proposed purposes and with the available resources. It is true that with enough budget and time many things that we can imagine can materialize. However, resources are usually finite. To exercise them rationally, we list four elements that are usually addressed in research of this type.
Logistics. The territorial aspect is basic since accessibility is a parameter that decisively influences the costs and prices of companies. Are there enough communication routes to connect points of interest? What is the most efficient and profitable means of transportation? What distance is there between the nodes of the supply and sales network? In particular, Geomarketing helps resolve these questions.
Security. Although this topic is important for everyone, it usually takes on special weight when you want to invest in Latin America. It is true that it is general knowledge that the physical and patrimonial integrity of citizens and companies is a fairly recurring issue in our region for just reasons. So, measuring the lack or presence of certainties in this field helps to plan investments in aspects such as guards or GPS monitoring systems of transport units.
Working market. A new economic unit requires personnel despite the new industrial revolutions. However, the needs of professionals and/or artisans will not be the same for each interested party. A manufacturing plant will not demand the same employee profile as a technology and software design company. In this area, questions such as the level of qualification and average age of job seekers on a specific site will have to be answered.
Supplies. To offer something, materials are required that serve as a basis to create the satisfiers to position in the market. It is true that in practice the list is quite extensive, but for many studies it is enough to consider the resources that represent the majority of companies’ investment. Are the required inputs available at the desired location? If not, is it feasible to move them from point A to point B? Is this cost profitable for the company?
Although many other elements that are contemplated in a feasibility study are missing from this text, with those listed it is now possible to gauge the complexity and relevance of these projects. Market Research is a powerful ally when it comes to making difficult decisions. For this reason, it must be part of strategic investments. It is thanks to its findings that approaches can be corrected with a view to improving previous plans and thus obtaining more attractive ROIs.
At Acertiva we are certain of this and that is why we make these studies available to our clients within our areas of experience. After 20 years of working in LATAM, we can offer you our analysts and strategic allies to solve your market knowledge needs. Send us a message today so you can tell us about your needs and we will tell you how together we will write your next success story.