Market Research is a discipline that is used to reduce the gap between doubt and certainty. It is true that uncertainty can never be zero because it is impossible to have control over all variables. This principle takes on greater weight when we refer to systems such as the exchange of products and services for money. We are generally faced with a more or less everyday environment with ups and downs that do not fall within a manageable range for most.
However, in recent weeks we are entering an environment that is seen to be increasingly volatile. Although there are certain circumstances that can indicate a possible trend of what awaits us in the future, it is also true that everything is in the realm of the possible. These conditions lead us to ask ourselves what our discipline can offer us in this regard. So, today we list four topics related to this strategic application.
Political Geography. Understanding objectively and in depth the events that are shaking the markets requires listening to analysts in this field. Although it is true that the political decisions of countries have a large economic component, it is also true that in times of friction many elections of powerful figures can be directed by reasons that involve objectives ranging from the electoral, the territorial and the symbolic.
Inventory. When one is faced with an out-of-order challenge, one usually pauses and reviews the amount of resources available to overcome a hypothetical crisis. The same happens with these times we are suffering. It is worth quantifying and listing everything we have at this moment and planning based on this a series of preventive measures that can range from discarding what is unnecessary in the immediate future to making specific investments that help to overcome the crisis.
Perception. In addition to brands and companies, people are also aware of the uncertainty that is flooding the market. There are signs in some segments and news that attest to this. As a result of the above, consumers are either considering changes in consumption patterns or have already made them. It is a priority to carry out studies that allow us to identify the tacit and non-verbal motivators that help you guide your future plans.
Pricing. When a storm is approaching, the cost of things can increase its weight as a limitation to acquiring a satisfaction. If your company does not have recent studies on price elasticity, it is worthwhile to encourage you to update them or develop the first ones. In this way, you will have the figures for the minimum, optimal and maximum price that consumers are willing to pay for your offer before choosing to stop buying from you or opt for the competition.
The findings that you obtain from these topics must be harmonized with the work of all areas of your organization to turn this current economic conflagration into a true opportunity for growth and progress. A maxim says that it is always better to prevent than to remedy. When faced with signs of a complication in relations between countries, all that remains is to take action and establish an effective and profitable roadmap.
At Acertiva we are ready to support your proactive plans in this objective. Thanks to our two decades of experience, we can offer you Market Research projects in LATAM. Our team of analysts and strategic allies are waiting to advise you and participate in your studies in the region. Send us a message today. You will receive a response explaining how together we will make your next success story a reality.
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