Market Research is a discipline with multiple tools and methodologies at your disposal to solve the needs of brands and people. The choice of one or the other depends on many circumstances. Weighing the conditions surrounding a project is the job of analysts who, based on their experience, will choose the best means to resolve the questions raised in the objectives of a protocol. There will be times when more than one of them will be chosen and that increases the complexity of the studies.
The list of possibilities is very long and expands with the passage of time. At the end of the 20th century, options were still limited to the technology available. The use of paper, pens, handheld recorders, typewriters, analog telephones and many others were the rule. Nowadays, data storage in the cloud, artificial intelligence, and computerized devices make our task easier. Therefore, today we list four types of methodologies available for your purposes.
Segmentation. The market, except in very rare cases, is made up of different groups of people with common characteristics. Before, not all attention was paid to this topic due to the limitations of past times. However, there are now facilities to approach a significant number of informants representative of the population and run projects to identify existing segments. Its usefulness is in being able to direct communication efforts and business plans in accordance with the true needs of consumers.
Brand evaluation. Brands and companies are legal entities and nowadays they have taken on more personality than ever. The companies themselves have an idea of the characteristics and values that they want to project to people through their offer. However, consumers may have a very different perception. Evaluating whether the expectation matches reality is the alternative to learn more about it. This is possible through qualitative and quantitative techniques.
Price elasticity. People’s decisions are crossed by many facets. It is known to many that the emotional component has gained considerable weight in decision-making today. However, the rational component has not disappeared and continues to weigh heavily. Price is an attribute that is subject to consumer reasoning. Identifying the maximum, minimum and optimal costs are part of investigations of this type.
Uses and attitudes. Every person is a world. Addressing the lives of consumers and their approach to the options available on the market is a quite complex task. Despite the great variety of approaches, it is possible to list a series of patterns. Going deeper into habits and motivators allows us to trace the entire path that leads someone to opt for a product or service to satisfy a need in their daily life.
There are many more options that do not fit in this blog post. In future deliveries we will add more. These make it possible to find useful findings for critical decision makers for companies and people. It should be noted that there are no universal formulas that tell us if a medium should always be used in a certain scenario. Each project will require a unique approach and must be justified by experts in the field.
At Acertiva we have more than two decades of experience developing market studies. Our specialty region is LATAM. We have analysts and strategic suppliers who are ready to solve your knowledge requirements in Market Research. Get in touch with us to let us know about your future projects. We will respond to you with how together we will make your next success story a reality.
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