With the beginning of a year comes the habit of wanting to materialize a list of projects. Among the goals set, it is possible to find opening an establishment that offers a service or product. It is a legitimate dream, but it is accompanied by a large series of legitimate doubts and concerns too. After making the decision to undertake comes the task of answering an enormous number of questions.
Given such a scenario, Market Research appears as a great ally. Reducing uncertainty is one of the functions that our discipline fulfills. However, a popular saying in Latin America says that in order to be helped, one must help oneself first. In this sense, we want to point out that there are a series of objectives that you must meet before requesting the services of an agency in our sector if you are in the situation described above.
Target consumer. We will always reiterate this point. Although there will be times when we can define it based on the results of a market study, it is essential to be clear about which segment of the population you want to focus the efforts of your brand on. To be sure of this, we suggest you try to define it as if it were a person. Describe their age, gender, habits, fears, hobbies, income range, and more. Based on this exercise, you can clarify a substantial part of your business plan.
Concept. Every business has very well-defined characteristics. These may be somewhat vague at first, but the more specific they are from the outset, the better results you will have and the analysts will have more elements to design research that truly meets your needs. Be as thorough as you can with the added value offer that your business will offer your clients. Otherwise, you could enter the market to compete for quantity and not quality.
Specific objectives. If you have already advanced up to this point, you should sit down and establish a list of key questions that you want to resolve. As you will notice, by defining some variables beforehand, you have fewer questions to answer. For this reason, focus on the questions that have the greatest weight for your plan and present them to the market analysts you work with in order to carry out a valid and effective study. Although one would like to resolve all the questions, many times it will be enough to find solutions to a few of great importance.
Decisions to be made. Perhaps you may think that this is a redundant topic. It is one thing to have established a series of key objectives and quite another to decide what actions will be taken based on their results. For example, within your organization, the same finding may lead to the search for a given size of physical premises or the choice to open an online store, while another area may choose between offering a certain brand of a certain category in the catalog to the public.
There are more topics that you should clarify before making your own inquiries with consumers or hiring a specialized agency in the field. There are also other providers that you should consider before moving forward with your plan. Be as organized as possible and you will be able to make your New Year’s resolution the beginning of an exciting and productive activity that will bring you a lot of satisfaction.
At Acertiva, we have more than two decades of experience helping companies and brands carry out their Market Research projects in LATAM. We have a team of analysts and strategic allies in the region to meet your needs for knowledge of people and markets. We are attentive to your message so that you can let us know your ideas on the subject. We will respond with the way in which together we will make your next success story a reality.
Short Link: