We live in a world that is becoming more competitive and dynamic. Previously, customer and supplier retention was somewhat more stable. For this reason, changes used to be the exception rather than the rule. However, this situation has changed in our time, and it is necessary to assume that updating databases is a permanent investment, rather than a sporadic one. No one can escape this logic.
It is also true that innovation costs a lot. Although the adage says that what works should not be touched, it is true that in areas such as customer records and the computer systems on which a brand’s operations are based, they must be updated to ensure that brands are market leaders. This week, we list four reasons why you should invest in updating your data.
Correct location. One of the most valuable attributes for brands that supply products and services to a significant number of economic units is that determined by latitude and longitude; sometimes it is defined through the address. In any case, this information is often modified by unreported moves through other channels. In other situations, errors in origin will occur, and it will be necessary to correct this opportunity area, either in the field or in the office.
Verify permanence. In some countries, when a person reaches a certain age and retires, they are required to demonstrate their survival by visiting an office in person periodically. The Market Research equivalent of this action is sending researchers to the business unit to verify that the location in question still exists. The advantage of this task is being able to eliminate factors that may be increasing unnecessary transportation and planning costs.
Increase registrations. On the contrary, the market may grow faster than the current capacity to stay up-to-date. In these cases, it will be worthwhile to establish periodic campaigns to scan the fastest-growing areas to add the most recently emerging points to your records. This way, you can gain ground on competitors and adapt logistics routes based on the new reality as quickly as possible.
Understand the competition. Business planning depends on having the most complete and up-to-date picture of the market. To achieve this, researchers can conduct road trips to learn about brand sustainability and sales floor presentations. This is generally done through mere observation. In other situations, a representative sample can be selected and a more detailed survey conducted later.
Geomarketing studies for data updates involve many steps that you should consider before requesting one. To cite one of the most common, consider the most effective and functional type of deliverable. You can choose from a final report to a real-time data visualization platform. The relevance of each depends on how many staff members require such findings and what decisions require these charts and maps.
At Acertiva, we’re ready to support you when you need to develop studies like the one outlined in today’s blog post. Thanks to our more than twenty years of experience, we can put our team of analysts and strategic partners at your disposal to answer your questions. Get in touch now for a personalized introduction to the people and brands of LATAM. Together, we’ll make your next success story a reality.
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