The difficulty due to the coronavirus pandemic has created several problems for entrepreneurs. But it has also provided ideas for reinventing yourself and tackling the situation in an innovative way.
Currently, he has not stopped talking about the negative effects of the Coronavirus pandemic on businesses and some businesses in the country. Therefore, this situation has led several entrepreneurs to reinvent themselves and even take advantage of this moment to grow and innovate in their products or services.
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Due to this, the Colombian application LookApp, specialized in Market Research, gives the following tips to take into account when starting a business:
-Examine the big picture and adjust your ideas
There is no doubt that mandatory isolation took everyone by surprise. Therefore, when starting a business, it must be identified if the product or service really solves a problem or an unsatisfied need and if there is a market for what is going to be offered; Depending on this analysis, one begins to visualize how the product or service will be sold and to project a profitable business.
-Know who you are going to impact with your business
According to Market Research, if your company’s products or services are adjusted to current consumer conditions, this could improve the growth of your business. There are 2 ways to meet the target audience:
a) Focused on the product: First, the possible target markets that need or want what we offer and are willing to acquire it are identified; then, having a product or a prototype already created, it is best to test it with these target audiences to validate which of them is the most related to the product or service.
b) Customer-centered: The most important thing is to identify with the consumer what their unmet needs are and then whether to create the product or service, adapting it perfectly to their habits, tastes and preferences; In this option, the entire plan is built around the customer’s need or problem.
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-Take advantage of technology, tools and create value
Technology has been a major player in this crisis and made it clear that all businesses, regardless of the sector, must have a digital component in their organizations. Likewise, tools such as Market Research through digital platforms, becomes essential when starting a business. Entrepreneurs would save a lot of time and money by making decisions based on data rather than hunches; survey potential potential customers to profile them, understand what they want and why, what would drive them to buy, where they buy, what purchasing methods they use, what are their consumption habits and how much money they would be willing to pay, among others, are information key that would guarantee them to make better strategic decisions.
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The market in general has had a significant change in consumer behavior and sales channels. This, without a doubt, has motivated companies to reorganize their companies and strengthen their business models to satisfy the needs of their clients; This is why Market Research becomes more relevant to identify, collect and analyze information about this new behavior of the market and its consumers.
Ask for advice and seek allies for the business
Currently, companies must think about having strategic allies to help them understand the current market. Therefore, doing Market Research is a clear example to have all the necessary data at the time of impacting the consumer.
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Through digital platforms, the tastes, preferences and consumption habits of the target market can be understood. In this way, it is possible to identify the motivators and drivers that encourage distribution channels to sell their products, in the case of grocers, supermarkets and wholesalers, among others. For example, the LookApp methodology, based on technology and Crowdsourcing, allows companies and manufacturers to continue analyzing and understanding their consumer and their sales channels in these changing times, where strategic decisions must be made based on data and not intuitions. Likewise, it is the cheapest, fastest and most reliable way for businesses to understand the new rules of the game of the market and its consumers.
Finally, it is important to investigate the instruments that help make the best decisions to reinvent yourself and face the situation in an innovative way. In this way, the LookApp application specialized in Market Research was born to know in a very short time and in a reliable way the behavior of hundreds and thousands of people who belong to the community, which today is made up of more than 95,000 people in Colombia and Mexico. Saving the entrepreneur a lot of time and money by making decisions based on data and not on assumptions.
