Sunday, April 16, 2017

MARKET ANALYSIS : The Importance Of Understanding Your Consumer And Your Competition

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The Importance Of Understanding Your Consumer And Your Competitio

Planning is indispensable for important actions in any commercial segment, regardless of the niche in which the enterprise operates. And it is worth emphasizing that, faced with the turbulent economic scenario that Brazil is going through, any and all commercial activity is subject to face the impacts caused by abrupt changes in the behavior of its consuming public, increasingly fearful and cautious to spend.

The same goes for closely following the trends of its main competitors: the moment demands total attention in the dispute for new customers and also for the loyalty of the public.

In the race for the best conditions to acquire their goods and goods, the public, then weakened by inflation and diminished purchasing power, will spare no effort to find more attractive prices, as well as benefits and advantages.

One of the most assertive and concise means to gather solid data and follow the market of your company's performance is the market analysis.

An Accurate Look At The Current Market Bring More Change Of Success

Imagine a scenario where your product mix counts on potential marketing items at seasonal peaks, such as back-to-school or Mother's Day, for example. How to know, in fact, if your customer is willing to buy it at the conditions and prices offered by your store? Or, imagine that in your catalog, regular marketing items show fluctuations in sales and, consequently, in your revenue.

In both situations, without the information and data needed to assess the demand for your products and the competition offer, any action taken may lead to an even greater imbalance in sales and conversions.

By evaluating the most sought-after products by the public, your store will be able to understand consumer preferences and act by making available and highlighting the items in your catalog that are high in searches.

In this way, measures such as price formation, marketing actions and also sales, such as the elaboration of promotions and offers will have a wider reach, based on the preferences and real demands of the consumer.

It is worth remembering that your more attentive competitors tend to follow the same pattern, investing in the products of greater demand and exit. With the help of market analysis, even competitors' actions can be monitored, giving your business greater chances of competing with more realistic prices and availabilities.

When analyzing your competitors' measures, your team can more accurately calculate the strategies for approaching the public, optimizing stocks and making prices flexible according to the real possibilities of profit,

You need to carefully and realistically assess the breadth of your most aggressive actions, without harming your current revenue with poorly planned price confrontation, and also avoid delays and unforeseen customer service that could harm your brand image.

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