New Products and Brands: How to Determine their Acceptance?
Using advanced technology applied to the extraction and processing of large volumes of data, it is possible to obtain the necessary information to evaluate whether a new product, service or brand will be accepted when it begins to compete in a specific market.
Friday, May 21, 2021
Companies that intend to compete in a new market always ask themselves the following question: How much acceptance will our new product, service or brand have?
Today, to answer this question there are new techniques, methodologies and technologies that can help business leaders to establish more accurately the feasibility of investing in such a project.
The digital footprint that people generate when using search engines, social networks, online stores and in general all the activity they perform on the Internet, today play a relevant role in understanding the interests, tastes and preferences of consumers.
With the application of appropriate Big Data techniques, all the information gathered from consumers along with sociodemographic data, allows to evaluate how a person's interest has behaved according to a certain product, service or brand.
Erick Macias, Senior Data Analyst at CentralAmericaData, explains that "... it is key to discover patterns and associations in all the information that is collected. By using advanced data analytics techniques, it is possible to model and understand the factors that influence the success or failure of the introduction of a new product in a market."
The Senior Data Analyst assures that if enough and adequate information is collected, validated and structured, "... it is possible to develop models that measure the degree of risk of the introduction of a brand, product or service in a specific channel, depending on the interest in a product, characteristics of the target population, the degree of competition and the structure of its prices, etc."
This type of studies also allows to measure the presence of the competition and its price structure in different channels, or in its case to reveal opportunities in channels where there is no presence.
In most cases, the insights that emerge from the processing and analysis of all the accumulated data and that are organized graphically in an easy to manipulate platform, can serve decision makers to answer multiple questions, often without the need for a technical accompaniment.
"The main added value of this type of study is to reduce the risk associated with the introduction of a new product or brand, so that the impact on the business is as minimal as possible given current market conditions," says Macias.
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Through location analytics, it's possible to identify a place of interest and establish its exact location, helping companies to understand what's happening around a specific place to make better strategic decisions.
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Does it make sense to keep doing surveys to evaluate, for example, the ranking of a brand, when all the real, honest, and unbiased information can be inferred from people's behavior on the Internet?
"... Traditionally, when teachers or business people needed data, they commissioned surveys.
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