We can define a market vision as the identification of new consumption habits and dynamics that form niches and sub-niches to be explored and that have a great potential for growth. Customers usually change their consumption behavior based on different events such as: technological advances, socio-political changes, new points of view of the same problem gaining evidence around the world, etc.
A fundamental pillar of market intelligence is precisely the constant mapping of market patterns. After all, it is necessary to know in advance which products and services are most accepted by the public and how to prepare offers to be more assertive and consistent with the moment.
Often, society is prone to see “opportunism” as something negative, when present in the isolated individual. However, for companies, looking for new opportunities, making decisions based on data and building a structure where the business can take advantage of the timing of a change of standard is, without a doubt, a question of survival for the organization and a synonym of commercial sagacity in the face of the competition.
The truth is that “surfing the wave”, as it is popularly known when a company uses a change of pattern for its own benefit, either by incorporating a product in its wake or adjusting communication, is nothing more than following a fundamental maxim in the business world. :
“Realize needed changes before they become urgent.”
Market mapping as a way to maintain market share
Far beyond growth, one of the biggest challenges for companies is to remain at the same level, that is: not to decrease.
Indicators such as sales, billing, recurrence are, ideally, stable or at least predictable. Otherwise, losses may even result in loss of market share and even the bankruptcy of the organization.
In earlier times, it may have been more complex to map patterns and identify latent demands in the public. Although many companies adopted this view (mainly large companies) the data collection mechanisms were rudimentary and the processes slower.
On the other hand, nowadays, not only are there tools and sources of reliable data available, but there are also entire companies dedicated to interpreting and translating this data, in order to keep their customers (in this case, other companies) always one step ahead. front of the market.
In this way, market volatility and consumer behavior become less of a danger and the horizon of opportunities for exponential growth in the short and medium term is broadened.
Benefits of observing the market and staying ahead
Gaining market insight through pattern mapping is a promising key for all companies, both emerging and established. However, it is not enough just to identify them, it is necessary to make market decisions that enable the use of those that make sense with the company's original activities.
Once a change is identified and its impact on the market is measured, there are a few possibilities:
– Create new products and services: The company can, depending on the latent demand, launch a product or service that meets the current needs of the public. For example, Andrew Mason, founder from Groupon, observed that, in 2008, in China, it was common for groups of unknown people to get together to consume products in quantity and, in this way, enjoy discounts. He and his partners, some time later, created the Groupon platform, which allows the same type of transaction that was already popular in “real life” and that emerged spontaneously, only online. Today, Groupon is a billion dollar company that even Google itself has tried to buy. This is the real power of market watching.
– Prepare for changes: By being aware of the direction of society, companies can draw up plans to stay in operation and their products do not become obsolete. If Blockbuster had mapped the market and migrated to the gaming or streaming, for example, might not have gone bankrupt with an audience that was no longer interested in renting movies in the conventional way.
– Outperform the competition: Pioneering spirit and innovation are competitive advantages and should be treated as such. Identifying a new customer dynamic and acting on it puts a company, albeit temporarily, ahead of the market and its competitors.
– Focus on the customer: Don't try to find customers for your products, find products for your customers! No one can better communicate your needs than the audience itself. The more adapted to reality your offer is, the easier the market will absorb it.
How market research works
Market research can provide qualitative or quantitative data. Through qualitative data, it is possible to interpret people's opinions, desires and behaviors. Quantitative data, on the other hand, allow us to measure this valuable information in numbers that guide us about a pattern and its potential.
Therefore, we can say that by stating that: “37% of the Brazilian companies that closed in Brazil in 2022 did not know which would be the best location for their commercial points”, we are dealing with mixed data, with qualitative and quantitative properties.
By compiling past and current information in order to make predictions for the future, we can begin to see behavior patterns, that is: repetitions with characteristics in common.
Once the pattern is identified, reaching the market vision is a matter of time.
Of course, in order to present the logic, we are simplifying the process as much as possible, since there are numerous tools, professionals and methodologies involved, as well as linear, exponential and polynomial patterns.
The diffusion of innovation according to Everett Rogers
The concept of innovation diffusion curve, presented by Everett Rogers, North American communication theorist and sociologist, seeks to describe the process by which innovations are introduced and assimilated by society over time.
Through a specific group, a change is disseminated and sustained over a period of time. With the help of the innovation diffusion curve, we can identify which groups have initiating or imitating behaviors, and which percentages they represent respectively.
According to Rogers, the emergence of change crosses at least 5 groups of people:
– Initiators: They break the socially preconceived model, giving rise to the pattern.
– Introducers: Also known as early adopters, continue to introduce the new model in a context where they are not yet in the majority.
– Avant-garde: They started to massify the pattern, modifying the culture and spreading the tendency to other sectors different from the original one.
– Main stream: Since the trend is already the rule, it is the people who adopt the “new normal”.
– Resistant: Also known as leven adopters, abandon the previous model only when there is no other way to continue in it.
As you can see, the identification, measurement, and deployment of market trend surveys into decisions are a complex web of methodologies who intend to reveal signs of something as volatile as the future itself, and like everything else, are constantly evolving.
How your business can identify market patterns, remaining long-lived and innovative
-Use technology as a compass:
In the middle of the 21st century, the horizon of technologies, organizations and methodologies, latent and consolidated, is infinite, designed with the aim of interpreting large amounts of market data and identifying patterns.
To name just a few examples: Google Trends, Trendwatching, Blog Opinion Box, Mindminers, WGSN Insider, etc.
– Understand the story:
Don't just look to the future! For those who know how to interpret and draw projections, the past also reveals later events, because everything is interconnected in history. Mainly in your segment, try to understand in depth what has been working, what has stopped working and why, how the need that you meet was born. if it still promises to exist in the future and under what transformations.
– Have a culture of innovation:
Innovation, for many companies, is far from being an isolated concept. She is rooted in organizational culture and serves as a flag for any decision-making.
Generally, having a culture of innovation is related to being curious by nature, making decisions based on projections, testing concepts in practice, and dedicating time and resources to identifying new social behaviors that may be relevant to the company.
– Trust professionals in the field:
With the aim of always putting our customers one step ahead and ensuring the profitability of their operations, Linkages has geomarketing specialists that map the market.
Unlike standalone tools, our solutions include the interpretation of complex data networks, and the Translation of them in personalized reports that facilitate the understanding and allow the immediate usability of the information.
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