Ver Angola

Opinion Sharing my wits

Why invest in market research for your business?

Valdemar Vieira Dias

CEO of VALMONTEIRO, entrepreneur, specialist in Digital Marketing, Computer Engineer and columnist

Informing is a term often used to express the action of a person who explains a fact, situation or event. It is to make it known or to become aware of something. Therefore, information is the set of these facts, situations or events that, properly organized, allows making decisions and solving “problems”.

: Cortesia:

Due to the scarcity of information on the most varied fields of activity, in 2017, I felt the need to carry out a survey on the Habits and Behaviors of Angolans on the Internet. At the time, in order to reduce this deficit, I thought of giving my contribution to society in general and to companies in particular, as this data would be useful for Individuals and Companies that invested or intended to invest in the Internet. If you want, access the study here.

And what kind of information can you assess in that study? Now! Habits, behaviors, trends and practices of Angolans on the web. The browsing time, where they most access, on what days and times, the use they make of social networks among other interesting data.

An interesting fact that deserves some reflection: according to the Jornal Expansão “In Angola for every 100 companies that are born, 70 “die” at the end of each year of activity” (see article here). In this scenario, how can you be sure that your company will not follow this path? The answer is: with information. And the best way to get information is through market research.

What is market research and what is it for?

It is a study that consists of collecting and interpreting information that allows generating insights (perception/knowledge) and supporting the decision-making process. And it serves, essentially, to help people and companies to make more appropriate and safe decisions, to better understand the market, its competitors, target audience and the business itself.

Analyzing competitors makes all the difference for the business. Find out what the competition's strengths and weaknesses are and understand how the market reacts to events. This provides a privileged place to see opportunities that go beyond competition for the best price.

Any company can do a feasibility study. Be they multinationals - large, medium and small companies. Individuals can also do so.

Of course, here there may be a need to consider certain factors (not exactly impediments) such as: the budget available and the needs of the market. However, research can always help in getting results.

Do we have many companies in the Angolan market that resort to this practice? I would say yes, some. There are good references of companies dedicated to this activity and they have, somehow, served their customers well.

This practice is frequent in the Banking, Insurance, Telephony, Beverages industries and now also in Fashion-Accessories, Health-Beauty and Services in general. Audience, Planning, Advertising Investments and Brand Positioning are the most recurrent surveys in the Angolan market.

Market research: how to do it and what are the advantages?

It can be done in 4 steps:

  1. Define the problem: it must start from a real need for information. What should be the best name for your product, for example. In this step, think about the challenges of your business and what information could help you define the best ways to make better decisions;
  2. Create/Test the questionnaire: it should bring in a clear and objective way all the questions that will help to find answers or solutions to the research problem. Asking the right questions is one of the keys to ensuring survey success. Then test;
  3. Define the audience: you should consider those people who can really help with the answers you want. In the example above about the name for your product, why not ask your customers or potential customers? Consider that the greater the number of people (sample) the greater the margin of error;
  4. Analyze the results: look at the overall results and also whether there are significant differences by age, gender or region. See also differences in behaviors and opinions. Thus, you can obtain interesting insights and get to know your audience better;

As for the advantages, we have, essentially, six (6):

  1. Qualified analysis regarding the possibilities of expanding your business;
  2. Confidence in decision-making (whether referring to internal or external factors);
  3. Maintain a more assertive strategic positioning vis-à-vis the competition;
  4. Great knowledge about prospecting and attracting customers (knowing effective approaches);
  5. Expectations aligned with the market;
  6. Ease of expanding your business.

With this information, you already understand the importance of carrying out market research. Because this, when aligned and well developed, tracing quantitative and qualitative aspects of your potential market, becomes an excellent tool to guide decision-making within your business, reducing uncertainties and giving assertiveness in the execution of certain processes.


Study link:

Link to the article in Jornal Expansão: ?section=5


Opinion of
Valdemar Vieira Dias

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