Your brand is so much more than your logo and products. Your brand touches on virtually every aspect of your business, from how you compare to competitors to how you stack up in your customers’ minds. Accurate brand research can give you access to invaluable information about your company, allowing you to make better decisions, form stronger relationships with customers, and see better success now and down the road. There are numerous advantages to brand research, but four stand out as “must know” items for any business owner or decision maker.
What do your customers think of your company? What words come immediately to their minds when they hear your company’s name or see your logo? Do they think, “Quality”? Do they feel trust? Do they think, “Expensive”? Do they feel that they could do better with one of your competitors? Customers are your company’s lifeblood, whether you’re a B2B or B2C company. Customer perception can be determined through in-depth brand research conducted by an expert partner.
What’s your company’s position in the market? What’s your value offering? For instance, Apple’s position is one of high quality, luxury in the tech market. Precision engineering is coupled with outstanding aesthetics. Customers are happy to pay Apple’s higher price point because of the company’s brand position. Wal-Mart, on the other hand, positions itself as everyone company, with cut-rate prices and only passable product quality. They rake in profits because they appeal to the masses. Where does your own company stand? Brand research can tell you, and allow you to shift that position if needed.
Customer Reaction to Changes
“New Coke” should have been a massive hit when it debuted back in the 1980s. Instead, Coca Cola’s customers were up in arms. It was a stunning example of what happens when a company does not research potential customer reactions to changes. In the face of massive public outcry, Coca Cola reverted back to its original formula. However, the number of consumers the company lost during the interim was significant. Could your firm withstand a mass defection of customers? Brand research helps you gauge potential customer reaction to changes in your product line, branding and other key areas.
Changing your brand’s position in the market is tricky. The right method will result in a better position compared to your competition and a greater share of the market. The wrong methods will backfire, and your success will be affected. Brand research can help determine the right strategy for changing your brand’s position in the market without losing customers or diluting your message.
Brand research is capable of delivering much more than the four solutions listed above. It’s an invaluable tool for any business looking to become more competitive, more profitable or gain a larger share of the market. In fact, you cannot take your business to the next level without thorough brand research to give you the data necessary to inform your actions and decisions.
– Research Optimus